Company: DTSQ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001417
Chunk: 74

Company: DT Cloud Star Acquisition Corp
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 74
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 by the PRC government. This may significantly limit
our ability to search for candidates for our initial business combination. In particular, changes in the policies, regulations, rules,
and the enforcement of laws of the PRC government may be adopted quickly with little advance notice. The PRC government may also intervene
or influence our search for a target business or the completion of an initial business combination at any time because our sponsor is
predominantly controlled by a PRC national. This could significantly and negatively impact our search for a target business and/or the
value of our securities.

The
PRC government has recently sought to exert more oversight and control over offerings that are conducted overseas or foreign investment
in China-based issuers. On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies (the “Trial Measures”), which took effect on March 31, 2023. The Trial Measures supersede
prior rules and clarified and emphasized several aspects, which include but are not limited to: (1) comprehensive determination of the
“indirect overseas offering and listing by PRC domestic companies” in compliance with the principle of “substance over
form” and particularly, an issuer will be required to go through the filing procedures under the Trial Measures if the following
criteria are met at the same time: (a) 50% or more of the issuer’s operating revenue, total profit, total assets or net assets
as documented in its audited consolidated financial statements for the most recent accounting year comes from PRC domestic companies,
and (b) the main parts of the issuer’s business activities are conducted in mainland China, or its main places of business are
located in mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled
in mainland China; (2) exemptions from immediate filing requirements for issuers that (a) have already been listed or registered but
not yet listed in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Measures, (b) are not
required to re-perform the regulatory procedures with the relevant overseas regulatory authority or the overseas stock exchange, and
(c) whose such overseas securities offering or listing shall be completed before September 30, 2023, provided however that such issuers
shall carry out filing procedures as required if they conduct refinancing or are involved in other circumstances that require filing
with the CS