Company: GINT
Filing Date: 2025-05-16
Form Type: DRS/A
Source: 0001213900-25-044839
Chunk: 49

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-16
Form: DRS/A
Chunk 49
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 its subsidiaries obtain permission or approval from PRC authorities to operate business in mainland China, or to issue securities to foreign investors. No permissions or approvals have been applied for by the Company and its subsidiaries or denied by any relevant authority. In the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC and that we are required to obtain such permissions or approvals, or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer our Class A Ordinary Shares to investors and could cause the value of such securities to significantly decline or be worthless and even delisting. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment in the future. According to the legal opinion issued by STA Advogados, our Macau counsel, according to Article18, paragraphs 2 to 4 of the Basic Law of Macau, the Central People’s Government has the authority to apply national laws to Macau. While Macau currently operates under a different set of laws from mainland China, there can be no assurance as to whether the government of Macau will enact laws and regulations similar to mainland China, or whether any laws or regulations of mainland China will become applicable to our operations in Macau in the future, which could happen at any time and with no advance notice. It may be difficult for overseas shareholders and / or regulators to conduct investigations or collect evidence within the territory of China, including Hong Kong. Shareholder claims or regulatory investigations that are common in the United States generally are difficult to pursue as a matter of law or practicality in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross -bordersupervision and administration, such cooperation with the securities regulatory authorities in the United States may not be efficient in the absence of mutual and practicable cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigations or evidence collection activities within