Company: WCT
Filing Date: 2025-12-05
Form Type: 424B3
Source: 0001213900-25-118563
Chunk: 44

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-05
Form: 424B3
Chunk 44
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 the risk that such data and personal information could be “affected, controlled,
and maliciously exploited by foreign governments.” The cybersecurity review will also investigate the potential national security
risks from overseas IPOs. Due to the lack of further interpretations, the exact scope of what constitutes an “operator of critical
information infrastructure” remains unclear. Further, the PRC government authorities may have wide discretion in the interpretation
and enforcement of these laws. In addition, the Measures for Cybersecurity Review (2021) stipulates that any online platform operators
holding more than one million users/users’ individual information shall be subject to cybersecurity review before listing abroad.
As of the date of this prospectus, we have not received any notice from any authorities identifying us as an “operator of critical
information infrastructure” or “data processor” or requiring us to undertake a cybersecurity review by the CAC. Further,
as of the date of this prospectus, we have not been subject to any penalties, fines, suspensions, or investigations from any competent
authorities for violation of the regulations or policies that have been issued by the CAC.

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As advised by our Hong Kong counsel, Khoo &
Co., pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, which is a national law of the PRC
and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed
in Annex III of the Basic Law (which shall be confined to laws relating to defense and foreign affairs as well as other matters outside
the autonomy of Hong Kong).Whilst the National People’s Congress of the PRC, or the NPC, has the power to amend the Basic Law,
the Basic Law also expressly provides that no amendment to the Basic Law shall contravene the established basic policies of the PRC regarding
Hong Kong. As a result, national laws of the PRC not listed in Annex III of the Basic Law, including the Measures for Cybersecurity
Review (2021), PIPL, or other relevant Mainland China data privacy, cybersecurity laws and other regulations do not apply to our businesses
in Hong Kong.

On December 24, 2021, the China Securities
Regulatory Commission (“CSRC”), together with other relevant government authorities in China, issued the Provisions of the
State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Measures
for the F