Company: SOS
Filing Date: 2025-06-25
Form Type: F-3/A
Source: 0001213900-25-057886
Chunk: 45

Company: SOS Ltd
Filing Date: 2025-06-25
Form: F-3/A
Chunk 45
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 for any of the subsequent offshore offering or to maintain our offshore listing status on U.S. exchanges,
it is uncertain whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, the approval
could be rescinded. Any failure to obtain or delay in obtaining the CSRC approval for any of our offshore offerings, or a rescission of
such approval if obtained, may subject us to sanctions imposed by the CSRC or other PRC regulatory authorities, which may materially and
adversely affect our business, financial condition, and results of operations.

On July 6, 2021, the relevant PRC government
authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in accordance with the Law. These opinions emphasized
the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies
and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and
incidents faced by China-based overseas-listed companies. These opinions and any related implementation rules to be enacted may subject
us to additional compliance requirement in the future. As these opinions were recently issued, official guidance to act upon and the interpretation
thereof remain unclear at this time. We cannot assure that we will remain fully compliant with all new regulatory requirements of these
opinions or any future implementation rules on a timely basis, 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