Company: SOS
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001213900-25-069766
Chunk: 72

Company: SOS Ltd
Filing Date: 2025-07-31
Form: 424B5
Chunk 72
---
 July 6, 2021, the relevant PRC government
authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in accordance with the Law. These opinions emphasized
the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies
and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and
incidents faced by China-based overseas-listed companies. These opinions and any related implementation rules to be enacted may subject
us to additional compliance requirement in the future. As these opinions were recently issued, official guidance to act upon and the interpretation
thereof remain unclear at this time. We cannot assure that we will remain fully compliant with all new regulatory requirements of these
opinions or any future implementation rules on a timely basis, or at all. On December 24, 2021, the CSRC issued the Draft Overseas Listing
Regulations, which propose to establish a new filing-based regime to regulate overseas offerings and listings by domestic companies. Specifically,
an overseas offering and listing by a company in mainland China, whether directly or indirectly, an initial or follow-on offering, must
be filed with the CSRC. The examination and determination of an indirect offering and listing will be conducted on a substance-over-form
basis, and an offering and listing shall be deemed as an indirect overseas offering and listing of a company in mainland China if the
issuer meets the following conditions: (1) any of the operating income, gross profit, total assets, or net assets of the enterprise in
mainland China in the most recent fiscal year was more than 50% of the relevant line item in the issuer’s audited consolidated financial
statement for that year; and (2) senior management personnel responsible for business operations and management are mostly citizens of
mainland China or have domicile in mainland China, and the principal place of business is in mainland China or main business activities
are carried out in mainland China. The issuer or its affiliated entity in mainland China, as the case may be, shall file with the CSRC
for its initial public offering, follow-on offering and other equivalent offering activities. Particularly, the issuer shall submit the
filing with respect to its initial public offering and listing within three business days after its initial filing of the listing application,
and submit the filing with respect to its follow-on offering within three business days after the completion of the follow-on offering.
Failure to comply with the filing requirements may result in fines to