Company: SOS
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001213900-25-069766
Chunk: 62

Company: SOS Ltd
Filing Date: 2025-07-31
Form: 424B5
Chunk 62
---
-added telecommunications services in mainland China. Due to these restrictions, we carry out
our value-added telecommunications business in mainland China through the VIEs. We, through TuanYuan, Sangu Maolu and Chema Beijing, our
WFOEs, entered into a series of contractual arrangements with the VIEs and their respective shareholders, in order to (1) exercise significant
influence over our consolidated affiliated entities, (2) receive substantially all of the economic benefits of our consolidated affiliated
entities, and (3) have an exclusive option to purchase all or part of the equity interests in the VIEs when and to the extent permitted
by PRC law. We have been and expect to continue to be dependent on the consolidated affiliated entities to operate our value-added telecommunications
business. As a result of these contractual arrangements, we have significant influence over and are the primary beneficiary of the VIEs
and hence consolidate the financial results of our consolidated affiliated entities under U.S. GAAP.

In the opinion of our
PRC counsel, Hebei Changchun, the ownership structures of our WFOEs and the VIEs, currently do not result in any violation of the applicable
PRC laws or regulations currently in effect; and the contractual arrangements among our WFOEs, the VIEs and their respective shareholders,
are governed by PRC laws or regulations, and are currently valid, binding and enforceable in accordance with the applicable PRC laws or
regulations currently in effect, and do not result in any violation of the applicable PRC laws or regulations currently in effect, except
that the equity pledge under that certain equity pledge agreement would not be deemed validly created until they are registered with the
competent governmental authorities. However, Shihui Partners has also advised us that there are substantial uncertainties regarding the
interpretation and application of current or future PRC laws and regulations, and there can be no assurance that the PRC government will
ultimately take a view that is consistent with the opinion of our PRC counsel.

In particular, in March 2019, the National
People’s Congress (the “NPC”), passed the PRC Foreign Investment Law, which became effective as of January 1, 2020.
For the effect of the PRC Foreign Investment Law on us, see “—Risks Related to Our Corporate Structure—Uncertainties
exist with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our