Company: WCT
Filing Date: 2025-12-02
Form Type: F-1
Source: 0001213900-25-116978
Chunk: 67

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-02
Form: F-1
Chunk 67
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 CO.
completely because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection
could cause trading in the Company’s securities to be prohibited under the HFCAA, and ultimately result in a determination by a
securities exchange to delist the Company’s securities.

The SEC may propose additional rules or guidance
that could impact us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President’s Working
Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies
to the then President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions
that do not provide the PCAOB with sufficient access to fulfill its statutory mandate. Some of the concepts of these recommendations were
implemented with the enactment of the HFCAA. However, some of the recommendations were more stringent than the HFCAA. For example, if
a company’s auditor was not subject to PCAOB inspection, the report recommended that the transition period before a company would
be delisted would end on January 1, 2022. The SEC has announced that the SEC staff is preparing a consolidated proposal for the rules
regarding the implementation of the HFCAA and to address the recommendations in the PWG report. It is unclear when the SEC will complete
its rulemaking and when such rules will become effective and what, if any, of the PWG recommendations will be adopted. The implications
of this possible regulation in addition to the requirements of the HFCAA are uncertain. Such uncertainty could cause the market price
of our Class A Ordinary Shares to be materially and adversely affected, and our securities could be delisted or prohibited from being
traded on the national securities exchange earlier than would be required by the HFCAA. If our Class A Ordinary Shares are unable to be
listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Class
A Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact
on the price of our Class A Ordinary Shares.

Further, new laws and regulations or changes in
laws and regulations in both the United States and the PRC could affect our ability to continue to list our Class A Ordinary Shares, which
could materially impair the market for and market price of our Class A Ordinary Shares