Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 47

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 47
---
 overseas
listing laws and regulation. There is no assurance that the relevant PRC governmental authorities would reach the same conclusion as us.
If we and/or our subsidiaries are required to obtain approval or fillings from any governmental authorities, including the CSRC, in connection
with the listing or continued listing of our securities on a stock exchange outside of Hong Kong or mainland China, it is uncertain how
long it will take for us and/or our subsidiaries to obtain such approval or complete such filing, and, even if we and our subsidiaries
obtain such approval or complete such filing, the approval or filing could be rescinded. Any failure to obtain or a delay in obtaining
the necessary permissions from or complete the necessary filing procedure with the PRC governmental authorities to conduct offerings or
list outside of Hong Kong or mainland China may subject us and/or our subsidiaries to sanctions imposed by the PRC governmental authorities,
which could include fines and penalties, suspension of business, proceedings against us and/or our subsidiaries, and even fines on the
controlling shareholder and other responsible persons, and our subsidiaries’ ability to conduct our business, our ability to invest
into mainland China as foreign investments or accept foreign investments, or our ability to list on a U.S. or other overseas exchange
may be restricted, and our subsidiaries’ business, and our reputation, financial condition, and results of operations may be materially
and adversely affected. Additionally, any failure to obtain or a delay in obtaining the necessary permissions from or completing the necessary
filing procedures with the PRC governmental authorities to conduct offerings outside of Hong Kong or mainland China, which could cause
the value of our shares of common stock to significantly decline or be worthless.

PRC regulations relating to offshore investment activities by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary’s ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.

In July 2014, SAFE promulgated the Circular on
Relevant Issues Concerning Foreign Exchange Control on Domestic Residents’ Offshore Investment and Financing and Roundtrip Investment
Through Special Purpose Vehicles, or SAFE Circular 37, to replace the Notice on Relevant Issues Concerning Foreign Exchange Administration
for Domestic Residents’ Financing and Roundtrip Investment Through Offshore Special Purpose Vehicles, or SAFE Circular 75, which
ceased to be effective upon the promulgation of SAFE Circular 37. SAFE Circular