Company: WCT
Filing Date: 2025-10-07
Form Type: DRS
Source: 0001213900-25-096917
Chunk: 48

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-10-07
Form: DRS
Chunk 48
---
 (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).

<div align='center'>19</div>

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 any. It is also highly uncertain what the potential
impact such modified or new laws and regulations will have on the daily business operations of our Operating Subsidiary and the offering
and continuing to offer of our Class A Ordinary Shares on the U.S. or other foreign exchanges. 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 that when
and whether we will be subject to such filing requirements or 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.

Since these proposed rules, statements and regulatory
actions are new, it is highly uncertain how soon the legislative or administrative regulation