Company: GVH
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001641172-25-004806
Chunk: 29

Company: Globavend Holdings Ltd
Filing Date: 2025-04-15
Form: DRS
Chunk 29
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 any “data processor” controlling personal
information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity
review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities.

On December 24, 2021, the
CSRC released the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of Securities by Domestic
Enterprises (Draft for Comments) (the “Draft Administrative Provisions”) and the Measures for the Overseas Issuance of Securities
and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (together with the Draft Administrative Provisions, the “Draft
Rules Regarding Overseas Listing”). The Draft Rules Regarding Overseas Listing lays out the filing regulation arrangements for both
direct and indirect overseas listings and clarifies the determination criteria for indirect overseas listings in overseas markets. Among
other things, if a domestic enterprise intends to indirectly offer and list securities in an overseas market, the record-filing obligation
is with a major operating entity incorporated in the PRC, and such filing obligation shall be completed within three working days after
the overseas listing application is submitted. The required filing materials for an IPO and listing shall include, but not be limited
to regulatory opinions, record filing, approval, other documents issued by competent regulatory authorities of relevant industries (if
applicable), and security assessment opinions issued by relevant regulatory authorities (if applicable). On December 27, 2021, the National
Development and Reform Commission (“NDRC”) and the Ministry of Commerce jointly issued the Special Administrative Measures
for Entry of Foreign Investment (Negative List) (2021 Version) (“Negative List”), which became effective and replaced the
previous version. Pursuant to the Negative List, if a PRC company, which engages in any business where foreign investment is prohibited
under the Negative List, or prohibited businesses seeks an overseas offering or listing, it must obtain the approval from competent governmental
authorities. Based on a set of Q&A published on the NDRC’s official website, a NDRC official indicated that after a PRC company
submits its application for overseas listing to the CSRC and where matters relating to prohibited businesses under the Negative List are
implicated, the CSRC will consult the regulatory authorities having jurisdiction over the relevant industries and fields.

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On January 4, 2022, the CAC, the NDRC, and several other administrations jointly adopted and