Company: ABTS
Filing Date: 2025-05-30
Form Type: F-3/A
Source: 0001641172-25-013026
Chunk: 19

Company: Abits Group Inc
Filing Date: 2025-05-30
Form: F-3/A
Chunk 19
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 December 31, 2024 generated from mainland China; (ii) our business activities are not primarily conducted in mainland China, the main places of our business are located outside mainland China; and the majority of our senior management members managing our bitcoin mining operations are non-PRC citizens and have their usual places of residence located outside mainland China. Our CEO, Mr. Deng, maintains his residence in the U.S. and spends a significant amount of time each year in the U.S. overseeing and managing the overall operations of our bitcoin mining business. Our CFO, Mr. Tan, is neither a PRC citizen nor maintains his usual place of residence in mainland China. The senior management member in charge of our bitcoin mining operations, Mr. Phillip Hicks, is a U.S. citizen residing in the U.S. The above analysis and conclusion have not been confirmed with the CSRC.

No CAC or Other Regulatory Approvals Required

On July 7, 2022, the Cyberspace Administration of China (“CAC”) issued the Measures for Security Assessment of Cross-border Data Transfer, or the Measures, which took effect on September 1, 2022. According to the Measures, in addition to the self-risk assessment requirement for provision of any data outside mainland China, a data processor shall apply to the competent cyberspace department for data security assessment and clearance of outbound data transfer in any of the following events: (i) outbound transfer of important data by a data processor; (ii) outbound transfer of personal information by an operator of critical information infrastructure or a data processor which has processed more than one million users’ personal data; (iii) outbound transfer of personal information by a data processor which has made outbound transfers of more than one hundred thousand users’ personal information or more than ten thousand users’ sensitive personal information cumulatively since January 1 of the previous year; (iv) such other circumstances where ex-ante security assessment and evaluation of cross-border data transfer is required by the CAC. Our mainland China subsidiary’s activity related to cross-boarder data transfer is limited to our corporate and personnel internal uses and does not fall under any of the above specified categories. From January 1, 2022 to the date of this prospectus, our PRC subsidiary made outbound data transfers of significantly less than one hundred thousand users’ personal information or ten thousand users’ sensitive personal information cumulatively.

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On December 28, 2021, the CAC, jointly with other government authorities, formally published Measures for