Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 36

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 36
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 Regulatory Commission, or the CSRC, prior to the listing
and trading of such special purpose vehicle’s securities on an overseas stock exchange. In September 2006, the CSRC published a
notice on its official website specifying documents and materials required to be submitted to it by a special purpose vehicle seeking
CSRC approval of its overseas listings. The application of the M& A Rules remains unclear. Our PRC counsel has advised us based on
their understanding of the current PRC laws, rules and regulations that the CSRC’s approval should not be required for the listing
and trading of our ordinary shares on NASDAQ, given that: (i) we established our PRC subsidiary, the WFOE, by means of direct investment
rather than by merger with or acquisition of PRC domestic companies; and (ii) no explicit provision in the M& A Rules classifies the
respective contractual arrangements between the WFOE, Jiangsu Yanggu and its shareholders as a type of acquisition transaction falling
under the M& A Rules.

PRC Laws and Regulations Relating to Foreign Exchange

General administration of foreign exchange

The principal regulation governing foreign currency
exchange in the PRC is the Administrative Regulations of the PRC on Foreign Exchange(the “ Foreign Exchange Regulations”),
which were promulgated on January 29, 1996, became effective on April 1, 1996 and were last amended on August 5, 2008. Under these rules,
Renminbi is generally freely convertible for payments of current account items, such as trade- and service-related foreign exchange transactions
and dividend payments, but not freely convertible for capital account items, such as capital transfer, direct investment, investment in
securities, derivative products or loans unless prior approval by competent authorities for the administration of foreign exchange is
obtained. Under the Foreign Exchange Regulations, foreign-invested enterprises in the PRC may purchase foreign exchange without the approval
of SAFE to pay dividends by providing certain evidentiary documents, including board resolutions, tax certificates, or for trade- and
services-related foreign exchange transactions, by providing commercial documents evidencing such transactions.

Circular No. 75, Circular No. 37 and Circular
No. 13

Circular 37 was released by SAFE on July 4, 2014
and abolished Circular 75 which had been in effect since November 1, 2005. Pursuant to Circular 37, a PRC resident should apply to SAFE
for foreign exchange