Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 27

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 27
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, administrative regulations,
or the State Council.

According to the Foreign Investment
Law, the State Council will publish or approve to publish a catalogue for special administrative measures, or the “ Negative
List.” The Foreign Investment Law grants national treatment to foreign invested entities, except for those foreign
invested entities that operate in industries deemed to be either “restricted” or “prohibited” in the
“ Negative List”. However, it is unclear whether any updated “ Negative List” to be published by the State
Council in the future will be different from the current Special Administrative Measures for Market Access of Foreign
Investment (Negative List) promulgated by the NDRC and the MOFCOM on September 6, 2024 and took effect on November 1, 2024.
The Foreign Investment Law provides that foreign invested entities operating in foreign restricted or prohibited
industries will require market entry clearance and other approvals from relevant PRC governmental authorities.

Furthermore, the Foreign Investment Law provides
that foreign invested enterprises established according to the existing laws regulating foreign investment may maintain their structure
and corporate governance within five years after the implementing of the Foreign Investment Law.

In addition, the Foreign Investment Law also
provides several protective rules and principles for foreign investors and their investments in the PRC, including, among others, that
local governments shall abide by their commitments to the foreign investors; foreign-invested enterprises are allowed to issue stocks
and corporate bonds; except for special circumstances, in which case statutory procedures shall be followed and fair and reasonable compensation
shall be made in a timely manner, expropriation or requisition of the investment of foreign investors is prohibited; mandatory technology
transfer is prohibited; and the capital contributions, profits, capital gains, proceeds out of asset disposal, licensing fees of intellectual
property rights, indemnity or compensation legally obtained, or proceeds received upon settlement by foreign investors within China, may
be freely remitted inward and outward in RMB or a foreign currency. Also, foreign investors or the foreign investment enterprise should
be imposed legal liabilities for failing to report investment information in accordance with the requirements.

Regulations on Overseas Listings

On February 17, 2023, China Securities Regulatory
Commission (“ CSRC”) released Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies
(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 CS