Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 13

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 3
Chunk 13
---
., is headquartered in Hong Kong, based on the PCAOB’s current
position and China’s compliance with the SOP, we do not expect to be affected by the HFCAA at this time. However, if
authorities in Hong Kong were to take a position in the future that would prevent the PCAOB from continuing to inspect or
investigate completely registered public accounting firms headquartered in Hong Kong and if such lack of inspection were to extend
for the requisite period of time under the HFCAA, the PCAOB may issue new determinations based on its inability to inspect or
investigate completely registered public accounting firms headquartered in Hong Kong because of a position taken by an authority in
that jurisdiction. If that were to happen, our Ordinary Shares could be delisted and prohibited from trading on a U. S. exchange,
including Nasdaq, and in the over-the-counter trading market. In addition, our investors would be deprived of the benefits of the
PCAOB’s oversight of our auditor through its inspections, and they may lose confidence in our reported financial information
and procedures and the quality of our financial statements. Also, we cannot assure you that U. S. regulatory authorities will not
apply additional or more stringent criteria to us. Such uncertainty could cause the market price of our Ordinary Shares to be
materially and adversely affected.

  11  

The enactment of the Law of the PRC on Safeguarding
National Security in the Hong Kong Special Administrative Region (the “ Hong Kong National Security Law”) could impact our
Hong Kong subsidiaries, including two of our Operating Subsidiaries.

On June 30, 2020, the
Standing Committee of the PRC National People’s Congress adopted the Hong Kong National Security Law. This law defines the
duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of
offenses - secession, subversion, terrorist activities and collusion with a foreign country or external elements to endanger
national security - and their corresponding penalties. On July 14, 2020, then U. S. President Donald Trump signed the Hong Kong
Autonomy Act, or HKAA, into law, authorizing the U. S. administration to impose blocking sanctions against individuals and entities
who are determined to have materially contributed to the erosion of Hong Kong’s autonomy. On August 7, 2020, the U. S.
government imposed HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam.