Company: SOS
Filing Date: 2025-06-25
Form Type: F-3/A
Source: 0001213900-25-057886
Chunk: 35

Company: SOS Ltd
Filing Date: 2025-06-25
Form: F-3/A
Chunk 35
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 than 50% of the equity interests in a value-added telecommunications service provider with certain exceptions
relating to e-commerce business, domestic multi-party communications services business, store-and-forward business and call center business
in accordance with the special management measures for the entry of foreign investment (as amended) (the “Negative List”),
and other applicable laws and regulations.

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We are a Cayman Islands company and our wholly-owned
subsidiaries in mainland China are currently considered foreign-invested enterprises. Accordingly, our subsidiaries in mainland China
are not eligible to provide certain value-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