Company: LICN
Filing Date: 2025-01-29
Form Type: 424B5
Source: 0001213900-25-007741
Chunk: 144

Company: Lichen International Ltd
Filing Date: 2025-01-29
Form: 424B5
Chunk 144
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 company and investors if it is later determined
that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction.
Such risks include, but are not limited to that trading in our securities may be prohibited under the HFCAA and as a result an exchange
may determine to delist our securities.

The approval of the China Securities Regulatory Commission may be required in connection with this offering, and, if required, we cannot predict whether we will be able to obtain such approval.

The Regulations on Mergers and Acquisitions of
Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies requires an overseas special purpose
vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled by PRC companies or individuals to obtain
the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing and trading of such special purpose vehicle’s
securities on an overseas stock exchange.

We believe that the CSRC’s approval is not
required for the listing and trading of our Class A ordinary shares on Nasdaq in the context of this offering, given that: (i) our
PRC subsidiary was incorporated as a wholly foreign-owned enterprise by means of direct investment rather than by merger or acquisition
of equity interest or assets of a PRC domestic company owned by PRC companies or individuals as defined under the M&A Rules that are
our beneficial owners; (ii) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings
like ours under this prospectus are subject to the M&A Rules; and (iii) no provision in the M&A Rules clearly classifies
contractual arrangements as a type of transaction subject to the M&A Rules.

However, there remains some uncertainties as to
how the M&A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are
subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A Rules.
We cannot assure you that relevant PRC government agencies, including the CSRC, would reach the same conclusion as we do. If it is determined
that CSRC approval is required for this offering, we may face sanctions by the CSRC or other PRC regulatory agencies for failure to seek
CSRC approval for this offering. These sanctions may include fines and penalties on our operations in the PRC, limitations on our operating
privileges in the PRC, delays in