Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 9

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 9
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 any other type of restricted industry. See “ Risk Factors - Risks Related to HCYC.”

Additionally, HCYC’s management has assessed the criteria to determine whether approval is needed from the Cybersecurity Administration Committee (“ CAC”) or PRC authorities for this offering. The current-effective China Cybersecurity Review Measures released by relevant PRC governmental authorities in December 2021 requires platforms that contain data of 1 million or more users to undergo a cybersecurity review if they plan to list overseas. HCYC and HCYC HK do not collect and store consumer data. They also do not have more than 1 million users and, as such, are not required to undergo any review or obtain any form of permission. As the Hong Kong subsidiary has not been involved in the collection of user data, implicate cybersecurity, or involved any other type of restricted industry, it is not required to seek permission or filing requirements from the CAC.

Recent statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. Any future action by the Chinese government expanding the categories of industries and companies whose foreign securities offerings are subject to government review could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. As of the date of this prospectus, management has assessed and believes HCYC and HCYC HK are not directly subject to these regulatory actions or statements, as they have not implemented any monopolistic behavior, do not have variable interest entity structure, and their business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry.

HCYC’s equity structure is a direct shareholding structure, that is, it directly controls its operating subsidiary HCYC HK. Within the direct holding structure, the use of funds within the corporate group is legal and compliant with the laws and regulations of Hong Kong and the Cayman Islands. Because HCYC has no actual operations, there is no funding for this entity and all the revenue that is generated by