Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 39

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 39
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 regulatory systems, will be taken to control the risks and manage the incidents from overseas listed Chinese companies.

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On February 17, 2023, the CSRC released the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises (the “ New Overseas Listing Rules”)
with five interpretive guidelines, which took effect on March 31, 2023. The New Overseas Listing Rules require Chinese domestic enterprises
to complete filings with relevant governmental authorities and report related information under certain circumstances, such as: a) an
issuer making an application for IPO and listing in an overseas market; b) an issuer making a subsequent overseas
securities offering after having been listed on an overseas market; c) a domestic company seeking an overseas direct or indirect listing
of its assets through single or multiple acquisition(s), share swap, transfer of shares or other means. The new rules provide that the
determination as to whether a domestic company is indirectly offering and listing securities on an overseas market shall be made on a
substance over form basis, and if the issuer meets the following conditions, the offering and listing shall be determined as an indirect
overseas offering and listing by a Chinese domestic company: (i) any of the revenue, profit, total assets or net assets of the Chinese
domestic entity is more than 50% of the related financials in the issuer’s audited CFS for the most
recent fiscal year; and (ii) the senior managers in charge of business operation and management of the issuer are mostly Chinese citizens
or with regular domicile in China, the main locations of its business operations are in China or main business activities are conducted
in China. Although we are headquartered in Hong Kong with all our executive officers and directors based in Hong Kong who are not Chinese
citizens and most of our revenues and profits are generated by our subsidiaries in Hong Kong, it is not certain whether we might be determined
by CSRC as a Chinese entity under New Overseas Listing Rules which will require us to file the offering related documents with CSRC.

On December 28, 2021, Cybersecurity Review Measures
published by Cyberspace Administration of China or the CAC, National Development and Reform Commission, Ministry of Industry and Information
Technology, Ministry of Public Security, Ministry of State Security, Ministry of Finance, Ministry of Commerce, People’s Bank of
China, State Administration of Radio and Television, China Securities Regulatory Commission, State Secrecy Administration and State Crypt