Company: ZK
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0001410578-25-000390
Chunk: 72

Company: ZEEKR Intelligent Technology Holding Ltd
Filing Date: 2025-03-20
Form: 20-F
Item: Item 3
Chunk 72
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 Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a “Commission-Identified Issuer” under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.S. markets would be prohibited. Such a prohibition would substantially impair your ability to sell or purchase the ADSs when you wish to do so. The market price of the ADSs could be materially and adversely affected as a result of anticipated negative impacts of these actions upon, as well as negative investor sentiment towards, companies with significant operations in China that are listed in the United States, regardless of whether these actions are implemented and regardless of our actual operating performance. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition and prospects.
The approval or record filing of the CSRC, or other PRC government authorities may be required in connection with our future offerings and capital raising activities under the PRC laws. 
China’s regulatory framework on overseas listings has evolved significantly, increasing oversight of Chinese companies seeking to go public abroad. The M&A Rules issued in 2006 initially required that an offshore special purpose vehicle that is controlled by PRC domestic companies or individuals and that has been formed for the purpose of an overseas listing of securities through acquisitions of PRC domestic companies or assets to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle’s securities on an overseas stock exchange. More recently, regulatory scrutiny has intensified, with the Opinions on Strictly Cracking Down on Illegal Securities Activities issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council, or the July 6 Opinions, emphasizing stricter supervision over overseas-listed Chinese firms. The revised Cybersecurity Review Measures (effective February 2022) require network platform operators handling personal information of over one million users to undergo a cybersecurity review before listing overseas, a requirement that we have already fulfilled. Additional measures, such as the Security Assessment Measures (effective September 2022) and the Provisions on Promoting and Standardizing Cross-Border Data Flows (effective March 2024), further regulate cross-border data transfers.
In February 2023, the CSRC implemented the Trial Measures, establishing a filing-based regulatory regime for direct and indirect overseas listings. Pursuant to the Trial