Company: GURE
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001193805-25-001627
Chunk: 119

Company: GULF RESOURCES, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 4
Chunk 119
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are material ownership disputes over equity held by the domestic company’s controlling shareholder(s) or by other shareholder(s)
that are controlled by the controlling shareholder(s) and/or actual controller.

37 

The Overseas Listing Trial Measures also provides
that if the issuer meets both the following criteria, the overseas securities offering and listing conducted by such issuer will be deemed
as indirect overseas offering by PRC domestic companies: (1) 50% or more of any of the issuer’s operating revenue, total profit,
total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted
for by domestic companies; and (2) the issuer’s main business activities are conducted in China, or its main place(s) of business
are located in China, or the majority of senior management staff in charge of its business operations and management are PRC citizens
or have their usual place(s) of residence located in China. Where an issuer submits an application for initial public offering to competent
overseas regulators, such issuer must file with the CSRC within three business days after such application is submitted. In addition,
the Overseas Listing Trial Measures provide that the direct or indirect overseas listings of the assets of domestic companies through
one or more acquisitions, share swaps, transfers or other transaction arrangements shall be subject to filing procedures in accordance
with the Overseas Listing Trial Measures. The Overseas Listing Trial Measures also requires subsequent reports to be filed with the CSRC
on material events, such as change of control or voluntary or forced delisting of the issuer(s) who have completed overseas offerings
and listings.

At a press conference held for these new regulations
(“Press Conference”), officials from the CSRC clarified that the domestic companies that have already been listed overseas
on or before March 31, 2023 shall be deemed as existing issuers (the “Existing Issuers”). Existing Issuers are not required
to complete the filling procedures immediately, and they shall be required to file with the CSRC upon occurrences of certain subsequent
matters such as follow-on offerings of securities. According to the Overseas Listing Trial Measures and the Press Conference, the existing
domestic companies that have completed overseas offering and listing before March31, 2023, such as us, shall not be required to perform
filing procedures for the completed overseas securities issuance and listing. However, from the effective date of the regulation, any
of our subsequent securities offering in the same overseas market or subsequent securities offering and