Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 3

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 3
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ITEM 4. INFORMATION ON THE COMPANY

4A. History and Development of the Company

Corporate Structure

The following diagram illustrates our corporate
legal structure and identifies our subsidiaries as of the date of this annual report.

Holding Company Structure

Wellchange Cayman is a holding company incorporated
in the Cayman Islands with no material operations of its own, and we conduct all our operations in Hong Kong through Wching HK, our
sole operating subsidiary as of the date of this annual report.

As a result of our corporate structure, Wellchange
Cayman’s ability to pay dividends may depend upon dividends paid by Wching HK. If our existing operating subsidiary Wching
HK or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability
to pay dividends to us.

History of Share Issuance

Wellchange Cayman was incorporated under the laws
of the Cayman Islands as a limited company on July 13, 2023 as a holding company, for purposes of effectuating the initial public
offering. On the date of its incorporation, one (1) Ordinary Share was issued to Mapcal Limited. On the same day, Mapcal Limited
transferred one (1) Ordinary Share to Mr. Shek Kin Pong for a consideration of $1.00.

Prior to the Reorganization as described below,
our Company historically conducted our business through Wching HK, a company incorporated under the laws of Hong Kong.

Wching HK was incorporated under the law of Hong Kong
on April 20, 2012. Since its inception, Wching HK has been specializing in offering custom software solutions, cloud-based software-as-a-service
(“ SaaS”) platforms, and white-label software design and development services.

Pursuant to the Reorganization in August 2023
as described below, Wellchange Cayman became the holding company of Wching HK, through the intermediate holding company, Victory Hero.
Upon the completion of the Reorganization on August 30, 2023, Wellchange Cayman became the holding company of its subsidiaries.

As of the date of this annual report, details
of Wellchange Cayman’s subsidiaries are as follows:

  Name                                                Background                               Ownership                         Principal activities                                                                                                                                            
  Victory Hero Capital Limited (“ Victory Hero”)      — A BVI company                          Wholly-owned by the Company       Investment holding                                                                                                                                              
                                                      — Incorporated on August 14, 2023                                                                                                                                                                                                          
                                                      — Issued share capital of