Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 27

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 27
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 such overseas offering and listing by a company in the name of an overseas incorporated entity, whereas
the company’s major business operations are located domestically and such offering and listing is based on the underlying equity,
assets, earnings or other similar rights of a domestic company. Any overseas offering and listing made by an issuer that meets both the
following conditions will be determined as indirect (i) 50% or more of the issuer’s operating revenue, total profit, total
assets or net assets as documented in its audited CFS for the most recent accounting year is accounted for by domestic companies;
and (ii) the main parts of the issuer’s business activities are conducted in mainland China, or its main places of business
are located in mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or
domiciled in mainland China. In addition, if a company is subject to the filing requirement with the CSRC, such company’s future
securities offerings in the same overseas market or subsequent securities offering and listing in other overseas markets shall also be
subject to the filing requirement with the CSRC, which shall be completed within three working days after the offering is completed
or after the relevant application is submitted to the relevant overseas authorities, respectively. If a PRC domestic company fails to
complete required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such PRC domestic
company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders, actual
controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as
warnings and fines.

Based on our understanding of the current PRC
law, rules, and regulations, we are not required to complete filing procedures with the CSRC for the offering and listing of our securities,
because both the overall prospect of the Company operations as well as the operating revenue, total profit, total assets, or net assets,
as documented in our audited CFS for the most recent accounting year, accounted for by the PRC subsidiaries are all under 50%. See
“Regulations — Regulations Relating to Overseas Listings” and “Risk Factors — Risks Related to Doing Business in the PRC — The Chinese government exerts substantial influence over the manner in which we must conduct our business activities. We are currently not required to obtain approval from Chinese authorities to list on U.S exchanges, however, if our subsidiaries or