Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 4

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 4
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 rapidly evolving laws and regulations there. HCYC HK does not have any plan to establish operations in the PRC. The national laws adopted by the PRC are generally not applicable to Hong Kong according to the Basic Law of the Hong Kong Special Administrative Region (the “ Basic Law”). The Basic Law came into effect on July 1, 1997. It is the constitutional document of Hong Kong, which sets out the PRC’s basic policies regarding Hong Kong. The principle of “one country, two systems” is a prominent feature of the Basic Law, which dictates that Hong Kong will retain its unique common law and capitalist system for 50 years after the handover in 1997. Under the principle of “one country, two systems”, Hong Kong’s legal system, which is different from that of the PRC, is based on common law, supplemented by statutes.

According to Article 18 of the Basic Law, national laws adopted by the PRC shall not be applied in Hong Kong, except for those listed in Annex III to the Basic Law, such as the laws in relation to the national flag, national anthem, and diplomatic privileges and immunities. Further, there is no legislation stating that the laws in Hong Kong should be commensurate with those in the PRC. Despite the foregoing, the legal and operational risks of operating in China also apply to businesses operating in Hong Kong and Macau, and the Chinese government may exercise significant oversight and discretion over the conduct of HCYC HK’s business in Hong Kong and may intervene in or influence their operations at any time, which could result in a material change in operations and/or the value of the PubCo Ordinary Shares.

HCYC HK does not have any operations in mainland China and it does not have any plan to establish operations in the PRC. However, its operations may still be affected by decisions made by the PRC Government. China has sovereignty over Hong Kong and therefore can exert substantial influence on Hong Kong matters which may have an impact on HCYC. The PRC, Chinese regulatory authorities could disallow the holding company structure, which would likely result in a material change in operations and/or a material change in the value of the PubCo Ordinary Shares, and could cause the value of the PubCo Ordinary Shares to significantly decline or become worthless. See the section entitled “ Risk Factors - Risks Related to HCYC.”

HCYC is, and following the completion of the Business Combination, PubCo will be subject to a number of prohibitions, restrictions and potential del