Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 72

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 6
Chunk 72
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 Even though we are
exempted from corporate governance standards because we are a foreign private issuer, we have voluntarily adopted a charter for each of
the three committees. Each committee’s members and functions are described below.

Audit Committee. Our
audit committee consists of Mr. Lau Yun Chau, Ms. Bai Yang, and Mr. Michael Chung Fai Ng is the chairperson of our audit committee.
We have determined that Mr. Lau Yun Chau, Ms. Bai Yang, and Mr. Michael Chung Fai Ng satisfy the “independence”
requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Our
board also has determined that Mr. Michael Chung Fai Ng qualifies as audit committee financial experts within the meaning of the
SEC rules or possesses financial sophistication within the meaning of the Nasdaq Listing Rules. The audit committee oversees our accounting
and financial reporting processes and the audits of the financial statements of our Company. The audit committee is responsible for, among
other things:

  appointing the independent auditors and pre-approving all                                  

  reviewing with the independent auditors any audit problems  

  discussing the annual audited financial statements with management  

  reviewing the adequacy and effectiveness of our accounting                                                               

  reviewing and approving all proposed related party transactions;  

  meeting separately and periodically with management and the  

  monitoring compliance with our code of business conduct and                                                

Compensation Committee. Our
compensation committee consists of Mr. Lau Yun Chau, Mr. Chu Chi Hong, and Mr. Michael Chung Fai Ng. Mr. Chu Chi Hong
is the chairperson of our compensation committee. We have determined that Mr. Lau Yun Chau, Mr. Chu Chi Hong, and Mr. Michael
Chung Fai Ng satisfy the “independence” requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3
under the Securities Exchange Act. The compensation committee assists the board in reviewing and approving the compensation structure,
including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present
at any committee meeting during which his compensation is deliberated. The compensation committee is responsible for, among other things:

  reviewing and approving to the board with respect to the            

  approving and overseeing the total compensation package for    

  reviewing and recommending to the board with respect to the  

  reviewing periodically and approving any long-term