Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 41

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 41
---
 we are not an Operator, nor do we control more than one million users’ personal information, we would not be required
to apply for a cybersecurity review under the Measures for Cybersecurity Review (2021).

<div align='center'>S-13</div>

On February 17, 2023, the China Securities Regulatory
Commission, or the CSRC, announced the Circular on the Administrative Arrangements for Filing of Securities Offering and Listing by Domestic
Companies, or the Circular, and released a set of new regulations which consists of the Trial Administrative Measures of Overseas Securities
Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines. On the same date, the CSRC also released
the Notice on the Arrangements for the Filing Management of Overseas Listing of Domestic Companies, or the Notice. The Trial Measures
came into effect on March 31, 2023. The Trial Measures refine the regulatory system by subjecting both direct and indirect overseas offering
and listing activities to the CSRC filing-based administration. Requirements for filing entities, time points and procedures are specified.
A PRC domestic company that seeks to offer and list securities in overseas markets shall fulfill the filing procedure with the CSRC per
the requirements of the Trial Measures. Where a PRC domestic company seeks to indirectly offer and list securities in overseas markets,
the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible entity, file with the CSRC. The
Trial Measures also lay out requirements for the reporting of material events. Breaches of the Trial Measures, such as offering and listing
securities overseas without fulfilling the filing procedures, shall bear legal liabilities, including a fine between RMB 1.0 million (approximately
$150,000) and RMB 10.0 million (approximately $1.5 million), and the Trial Measures increase the cost for offenders by enforcing accountability
with administrative penalties and incorporating the compliance status of relevant market participants into the Securities Market Integrity
Archives.

According to the Circular, since the date of effectiveness
of the Trial Measures on March 31, 2023, PRC domestic enterprises falling within the scope of filing that have been listed overseas or
met the following circumstances are “existing enterprises”: before the effectiveness of the Trial Measures on March 31, 2023,
the application for indirect overseas issuance and listing has been approved by the overseas regulators or overseas stock exchanges (such
as the registration statement has become effective on the U