Company: CHNR
Filing Date: 2025-05-15
Form Type: 424B5
Source: 0001079973-25-000830
Chunk: 76

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-05-15
Form: 424B5
Chunk 76
---
 the location where financial and human resource decisions are made or approved by organizations or persons;
(iii) the location where the major assets and corporate documents are kept; and (iv) the location where more than half (inclusive) of
all directors with voting rights or senior management have their habitual residence. SAT Circular 82 further clarifies that the identification
of the “de facto management body” must follow the “substance over form” principle. In addition, the SAT issued
the Announcement of State Administration of Taxation on Promulgation of the Administrative Measures on Income Tax on Overseas Registered
Chinese-funded Holding Resident Enterprises (Trial Implementation) (“SAT Bulletin 45”) on July 27, 2011, effective from
September 1, 2011, and partially amended on April 17, 2015, June 28, 2016, and June 15, 2018, providing more guidance on the implementation
of SAT Circular 82. SAT Bulletin 45 clarifies matters including resident status determination, post-determination administration and competent
tax authorities. Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or
PRC enterprise groups, not those controlled by PRC individuals or foreign individuals, the determining criteria set forth in SAT Circular
82 and SAT Bulletin 45 may reflect the SAT’s general position on how the “de facto management body” test should be applied
in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises or PRC enterprise
groups or by PRC or foreign individuals.

| 18 |

Currently, there are no detailed
rules or precedents governing the procedures and specific criteria for determining “de facto management bodies” that are applicable to us
or our overseas subsidiaries. We do not believe that CHNR meets all of the conditions for a PRC resident enterprise. The Company is a
company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key
assets are located, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are
maintained, outside the PRC. For the same reasons, we believe our other entities outside of China are not PRC resident enterprises either.
However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities, and uncertainties remain with
respect to the interpretation of the term “de facto management body.”