Company: RETO
Filing Date: 2025-07-31
Form Type: F-3
Source: 0001213900-25-070052
Chunk: 26

Company: ReTo Eco-Solutions, Inc.
Filing Date: 2025-07-31
Form: F-3
Chunk 26
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. Risk Factors — Our Class A Shares may be delisted under the HFCAA if the PCAOB is unable to inspect our auditor. The delisting of our Class A Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment” in our 2024 Annual Report, which is incorporated by reference into this prospectus.

Regulatory Permissions and Developments

We have been advised by our
PRC Counsel, Yuan Tai Law Offices, that pursuant to the relevant laws and regulations in China, none of our PRC subsidiaries’ currently
engaged business is stipulated on the Special Administrative Measures for the Access of Foreign Investment (Negative List) promulgated
by the Ministry of Commerce (the “MOFCOM”) and the National Development and Reform Commission of the People’s Republic
of China (“NDRC”) which the latest version entered into force on November 1, 2024 (2024 Version). Therefore, our PRC subsidiaries
are able to conduct their business without being subject to restrictions imposed by the foreign investment laws and regulations of the
PRC.

Currently, none of our PRC
subsidiaries is required to obtain additional licenses or permits beyond a regular business license for their operations currently being
conducted. Each of our PRC subsidiaries is required to obtain a regular business license from the local branch of the State Administration
for Market Regulation (“SAMR”). Each of our PRC subsidiaries has obtained a valid business license for its respective business
scope, and no application for any such license has been denied.

As of the date of this prospectus,
neither ReTo nor any of its PRC subsidiaries is subject to permission requirements from the CSRC, the Cyberspace Administration of China
(the “CAC”) or any other entity that is required to approve of their respective operations. Recently, the PRC government initiated
a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement.

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Among other things, the Regulations
on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (the “M&A Rules”) and Anti-Monopoly Law of the
People’s Republic of China promulgated by the Standing Committee of the National People