Company: BLTE
Filing Date: 2025-10-22
Form Type: F-3ASR
Source: 0001104659-25-101403
Chunk: 23

Company: BELITE BIO, INC
Filing Date: 2025-10-22
Form: F-3ASR
Chunk 23
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 possible that the proceeds will be invested in a way that does not yield a favorable, or any, return. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash flow.

The ADSs sold in this resale offering will be freely tradable, which could cause the price of the ADSs to decline.

All of the ADSs sold in the offering will be freely tradable without restriction or further registration under the Securities Act. These sales, and any future sales of a substantial number of ADSs in the public

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market, or the perception that such sales may occur, may cause the market price of the ADSs to decline. This could make it more difficult for you to sell your ADSs at a time and price that you deem appropriate and could impair our ability to raise capital through the sale of additional equity securities.

You may experience future dilution as a result of future equity offerings.

To raise additional capital, we may in the future offer additional ADSs, ordinary shares or other securities convertible into or exchangeable for the ADSs or our ordinary shares at prices that may not be the same as the price per ADS in this resale offering. We may sell ADSs, ordinary shares or other securities in any other offering at a price that is less than the price paid by investors in this resale offering, and investors purchasing ADSs or other securities in the future could have rights superior to the rights of ADS holders. The price at which we sell additional ADSs, ordinary shares or securities convertible or exchangeable into ADSs or ordinary shares, in future transactions may be higher or lower than the price per ADS paid by investors in this resale offering.

We expect to be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. Holders of our ADSs or ordinary shares.

Based on current estimates of our gross income and the value of our gross assets (including goodwill) and the manner in which we conduct our business, we believe that we will be a passive foreign investment company (“PFIC”) for U.S. federal income tax purposes for the current taxable year.

A non-U.S. corporation is a PFIC for U.S. federal income tax purposes for any taxable year in which (after taking into account the income and assets of subsidiaries in which it owns at least a 25% interest by value), (i) at least 75%