Company: WCT
Filing Date: 2025-12-05
Form Type: 424B3
Source: 0001213900-25-118563
Chunk: 45

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-05
Form: 424B3
Chunk 45
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iling of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (“Draft Overseas Listing Regulations”).
The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to issue and list its shares overseas (“Overseas
Issuance and Listing”) shall complete the filing procedures and submit the relevant information to CSRC. The Overseas Issuance
and Listing includes direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in
PRC 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 PRC 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 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. Compared to the Draft Overseas Listing Regulations, the Trial Administrative Measures further
clarified and emphasized that the comprehensive determination of the “indirect overseas offering and listing by PRC domestic companies”
shall comply with the principle of “substance over form” and particularly, an issuer will be required to go through the filing
procedures under the Trial Administrative Measures if the following criteria are met at the same time: a) 50% or more of the issuer’s
operating revenue, total profits, total assets or net assets as documented in its audited consolidated financial statements for the most
recent accounting year are accounted for by PRC domestic companies, and b) the main parts of the issuer’s business activities are
conducted in Mainland China, or its main places of business are located in Mainland China, or the senior managers in charge of its business
operation and management are mostly Chinese citizens or domiciled in Mainland China. On the same day, the CSRC held a press conference
for the release of the Trial Administrative Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing
by Domestic Companies, which, among others, provided the exemption from immediate filings for issuers that a) have been listed or have
been registered but not yet listed in foreign securities markets, including U.S. markets, prior to the effective date of the Trial
Administrative Measures