Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 83

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 83
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 became effective on September 8, 2006
and was revised on June 22, 2009. The M& A Rules, among other things, require that if an overseas company established or controlled
by PRC companies or individuals, or PRC Citizens, intends to acquire equity interests or assets of any other PRC domestic company affiliated
with the PRC Citizens, such acquisition must be submitted to MOFCOM for approval. The M& A Rules also requires that an offshore SPV
that is controlled directly or indirectly by the PRC companies or individuals and that has been formed for overseas listing purposes through
acquisitions of PRC domestic interest held by such PRC companies or individuals, shall obtain the approval of CSRC prior to overseas listing
and trading of such SPV’s securities on an overseas stock exchange.

  51  

On February 17, 2023, the CSRC released the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises (the “ New Overseas Listing Rules”)
with five interpretive guidelines, which took effect on March 31, 2023. The New Overseas Listing Rules require Chinese domestic enterprises
to complete filings with relevant governmental authorities and report related information under certain circumstances, such as: a) an
issuer making an application for initial public offering and listing in an overseas market; b) an issuer making a subsequent overseas
securities offering after having been listed on an overseas market; c) a domestic company seeking an overseas direct or indirect listing
of its assets through single or multiple acquisition(s), share swap, transfer of shares or other means. Pursuant to the New Overseas Listing Rules, domestic companies that
seek offering or listing securities overseas, both directly and indirectly, shall file with the CSRC within three working days after the
submission of overseas offering/listing application. Furthermore, upon the occurrence of any of the material events specified below
after an issuer has completed its offering and listed its securities on an overseas stock exchange, the issuer shall submit a report thereof
to the CSRC within three working days after the occurrence and public disclosure of the event: (i) change of control; (ii) investigations
or sanctions imposed by overseas securities regulatory agencies or other competent authorities; (iii) change of listing status or transfer
of listing segment; or (iv) voluntary or mandatory delisting. The New Overseas Listing Rules stipulate the legal consequences to the companies
for breaches, including failure to fulfil filing obligations or filing documents having