Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 39

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 39
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 Office of the State Council jointly issued the Opinions on Strictly Cracking Down on Illegal
Securities Activities, which were made available to the public on July 6, 2021. The Opinions on Strictly Cracking Down on Illegal Securities
Activities emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision
over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems will
be taken to deal with the risks and incidents of China-based overseas listed companies, and cybersecurity and data privacy protection
requirements and similar matters. It is still uncertain how PRC governmental authorities will regulate overseas listing in general and
whether we are required to obtain any specific regulatory approvals. Furthermore, if the CSRC or other regulatory agencies later promulgate
new rules or explanations requiring that we obtain their approvals for this offering and any follow-on offering, we may be unable to obtain
such approvals which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors.
On December 24, 2021, the CSRC, together with other relevant government authorities in China issued the Provisions of the State Council
on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Measures for the
Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (“Draft Overseas Listing Regulations”).
The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to issue and list its shares overseas (“Overseas
Issuance and Listing”) shall complete the filing procedures of and submit the relevant information to CSRC. The Overseas Issuance
and Listing includes direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in
PRC seeks to issue and list its shares in the name of an overseas enterprise (“Overseas Issuer”) on the basis of the equity,
assets, income or other similar rights and interests of the relevant PRC domestic enterprise, such activities shall be deemed an indirect
overseas issuance and listing (“Indirect Overseas Issuance and Listing”) under the Draft Overseas Listing Regulations. Therefore,
the proposed offering would be deemed an Indirect Overseas Issuance and Listing under the Draft Overseas Listing Regulations. As such,
the Company would be required to complete the filing procedures of and submit the relevant information to CSRC after the Draft Overseas
Listing Regulations become effective.

On December 28,