Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 7

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 7
---
 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.
Thus, HCYC has not submitted an application for approval for this offering with the CSRC. HCYC has obtained a legal opinion from
Yingke Law Firm regarding this matter, based on the facts that (i) its principal business activities, via HCYC HK, are conducted
in Hong Kong, not Mainland China (ii) its principal place of business is in Hong Kong, not Mainland China; and, (iii) all of its
directors and officers are citizens of Hong Kong and reside in Hong Kong. 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, 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