Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 320

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 320
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-based target. However, substantial
uncertainty remains regarding the scope and applicability of the M&A Rules to offshore special purpose vehicles and the above analysis
are subject to any new laws, rules and regulations or detailed implementation and interpretations in any form relating to the M&A
Rules. We cannot assure you that relevant PRC governmental agencies, including the CSRC, would reach the same conclusion as we do. It
is possible that we may need to obtain approvals or permissions from CSRC or other PRC governmental authorities in order for us to complete
a business combination with a China-based target pursuant to the M&A Rules. If we are required to obtain such approvals, we cannot
assure we will be able to receive them in a timely manner, or at all.

57

Moreover, except for emphasizing the need to strengthen the administration
over illegal securities activities, and the need to strengthen the supervision over overseas listings by PRC companies, the Opinions,
which was made available to the public on July 6, 2021, also provides that the State Council will revise provisions regarding the overseas
issuance and listing of shares by companies limited by shares and will clarify the duties of domestic regulatory authorities.

On February 17, 2023, the CSRC released Trial Administrative Measures
of Overseas Securities Offering and Listing by Domestic Companies (“Measurers”) which took effective on March 31, 2023. The
Measures implement a new regulatory framework requiring PRC businesses to file with CSRC when pursuing overseas listings. The Draft Rules
propose a new filing system for all Chinese companies (including the VIE-structured companies) that are pursuing listings outside mainland
China. An overseas listing is required to be filed with CSRC within three working days (i) following the submission of initial public
offering or listing application, (ii) following the completion of subsequent securities offerings of an issuer in the same overseas market
where it has previously offered and listed securities, (iii) following the submission of subsequent securities offerings and listings
application of an issuer in other overseas markets than where it has offered and listed or (iv) following the submission of overseas application
documents where a domestic company that seeks to directly or indirectly list its domestic assets in overseas markets through single or
multiple acquisitions, share swaps, transfers of shares or other means, or after the first public disclosure of the specifics of the transaction
is made by the listed company where overseas application documents are not required. The requested filing documents include but are not