Platform Introduction (low) This is an introductory report to guide you through the platform's features and capabilities.. High Risk: PRC Regulatory Uncertainty and Potential Delisting/Worthlessness of Securities (high) Acco Group Holdings Limited (Cayman Islands holding company) explicitly warns in its confidential draft F-1 filing (DRS) that its operations in Hong Kong (a Special Administrative Region of the PRC) face 'significant legal and operational risks' due to the possibility of the Chinese government exercising significant oversight and discretion. The company warns that if PRC laws (such as those relating to data security or anti-monopoly) are applied, or if the PRC government disallows the holding company structure, the value of the securities could 'significantly decline or become worthless.'. CSRC Filing Requirement Uncertainty (Trial Measures) (high) The company acknowledges the PRC's Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (effective March 31, 2023). While the company's PRC legal counsel (China Commercial Law Firm) asserts that Acco is not subject to CSRC filing requirements (due to lack of Mainland China operations/revenue/management), the company warns there is 'no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion.' If required approvals are not obtained, the company could be subject to sanctions, fines, suspension, or be prohibited from conducting offerings, causing the shares to 'significantly decline in value or become worthless.'. Controlling Shareholder Risk and Governance Exemptions (medium) Following the IPO, Star Blessings Limited, which is 100% owned by Chairman and CFO Yuen Yuk, HAU, will own more than a majority of the voting power. This concentration of ownership means Mr. Hau can control the outcome of shareholder matters. The company may also be deemed a 'controlled company' under Nasdaq rules, allowing it to follow certain exemptions from corporate governance requirements, which 'could adversely affect our public shareholders.'. Structural Risk: Holding Company vs. Operating Subsidiaries (medium) Acco Group Holdings Limited is a Cayman Islands holding company. It conducts all operations through subsidiaries (ACSL, ACL, ASG) in Hong Kong and Singapore. The filing explicitly states that investors 'will not and may never directly hold equity interests in the Operating Subsidiaries, but rather purchasing equity solely of Acco, the Cayman Islands holding company.' This structure is highlighted as involving 'unique risks' to investors.