Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 6

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 6
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 subsidiaries that were established in China for the year ended December 31, 2022 do not account for more than 50%
of the operating income and total profit in our consolidated financial statements for the same period, (ii) our main business is not conducted
within China, and (iii) the majority of our senior management personnel are not Chinese citizens or reside in China on a regular basis.
Therefore, as concluded by our PRC counsel, Grandall Law Firm, we are not required to complete
the record filing requirement under the Trial Measures. If we inadvertently conclude that such filing procedures are not required, or
applicable laws, regulations, or interpretations change such that we are required to complete the filing procedures in the future, we
may be subject to investigations by the regulators, fines or penalties, ordered to suspend our relevant operations and rectify any non-compliance,
prohibited from engaging in relevant business or conducting any offering, and these risks could result in a material adverse change in
our operations and/or the value of our common stock, and could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors, or cause such securities to significantly decline in value or become worthless. See “Risk Factors
– Risks Related to Doing Business in China”.

In addition, since 2021, the Chinese government
has strengthened its anti-monopoly supervision, mainly in three aspects: (1) establishing the National Anti-Monopoly Bureau; (2) revising
and promulgating anti-monopoly laws and regulations, including: the Anti-Monopoly Law (draft Amendment published on October 23, 2021,
revised in 2022 for public comments), the anti-monopoly guidelines for various industries, and the detailed Rules for the Implementation
of the Fair Competition Review System; and (3) expanding the anti-monopoly law enforcement targeting Internet companies and large enterprises.
As of the date of this prospectus, the Chinese government’s recent statements and regulatory actions related to anti-monopoly concerns
have not impacted our ability to conduct business, accept foreign investments, or list on a U.S. or other foreign exchange because neither
the Company nor its PRC operating entities engage in monopolistic behaviors that are subject to these statements or regulatory actions.

Our common stock may be prohibited from trading on
a national exchange or over-the-counter under the Holding Foreign Companies Accountable Act (the “HFCA Act”) if the Public
Company Accounting Oversight Board (United States) (the “PCAOB