Company: SOS
Filing Date: 2025-06-25
Form Type: F-3/A
Source: 0001213900-25-057886
Chunk: 46

Company: SOS Ltd
Filing Date: 2025-06-25
Form: F-3/A
Chunk 46
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 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 the relevant companies in mainland China, suspension of their businesses,
revocation of their business licenses and operation permits and fines on the controlling shareholder and other responsible persons. The
Draft Overseas Listing Regulations also set forth certain regulatory red lines for overseas offerings and listings by enterprises in mainland
China.

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There are substantial uncertainties as to
whether these draft measures to regulate direct or indirect overseas offering and listing would be further amended or updated, their enactment
timetable and final content. In a Q&A released on CSRC’s official website on December 24, 2021, the respondent CSRC official
indicated that the proposed new filing requirement will start with new issuers and listed companies seeking follow-on financing and other
financing activities. As for the filings for other listed companies, the regulator will grant adequate transition period and apply separate
arrangements. The Q&A also pointed out that, if compliant with relevant PRC laws and regulations, companies with compliant VIE structure
may seek overseas listing after completion of the CSRC filings. Nevertheless, the Q&A did not specify what would qualify as a “compliant
VIE structure” and what relevant PRC laws and regulations are required to be complied with. As advised by our PRC counsel, under
existing applicable PRC laws, regulations and regulatory rules, our company, our WFOEs, the VIEs and their subsidiaries, are not required
to obtain permission from the CSRC in connection with any such offering. In addition, none of them has received any notice of denial of
permission to list on a U.S. exchange from any Chinese authorities. However, we cannot assure you that the relevant PRC government agencies,
including the CSRC, would reach the same conclusion as our PRC counsel does. Given the substantial uncertainties surrounding the latest
CSRC filing requirements at this stage, we cannot assure you