Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 18

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 18
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 white label software for a United Kingdom
listed IT company.

For the years ended December 31, 2022, 2023
and 2024, revenue generated from our provision of white label software accounted for approximately 45.9%, 15.4% and 32.4% of our
total revenue, respectively. Such decrease in revenue from white label software was principally due to the decrease in the demand for
the self-developed software for SMBs as the cost of maintenance in term of IT knowledge, skill and time is relatively higher than customized
software.

Services and Support

Our support team aims to provide our customers
with any support necessary for the continuity of their operations. The external services provider will be responsible for monitoring the
operation of the software and we offer customer service and tracking via extranet.

Business Model

Our service fees for customized software services
and white-label software development services are determined on a case-by-case basis after arm’s length negotiations with each client.
The terms of the service fees, including the payment schedule varies by the type of services we provide, the scope of our duties, length
of time we expect to spend, the complexity of the projects, the intensity of the project timetable, and our expected workload. Our fee
for our customized software services and white-label software development is generally payable in several installments upon the occurrence
of the milestone events.

For MR. CLOUD, we charge subscription fees
by way of tiered pricing - by offering multiple subscription plans with different combinations of features offered at
various price points to meet the needs of different customers. Plans differ based on price, functionality, service levels, and size limits,
to be charged on a monthly basis. The customers can either start on the basic package with pay-to-upgrade options or choose the advanced
plans to use the whole range of software and application housed on MR. CLOUD.

Our Customers

For the year ended December 31, 2024, two
customers accounted for 32.4% and 15.3% of our total revenues. For year ended December 2023, one customers accounted for 20.7% of
our total revenues. No other customer accounted for more than 10% of our revenues for the years ended December 31, 2023 and
2024. As of December 31, 2023, one customer accounted for 10.5% of the total balance of accounts receivable. As of
December 31,