Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 51

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 51
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 tax purposes, such classification could 
 result in unfavorable tax consequences to us and our non-PRC shareholders.                               |

| · | We may not be able to obtain certain benefits under relevant tax treaties on dividends paid by our PRC 
 subsidiaries to us through our Hong Kong Subsidiary.                                                   |

| · | The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the                                         
 Holding Foreign Companies Accountable Act all call for additional and more stringent criteria to be applied to emerging market companies    
 upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments 
 could add uncertainties to our continued listing on Nasdaq.                                                                                 |

| · | We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related                           
 businesses and companies, and any lack of requisite approvals, licenses or permits applicable to our business may have a material adverse 
 effect on our business and results of operations.                                                                                         |

Risks Related to Doing Business in Hong Kong

| · | A downturn in the Hong Kong economy or a change in the economic conditions in Mainland China or globally 
 could materially and adversely affect our business and financial condition.                              |

| · | Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade   
 war may dampen growth in Hong Kong, from which substantial portion of our operating revenues are derived. |

| · | The enactment of Law of the Hong Kong National Security Law could impact the Hong Kong Subsidiaries. |

| · | The PRC laws and regulations that apply or are to be applied to Hong Kong, and the enforcement of                                    
 the same, can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties which  
 could limit the availability of legal protections, which could result in a material change in the Hong Kong Subsidiaries’ operations 
 and/or the value of our securities.                                                                                                  |

| · | The coming into effect of the MJCCREO may affect the legal position of our subsidiaries with business 
 operations and assets located in Hong Kong and/or the PRC.                                            |

| · | There exist political risks associated with conducting business in Hong Kong. |

| · | Some of our subsidiaries are subject to various evolving Hong Kong laws and regulations regarding                                             
 data privacy and competition, which could subject them to government enforcement actions and investigations, fines, penalties, and suspension