Company: NCL
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001575872-25-000688
Chunk: 42

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 424B3
Chunk 42
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 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 risks that may be brought about by any
procurement, data processing, or overseas listing. The Cybersecurity Review Measures further require that CIIOs and data processing operators
that possess personal data of at least one million users must apply for a review by the Cybersecurity Review Office of the PRC before
conducting listings in foreign countries.

| 20 |

On November 14, 2021,
the CAC published the Security Administration Draft, which provides that data processing operators engaging in data processing activities
that affect or may affect national security must be subject to network data security review by the relevant Cyberspace Administration
of the PRC. According to the Security Administration Draft, data processing operators who possess personal data of at least one million
users or collect data that affects or may affect national security must be subject to network data security review by the relevant Cyberspace
Administration of the PRC. The deadline for public comments on