Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 103

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 103
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 through a VIE structure.

Note:

    (1)
    We
    may transfer funds to the target (PRC-based operations company) through an increase in the registered capital of or a shareholder
    loan to the target (PRC-based operations company). The target (PRC-based operations company) may in turn make distributions or pay
    dividends to us.

The
PRC governmental authorities may take the view now or in the future that an approval from them is required for an overseas offering by
a company affiliated with Chinese businesses or persons or a business combination with a target business based in and primarily operating
in China.

The
M&A Rules 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 in a PRC company 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, the CSRC published on its official website
procedures specifying documents and materials required to be submitted to it by special purpose vehicles seeking CSRC’s approval
of overseas listings. However, substantial uncertainty remains regarding the scope and applicability of the M&A Rules and the CSRC
approval requirement to offshore special purpose vehicles.

  56 

Moreover,
except for emphasizing the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision
over overseas listings by Chinese companies, the Opinions, which was made available to the public on July 6, 2021, also provides that
the State Council will revise provisions regarding the overseas issuance and listing of shares by companies limited by shares and will
clarify the duties of domestic regulatory authorities.

On
December 24, 2021, the State Council published the draft Administrative Provisions on the Overseas Issuance and Listing of Securities
by Domestic Companies (Draft for Comments) (the “Administrative Provisions”), and the CSRC published the draft Measures for
Record-filings of the Overseas Issuance and Listing of Securities by Domestic Companies (Draft for Comments) (the “Administrative
Measures”), for public comment. Pursuant to Article 2 of the Administrative Provisions, domestic enterprises that (i) offer shares,
depository receipts, convertible notes or other equity securities overseas, or (ii) list securities on an overseas stock exchange, must
complete record-filing procedures and report the relevant information to the CSRC