Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 11

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 11
---
, 2023. Nonetheless, such issuers
shall carry out the filing procedures as required if they subsequently conduct refinancing or are involved in other circumstances that
require filings with the CSRC. Furthermore, the Trial Administrative Measures and its supporting guidelines provide a negative list
of types of issuers banned from listing overseas, the issuers’ obligation to comply with national security measures and the personal
data protection laws, and certain other matters such as the requirements that an issuer (i) file with the CSRC within three business days
after it submits an application for initial public offering to the competent overseas regulator and (ii) file subsequent reports
with the CSRC on material events, including change of control and voluntary or forced delisting, after its overseas offering and listing.

Furthermore, based on laws and regulations currently
in effect in the PRC as of the date of this annual report, we are not required to obtain regulatory approval from the CSRC or go through
the filing procedures under the Trial Administrative Measures before our Class A Ordinary Shares can be listed or offered in the U. S since
neither we nor our subsidiaries are “ PRC domestic companies” which subject to the Trial Administrative Measure, because (i) we
are headquartered in Hong Kong, with our officers and all members of the board of directors based in Hong Kong who are not Mainland
China citizens; (ii) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China, nor is it controlled
by any Mainland Chinese company or individual directly or indirectly; (iii) we only operate in Hong Kong, all of our revenues
and profits are generated by our Operating Subsidiary in Hong Kong, none of our business activities are conducted in Mainland China,
and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the
corresponding figure in our audited consolidated financial statements for the same period; (iv) we do not have or intend to set up
any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland
China; (v) pursuant to the Basic Law of Hong Kong, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong
except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and
other matters that are not within the scope of autonomy).

However, given