Company: GURE
Filing Date: 2025-09-22
Form Type: S-3/A
Source: 0001193805-25-001326
Chunk: 19

Company: GULF RESOURCES, INC.
Filing Date: 2025-09-22
Form: S-3/A
Chunk 19
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, shall fulfill the filing procedure with the CSRC
and report relevant information to the CSRC. Direct overseas offering and listing by domestic companies refers to such overseas offering
and listing by a joint-stock company incorporated domestically. Any overseas offering and listing made by an issuer that meets both the
following conditions will be deemed an indirect offering and listing in an overseas market and, therefore, be subject to filing requirement:
(i) 50% or more of the issuer’s operating revenue, total profit, total assets or net assets as documented in its audited consolidated
financial statements for the most recent accounting year is accounted for by domestic companies (the “Financial Condition”);
and (ii) the main parts of the issuer’s business activities are conducted in the Mainland China, or its main places of business
are located in the Mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens
or domiciled in the Mainland China (the “Business Condition”). The determination as to whether or not an overseas offering
and listing by domestic companies is indirect shall be made on substance over form basis.

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As of the date of this prospectus, our management
believes none of Gulf Resources Inc., any of the PRC Subsidiaries are required to obtain the approval from, or complete the filing with,
the CSRC for this offering. Our management believes that the Business Condition under the Trial Measures is not met because (i) three
out of the four principal business activities of the Company, namely the Waste Heat Recovery Solutions, Waste to Energy Solutions, and
the Engineering, Consulting and Project Management Solutions, are conducted outside mainland China; (ii) the principal places of business
of the above business activities are located outside mainland China; and (iii) none of the key management personnel in charge of the business
operations and management of the Company is a PRC citizen or has his or her usual place of residence located in mainland China. Due to
the fact that the Business Condition and the Financial Condition are both required to be met to constitute an indirect listing as prescribed
by the Trial Measures, our management believes that we do not need to fulfil the CSRC filing procedure. Thus, none of our Company, any
of our PRC Subsidiaries have submitted an application for approval for this offering with the CSRC pursuant to the Trial Measures. However,
as the Trial Measures was newly published, there are substantial uncertainties as to the implementation and interpretation,