Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 34

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 34
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 must be satisfied, including, without limitation,
that (a) the Hong Kong entity must be the beneficial owner of the relevant dividends; and (b) the Hong Kong entity must directly hold
no less than 25% share ownership in the PRC entity during the 12 consecutive months preceding its receipt of the dividends. In current
practice, a Hong Kong entity must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding
tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that
we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding
tax rate of 5% under the Double Taxation Arrangement with respect to dividends to be paid by our PRC subsidiary to its immediate holding
company, Erayak HK. As of the date of this prospectus, Erayak WFOE currently does not have any plan to declare and pay dividends to Erayak
HK and we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. Erayak HK intends to apply for
the tax resident certificate when Erayak WFOE plans to declare and pay dividends to Erayak HK. When Erayak WFOE plans to declare and pay
dividends to Erayak HK and when we intend to apply for the tax resident certificate from the relevant Hong Kong tax authority, we plan
to inform the investors through SEC filings, such as a current report on Form 6-K, prior to such actions.

<div align='center'>S-10</div>

The Company does not expect to pay any cash dividends in the foreseeable future as it intends to use the earnings for research and development, to develop new products and to expand its operations. During the fiscal years ended December 31, 2024 and 2023, cash transfers and/or transfers of other assets between our Company and our subsidiaries were as follows:

None.

| For the Year Ended December 31, 2023 |     |                                  |     |                                         |     |             |           |     |            |
|:-------------------------------------|:----|:---------------------------------|:----|:----------------------------------------|:----|:------------|----------:|:----|:-----------|
| No.                                  |     | Transfer From                    |     | Transfer To                             |     | Approximate 
 Value ($)   |