Company: NCL
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001575872-25-000134
Chunk: 42

Company: Northann Corp.
Filing Date: 2025-02-07
Form: 424B3
Chunk 42
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 affected.

On February 17, 2023, the
CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the “Trial
Measures”) and five supporting guidelines, which took effect on March 31, 2023. The Trial Measures requires companies in mainland
China that seek to offer and list securities overseas, both directly and indirectly, to fulfil the filing procedures with the CSRC. According
to the Trial Measures, the determination of the “indirect overseas offering and listing by companies in mainland China” shall
comply 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: (i) 50% or more of the issuer’s operating revenue,
total profits, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting
year are accounted for by companies in mainland China; 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. On the same day, the CSRC held a press conference for the release
of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies, which
clarifies that (i) on or prior to the effective date of the Trial Measures, companies in mainland China that have already submitted valid
applications for overseas offering and listing but have not obtained approval from overseas regulatory authorities or stock exchanges
shall complete the filing before the completion of their overseas offering and listing; and (ii) companies in mainland China which, prior
to the effective date of the Trial Measures, have already obtained the approval from overseas regulatory authorities or stock exchanges
and are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority or stock exchange, but have
not completed the indirect overseas listing, shall complete the overseas offering and listing before September 30,2023, and failure to
complete the overseas listing within such six-month period will subject such companies to the filing requirements with the CSRC.

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Based on the assessment conducted by the management, we are not subject
to the Trial Measures, because our main business are not conducted within China, our main premises are not located in China