Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 24

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 24
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,
see “Risk Factors—Risks Related to Doing Business in the PRC— We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies, and any lack of requisite approvals, licenses or permits applicable to our business may have a material adverse effect on our business and results of operations” on page 22 of the 2024 Annual
Report.

PRC Regulatory Permissions or Approvals

We are not operating in an industry that prohibits
or limits foreign investment. As a result, that other than those requisite for a domestic company in the PRC to engage in the businesses
similar to ours, we are not required to obtain any permission from Chinese authorities, including the CSRC, Cyberspace Administration
of China or any other governmental agency that is required to approve our operations. However, if we do not receive or maintain the approvals,
or we inadvertently conclude that such approvals are not required, or applicable laws, regulations, or interpretations change such that
we are required to obtain approval in the future, we may be subject to investigations by competent regulators, fines or penalties, ordered
to suspend our relevant operations and rectify any non-compliance, prohibited from engaging in relevant business or conducting any offering,
and these risks could result in a material adverse change in our operations, significantly limit or completely hinder our ability to offer
or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.

As of the date of this prospectus, we and our
PRC subsidiaries have received from PRC authorities all requisite licenses, permissions or approvals needed to engage in the businesses
currently conducted in the PRC, and no permission or approval has been denied. The following table provides details on the permissions
and approvals received by our PRC subsidiaries.

| Company                                            
 Shanghai Zhima information Technology Co., Ltd.    |     | Permission/Approval 
 Business License    |     | Issuing Authority                                       
 Shanghai Municipal Administration for Market Regulation |     | Validity               
 Until April 29, 2029   |
|:---------------------------------------------------|:----|:--------------------|:----|:--------------------------------------------------------|:----|:-----------------------|
| Shanghai Netwide Enterprise Management Co., Ltd.   |     | Business License    |     | Shanghai Municipal Administration for Market Regulation |     | Long-Term              |
| Shanghai NetClass Information Technology Co., Ltd. |     | Business License    |     | Shanghai Municipal Administration for Market Regulation |     | Long-Term