Company: LICN
Filing Date: 2025-01-29
Form Type: 424B5
Source: 0001213900-25-007741
Chunk: 110

Company: Lichen International Ltd
Filing Date: 2025-01-29
Form: 424B5
Chunk 110
---
 relevant guidance regarding its approval of the listing and trading of special purpose vehicles’ securities on
overseas stock exchanges, including a list of application materials. However, substantial uncertainty remains regarding the scope and
applicability of the M&A Rules to offshore special purpose vehicles.

On 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 of the date hereof, no official guidance or related implementation rules have
been issued. As a result, the Opinions on Strictly Cracking Down on Illegal Securities Activities remain unclear on how they will be interpreted,
amended and implemented by the relevant PRC governmental authorities. 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.

Pursuant to Cybersecurity Review Measures which
were issued on December 28, 2021 and became effective on February 15, 2022, network platform operators holding over one million
users’ personal information must apply with the Cybersecurity Review Office for a cybersecurity review before any public offering
at a foreign stock exchange. However, given the Cybersecurity Review Measures were relatively new, there are substantial uncertainties
as to the interpretation, application and enforcement of the Cybersecurity Review Measures. It remains uncertain whether we should apply
for cybersecurity review prior to any offshore offering and that we would be able to complete the applicable cybersecurity review procedures
in a timely manner, or at all, if we are required to do so. In addition, on November 14, 2021, the Cyberspace Administration of China
(the “CAC”) published the Administration Regulations on Network Data Security (Draft for Comments), or the Draft Measures
for Network Data Security, which provides that data processors conducting the following activities shall apply for cybersecurity review:
(i) merger, reorganization or separation of Internet platform operators that have acquired a large number of data resources related
to national security, economic development or public interests affects or may affect national security; (ii) overseas