Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 23

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 23
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 no material operations, NetClass conducts a substantial majority of its operations
through its subsidiaries established in the PRC, Hong Kong, Singapore and Japan. We and our subsidiaries are subject to complex and evolving
PRC laws and regulations and face various legal and operational risks and uncertainties relating to doing business in China. For example,
we and our subsidiaries in the PRC face risks associated with regulatory approvals on offshore offerings, anti-monopoly regulatory actions,
and oversight on cybersecurity and data privacy, as well as the lack of inspection on our auditors by the PCAOB, which may impact our
ability to conduct certain businesses, accept foreign investments, or list and conduct offerings on a United States or other foreign exchange.
These risks could result in a material adverse change in our operations and the value of our Class A Ordinary Shares, significantly
limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly
decline. For a detailed description of risks related to doing business in China, please refer to risks disclosed under “Risk Factors—Risks Related to Doing Business in the PRC” on page 14 of the 2024 Annual Report.

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PRC government’s significant authority in
regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers
could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide
regulations, including data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly
decline. For more details, see “Risk Factors—Risks Related to Doing Business in the PRC — The Chinese government exerts substantial influence over the manner in which we must conduct our business activities. We are currently not required to obtain approval from Chinese authorities to list on U.S exchanges, however, if our subsidiaries or the holding company were required to obtain approval or filing requirements in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue listing on U.S. exchange, which would materially affect the interest of the investors” on page 14 of
the 2024 Annual Report.

Risks and uncertainties arising from the legal
system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in
China, could result in a material adverse change in our operations and the value of our Class A Ordinary Shares. For more details