Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 18

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1A
Chunk 18
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 China-based companies,
proposed to strengthen the supervision of the overseas issuance and listing of shares by mainland China-based companies and clarified
the responsibilities of competent domestic industry regulators and government authorities. On December 28, 2021, the CAC, together with
other relevant administrative departments, jointly released the Cybersecurity Review Measures, which took effect on February 15, 2022.
Pursuant to the Cybersecurity Review Measures, network platform operators with personal information of over one million users shall apply
with the Cybersecurity Review Office for a cybersecurity review before going to list abroad.

30

The
new rules for the filing-based administration of overseas securities offerings and listings by Chinese domestic companies released on
February 17, 2023, or New Filing Rules, establish a new filing-based regime to regulate overseas offerings and listings by domestic companies.
According to the New Filing Rules, (i) an overseas offering and listing by a domestic company, whether directly or indirectly, shall
be filed with the CSRC; and (ii) the issuer or its affiliated domestic company, as the case may be, shall file with the CSRC for its
initial public offering, follow-on offering, issuance of convertible bonds, offshore relisting after go-private transactions and other
equivalent offing activities. In addition, after a domestic company has offered and listed securities in an overseas markets, it is required
to file a report to the CSRC after the occurrence and public disclosure of certain material corporate events, including but not limited
to change of control and voluntary or mandatory delisting. From March 31, 2023, enterprises that have been listed overseas shall constitute
existing enterprises and are not required to conduct the overseas listing filing procedure immediately, but shall carry out filing procedures
as required if they conduct future offshore offerings or capital raising activities or are involved in other circumstances that require
filing with the CSRC.

On
February 24, 2023, the CSRC, together with other relevant government authorities, issued the Provisions on Strengthening Confidentiality
and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the Archives Rules, which became effective
on March 31, 2023. According to the Archives Rules, domestic mainland China companies, whether offering and listing securities overseas
directly or indirectly, must strictly abide the applicable laws and regulations when providing or publicly disclosing, either directly
or through their overseas listed entities, documents and materials to securities companies, securities services providers such as accounting