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

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 29
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 business registration
fees and levies applicable to its businesses.

Business operations

As at the date of this prospectus, there is no
statutory or mandatory licensing, permission, or regulatory approval or registration required for the sale and purchase of customized
servers, graphic cards, hard drives and similar digital devices and components and ancillary software and technology services in Hong
Kong.

Offer of securities to foreign investors outside Hong Kong

As of the date of this prospectus, neither we
nor the Hong Kong Subsidiaries are required to obtain any license, permission or approval from the Hong Kong regulatory authorities (including
but not limited to the Hong Kong Securities and Futures Commission) in relation to the offer the securities being registered to foreign
investors outside Hong Kong.

However, it is uncertain whether we or the Hong
Kong Subsidiaries will be required to obtain additional licenses, permissions or approvals from the Hong Kong regulatory authorities to
operate our business or offer securities to foreign investors in the future, and whether we would be able to obtain such licenses, permissions
or approvals. If we are unable or fail to obtain such licenses, permissions or approvals if which may be required in the future due to
changes in the applicable laws, regulations, or interpretations of such laws and regulations, then the value of our Class A Ordinary
Shares may fall significantly or become worthless.

Holding Foreign Company Accountable Act

U.S. laws and regulations, including the Holding
Foreign Companies Accountable Act, or HFCAA, may restrict or eliminate our ability to complete a business combination with certain companies,
particularly those acquisition candidates with substantial operations in the PRC.

On April 21, 2020, SEC Chairman Jay Clayton
and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated
with investing in companies based in or have substantial operations in emerging markets including the PRC. The joint statement emphasized
the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in the PRC and higher risks of fraud
in emerging markets.

On May 18, 2020, Nasdaq filed three proposals
with the SEC to (i) apply minimum offering size requirement for companies primarily operating in “Restrictive Market”,
(ii) adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies, and
(iii) apply additional and more stringent criteria to an applicant or listed company