Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 105

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 105
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 target business based in and primarily operating in China, we may face approval delays,
adverse actions or sanctions by the CSRC or other PRC governmental authorities. In any such event, these governmental authorities may
delay the IPO or a potential business combination, impose fines and penalties, limit our operations in China, or take other actions that
could materially adversely affect our business, financial condition, results of operations, reputation and prospects, as well as the
trading price of our securities.

Additionally,
on February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic
Companies, which took effect on March 31, 2023. The Trial Measures supersede the Draft Rules and clarified and emphasized several aspects,
which include but are not limited to: (1) comprehensive determination of the “indirect overseas offering and listing by PRC domestic
companies” in compliance with the principle of “substance over form” and particularly, an issuer will be required to
go through the filing procedures under the Trial Measures if the following criteria are met at the same time: (a) 50% or more of the
issuer’s operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements
for the most recent accounting year comes from PRC domestic companies, and (b) the main parts of the issuer’s business activities
are conducted in mainland China, or its main places of business are located in mainland China, or the senior managers in charge of its
business operation and management are mostly Chinese citizens or domiciled in mainland China; (2) exemptions from immediate filing requirements
for issuers that (a) have already been listed or registered but not yet listed in foreign securities markets, including U.S. markets,
prior to the effective date of the Trial Measures, (b) are not required to re-perform the regulatory procedures with the relevant overseas
regulatory authority or the overseas stock exchange, and (c) whose such overseas securities offering or listing shall be completed before
September 30, 2023, provided however that such issuers shall carry out filing procedures as required if they conduct refinancing or are
involved in other circumstances that require filing with the CSRC; (3) a negative list of types of issuers banned from listing or offering
overseas, such as (a) issuers whose listing or offering overseas has been recognized by the State Council of the PRC as a possible threat