Company: ZDAN
Filing Date: 2025-01-10
Form Type: DRS/A
Source: 0001683168-25-000168
Chunk: 185

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-01-10
Form: DRS/A
Chunk 185
---
 to the
status before the implementation of the investment and eliminate the impact on national security.

| 117 |

Regulations in Relating to M&A and Overseas Listing

MOFCOM, China Securities
Regulatory Commission, or CSRC, SAFE and three other PRC governmental and regulatory agencies jointly adopted the Regulations on Mergers
and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which became effective in September 2006 and was
amended in June 2009. The M&A Rules, among other things, require that if a domestic company, domestic enterprise, or a domestic individual,
through an overseas company established or controlled by it/him/her, acquires a domestic company which is affiliated with it/him/her,
an approval from the MOFCOM is required. The M&A Rules further requires that an offshore special purpose vehicle, or the SPV, that
is controlled directly or indirectly by the PRC companies or individuals and that has been formed for overseas listing purposes through
acquisition PRC domestic interest held by such PRC companies or individuals, shall obtain the approval of CSRC prior to overseas listing
and trading of such SPV’s securities on an overseas stock exchange.

On February 17, 2023, the
CSRC promulgated the relevant rules of the overseas listing filing management system, including Trial Administrative Measures of Overseas
Securities Offering and Listing by Domestic Companies and relevant five guidelines, which became effective on March 31, 2023. The Trial
Measures regulates both direct and indirect overseas offering and listing of PRC domestic companies’ securities by adopting a filing-based
regulatory regime. If an issuer makes an initial overseas listing or offering, it shall file a record with CSRC within 3 working days
after the issuance and listing application documents are submitted overseas. If the issuer issues securities in the same overseas market
after the issuance and listing overseas, it shall file a record with CSRC within 3 working days after the completion of the issue.

The Trial Measures provides
that an overseas listing or offering is explicitly prohibited, if any of the following: (i) such securities offering and listing is explicitly
prohibited by provisions in laws, administrative regulations and relevant state rules; (ii) the intended securities offering and listing
may endanger national security as reviewed and determined by competent authorities under the State Council in accordance with law; (iii)
the domestic company intending to make the securities offering and listing, or its controlling shareholder(s) and