Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 116

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 116
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 and on confirmation that the prescribed criteria to enjoy the tax treaty benefits are met, directly apply
the reduced withholding tax rate, and file necessary forms and supporting documents when performing tax filings, which will be subject
to post-tax filing examinations by the relevant tax authorities.

In
addition, in response to the persistent capital outflow in China and the RMB’s depreciation against the U.S. dollar in the fourth
quarter of 2016, the People’s Bank of China and SAFE promulgated a series of capital control measures in early 2017, including
stricter vetting procedures for domestic companies to remit foreign currency for overseas investments, dividends payments and shareholder
loan repayments. The PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting process
may be put forward by SAFE for cross-border transactions falling under both the current account and the capital account. Any limitation
on the ability of us to pay dividends or make other kinds of payments to us following our initial business combination could materially
and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or
otherwise fund and conduct our business.

PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or any future PRC subsidiaries to liability or penalties, limit our ability to inject capital into any PRC subsidiaries, limit
any PRC subsidiary’s ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect
us.

In
July 2014, SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents’ Offshore
Investment and Financing and Roundtrip Investment Through Special Purpose Vehicles, or SAFE Circular 37, to replace the Notice on Relevant
Issues Concerning Foreign Exchange Administration for Domestic Residents’ Financing and Roundtrip Investment Through Offshore Special
Purpose Vehicles, or SAFE Circular 75, which ceased to be effective upon the promulgation of SAFE Circular 37.

SAFE
Circular 37 requires PRC residents (including PRC individuals and PRC corporate entities) to register with SAFE or its local branches
in connection with their direct or indirect offshore investment activities. SAFE Circular 37 applies to our shareholders who are PRC
residents and may apply to any offshore acquisitions that we make in the future.

Under
SAFE Circular 37, PRC residents who make, or have prior to the implementation of SAFE Circular 37 made