Company: APAD
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001213900-25-046705
Chunk: 259

Company: AParadise Acquisition Corp.
Filing Date: 2025-05-22
Form: S-1
Chunk 259
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 and there have not been any capital contribution or shareholder loans by us to any PRC entities, we do not yet have any subsidiaries, and we have not received, declared or made any dividends or distributions. For a detailed description of risks associated with acquiring a company that does business in China, see “ Risk Factors — Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China” on page 102. For a detailed description of risks associated with the cash transfers, see “ Potential Legal and Operational Risks Associated with Acquiring a Company that does Business in China” on page 148 and “ Risk Factors — Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China” under the subheadings “ Cash -Flow Structure of a Company Based in China poses additional risks including, but not limited to, restrictions on foreign exchange and restrictions on our ability to transfer cash between entities, across borders, and to U.S. investors” on page 104 and “ Exchange controls that exist in the PRC may restrict or prevent us from using the proceeds of this offering to acquire a target company in the PRC and limit our ability to utilize our cash flow effectively following our initial business combination” on page 105. To date, we have not pursued an initial business combination and there have not been any capital contribution or shareholder loans by us to any PRC entities, we do not yet have any subsidiaries, and we have not received, declared or made any dividends or distributions. On February 17, 2023, the China Securities Regulatory Commission (the “CSRC”) promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the “Trial Measures”), which took effect on March 31, 2023. The Trial Measures supersede prior rules and clarified and emphasized several aspects, which include but are not limited to: (1) comprehensive determination of the “indirect overseas offering and listing by PRC domestic companies” in compliance 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: (a) 50% or more of the issuer’s operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year comes from PRC domestic companies, and (b) the main parts of the issuer’s business activities are conducted in mainland China, or its main places of business