Company: SOS
Filing Date: 2025-03-14
Form Type: F-3
Source: 0001213900-25-024134
Chunk: 48

Company: SOS Ltd
Filing Date: 2025-03-14
Form: F-3
Chunk 48
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 cannot assure you that the relevant PRC government agencies,
including the CSRC, would reach the same conclusion as our PRC counsel does. Given the substantial uncertainties surrounding the latest
CSRC filing requirements at this stage, we cannot assure you that, if ever required, we would be able to complete the filings and fully
comply with the relevant new rules on a timely basis, or at all.

On December 27, 2021, the NDRC and MOFCOM
jointly issued the Negative List (2021 Version), which became effective on January 1, 2022. Pursuant to the Negative List (2021 Version),
if a company in mainland China engaging in the prohibited business stipulated in the Negative List (2021 Version) seeks an overseas offering
and listing, it shall obtain the approval from the competent governmental authorities. The foreign investors of the issuer shall not be
involved in the company’s operation and management, and their shareholding percentages shall be subject, mutatis mutandis, to the
relevant regulations on the domestic securities investments by foreign investors. As the 2021 Negative List is relatively new, there remain
substantial uncertainties as to the interpretation and implementation of these new requirements, and it is unclear as to whether and to
what extent listed companies like us will be subject to these new requirements. If we are required to comply with these requirements and
fail to do so on a timely basis, if at all, our business operation, financial condition and business prospect may be adversely and materially
affected.

On April 2, 2022, the CSRC published the Provisions on Strengthening the Confidentiality and Archives Administration Related to the Overseas Securities Offering and Listing by Domestic Enterprises (Draft for Comments) (the “Draft Provisions on Confidentiality and Archives Administration”), which was open for public comments until April 17, 2022. The Draft Provisions on Confidentiality and Archives Administration requires that, in the process of overseas issuance and listing of securities by domestic entities, the domestic entities, and securities companies and securities service institutions that provide relevant securities service shall strictly implement the provisions of relevant laws and regulations and the requirements of these provisions, establish and improve rules on confidentiality and archives administration. Where the domestic entities provide with or publicly disclose documents, materials or other items related to the state secrets and government work secrets to the relevant securities companies, securities service institutions, overseas regulatory authorities, or other entities or individuals, the companies shall apply for approval of competent departments with the authority