Company: WCT
Filing Date: 2025-12-02
Form Type: F-1
Source: 0001213900-25-116978
Chunk: 57

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-12-02
Form: F-1
Chunk 57
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 15g-4, 15g-5, 15g-6, 15g-7, and 15g-9 under the Exchange Act. These rules may have the effect of reducing the
liquidity of penny stocks. “Penny stocks” generally are equity securities with a price of less than $5.00 per share (other
than securities registered on certain national securities exchanges or quoted on Nasdaq if current price and volume information with respect
to transactions in such securities is provided by the exchange or system). Our Class A Ordinary Shares could be considered to be a “penny
stock” within the meaning of the rules. The additional sales practice and disclosure requirements imposed upon U.S. broker-dealers
may discourage such broker-dealers from effecting transactions in our Class A Ordinary Shares, which could severely limit the market liquidity
of such Class A Ordinary Shares and impede their sale in the secondary market.

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A U.S. broker-dealer selling a penny stock to
anyone other than an established customer or “accredited investor” (generally, an individual with a net worth in excess of
$1,000,000 or an annual income exceeding $200,000, or $300,000 together with his or her spouse) must make a special suitability determination
for the purchaser and must receive the purchaser’s written consent to the transaction prior to sale, unless the broker-dealer or
the transaction is otherwise exempt. In addition, the “penny stock” regulations require the U.S. broker-dealer to deliver,
prior to any transaction involving a “penny stock”, a disclosure schedule prepared in accordance with SEC standards relating
to the “penny stock” market, unless the broker-dealer or the transaction is otherwise exempt. A U.S. broker-dealer is also
required to disclose commissions payable to the U.S. broker-dealer and the registered representative and current quotations for the securities.
Finally, a U.S. broker-dealer is required to submit monthly statements disclosing recent price information with respect to the “penny
stock” held in a customer’s account and information with respect to the limited market in “penny stocks”.

The market for “penny stocks” has
suffered in recent years from patterns of fraud and abuse. Such patterns include (i) control of the market for the security by one or
a few broker-dealers that are often related to the promoter or issuer; (ii) manipulation