Company: GURE
Filing Date: 2025-12-31
Form Type: S-3/A
Source: 0001193805-25-001804
Chunk: 50

Company: GULF RESOURCES, INC.
Filing Date: 2025-12-31
Form: S-3/A
Chunk 50
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 this prospectus, we have not received any notice from any authorities identifying the operating entities as CIIOs or requiring us to go through cybersecurity review or network data security review by the CAC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CAC could significantly limit our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. On February 17, 2023, the CSRC released Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies with five interpretive guidelines (the “Trial Measures”), which came into effect on March 31, 2023. Pursuant to the Trial Measures, a PRC domestic company that seeks to offer and list securities in overseas markets, either in direct or indirect overseas offering, shall fulfill the filing procedure with the CSRC and report relevant information to the CSRC. Direct overseas offering and listing by domestic companies refers to such overseas offering and listing by a joint-stock company incorporated domestically. Any overseas offering and listing made by an issuer that meets both the following conditions will be deemed an indirect offering and listing in an overseas market and, therefore, be subject to filing requirement: (i) 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 is accounted for by domestic companies (the “Financial Condition”); and (ii) the main parts of the issuer’s business activities are conducted in the Mainland China, or its main places of business are located in the Mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in the Mainland China (the “Business Condition”). The determination as to whether or not an overseas offering and listing by domestic companies is indirect shall be made on substance over form basis. 24 As of the date of this prospectus, our management believes none of Gulf Resources Inc., any of the PRC Subsidiaries are required to obtain the approval from, or complete the filing with, the CSRC for this offering. Our management believes that the Business Condition under the Trial Measures is not met because (i) three out of the four principal business activities of the Company, namely the Waste Heat Recovery Solutions