Company: WCT
Filing Date: 2025-12-05
Form Type: 424B3
Source: 0001213900-25-118563
Chunk: 46

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-05
Form: 424B3
Chunk 46
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, b) are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority or
the overseas stock exchange, and c) will complete the overseas securities offering and listing before September 30, 2023. Nonetheless,
such issuers shall carry out the filing procedures as required if they subsequently conduct refinancing or are involved in other circumstances
that require filings with the CSRC. Furthermore, the Trial Administrative Measures and its supporting guidelines provide a negative
list of types of issuers banned from listing overseas, the issuers’ obligation to comply with national security measures and personal
data protection laws, and certain other matters such as the requirements that an issuer (i) file with the CSRC within three business days
after it submits an application for initial public offering to the competent overseas regulator and (ii) file subsequent reports
with the CSRC on material events, including change of control and voluntary or forced delisting, after its overseas offering and listing.

As the Trial Administrative Measures are newly
issued, there remains uncertainty as to how it will be interpreted or implemented. Therefore, we cannot assure you when or whether we
will be subject to such filing requirements or whether we will be able to get clearance from the CSRC in a timely manner or at all, even
though we believe that none of the situations that would clearly prohibit overseas offering applies to us. As advised by our Hong Kong
counsel, Khoo & Co., we are not required to obtain regulatory approval from the CSRC or go through the filing procedures under
the Trial Administrative Measures before offering or continuing to offer our Class A Ordinary Shares in the U.S. because pursuant
to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic
Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).

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However, given the uncertainties regarding the
interpretation and enforcement of the PRC laws and regulations and the significant authority of the PRC government to intervene or influence
the offshore holding company headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement
of the Trial Administrative Measures, PIPL, relevant Mainland China data privacy, cybersecurity laws and other regulations. It is highly
uncertain how soon the legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations
or detailed implementations and interpretations will be modified or promulgated, if