Company: LICN
Filing Date: 2025-01-29
Form Type: 424B5
Source: 0001213900-25-007741
Chunk: 111

Company: Lichen International Ltd
Filing Date: 2025-01-29
Form: 424B5
Chunk 111
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 listing of
data processors processing over one million users’ personal information; (iii) listing in Hong Kong which affects or may
affect national security; (iv) other data processing activities that affect or may affect national security. In addition, the Draft
Measures for Network Data Security also require Internet platform operators to establish platform rules, privacy policies and algorithm
strategies related to data, and solicit public comments on their official websites and personal information protection related sections
for no less than 30 working days when they formulate platform rules or privacy policies or makes any amendments that may have significant
impacts on users’ rights and interests. The CAC solicited comments on this draft, but there is no timetable as to when it will be
enacted.

<div align='center'>14</div>

On February 17, 2023, the China Securities
Regulatory Commission, or the CSRC, announced the Circular on the Administrative Arrangements for Filing of Securities Offering and Listing
by Domestic Companies, or the Circular, and released a set of new regulations which consists of the Trial Administrative Measures of Overseas
Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines. On the same date, the CSRC
also released the Notice on the Arrangements for the Filing Management of Overseas Listing of Domestic Companies, or the Notice. The Trial
Measures came into effect on March 31, 2023. The Trial Measures refine the regulatory system by subjecting both direct and indirect
overseas offering and listing activities to the CSRC filing-based administration. Requirements for filing entities, time points and procedures
are specified. A PRC domestic company that seeks to offer and list securities in overseas markets shall fulfill the filing procedure with
the CSRC per the requirements of the Trial Measures. Where a PRC domestic company seeks to indirectly offer and list securities in overseas
markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible entity, file with the
CSRC. The Trial Measures also lay out requirements for the reporting of material events. Breaches of the Trial Measures, such as
offering and listing securities overseas without fulfilling the filing procedures, shall bear legal liabilities, including a fine between
RMB 1.0 million (approximately $150,000) and RMB 10.0 million (approximately $1.5 million), and the Trial Measures heighten
the cost for offenders by enforcing accountability with administrative penalties