Company: SOS
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061032
Chunk: 30

Company: SOS Ltd
Filing Date: 2025-07-02
Form: S-8
Chunk 30
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The Regulations on Mergers
and Acquisitions of Domestic Companies by Foreign Investors (the “M&A Rules”), adopted by six PRC regulatory agencies
in 2006 and amended in 2009, include, among other things, provisions that purport to require that an offshore special purpose vehicle,
formed for the purpose of an overseas listing of securities through acquisitions of domestic enterprises in mainland China or assets and
controlled by enterprises or individuals in mainland China, to obtain the approval of the CSRC prior to the listing and trading of such
special purpose vehicle’s securities on an overseas stock exchange. On September 21, 2006, pursuant to the M&A Rules and other
PRC laws, the CSRC published on its official website relevant guidance regarding its approval of the listing and trading of special purpose
vehicles’ securities on overseas stock exchanges, including a list of application materials. However, substantial uncertainty remains
regarding the scope and applicability of the M&A Rules to offshore special purpose vehicles. We completed our initial public offering
on November 23, 2018. If the CSRC approval is required for any of the subsequent offshore offering or to maintain our offshore listing
status on U.S. exchanges, it is uncertain whether we can or how long it will take us to obtain the approval and, even if we obtain such
CSRC approval, the approval could be rescinded. Any failure to obtain or delay in obtaining the CSRC approval for any of our offshore
offerings, or a rescission of such approval if obtained, may subject us to sanctions imposed by the CSRC or other PRC regulatory authorities,
which may materially and adversely affect our business, financial condition, and results of operations.

On July 6, 2021, the
relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in accordance with the Law.
These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas
listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems
to deal with the risks and incidents faced by China-based overseas-listed companies. These opinions and any related implementation rules
to be enacted may subject us to additional compliance requirement in the future. As these opinions were recently issued, official guidance
to act upon and the interpretation thereof remain unclear at this time. We cannot assure that we will remain fully compliant with all
new regulatory requirements of these opinions or any future implementation rules on a timely basis