Company: SOS
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061032
Chunk: 32

Company: SOS Ltd
Filing Date: 2025-07-02
Form: S-8
Chunk 32
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 will grant adequate transition
period and apply separate arrangements. The Q&A also pointed out that, if compliant with relevant PRC laws and regulations, companies
with compliant VIE structure may seek overseas listing after completion of the CSRC filings. Nevertheless, the Q&A did not specify
what would qualify as a “compliant VIE structure” and what relevant PRC laws and regulations are required to be complied with.
As advised by our PRC counsel, under existing applicable PRC laws, regulations and regulatory rules, our company, our WFOEs, the VIEs
and their subsidiaries, are not required to obtain permission from the CSRC in connection with any such offering. In addition, none of
them has received any notice of denial of permission to list on a U.S. exchange from any Chinese authorities. However, we 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 Overse