Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 165

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 165
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 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 or restrictions on the repatriation of the proceeds from this offering into the PRC, restrictions on
or prohibition of the payments or remittance of dividends by our PRC subsidiary, or other actions that could have a material and adverse
effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our Class
A ordinary shares. Furthermore, the CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable for
us, to halt this offering before the settlement and delivery of the Class A ordinary shares that we are offering. Consequently, if you
engage in market trading or other activities in anticipation of and prior to the settlement and delivery of the Class A ordinary shares
we are offering, you would be