Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 1778

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 1778
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 our Business Combination with a target business based in and
primarily operating in China, the combined company’s business operations in China through its subsidiaries are subject to relevant
requirements to obtain applicable licenses from PRC governmental authorities under relevant PRC laws and regulations.

If
we select a Business Combination target that operates in the PRC, the approval of the China Securities Regulatory Commission (the “CSRC”),
the Cybersecurity Review Office (“CRO”), the Central Cyberspace Affairs Commission and/or other PRC authority may be required
for our initial business combination under PRC law.

The
Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors (the “M&A Rules”) requires overseas
special purpose vehicles that are controlled by PRC companies or individuals formed for the purpose of seeking a public listing on an
overseas stock exchange through acquisitions of PRC domestic companies using shares of such special purpose vehicles or held by their
shareholders as considerations to obtain the approval of the CSRC, prior to the listing and trading of such special purpose vehicle’s
securities on an overseas stock exchange. However, the application of the M&A Rules remains unclear. If CSRC approval is required
for our initial business combination, it is uncertain whether it would be possible for us to obtain the approval. Any failure to obtain
or delay in obtaining CSRC approval for our initial business combination would subject us to sanctions imposed by the CSRC and other
PRC regulatory agencies.

Additionally,
on July 10, 2021, the Cybersecurity Administration of China (“CAC”) released a draft of the revised Cybersecurity Review
Measures for public consultation until July 25, 2021 (the “2021 Measures”). The 2021 Measures apply to any business operator
that holds the personal information of more than one million users when it intends to seek a foreign listing. Upon receipt of an application,
if the CRO decides to conduct a review, the CRO will complete a preliminary review and send recommendations to a designated body of members
of the network security review mechanism and certain government departments for further consideration. The CSRC has been added in the
2021 Measures to the list of mainland Chinese authorities that are to be involved in formulating the national network security review
mechanism. This means that the CSRC can instruct the CRO to obtain approval from the Central Cyberspace Affairs Commission to conduct
a cybersecurity review of any proposed foreign public offering of a mainland Chinese operator where the capital markets regulator considers