Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 24

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 3
Chunk 24
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 authorities. However, there remains significant uncertainty as to the enactment, interpretation
and implementation of regulatory requirements related to overseas securities offerings and other capital markets activities.

According to the Administration
Provision and the Measures (Draft for Comments), only new offerings and refinancing by existent overseas listed Chinese companies will
be required to go through the filing process with PRC administrations; other existent overseas listed companies will be allowed sufficient
transition period to complete their filing procedure, which means if we complete the offering prior to the effectiveness of Administration
Provisions and Measures, we will certainly go through the filing process in the future, perhaps because of refinancing or given by sufficient
transition period to complete filing procedure as an existent overseas listed Chinese company.

  16  

On
February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities
Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines, which became effective on March 31,
2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly,
shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following
their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures
or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative
penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly
in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (ii) if the issuer
meets both of the following criteria, the overseas offering and listing conducted by such issuer shall be deemed an indirect overseas
offering and listing by a PRC domestic company: (A) 50% or more of any of the issuer’s operating revenue, total profit, total assets
or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from PRC domestic
companies; and (B) the majority of the issuer’s business activities are carried out in mainland China, or its main place(s) of business
are located in mainland China, or the majority of its senior management team in charge of its business operations and management are PRC
citizens or have their usual place(s) of