Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 109

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 109
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 the shares of the PRC-based
target. To date, the CSRC has not issued any definitive rules or interpretations concerning whether offerings such as the indirect listing
of a PRC-based entity as part of the business combination are subject to the CSRC approval procedures under the M&A Rules. As a result,
based on our management’s understanding of the current PRC laws, rules, regulations and the local market practices, the CSRC’s
approval under the M&A Rules will not be required in the context of our business combination with a China-based target. However, substantial
uncertainty remains regarding the scope and applicability of the M&A Rules to offshore special purpose vehicles and the above analysis
are subject to any new laws, rules and regulations or detailed implementation and interpretations in any form relating to the M&A
Rules. We cannot assure you that relevant PRC governmental agencies, including the CSRC, would reach the same conclusion as we do. It
is possible that we may need to obtain approvals or permissions from CSRC or other PRC governmental authorities in order for us to complete
a business combination with a China-based target pursuant to the M&A Rules. If we are required to obtain such approvals, we cannot
assure we will be able to receive them in a timely manner, or at all.

57

Moreover, except for emphasizing the need to strengthen the administration
over illegal securities activities, and the need to strengthen the supervision over overseas listings by PRC companies, the Opinions,
which was made available to the public on July 6, 2021, also provides that the State Council will revise provisions regarding the overseas
issuance and listing of shares by companies limited by shares and will clarify the duties of domestic regulatory authorities.

On February 17, 2023, the CSRC released Trial Administrative Measures
of Overseas Securities Offering and Listing by Domestic Companies (“Measurers”) which took effective on March 31, 2023. The
Measures implement a new regulatory framework requiring PRC businesses to file with CSRC when pursuing overseas listings. The Draft Rules
propose a new filing system for all Chinese companies (including the VIE-structured companies) that are pursuing listings outside mainland
China. An overseas listing is required to be filed with CSRC within three working days (i) following the submission of initial public
offering or listing application, (ii) following the completion of subsequent securities offerings of an issuer in the same overseas market
where it has previously offered and listed securities