Company: LVPA
Filing Date: 2025-05-06
Form Type: 10-K
Source: 0001477932-25-003365
Chunk: 7

Company: LVPAI GROUP Ltd
Filing Date: 2025-05-06
Form: 10-K
Item: Item 1
Chunk 7
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 or the M&A Rules applies, each depends on the structure of the target company and the definitive rule or interpretation concerning such transaction, and the combined company’s business operations in China through its subsidiaries and VIEs, as applicable, may be also subject to relevant requirements to obtain applicable licenses from PRC governmental authorities under relevant PRC laws and regulations. However, there remains some uncertainty as to how the M&A Rules, the Opinions, or the Trail Measures, if enacted, will be interpreted or implemented in the context of an overseas offering or if we decide to consummate the business combination with a target business based in and primarily operating in China. If the CSRC or another PRC governmental authority subsequently determines that its approval is needed for a business combination with a target business based in and primarily operating in China, we may face approval delays, adverse actions or sanctions by the CSRC or other PRC governmental authorities. In any such event, these governmental authorities may delay the potential business combination, impose fines and penalties, limit our operations in China, or take other actions that could materially and adversely affect our ability to complete a business combination in the prescribed time period or otherwise affect our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our securities.

Additionally, the Measures for Cybersecurity Reviews issued by the CAC on December 28, 2021, effective as of February 15, 2022, further restates and expands the applicable scope of relevant cybersecurity review procedures in China. According to the Cybersecurity Reviews, the purchase of network products and services by critical information infrastructure operator and the data processing activities carries out by online platform operators, which affects or may affect national security, shall be subject to cybersecurity review; and any operator who applies to list its securities overseas must apply to the Cybersecurity Review Office for a cybersecurity review if it is in possession of the personal information of more than 1,000,000 users. If our PRC-based target business is in possession of the personal information of more than 1,000,000 users, our PRC-based target business would be required to conduct the cybersecurity review. If our PRC-based target business is determined by PRC regulatory authorities to have data security risks, the relevant regulatory authority may have the right to stop the indirect listing of our PRC-based target business’s securities through the consummation of the Business Combination, or (should the consummation of the Business Combination already have occurred) even request for withdrawal of our Nasdaq listing