Company: WCT
Filing Date: 2025-12-02
Form Type: F-1
Source: 0001213900-25-116978
Chunk: 46

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-02
Form: F-1
Chunk 46
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 policies that have been issued by the CAC.

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As advised by our Hong Kong counsel, Khoo &
Co., pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, which is a national law of the PRC
and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed
in Annex III of the Basic Law (which shall be confined to laws relating to defense and foreign affairs as well as other matters outside
the autonomy of Hong Kong).Whilst the National People’s Congress of the PRC, or the NPC, has the power to amend the Basic Law,
the Basic Law also expressly provides that no amendment to the Basic Law shall contravene the established basic policies of the PRC regarding
Hong Kong. As a result, national laws of the PRC not listed in Annex III of the Basic Law, including the Measures for Cybersecurity
Review (2021), PIPL, or other relevant Mainland China data privacy, cybersecurity laws and other regulations do not apply to our businesses
in Hong Kong.

On December 24, 2021, the China Securities
Regulatory Commission (“CSRC”), together with other relevant government authorities in China, issued the Provisions of the
State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Measures
for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (“Draft Overseas Listing Regulations”).
The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to issue and list its shares overseas (“Overseas
Issuance and Listing”) shall complete the filing procedures and submit the relevant information to CSRC. The Overseas Issuance
and Listing includes direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in
PRC seeks to issue and list its shares in the name of an overseas enterprise (“Overseas Issuer”) on the basis of the equity,
assets, income or other similar rights and interests of the relevant PRC domestic enterprise, such activities shall be deemed an indirect
overseas issuance and listing (“Indirect Overseas Issuance and Listing”) under the Draft Overseas Listing Regulations.

On February 17, 2023, the CSRC promulgated
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the “Trial Administrative Measures”),