Company: WCT
Filing Date: 2025-12-02
Form Type: F-1
Source: 0001213900-25-116978
Chunk: 47

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-02
Form: F-1
Chunk 47
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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, b) are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority or
the overseas stock exchange, and c) will complete the overseas securities offering and listing before September 30, 2023. Nonetheless,
such issuers shall carry out the filing procedures as required if they subsequently conduct refinancing or are involved in other circumstances
that require filings with the CSRC. Furthermore, the Trial Administrative Measures and its supporting guidelines provide a negative
list of types of issuers banned from listing overseas, the issuers’ obligation to comply with national security measures and personal
data protection laws, and certain other matters such as the requirements that an issuer (i) file with the CSRC within three business days
after it submits an application for initial public offering to the competent overseas regulator and (ii) file subsequent reports
with the CSRC on material events, including change of control and voluntary or forced delisting, after its overseas offering and listing.

As the Trial Administrative Measures are newly
issued, there remains uncertainty as to how it will be interpreted or