Company: JL
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001213900-25-068049
Chunk: 21

Company: J-Long Group Ltd
Filing Date: 2025-07-28
Form: 20-F
Item: Item 3
Chunk 21
---
 and Notice, domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form,
shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following
their submission of initial public offerings or listing applications. Companies that have already been listed on overseas stock exchanges
or have obtained approval from overseas supervision administrations or stock exchanges for their offering and listing and that will complete
their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for their listing yet
need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application
for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but that have
not yet obtained approval from overseas supervision administrations or stock exchanges for the offering and listing may arrange for the
filing within a reasonable time period and should complete the filing procedure before such companies’ overseas issuance and listing.

Given that the
operating revenue, total profit, gross assets or net assets of the Company were not derived from PRC domestic companies, the
majority of the Company’s business activities are not carried out in mainland China, one of its main places of business is
Hong Kong and not in mainland China and the majority of its senior management team in charge of its business operations and
management are not PRC citizens and do not have their usual place(s) of residence located in mainland China, we would not be deemed
to be a domestic enterprise that indirectly offered or listed its securities on an overseas stock exchange, nor did it require
filing or approval from the CSRC. Further, as of the date of this Annual Report, in respect of the Trial Measures and filing
requirements, in the opinion of our directors and officers, we: (i) are not required to obtain permission from any PRC authorities
(including those in Hong Kong) to issue our Ordinary Shares to investors; and (ii) are not subject to permission requirements from
the CSRC, the CAC or any other entity that is required to approve of our Operating Subsidiaries’ operations. However, as the
Trial Measures and the Guidance Rules and Notice were newly published and there existed uncertainty with respect to the
implementation and interpretation of the principle of “substance over form,” it was highly uncertain whether our listing
on the Nasdaq Capital Market would be deemed an “indirect overseas offering and listing by companies in mainland China”
and subject to the filling procedures.