Company: NCL
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001575872-25-000688
Chunk: 3

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 424B3
Chunk 3
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 the Network Data Security Administration (Draft for Comments) (the “Security Administration
Draft”) are enacted as proposed, since we currently do not have over one million users’ personal information and do not collect
data that affects or may affect national security and we do not anticipate that we will be collecting over one million users’ personal
information or data that affects or may affect national security in the foreseeable future, which we understand might otherwise subject
us to the Security Administration Draft.

On February 17, 2023,
the China Securities Regulatory Commission, or the “CSRC,” released the Trial Administrative Measures of Overseas Securities
Offering and Listing by Domestic Companies, or the “Trial Measures”, and five supporting guidelines, which came into effect
on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and
indirectly, should fulfil the filing procedure and report relevant information to the CSRC. As of the date of this prospectus, we have
not received any inquiry, notice, warning, sanction, or any regulatory objection to this offering from the CSRC, the CAC, or any other
PRC authorities that have jurisdiction over our operations. According to Article 34 of the Trial Measures, domestic enterprises refer
to enterprises registered and formed in the territory of the People’s Republic of China, including domestic companies limited by
shares directly conducting overseas offering and listing and domestic operating entities of entities indirectly conducting overseas offering
and listing. In addition, according to Article 2 of the Trial Measures, the “direct overseas offering and listing of domestic enterprises”
refers to the overseas offering and listing of companies limited by shares registered and established in China. As advised by our PRC
counsel, Grandall Law Firm, because the Company is not a company registered and formed in
the territory of China, the Company’s offering under this prospectus is not “direct overseas offering and listing of domestic
enterprises” as defined under the Trial Measures. Furthermore, according to Article 2 of the Trial Measures, the “indirect
overseas offering and listing of domestic enterprises” refers to the overseas offering and listing of enterprises whose main business
activities are in China, in the name of enterprises registered overseas, which offering and listing are based on the equity, assets, income
or other similar rights and interests of the domestic enterprises. According to Article 15 of the Trial Measures, if an issuer meets both
of the following conditions,