Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 26

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 26
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AC. Consequently, such practice may be interpreted as meaning that the PRC subsidiaries
use the Internet to carry out data processing activities in the PRC, and thus, the PRC subsidiaries may be subject to cybersecurity review,
in order to prevent certain risks, including risks that activities may endanger critical information infrastructure security and national
data security and disclosure of personal information, the PRC subsidiaries may be required to take technical measures and other necessary
measures, such as ceasing transmission and deletion of data or information, and suspension of new user registration to prevent and mitigate
risks in accordance with the requirements of the cybersecurity review. Cybersecurity review could also result in negative publicity with
respect to our Company and diversion of our managerial and financial resources, which could materially and adversely affect our business,
financial conditions, and results of operations. See “Risk Factors — Risks Related to Doing Business in the PRC — The Chinese government exerts substantial influence over the manner in which we must conduct our business activities. We are currently not required to obtain approval from Chinese authorities to list on U.S exchanges, however, if our subsidiaries or the holding company were required to obtain approval or filing requirements in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue listing on U.S. exchange, which would materially affect the interest of the investors”
on page 14 of the 2024 Annual Report.

On February 17, 2023, the CSRC issued the
Overseas Listing Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Overseas Listing
Trial Measures, the CSRC circulated No. 1 to No. 5 Supporting Guidance Rules, the Notes on the Overseas Listing Trial Measures,
the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to
Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. Under the Overseas Listing
Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities,
either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Overseas Listing
Trial Measures within three working days following such securities offerings. Direct overseas offering and listing by domestic companies
refers to such overseas offering and listing by a joint-stock company incorporated domestically. Indirect overseas offering and listing
by domestic companies refers to