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

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 25
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| Shanghai Chuangyuan Education Technology Co., Ltd. |     | Business License    |     | Shanghai Municipal Administration for Market Regulation |     | Long-Term              |
| Shanghai NetClass Human Resource Co., Ltd.         |     | Business License    |     | Shanghai Municipal Administration for Market Regulation |     | Until November 8, 2036 |
| Shanghai NetClass Enterprise Management Co., Ltd.  |     | Business License    |     | Shanghai Municipal Administration for Market Regulation |     | Until August 28, 2046  |
| NetClass Training (Shanghai) Co., Ltd.             |     | Business License    |     | Shanghai Municipal Administration for Market Regulation |     | Until August 18, 2036  |

Recently, however, the General Office of the Central
Committee of the Communist Party of China and the General Office of the State Council jointly issued the “Opinions on Severely Cracking
Down on Illegal Securities Activities According to Law,” or the “Opinions,” which were made available to the public
on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities and the need
to strengthen the supervision over overseas listings by Chinese companies. These opinions proposed to take effective measures, such as
promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-concept overseas-listed companies
and the demand for cybersecurity and data privacy protection.

| 5 |

The Cybersecurity Review Measures, which became
effective on February 15, 2022, provide that, in addition to critical information infrastructure operators (“CIIOs”)
that intend to purchase Internet products and services, online platform operators engaging in data processing activities that affect or
may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According to the Cybersecurity
Review Measures, a cybersecurity review assesses potential national security risks that may be brought about by any procurement, data
processing, or overseas listing. The Cybersecurity Review Measures further require that CIIOs and data processing operators that possess
personal data of at least one million users must apply for a review by the Cybersecurity Review Office of the PRC before conducting listings
in foreign countries.

As of the date of this prospectus, we have not
received any notice from any authorities identifying any of the PRC subsidiaries as a CIIO or requiring us to go through cybersecurity
review or network data security review by the C