Company: JL
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001213900-25-068049
Chunk: 20

Company: J-Long Group Ltd
Filing Date: 2025-07-28
Form: 20-F
Item: Item 3
Chunk 20
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 a foreign stock exchange should also be subject
to cybersecurity review. Pursuant to Article 6 of the Revised Draft, companies holding data or more than one million users must apply
for cybersecurity approval when seeking overseas listings because of the risk that such data and personal information could be “affected,
controlled, and maliciously exploited by foreign governments.”

On
August 20, 2021, the 30 th th

On
December 24, 2021, the CSRC, together with other relevant government authorities in China issued the Draft Overseas Listing Regulations.
The Draft Overseas Listing Regulations require that a PRC domestic enterprise seeking to issue and list its shares overseas (“ Overseas
Issuance and Listing”) shall complete the filing procedures of and submit the relevant information to the CSRC. The Overseas
Issuance and Listing includes direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted
in the PRC seeks to issue and list its shares in the name of an overseas enterprise on the basis of the equity, assets, income, or other
similar rights and interests of the relevant PRC domestic enterprise, such activities shall be deemed an indirect overseas issuance and
listing under the Draft Overseas Listing Regulations.

On
February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises,
or the Trial Measures, which became effective on March 31, 2023. On the same date as the issuance of the Trial Measures, the CSRC
circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the
Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the
CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the
basic supervision principles as reflected in the draft Provisions and Measures by providing substantially the same requirements for filings
of overseas offering and listing by domestic companies, yet made the following updates compared to the draft Provisions and Measures:
(a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of
indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements
by setting different filing requirements for different types of overseas offerings and listings. Under the Trial Measures and the Guidance
Rules