Company: WCT
Filing Date: 2025-12-05
Form Type: 424B3
Source: 0001213900-25-118563
Chunk: 20

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-05
Form: 424B3
Chunk 20
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of natural persons within Mainland China, or (3) there are any other circumstances stipulated by related laws and administrative
regulations.

<div align='center'>4</div>

On December 24, 2021, the China Securities
Regulatory Commission (“CSRC”), together with other relevant government authorities in Mainland 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 Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (collectively to be
referred as the “Draft Overseas Listing Regulations”). The Draft Overseas Listing Regulations require that a Mainland China
domestic enterprise seeking to issue and list its shares overseas shall complete the filing procedures of and submit the relevant information
to CSRC. The Overseas Issuance and Listing include direct and indirect issuance and listing. Where an enterprise whose principal
business activities are conducted in Mainland China seeks to issue and list its shares in the name of an overseas enterprise (“Overseas
Issuer”) on the basis of the equity, assets, income or other similar rights and interests of the relevant Mainland China domestic
enterprise, such activities shall be deemed an indirect overseas issuance and listing (“Indirect Overseas Issuance and Listing”)
under the Draft Overseas Listing Regulations. On December 28, 2021, the CAC, jointly with the relevant authorities, formally published
the Measures for Cybersecurity Review (2021), which took effect on February 15, 2022 and replaced the former Measures for Cybersecurity
Review (2020) issued on July 10, 2021. The Measures for Cybersecurity Review (2021) provide that operators of critical
information infrastructure purchasing network products and services and online platform operators (together with the operators of critical
information infrastructure, the “Operators”) carrying out data processing activities that affect or may affect national security,
shall conduct a cybersecurity review, any online platform operator who controls more than one million users’ personal information
must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

On February 17, 2023, the CSRC promulgated
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the “Trial Administrative Measures”),
which took effect on March 31, 2023. The Trial Administrative Measures further clarified and emphasized that the comprehensive determination