Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 28

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 28
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 the Hong Kong National Security Law could impact the Hong Kong Subsidiaries. |

| ● | The PRC laws and regulations that apply or are to be applied to Hong Kong, and the enforcement of the same, can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties which could limit the availability of legal protections, which could result in a material change in the Hong Kong Subsidiaries’ operations and/or the value of our securities. |

| ● | The coming into effect of the MJCCREO may affect the legal position of our subsidiaries with business operations and assets located in Hong Kong and/or the PRC. |

| ● | There exist political risks associated with conducting business in Hong Kong. |

| ● | Some of our subsidiaries are subject to various evolving Hong Kong laws and regulations regarding data privacy and competition, which could subject them to government enforcement actions and investigations, fines, penalties, and suspension or disruption of their operations. |

| ● | It may be difficult for US overseas regulators to conduct investigations or collect evidence within the territory of Hong Kong |

| ● | You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us and our Hong Kong Subsidiaries under Hong Kong laws. |

8

Risks Related to Our Business and Industry

| ● | Market adoption of online learning solutions is relatively new and may not grow as we expect, which may harm our business and results of operations. |

| ● | We traditionally have had substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenues. |

| ● | Failure to effectively expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform. |

| ● | If we are unable to continue to offer education software and related courseware, our revenues may decline and we may not be able to maintain profitability. |

| ● | Failure of information security and privacy concerns could subject us to penalties, damage our reputation and brand, and harm our business and results of operations. |

| ● | Concerns about the security of our transaction systems and confidentiality of information on the Internet may reduce use of our services and impede our growth. |

| ● | If we fail to develop and introduce new courseware, services and products that meet our target course participants’ expectations, or adopt new technologies important to our business, our competitive position and ability to generate revenues may be materially and adversely affected. |