Company: WCT
Filing Date: 2025-12-05
Form Type: 424B3
Source: 0001213900-25-118563
Chunk: 26

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-05
Form: 424B3
Chunk 26
---
.S. Senate passed the Accelerating Holding Foreign Companies
Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer’s
securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years
instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides
a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate
completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities
in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure
requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit
report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or
investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued
a Determination Report, which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered
in (i) China, and (ii) Hong Kong.

On August 26, 2022, the PCAOB announced and
signed a Statement of Protocol (the “Protocol”) with the China Securities Regulatory Commission and the Ministry of Finance
of the PRC. The Protocol provides the PCAOB with (1) sole discretion to select the firms, audit engagements and potential violations
it inspects and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators
to view complete audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access
to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a
new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB
has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report
cautions, however