Company: WCT
Filing Date: 2025-10-07
Form Type: DRS
Source: 0001213900-25-096917
Chunk: 22

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-10-07
Form: DRS
Chunk 22
---
 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
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