Company: ZDAN
Filing Date: 2025-01-10
Form Type: DRS/A
Source: 0001683168-25-000168
Chunk: 186

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-01-10
Form: DRS/A
Chunk 186
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 the actual controller,
have committed relevant crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the
socialist market economy during the latest three years; (iv) the domestic company intending to make the securities offering and listing
is currently under investigations for suspicion of criminal offenses or major violations of laws and regulations, and no conclusion has
yet been made thereof; or (v) there are material ownership disputes over equity held by the domestic company’s controlling shareholder(s)
or by other shareholder(s) that are controlled by the controlling shareholder(s) and/or actual controller.

The Trial Measures also
provides that if the issuer both meets the following criteria, the overseas securities offering and listing conducted by such issuer
will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any 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 fiscal year
is accounted for by domestic companies; and (ii) the main parts of the issuer’s business activities are conducted in mainland China,
or its main place(s) of business are located in mainland China, or the majority of senior management staffs in charge of its business
operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. The determination of
indirect overseas issuance and listing by domestic enterprises shall be made on a substance over form basis. Where an issuer submits
an application for initial public offering to competent overseas regulators, such issuer must file with the CSRC within three business
days after such application is submitted. The Trial Measures also requires subsequent reports to be filed with the CSRC on material events,
such as changes of control or voluntary or forced delisting of the issuer(s) who have completed overseas offerings and listings.

On February 17, 2023, the
CSRC issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies. The CSRC clarified that
on the effective date of the Trial Measures, the domestic enterprises that have mentioned a valid overseas listing application and have
not received the consent of the overseas regulator or overseas stock exchange may reasonably arrange the timing of filing the application
and should complete the filing before the overseas offering and listing.

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Based on the foregoing,
our PRC Legal Advisers are of the view that we are required to complete the filing procedures with the CSRC in connection with the