Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 40

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 40
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 CSRC or other regulatory agencies later promulgate
new rules or explanations requiring that we obtain their approvals for this offering and any follow-on offering, we may be unable to obtain
such approvals which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors.
On December 24, 2021, the CSRC, together with other relevant government authorities in China issued the Provisions of the State Council
on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Measures for the
Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (“Draft Overseas Listing Regulations”).
The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to issue and list its shares overseas (“Overseas
Issuance and Listing”) shall complete the filing procedures of and submit the relevant information to CSRC. The Overseas Issuance
and Listing includes direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in
PRC seeks to issue and list its shares in the name of an overseas enterprise (“Overseas Issuer”) on the basis of the equity,
assets, income or other similar rights and interests of the relevant PRC domestic enterprise, such activities shall be deemed an indirect
overseas issuance and listing (“Indirect Overseas Issuance and Listing”) under the Draft Overseas Listing Regulations. Therefore,
the proposed offering would be deemed an Indirect Overseas Issuance and Listing under the Draft Overseas Listing Regulations. As such,
the Company would be required to complete the filing procedures of and submit the relevant information to CSRC after the Draft Overseas
Listing Regulations become effective.

On December 28, 2021, the Cyberspace Administration
of China jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February
15, 2022 and replace the former Measures for Cybersecurity Review (2020). Measures for Cybersecurity Review (2021) stipulates that operators
of critical information infrastructure purchasing network products and services, and online platform operator (together with the operators
of critical information infrastructure, the “Operators”) carrying out data processing activities that affect or may affect
national security, shall conduct a cybersecurity review, any online platform operator who controls more than one million users’
personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign
country. Since