Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 171

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1
Chunk 171
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 or other mainland China governmental authorities may be required in connection with our
issuance of securities overseas under mainland China rules, regulations or policies, and, if required, we cannot predict whether or for
how long we will be able to obtain such approval or complete such other requirements.

The
Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, purport to require offshore
special purpose vehicles that are controlled by mainland China companies or individuals and that have been formed for the purpose of
seeking a public listing on an overseas stock exchange through acquisitions of mainland China domestic companies or assets to obtain
CSRC approval prior to publicly listing their securities on an overseas stock exchange. The interpretation and application of the regulations
remain unclear. If CSRC approval is required, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain
such CSRC approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining CSRC approval for our future issuance
of securities overseas may subject us to sanctions imposed by the CSRC and other mainland China regulatory agencies, which could include
fines and penalties on our operations in mainland China, restrictions or limitations on our ability to pay dividends outside of mainland
China, and other forms of sanctions that may materially and adversely affect our business, financial condition, and results of operations.

Furthermore,
on July 6, 2021, the PRC government promulgated the Opinions on Strictly Cracking Down on Illegal Securities Activities, or the July
6 Opinions, which, among other things, called for enhanced administration and supervision of overseas-listed mainland China-based companies,
proposed to strengthen the supervision of the overseas issuance and listing of shares by mainland China-based companies and clarified
the responsibilities of competent domestic industry regulators and government authorities. On December 28, 2021, the CAC, together with
other relevant administrative departments, jointly released the Cybersecurity Review Measures, which took effect on February 15, 2022.
Pursuant to the Cybersecurity Review Measures, network platform operators with personal information of over one million users shall apply
with the Cybersecurity Review Office for a cybersecurity review before going to list abroad.

30

The
new rules for the filing-based administration of overseas securities offerings and listings by Chinese domestic companies released on
February 17, 2023, or New Filing Rules, establish a new filing-based regime to regulate overseas offerings and listings