Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 275

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1A
Chunk 275
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Investment (2021 Version), or the Negative List, which became effective on January 1, 2022. According to Article 6 of the Negative List,
domestic enterprises engaging in businesses in which foreign investment is prohibited shall obtain approval from the relevant authorities
before offering and listing their shares on an overseas stock exchange. In addition, certain foreign investors shall not be involved
in the operation or management of the relevant enterprise, and shareholding percentage restrictions under relevant domestic securities
investment management regulations shall apply to such foreign investors.

Based
on our understanding of the current PRC laws and regulations in effect at the time of the Form 10-K, no prior permission is required
under the M&A Rules, the Opinions or the Negative List from any PRC governmental authorities (including the CSRC) for consummating
the IPO by our company, given that: (a) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings
like ours under the Registration Statement are subject to the M&A Rules; and (b) our company is a blank check company newly incorporated
in Cayman Islands rather than China and currently the company conducts no business in China. However, there remains some uncertainty
as to how the M&A Rules, the Opinions, or the Administrative Provisions and the Administrative Measures, if enacted, will be interpreted
or implemented in the context of an overseas offering or if we decide to consummate the business combination with a target business based
in and primarily operating in China. If the CSRC or another PRC governmental authority subsequently determines that its approval is needed
for the IPO, or a business combination with a target business based in and primarily operating in China, we may face approval delays,
adverse actions or sanctions by the CSRC or other PRC governmental authorities. In any such event, these governmental authorities may
delay the IPO or a potential business combination, impose fines and penalties, limit our operations in China, or take other actions that
could materially adversely affect our business, financial condition, results of operations, reputation and prospects, as well as the
trading price of our securities.

Additionally,
on February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic
Companies, which took effect on March 31, 2023. The Trial Measures supersede the Draft Rules and clarified and emphasized several aspects,
which include but are not limited to: (1) comprehensive determination of the “