The aforesaid internet information services provided by Beijing Transwarp falls within the “restricted” category under the 2024 Negative List, which caps aggregate foreign shareholding in a sino-foreign joint venture providing such services at 50%.
Business · p. 187
Therefore, as in the view of our PRC Legal Advisors, the Global Offering will not cause our Group to breach the PRC foreign-investment restrictions, and no prohibited business is involved.
In addition, our Vietnam Legal Advisor has confirmed that Mic-Power Vietnam’s registered business lines do not fall under the categories which would subject the Group’s investment in Mic-Power Vietnam to foreign ownership restrictions under the applicable Vietnamese laws, and the Group is permitted to conduct the registered business activities of Mic-Power Vietnam.