Company: SOS
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061032
Chunk: 31

Company: SOS Ltd
Filing Date: 2025-07-02
Form: S-8
Chunk 31
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, or at all. On December 24, 2021, the
CSRC issued the Draft Overseas Listing Regulations, which propose to establish a new filing-based regime to regulate overseas offerings
and listings by domestic companies. Specifically, an overseas offering and listing by a company in mainland China, whether directly or
indirectly, an initial or follow-on offering, must be filed with the CSRC. The examination and determination of an indirect offering and
listing will be conducted on a substance-over-form basis, and an offering and listing shall be deemed as an indirect overseas offering
and listing of a company in mainland China if the issuer meets the following conditions: (1) any of the operating income, gross profit,
total assets, or net assets of the enterprise in mainland China in the most recent fiscal year was more than 50% of the relevant line
item in the issuer’s audited consolidated financial statement for that year; and (2) senior management personnel responsible for
business operations and management are mostly citizens of mainland China or have domicile in mainland China, and the principal place of
business is in mainland China or main business activities are carried out in mainland China. The issuer or its affiliated entity in mainland
China, as the case may be, shall file with the CSRC for its initial public offering, follow-on offering and other equivalent offering
activities. Particularly, the issuer shall submit the filing with respect to its initial public offering and listing within three business
days after its initial filing of the listing application, and submit the filing with respect to its follow-on offering within three business
days after the completion of the follow-on offering. Failure to comply with the filing requirements may result in fines to the relevant
companies in mainland China, suspension of their businesses, revocation of their business licenses and operation permits and fines on
the controlling shareholder and other responsible persons. The Draft Overseas Listing Regulations also set forth certain regulatory red
lines for overseas offerings and listings by enterprises in mainland China.

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There are substantial
uncertainties as to whether these draft measures to regulate direct or indirect overseas offering and listing would be further amended
or updated, their enactment timetable and final content. In a Q&A released on CSRC’s official website on December 24, 2021,
the respondent CSRC official indicated that the proposed new filing requirement will start with new issuers and listed companies seeking
follow-on financing and other financing activities. As for the filings for other listed companies, the regulator