Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 45

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 45
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 data processed in our business is unlikely to have a bearing on national security and therefore is unlikely to be classified
as core or important data by the authorities. There remains uncertainty, however, as to how the Cybersecurity Review Measures and the
Security Administration Draft will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt
new laws, regulations, rules, or detailed implementation and interpretation related to the Cybersecurity Review Measures and the Security
Administration Draft. If any such new laws, regulations, rules, or implementation and interpretation come into effect, we will take all
reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. We cannot guarantee, however, that we
will not be subject to cybersecurity review and network data security review in the future. During such reviews, we may be required to
suspend our operations or experience other disruptions to our operations. Cybersecurity review and network data security review could
also result in negative publicity with respect to our Company and a diversion of our managerial and financial resources, which could materially
and adversely affect our business, financial conditions, and results of operations.

If we and/or our subsidiaries were to be required to obtain any permission or approval from or complete any filing procedure with the China Securities Regulatory Commission (the “CSRC”), the CAC, or other PRC governmental authorities in connection with future follow-on offerings under PRC laws, we and/or our subsidiaries may be fined or subject to other sanctions, and our subsidiaries’ business and our reputation, financial condition, and results of operations may be materially and adversely affected.

On February 17, 2023,
the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the
“Trial Measures”) and five supporting guidelines, which took effect on March 31, 2023. The Trial Measures requires
companies in mainland China that seek to offer and list securities overseas, both directly and indirectly, to fulfil the filing
procedures with the CSRC. According to the Trial Measures, the determination of the “indirect overseas offering and listing by
companies in mainland China” shall comply with the principle of “substance over form” and particularly, an issuer
will be required to go through the filing procedures under the Trial Measures if the following criteria are met at the same time:
(i) 50% or more of the issuer’s operating revenue, total profits, total assets or net assets as documented in its audited
consolidated