Company: ZDAN
Filing Date: 2025-07-28
Form Type: F-1/A
Source: 0001683168-25-005450
Chunk: 186

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-07-28
Form: F-1/A
Chunk 186
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actual controller, have committed relevant crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining
the order of the socialist market economy during the latest three years; (iv) the domestic company intending to make the securities offering
and listing is currently under investigations for suspicion of criminal offenses or major violations of laws and regulations, and no
conclusion has yet been made thereof; or (v) there are material ownership disputes over equity held by the domestic company’s controlling
shareholder(s) or by other shareholder(s) that are controlled by the controlling shareholder(s) and/or actual controller.

The Trial Measures also provide
that if the issuer both meets the following criteria, the overseas securities offering and listing conducted by such issuer will be deemed
as indirect overseas offering by PRC domestic companies: (i) 50% or more of any 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 fiscal year is accounted
for by domestic companies; and (ii) the main parts of the issuer’s business activities are conducted in mainland China, or its main
place(s) of business is located in mainland China, or the majority of senior management staffs in charge of its business operations and
management are PRC citizens or have their usual place(s) of residence located in mainland China. The determination of indirect overseas
issuance and listing by domestic enterprises shall be made on a substance-over-form basis. Where an issuer submits an application for
initial public offering to competent overseas regulators, such issuer must file with the CSRC within three business days after such application
is submitted. The Trial Measures also require subsequent reports to be filed with the CSRC on material events, such as changes of control
or voluntary or forced delisting of the issuer(s) who have completed overseas offerings and listings.

On February 17, 2023, the
CSRC issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies. The CSRC clarified that
on the effective date of the Trial Measures, the domestic enterprises that have mentioned a valid overseas listing application and have
not received the consent of the overseas regulator or overseas stock exchange may reasonably arrange the timing of filing the application
and should complete the filing before the overseas offering and listing.

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Based on the foregoing,
our PRC legal advisers are of the view that we are required to complete the filing procedures with the CSRC in