Company: WCT
Filing Date: 2025-12-05
Form Type: 424B3
Source: 0001213900-25-118563
Chunk: 19

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-05
Form: 424B3
Chunk 19
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 overseas and/or foreign investment
in issuers like ourselves. Such governmental actions, if and when occur: (i) could significantly limit or completely hinder our ability
to continue our operations; (ii) could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary
Shares to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

We are aware that, recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China, including
cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based companies listed overseas
using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts
in anti-monopoly enforcement. For example, on June 10, 2021, the Standing Committee of the National People’s Congress enacted
the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate
and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data
classification and a hierarchical protection system for data security. On July 6, 2021, the General Office of the Communist Party
of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in
the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant
governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over
Mainland China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities
laws.

On August 20, 2021, the 30 meeting
of the Standing Committee of the 13 National People’s Congress voted and passed the “Personal Information Protection
Law of the People’s Republic of China,” or “PRC Personal Information Protection Law,” which became effective on
November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information of natural persons
within the territory of Mainland China that is carried out outside of Mainland China where (1) such processing is for the purpose
of providing products or services for natural persons within Mainland China, (2) such processing is to analyze or evaluate the behavior