Company: NCL
Filing Date: 2025-01-14
Form Type: S-1/A
Source: 0001575872-25-000059
Chunk: 5

Company: Northann Corp.
Filing Date: 2025-01-14
Form: S-1/A
Chunk 5
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 proposed, since we currently do not
have over one million users’ personal information and do not collect data that affects or may affect national security and we do
not anticipate that we will be collecting over one million users’ personal information or data that affects or may affect national
security in the foreseeable future, which we understand might otherwise subject us to the Security Administration Draft.

On February 17, 2023, the
China Securities Regulatory Commission, or the “CSRC,” released the Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies, or the “Trial Measures”, and five supporting guidelines, which came into effect on March
31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly,
should fulfil the filing procedure and report relevant information to the CSRC. As of the date of this prospectus, we have not received
any inquiry, notice, warning, sanction, or any regulatory objection to this offering from the CSRC, the CAC, or any other PRC authorities
that have jurisdiction over our operations. According to Article 34 of the Trial Measures, domestic enterprises refer to enterprises registered
and formed in the territory of the People’s Republic of China, including domestic companies limited by shares directly conducting
overseas offering and listing and domestic operating entities of entities indirectly conducting overseas offering and listing. In addition,
according to Article 2 of the Trial Measures, the “direct overseas offering and listing of domestic enterprises” refers to
the overseas offering and listing of companies limited by shares registered and established in China. As advised by our PRC counsel, Grandall Law Firm, because the Company is not a company registered and formed in the territory of China, the Company’s offering under
this prospectus is not “direct overseas offering and listing of domestic enterprises” as defined under the Trial Measures.
Furthermore, according to Article 2 of the Trial Measures, the “indirect overseas offering and listing of domestic enterprises”
refers to the overseas offering and listing of enterprises whose main business activities are in China, in the name of enterprises registered
overseas, which offering and listing are based on the equity, assets, income or other similar rights and interests of the domestic enterprises.
According to Article 15 of the Trial Measures, if an issuer meets both of the following conditions, it shall be deemed as a domestic enterprise
conducting indirect offshore issuance and listing: (1) The proportion of a domestic enterprise’s operating income,