Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 126

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 126
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(ii) the main parts of the issuer’s
business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of
its business operation and management are mostly Chinese citizens or domiciled in China. Based on our understanding of the current PRC
laws and regulations, no prior permission for this offering is required under the PRC laws on the basis that: the principal business
activities of the Company are conducted outside of China. In addition, all of the Company’s senior managers in charge of its business
operations including the directors are non-Chinese citizens and are not domiciled in China. HCYC does not meet both the financial condition
and the business condition prescribed in the Trial Measures and therefore it does not need to fulfil the CSRC filling procedure.

We have been advised by
Yingke Law Firm, our PRC counsel, that based on their understanding of the current PRC laws and regulations, as of the date of this prospectus, HCYC and
its operating subsidiary HCYC HK, are not required to obtain any permissions or approvals from Hong Kong authorities for the
continued listing of our ordinary shares in the U.S. and issuing our ordinary shares to foreign investors. No such permissions or
approvals have been applied for by HCYC or HCYC HK or denied by any relevant authorities. HCYC HK’s operations are conducted
solely in Hong Kong, which is a part of the PRC. As of the date of this prospectus, HCYC HK received all requisite permissions or
approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business
registration certificates. However, we have been advised by Yingke Law Firm that uncertainties still exist, due to the possibility
that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Given
the uncertainty as to how the Trail Measures will be interpreted and if the CSRC or another PRC governmental authority subsequently
determines that its approval is needed for this offering, we may face approval delays, adverse actions or sanctions by the CSRC or other
PRC governmental authorities. According to the Trial Measures, the CSRC may order rectification, issue warnings to us, and impose a fine
of between RMB1,000,000 (approximately US$139,946) and RMB10,000,000 (approximately US$ 1,399,462). Persons-in-charge