Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 46

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 46
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 financial statements for the most recent accounting year are accounted for by companies in mainland China; and (ii) the
main parts of the issuer’s business activities are conducted in mainland China, or its main places of business are located in
mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled
in mainland China. On the same day, the CSRC held a press conference for the release of the Trial Measures and issued the Notice on
Administration for the Filing of Overseas Offering and Listing by Domestic Companies, which clarifies that (i) on or prior to the
effective date of the Trial Measures, companies in mainland China that have already submitted valid applications for overseas
offering and listing but have not obtained approval from overseas regulatory authorities or stock exchanges shall complete the
filing before the completion of their overseas offering and listing; and (ii) companies in mainland China which, prior to the
effective date of the Trial Measures, have already obtained the approval from overseas regulatory authorities or stock exchanges and
are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority or stock exchange, but have
not completed the indirect overseas listing, shall complete the overseas offering and listing before September 30, 2023, and failure
to complete the overseas listing within such six-month period will subject such companies to the filing requirements with the
CSRC.

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Based on the assessment conducted by the management, we are not subject
to the Trial Measures, because our main business are not conducted within China, our main premises are not located in China, and the majority
of our senior management personnel are not Chinese citizens or reside in China on a regular basis. However, as the Trial Measures and
the supporting guidelines are newly published, there exists uncertainty with respect to the implementation and interpretation of the principle
of “substance over form”. As of the date of this prospectus, there was no material change to these regulations and policies
since our IPO. If our future follow-on offerings were later deemed as “indirect overseas offering and listing by companies in mainland
China” under the Trial Measures, we may need to complete the filing procedures for our offering. If we are subject to the filing
requirements, we cannot assure you that we will be able to complete such filings in a timely manner or even at all.

Since these statements and
regulatory actions are new, it is also highly uncertain in the interpretation and the enforcement of the above cybersecurity and