Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 110

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 110
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, (iii) following the submission of subsequent securities offerings and listings
application of an issuer in other overseas markets than where it has offered and listed or (iv) following the submission of overseas application
documents where a domestic company that seeks to directly or indirectly list its domestic assets in overseas markets through single or
multiple acquisitions, share swaps, transfers of shares or other means, or after the first public disclosure of the specifics of the transaction
is made by the listed company where overseas application documents are not required. The requested filing documents include but are not
limited to: (1) a filing report and related undertakings; (2) regulatory opinions, filing or approval documents issued by the relevant
authorities (if applicable); (3) security review opinions issued by the relevant authorities, if applicable; (4) a PRC legal opinion;
and (5) a prospectus.

On December 27, 2021, the NDRC and the MOFCOM promulgated the Negative
List, effective as of January 1, 2022 Compared to the previous version, there are no specific industries added to the list but it for
the first time declares the PRC’s jurisdiction over (and detailed regulatory requirements on) overseas listings made by Chinese
businesses in the so-called “Prohibited Industries.” According to Article 6 of the Negative List, domestic enterprises engaging
in businesses in which foreign investment is prohibited shall obtain approval from the relevant authorities before offering and listing
their shares on an overseas stock exchange and foreign investors shall not be involved in the operation or management of the enterprise,
and shareholding percentage restrictions under relevant domestic securities investment management regulations shall apply to such foreign
investors. The intended scope of such jurisdiction was further clarified by NDRC officials on a press conference held on January 18, 2022.

Based on our understanding of the current PRC laws and regulations,
no prior permission was required under the M&A Rules, the Opinions, the Measures or the Negative List from any PRC governmental authorities
(including the CSRC) for consummating our initial public offering, given that: (a) the CSRC currently has not issued any definitive rule
or interpretation concerning whether initial public offerings like ours are subject to the M&A Rules; and (b) our company is a blank
check company incorporated in Delaware rather than the PRC and currently the company conducts no business in the PRC. However, there remains
some uncertainty as to how the M&A Rules, the Opinions