Company: CAAS
Filing Date: 2025-07-25
Form Type: F-4/A
Source: 0001104659-25-070492
Chunk: 24

Company: China Automotive Systems, Inc.
Filing Date: 2025-07-25
Form: F-4/A
Chunk 24
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other markets could be negatively affected, and as a result, the trading prices of our securities could significantly decline or become
worthless. For a detailed description of risks related to our doing business in China, see “Risk Factors and Caution Regarding Forward-Looking
Statements - Risks Related to Doing Business in China and Other Countries besides the United States.”

Permissions Required from the PRC Authorities for Our Operations

We conduct our business primarily through our subsidiary
Genesis, which owns interests in eight Sino-joint ventures and seven wholly owned subsidiaries in the PRC. Our operations in China are
governed by PRC laws and regulations. As of the date of this proxy statement/prospectus, these entities have obtained the requisite licenses
and permits from the PRC government authorities that are material for their business operations, including, among others, certain business
licenses, approvals for the establishment of enterprises with foreign investment, approvals for overseas direct investment and environmental
and occupational safety and health approvals. However, given the uncertainties of interpretation and implementation of relevant laws and
regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits,
filings or approvals for the operation of our businesses in the future.

On February 17, 2023, the CSRC promulgated
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which came
into effect on March 31, 2023. On the same day, the CSRC also published a series of guidance and Q&As in connection with the
implementation of the Trial Measures. The Trial Measures established (i) a list outlining the circumstances where a PRC domestic
company is prohibited from offering and listing securities overseas (the “Trial Measures Negative List”) and (ii) a new
filing-based regime to regulate overseas offerings and listings by PRC domestic companies. According to the Trial Measures, in connection
with an overseas offering of securities, including shares, depository receipts, corporate bonds convertible into shares and other equity
securities and listing by a PRC domestic company, either in a direct or indirect manner, the issuer must file certain documents with the
CSRC (the “Trial Measures Filing Obligations”). An indirect offering and listing is determined by a set of quantifiable standards.
For example, any overseas offering and listing by an issuer that meets both of the following standards will be deemed to be indirect:
(i) 50% or more of the