Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 43

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 43
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 administration over illegal securities activities,
and the need to strengthen the supervision over overseas listings by Chinese companies. The regulatory agencies like CSRC or CAC may impose
fines and penalties on our operations in the Mainland China or Hong Kong, limit our ability to pay dividends outside of the Mainland China
or Hong Kong, limit our operations in the Mainland China or Hong Kong, delay or restrict the repatriation of the proceeds from this offering
into the Mainland China or Hong Kong or take other actions that could have a material adverse effect on our business, financial condition,
results of operations and prospects, as well as the trading price of our securities. The CSRC, the CAC, or other PRC regulatory agencies
also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our common
stock. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you
do so at the risk that settlement and delivery may not occur. In addition, if the CSRC, the CAC or other regulatory PRC agencies later
promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval
requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such
an approval requirement could have a material adverse effect on the trading price of our securities.

Any actions by the Chinese government to exert more oversight and control
over offerings that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or complete hinder
our ability to offer or continue to offer our securities and cause the value of such securities to significantly decline or be worthless.

Recent greater oversight by the Cyberspace Administration of China (the “CAC”) over data security, could adversely impact our business.

On December 28, 2021,
the CAC, together with 12 other governmental departments of the PRC, jointly promulgated the Cybersecurity Review Measures, which took
effect on February 15, 2022. The Cybersecurity Review Measures provide that, in addition to critical information infrastructure operators
(“CIIOs”) that intend to purchase Internet products and services, data processing operators engaging in data processing activities
that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According
to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security