Company: WCT
Filing Date: 2025-10-07
Form Type: DRS
Source: 0001213900-25-096917
Chunk: 65

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-10-07
Form: DRS
Chunk 65
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 passed the Accelerating Holding Foreign Companies Accountable Act, which
was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer’s securities from trading
on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.
On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining,
as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located
in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued
amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that
the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located
in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in
foreign jurisdictions. On December 16, 2021, the PCAOB issued a Determination Report, which found that the PCAOB is unable to inspect
or investigate completely registered public accounting firms headquartered in (i) China and (ii) Hong Kong.

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On August 26, 2022, the PCAOB announced and signed
a Statement of Protocol (the “Protocol”) with the China Securities Regulatory Commission and the Ministry of Finance of the
PRC. The Protocol provides the PCAOB with (1) sole discretion to select the firms, audit engagements, and potential violations it inspects
and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators to view complete
audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access to interview and
take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a new Determination
Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections
and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report cautions,