Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 20

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 3
Chunk 20
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 and could discourage
others from pursuing any potential merger, takeover, or other change of control transactions that holders of Class A Ordinary Shares may
view as beneficial.

Substantially all of NewGenIvf’s assets
and operations are located in Thailand, Cambodia and Kyrgyzstan and they are subject to economic, legal and regulatory uncertainties in
such countries.

Substantially all of
NewGenIvf’s operations and assets are based in Thailand, Cambodia and Kyrgyzstan. As a result, its businesses and
operations are subject to the changing economic conditions prevailing from time to time in such countries. Since 2020,
Thailand’s economy has been experiencing a slowdown. According to the World Bank Group, the GDP growth rate of Thailand
declined to minus 6.1% in 2020 and recovered to 1.9% in 2023 and 2.4% in 2024 but still lower than the previously growth in
historical years. Meanwhile, Cambodia’s post-pandemic economic recovery has gained momentum, but remains uneven.
Traditional growth drivers, especially manufacturing and agricultural commodities exports, have fully recovered. However, while
travel and tourism have improved, the sector remains well below pre-COVID-19 levels. The subsequent impact also caused the vendors
and customers preference change, lower the willingness travelling to Kyrgyzstan for surrogacy services. The economy is projected to
grow, underpinned by merchandise exports and domestic economic activity.

NewGenIvf also derives a substantial
portion of its revenue from Chinese clients and as such, its maintenance of PRC-sourced revenues and access to new and existing clients
from the PRC are also subject to the economic conditions of China. However, the near-term growth prospects of the PRC economy are unclear
due to the uncertain effects of ongoing economic stress caused by trade and national security policies, and the elevated levels of private
and public indebtedness, among others. According to the National Statistics Bureau of the PRC, growth rate of China’s GDP for the
year 2022 slowed down to 3.0% on a year-on-year basis compared to the growth rate of approximately 8.4% for the year 2021. In 2023, China’s
GDP grew 5.2% while China’s 2024 GDP growth rate was 5%. A prolonged downturn in the PRC economy generally could materially and
adversely affect NewGenIvf’s results of operations.

Factors that