Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 144

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 144
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 with the risks and incidents faced by China-based companies listed in foreign countries,
and provided that the special provisions of the State Council on offering and listing by those companies in foreign countries limited
by shares will be revised and therefore the duties of domestic industry competent authorities and regulatory agencies will be clarified.
As these opinions were newly issued and there are no further explanations or detailed rules and regulations with respect to such opinions,
there are still uncertainties regarding the interpretation and implementation of such opinions. And new rules or regulations promulgated
in future could impose additional requirements on us.

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In addition, on July 10, 2021, the Cyberspace
Administration of China issued a revised draft of the Cybersecurity Review Measures for public comments, according to which, among others,
an “operator of critical information infrastructure” or a “data processor”, who has personal information of more
than one million users and is going to list in foreign countries, must report to the relevant cybersecurity review office for a cybersecurity
review. On December 28, 2021, the Cyberspace Administration of China jointly with the relevant authorities formally published Measures
for Cybersecurity Review (2021) which took effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020).
Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products
and services, and online platform operator (together with the operators of critical information infrastructure, the “Operators”)
carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, any online
platform operator who controls more than one million users’ personal information must go through a cybersecurity review by the cybersecurity
review office if it seeks to be listed in a foreign country. Since we are not an Operator, nor do we control more than one million users’
personal information, we would not be required to apply for a cybersecurity review under the Measures for Cybersecurity Review (2021).

However, if the CSRC or other relevant PRC regulatory
agencies subsequently determine that prior approval is required, failure of obtaining such approval may lead us face regulatory actions
or other sanctions from the CSRC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations
in China, limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the
proceeds from this Offering into China or