Company: WCT
Filing Date: 2025-10-07
Form Type: DRS
Source: 0001213900-25-096917
Chunk: 44

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-10-07
Form: DRS
Chunk 44
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 offerings that are conducted overseas, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

Recently, the PRC government initiated a series
of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little advance notice, including
cracking down on illegal activities in the securities market, enhancing supervision over mainland-China-based companies listed overseas
using 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 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,” or the “PIPL,”
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 China that is carried out outside of China where (1) such processing is for the purpose
of providing products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of
natural persons within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.
Pursuant to the PIPL, personal data processors (“data processors”) shall meet one of the conditions in order to transmit personal
information overseas for their business operations: (i) passing the security evaluation organized by the Cyberspace Administration
of China (the “CAC”); (ii) acquiring personal information protection certification from the professional organizations
regulated by the CAC; (iii) adopting the standard contract forms stip