Company: CAAS
Filing Date: 2025-08-04
Form Type: 424B3
Source: 0001104659-25-073486
Chunk: 95

Company: China Automotive Systems, Inc.
Filing Date: 2025-08-04
Form: 424B3
Chunk 95
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&A Rules governing the mergers and acquisitions of
domestic enterprises by foreign investors, which became effective on September 8, 2006, and was revised in June 2009. The M&A
Rules, among other things, require that if an overseas company established or controlled by PRC companies or PRC citizens intends to
acquire equity interests or assets of any other PRC domestic company affiliated with the PRC citizens, such acquisition must be submitted
to the MOFCOM for approval. The M&A Rules also require that an offshore special purpose vehicle, or a special purpose vehicle
formed for overseas listing purposes and controlled directly or indirectly by PRC companies or individuals, shall obtain the approval
of the CSRC prior to overseas listing and trading of such special purpose vehicle’s securities on an overseas stock exchange.

On July 6, 2021, the General Office of the
Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Strictly
Cracking Down Illegal Securities Activities in Accordance with Law. The abovementioned opinions emphasized the need to strengthen the
administration over illegal securities activities and the supervision on overseas listings by China-based companies. The opinions proposed
to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing
China-based overseas-listed companies and the demand for cybersecurity and data privacy protection.

On February 17, 2023, the CSRC promulgated
Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures,
and relevant five guidelines, which became effective on March 31, 2023. The Overseas Listing Trial Measures comprehensively improve
and reform the former regulatory regime for overseas offering and listing of PRC domestic companies’ securities and regulate both
direct and indirect overseas offering and listing of PRC domestic companies’ securities by adopting a filing-based regulatory regime.
According to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets,
either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information. The Overseas
Listing Trial Measures provides that an overseas listing or offering is explicitly prohibited, if any of the following: (i) such
securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules;
(ii) the intended securities offering and listing may endanger national security as reviewed and determined