Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 77

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 77
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 businesses in Hong Kong, including but not limited to their
business registration certificates. However, as the Trial Administrative Measures were newly published, there are substantial
uncertainties as to its implementation and interpretation, and the CSRC may take a view that is contrary to HCYC’s
understanding of the Trial Administrative Measures under the principle of “substance over form” adopted thereby
regarding the determination of an “indirect overseas offering and listing by PRC domestic companies”, over which the
CSRC may have substantial discretions. Furthermore, on February 24, 2023, the CSRC revised the Provisions on Strengthening the
Management of Confidentiality and Archives Related to the Overseas Issuance of Securities and Overseas Listing by Domestic Companies
which were issued in 2009, or the Archives Rules. The revised Archives Rules will come into effect on March 31, 2023 together with
the Trial Measures. As is consistent with the Trial Measures, the revised Archives Rules will expand their application to cover
indirect overseas offering and listing, by stipulating that a domestic company which plans to publicly disclose or provide to
relevant individuals or entities, including securities companies, securities service providers and overseas regulators, any
documents and materials containing state secrets or working secrets of government agencies, shall first obtain approval from
competent authorities according to law, and file with the secrecy administrative department at the same level.

Neither HCYC nor HCYC HK are a “domestic company” for the purposes of the Trial Measures and the Draft Rules Regarding Overseas Listing. Neither the CSRC nor any other PRC regulatory agency or administration has contacted HCYC in connection with the HCYC’s or its subsidiary’s operations or proposed Offering. HCYC is currently not required to obtain regulatory approval from the CSRC nor any other PRC authorities for itself and its subsidiary’s operations in Hong Kong and proposed offering. Further, the PRC laws or regulations related to CSRC filings are not enforceable in Hong Kong.

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As of the date of this prospectus, HCYC and its operating subsidiary have not received any inquiry, notice, warning or sanctions regarding our planned overseas listing from the China Securities Regulatory Commission or any other PRC governmental authorities. Since these statements and regulatory actions are new, it is also highly uncertain in the interpretation and the enforcement of the overseas listing laws and regulation. There is no assurance that the relevant PRC governmental authorities would reach the same conclusion as us. If