Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 107

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 107
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 trading of such special purpose vehicle’s
securities on an overseas stock exchange. However, the application of the M&A Rules remains unclear. If CSRC approval is required
for our initial business combination, it is uncertain whether it would be possible for us to obtain the approval. Any failure to obtain
or delay in obtaining CSRC approval for our initial business combination would subject us to sanctions imposed by the CSRC and other
PRC regulatory agencies.

Additionally,
on July 10, 2021, the Cybersecurity Administration of China (“CAC”) released a draft of the revised Cybersecurity Review
Measures for public consultation until July 25, 2021 (the “2021 Measures”). The 2021 Measures apply to any business operator
that holds the personal information of more than one million users when it intends to seek a foreign listing. Upon receipt of an application,
if the CRO decides to conduct a review, the CRO will complete a preliminary review and send recommendations to a designated body of members
of the network security review mechanism and certain government departments for further consideration. The CSRC has been added in the
2021 Measures to the list of mainland Chinese authorities that are to be involved in formulating the national network security review
mechanism. This means that the CSRC can instruct the CRO to obtain approval from the Central Cyberspace Affairs Commission to conduct
a cybersecurity review of any proposed foreign public offering of a mainland Chinese operator where the capital markets regulator considers
the listing affects or is likely to affect China’s national security. The proposed rules might impact the timetable of our initial
business combination and the certainty of our initial business combination, if the target company we have identified is subject to the
2021 Measures or the final Cybersecurity Review Measures.

  58 

Further
regulations or regulatory actions in the PRC could affect the timetable and closing certainty of the IPO and/or our initial business
combination.

Further,
on July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council of
the PRC jointly issued the “Opinion on Strictly Punishing Illegal Securities Activities according to Law” (《关于依法从严打击证券违法活动的意见》)
(the “Opinion”). The Opinion specifies the target of upgrading the securities law-enforcement and judicial systems by 2022
and 2025, including effectively curbing the frequent occurrence of major