Company: WCT
Filing Date: 2025-10-07
Form Type: DRS
Source: 0001213900-25-096917
Chunk: 21

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-10-07
Form: DRS
Chunk 21
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 efforts
in anti-monopoly enforcement. For example, on June 10, 2021, the Standing Committee of the National People’s Congress enacted
the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate
and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data
classification and a hierarchical protection system for data security. On July 6, 2021, the General Office of the Communist Party
of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in
the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant
governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over
Mainland China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities
laws.

On August 20, 2021, the 30 meeting
of the Standing Committee of the 13 National People’s Congress voted and passed the “Personal Information Protection
Law of the People’s Republic of China,” or “PRC Personal Information Protection Law,” which became effective on
November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information of natural persons
within the territory of Mainland China that is carried out outside of Mainland China where (1) such processing is for the purpose
of providing products or services for natural persons within Mainland China, (2) such processing is to analyze or evaluate the behavior
of natural persons within Mainland China, or (3) there are any other circumstances stipulated by related laws and administrative
regulations.

<div align='center'>4</div>

On December 24, 2021, the China Securities
Regulatory Commission (“CSRC”), together with other relevant government authorities in Mainland 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) (collectively to be
referred as the “Draft Overseas Listing Regulations”). The Draft Overseas Listing Regulations require that a Mainland China
domestic enterprise seeking to issue and list its shares overseas shall complete