Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 75

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 75
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 the criteria to determine whether approval is needed from the Cybersecurity Administration Committee (“ CAC”) or PRC authorities for this offering. The current-effective China Cybersecurity Review Measures released by relevant PRC governmental authorities in December 2021 requires platforms that contain data of 1 million or more users to undergo a cybersecurity review if they plan to list overseas. HCYC and HCYC HK does not collect and store consumer data. They also do not have more than 1 million users and, as such, are not required to undergo any review or obtain any form of permission. As the Hong Kong subsidiary has not been involved in the collection of user data, implicate cybersecurity, or involved any other type of restricted industry, it is not required to seek permission or filing requirements from the CAC.

Recent statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. Any future action by the Chinese government expanding the categories of industries and companies whose foreign securities offerings are subject to government review could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. As of the date of this prospectus, management has assessed and believes HCYC and HCYC HK are not directly subject to these regulatory actions or statements, as they have not implemented any monopolistic behavior, do not have variable interest entity structure, and their business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry.

Since these statements and regulatory actions are new, it is also highly uncertain in the interpretation and the enforcement of the above cybersecurity and overseas listing laws and regulation. Additionally, given the recency of the issuance of the above PRC laws and regulations related to cybersecurity and data privacy, HCYC and HCYC HK still face uncertainties regarding the interpretation and implementation of these laws and regulations and we could not rule out the possibility that any PRC governmental authorities may subject us and/or our subsidiary to such laws and regulations in the future. If they are deemed to