Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 125

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 125
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 operations, significantly limit or completely hinder our abilities to offer or continue to offer securities
to foreign investors, and cause the value of our Ordinary Shares to significantly decline or be worthless.

On February
17, 2023, the CSRC published the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the
“Trial Measures”) which took effect on March 31, 2023. Under the Trial Measures, a filing-based regulatory
system applies to “indirect overseas offerings and listings” of companies in mainland China, which refers to securities offerings
and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings or
other similar rights of a company in mainland China that operates its main business in mainland China. The Trial Measures states that,
any post-listing follow-on offering by an issuer in an overseas market, including issuance of shares, convertible notes and
other similar securities, shall also be subject to filing requirement within three business days after the completion of the offering.
In connection with the Trial Measures, on February 17, 2023 the CSRC also published the Notice on Filing Management Arrangements
for Overseas Listings of Domestic Enterprises (the “Notice on Filing Management Arrangements”). According to
the Notice on Filing Management Arrangements, issuers that have already been listed in an overseas market before March 31, 2023, the
date the Trial Measures became effective, are not required to make any immediate filing and are only required to comply with the filing
requirements under the Trial Measures when it subsequently seeks to conduct a follow-on offering.

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According
to the Notice on Filing Management Arrangements, the domestic companies that have already been listed overseas on or before March 31,
2023 shall be deemed as existing issuers (the “Existing Issuers”). Existing Issuers are not required to complete
the filling procedures immediately, and they shall be required to file with the CSRC upon occurrences of certain subsequent matters such
as follow-on offerings of securities.

Under the Trial Measure section
15, filing with the CSRS is required for indirect overseas listing offerings and listings, if both of the following conditions are
met:

(i) 50% or more of any of the indicators
of the issuer’s operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial
statements for the most recent accounting year is accounted for by PRC domestic companies; and