Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 173

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 173
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contribute. Foreign invested projects must also comply with the Company Law, with exceptions as specified in foreign investment laws.

With respect to the establishment and operation of wholly foreign-owned
projects, or WFOE, the MOFCOM and NDRC, promulgated the Special Administrative Measures for the Access of Foreign Investment (Negative
List) (2024 Version) (the “2024 Negative Listt”) on Septembe 6, 2024, which became effective on November 1, 2024.
The 2024 Negative Listt replaced the Special Administrative Measures for the Access of Foreign Investment (2021 Version) (the “2021
Negative List”) and serves as the main basis for management and guidance for the MOFCOM to manage and supervise foreign investments.
Those industries not set out on the 2024 Negative Listt shall be classified as industries permitted for foreign investment. None of our
businesses are on the 2024 Negative Listt, nor on the 2021 Negative List. Therefore, the Company is able to conduct its business through
its indirect wholly-owned PRC subsidiaries and wholly-owned Hong Kong subsidiary without being subject to restrictions imposed by
the foreign investment laws and regulations of the PRC.

The Foreign Investment Law of the People’s
Republic of China (the “Foreign Investment Law”) was adopted by the second meeting of the 13th
National People’s Congress on March 15, 2019, which became effective on January 1, 2020. On December 26, 2019, the
State Council promulgated the Regulation for Implementing the Foreign Investment Law of the People’s Republic of China (the “Regulation”),
which became effective on January 1, 2020.

The Foreign Investment Law and the Regulation apply the administrative
system of pre-establishment national treatment plus negative list to foreign investment and clarify the state shall develop a catalogue
of industries for encouraging foreign investment to specify the industries, fields, and regions where foreign investors are encouraged
and directed to invest. Investment activities in the PRC by foreign investors were principally governed by the Catalogue of Industries
for Guiding Foreign Investment, which was promulgated by the MOFCOM and the NDRC and was abolished by the 2024 Negative Listt and Catalogue
of Industries for Encouraging Foreign Investment (2022 version), or the “Encouraging List”. The 2024 Negative Listt sets out
special administrative measures in respect of the access of foreign