Company: CAAS
Filing Date: 2025-08-04
Form Type: 424B3
Source: 0001104659-25-073486
Chunk: 24

Company: China Automotive Systems, Inc.
Filing Date: 2025-08-04
Form: 424B3
Chunk 24
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 Companies, or the Trial Measures, which came
into effect on March 31, 2023. On the same day, the CSRC also published a series of guidance and Q&As in connection with the
implementation of the Trial Measures. The Trial Measures established (i) a list outlining the circumstances where a PRC domestic
company is prohibited from offering and listing securities overseas (the “Trial Measures Negative List”) and (ii) a
new filing-based regime to regulate overseas offerings and listings by PRC domestic companies. According to the Trial Measures, in connection
with an overseas offering of securities, including shares, depository receipts, corporate bonds convertible into shares and other equity
securities and listing by a PRC domestic company, either in a direct or indirect manner, the issuer must file certain documents with
the CSRC (the “Trial Measures Filing Obligations”). An indirect offering and listing is determined by a set of quantifiable
standards. For example, any overseas offering and listing by an issuer that meets both of the following standards will be deemed to be
indirect: (i) 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 is accounted for by PRC domestic companies, and (ii) 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.

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The Trial Measures provide the CSRC with the authority
to warn, fine, and issue injunctions against PRC domestic companies, their controlling shareholders, advisors, and other responsible
persons in connection with a listing or offering securities (collectively, the “Subject Entities”), as well as individuals
directly responsible for these Subject Entities (the “Subject Individuals”). In cases of serious violation, the relevant
responsible persons may be prohibited from entering the securities market by the CSRC and may be held criminally liable. For failure
to comply with the Trial Measures Negative List or the Trial Measures Filing Obligations, or supplying materially false or misleading
statements in the filing and reporting required by the Trial Measures, PRC domestic companies and their controlling shareholders, if
the controlling shareholders induced the PRC domestic companies’ failure to comply, severally, may face