Company: CAAS
Filing Date: 2025-07-01
Form Type: F-4
Source: 0001104659-25-064447
Chunk: 59

Company: China Automotive Systems, Inc.
Filing Date: 2025-07-01
Form: F-4
Chunk 59
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 increase our operating costs,                                                                         |
| · | Require significant management time and attention, and                                                                                |
| · | Subject us to remedies, administrative penalties and even criminal liabilities                                                        
 that may harm our business, including fines assessed for our current or historical operations, or demands or orders that we modify or 
 even cease our business practices.                                                                                                    |

The promulgation of new laws or regulations, or
the new interpretation of existing laws and regulations, that restrict or otherwise unfavorably impact the ability or manner in which
we conduct our business and could require us to change certain aspects of our business to ensure compliance, could decrease demand for
our products, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to
additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition
and results of operations could be adversely affected as well as materially decrease the value of our securities.

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The approval of, or filing or other procedures with, the CSRC or other Chinese regulatory authorities may be required in connection with issuing our equity securities to foreign investors under Chinese law, and, if required, we cannot predict whether we will be able, or how long it will take us, to obtain such approval or complete such filing or other procedures. We are also required to obtain business licenses from Chinese authorities in connection with our general business activities currently conducted in China.

On February 17, 2023, the CSRC promulgated
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which came
into effect on March 31, 2023. On the same day, the CSRC also published a series of guidelines and Q&As in connection with the
implementation of the Trial Measures. The Trial Measures established (i) a list outlining the circumstances where a PRC domestic
company is prohibited from offering and listing securities overseas, the “Trial Measures Negative List”, and (ii) a new
filing-based regime to regulate overseas offerings and listings by PRC domestic companies. According to the Trial Measures, in connection
with an overseas offering of securities, including shares, depository receipts, corporate bonds convertible into shares and other equity
securities, and listing by a PRC domestic company, either in a direct or indirect manner, the issuer must file certain documents with
the CSRC, the “Trial Measures Filing Obligations”.