Company: FVN
Filing Date: 2025-03-10
Form Type: DRS/A
Source: 0001829126-25-001610
Chunk: 104

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-03-10
Form: DRS/A
Chunk 104
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 Business in China

Substantial uncertainties exist with respect to the enactment timetable, interpretation and implementation of PRC Foreign Investment Law and how it may impact the viability of VIWO’s current corporate structure, corporate governance and business operations.

In
March 2019, the Standing Committee of the National People’s Congress of the PRC passed the Foreign Investment Law of the People’s
Republic of China (“Foreign Investment Law”). Among other things, the Foreign Investment Law defines the “foreign investment”
as the investment activities in China conducted by foreign individuals, enterprises and other organizations (collectively, the “Foreign
Investors”) in a direct or indirectly manner, including any of the following circumstances: (1) the foreign investor establishes
a foreign-invested enterprise within the territory of China, independently or jointly with any other investor; (2) the foreign investor
acquires shares, equities, property shares or any other similar rights and interests of an enterprise within the territory of China;
(3) the foreign investor makes investment to initiate a new project within the territory of China, independently or jointly with any
other investor; and (4) the foreign investor makes investment in any other way stipulated by laws, administrative regulations or provisions
of the State Council. The Foreign Investment Law leaves uncertainty with respect to whether Foreign Investors control PRC onshore variable
interest entities via contractual arrangements will be recognized as “foreign investment.”.

On
September 8, 2024, MOFCOM and the National Development and Reform Commission issued Special Management Measures for the Market Entry
of Foreign Investment (Negative List) (2024 Version) (the “2024 Negative List”), and effected on November 1, 2024. PRC governmental
authorities will administrate foreign investment by applying the principal of pre-entry national treatment together with a “negative
list” (the “Negative List”, which shall be promulgated by or promulgated with approval by the State Counsel), to be
specific, Foreign Investors are prohibited from making any investments in the fields which are catalogued into prohibited industries
for foreign investment based on the Negative List, while Foreign Investors are allowed to make investments in the restricted industries
provided that all the requirements and conditions as set forth in the Negative List have been satisfied; when Foreign Investors make
investments in the fields other than those included in the Negative List, the national treatment principle shall apply. Besides, certain
approval and/or filing requirements shall be fulfilled in accordance with applicable foreign investment laws and regulations. The business