Company: NCL
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001575872-25-000134
Chunk: 43

Company: Northann Corp.
Filing Date: 2025-02-07
Form: 424B3
Chunk 43
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, and the majority
of our senior management personnel are not Chinese citizens or reside in China on a regular basis. However, as the Trial Measures and
the supporting guidelines are newly published, there exists uncertainty with respect to the implementation and interpretation of the principle
of “substance over form”. As of the date of this prospectus, there was no material change to these regulations and policies
since our IPO. If our future follow-on offerings were later deemed as “indirect overseas offering and listing by companies in mainland
China” under the Trial Measures, we may need to complete the filing procedures for our offering. If we are subject to the filing
requirements, we cannot assure you that we will be able to complete such filings in a timely manner or even at all.

Since these statements and
regulatory actions are new, it is also highly uncertain in the interpretation and the enforcement of the above cybersecurity and overseas
listing laws and regulation. There is no assurance that the relevant PRC governmental authorities would reach the same conclusion as us.
If we and/or our subsidiaries are required to obtain approval or fillings from any governmental authorities, including the CSRC, in connection
with the listing or continued listing of our securities on a stock exchange outside of Hong Kong or mainland China, it is uncertain how
long it will take for us and/or our subsidiaries to obtain such approval or complete such filing, and, even if we and our subsidiaries
obtain such approval or complete such filing, the approval or filing could be rescinded. Any failure to obtain or a delay in obtaining
the necessary permissions from or complete the necessary filing procedure with the PRC governmental authorities to conduct offerings or
list outside of Hong Kong or mainland China may subject us and/or our subsidiaries to sanctions imposed by the PRC governmental authorities,
which could include fines and penalties, suspension of business, proceedings against us and/or our subsidiaries, and even fines on the
controlling shareholder and other responsible persons, and our subsidiaries’ ability to conduct our business, our ability to invest
into mainland China as foreign investments or accept foreign investments, or our ability to list on a U.S. or other overseas exchange
may be restricted, and our subsidiaries’ business, and our reputation, financial condition, and results of operations may be materially
and adversely affected. Additionally, any failure to obtain or a delay in obtaining the necessary permissions from or completing the necessary
filing procedures with the PRC governmental authorities to conduct offerings outside of Hong Kong or mainland China, which could cause
the