Company: SOS
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001213900-25-069766
Chunk: 65

Company: SOS Ltd
Filing Date: 2025-07-31
Form: 424B5
Chunk 65
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 “Negative List (2021 version)”) stipulates that any domestic enterprise in mainland China engaging in prohibited business
under the Negative List shall be subject to review by and shall obtain the consent of the relevant competent PRC authorities for overseas
listing, and the foreign investors shall not participate in the operation and management of such enterprise, and the shareholding percentage
of the foreign investors in such enterprise shall be subject, mutatis mutandis, to the relevant administrative provisions
of the PRC domestic securities investment by foreign investors. The Negative List does not further elaborate whether existing overseas
listed enterprises, like us, will be subject to such requirements. Further, pursuant to the press conference held by the NDRC on January
18, 2022, the foresaid requirements shall not be applicable to domestic enterprises that seek to offer and list securities in overseas
markets indirectly. Although it does not explicitly classify contractual arrangements as a form of foreign investment, there is no assurance
that foreign investment via contractual arrangement would not be interpreted as a type of indirect foreign investment activities in the
future. In any of these cases, it will be uncertain whether our contractual arrangements will be deemed to be in violation of the market
access requirements for foreign investment under the PRC laws and regulations. Furthermore, if future laws, administrative regulations
or provisions prescribed by the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements,
we may face substantial uncertainties as to whether we can complete such actions in a timely manner, or at all.

In addition, the Foreign Investment Law provides
that foreign-invested enterprises established before the Foreign Investment Law came into effect may maintain their structure and corporate
governance within a five-year transition period, which means that we may be required to adjust the structure and corporate governance
of certain of our subsidiaries in mainland China when such transition period ends. Failure to take timely and appropriate measures to
cope with any of these or similar regulatory compliance challenges could materially and adversely affect our current corporate structure,
corporate governance and business operations.

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We may rely on dividends and other distributions on equity paid by our subsidiaries in mainland China and Hong Kong to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct the business.

Under our current corporate structure, our ability
to pay dividends depends upon dividends paid by our Hong Kong subsidiary, which in turn depends on dividends