Company: WCT
Filing Date: 2025-12-05
Form Type: 424B3
Source: 0001213900-25-118563
Chunk: 21

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-05
Form: 424B3
Chunk 21
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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. 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.

Wellchange Cayman is a holding company incorporated
in the Cayman Islands with an operating entity solely based in Hong Kong, and it does not have any subsidiary or VIE in Mainland
China or intend to acquire any equity interest in any domestic companies within Mainland China, nor is it controlled by any companies
or individuals of Mainland China. Further, we are headquartered in Hong Kong with our officers, and all members of the board of directors
based in Hong Kong who are not Mainland China citizens and all of our revenues and profits are generated by our Operating Subsidiary
in Hong Kong and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more
than 50% of the corresponding figure in our audited consolidated financial statements for the same period. As such, we do not believe
we would be subject to PRC law and regulations or be required to file with the CSRC under the Trial Administrative Measures.

We do not currently expect the Trial Administrative
Measures to have an impact on our business, operations or this Offering, nor do we anticipate the we or our