Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 52

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 52
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 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.         |

| 18 |

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.                                                                                |

| · | We may be subject to intellectual property infringement claims, which may be expensive to defend and may 
 disrupt our business and operations.                                                                     |

| · | We may lose market share and our profitability may be materially and adversely affected, if we fail to                         
 compete effectively with our present and future competitors or to adjust effectively to changing market conditions and trends. |

| · | Our management has limited experience with public companies compliance obligations. Failure to attract                                               
 and retain qualified personnel and experienced senior management could disrupt our operations and adversely affect our business and competitiveness. |

| · | We will require substantial additional funding in the future. There is no assurance that additional financing 
 will be available to us.                                                                                      |

| · | A rapid expansion could significantly strain our resources, management, and operational infrastructure, 
 impairing our ability to meet increased