Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 151

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 151
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 ( 10.9  

  Note 1:      Tax concession represented election by the Company                                                                    

  Note 2:      Tax holiday represented the audit fee expenses in                                                                     

  Note 3:      There is no other unsettled tax position.  

Deferred tax

The following table sets forth the significant
components of the deferred tax liabilities and assets of the Company:

                                                 As of December 31,                                       
                                                 2023                                  2024               
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                 US$                                   US$                
  Deferred tax liabilities:                                                                               
  Accelerated depreciation and amortization                                                               
  Opening balances                                                       195,347                 244,417  
  Addition                                                               48,967                  446,769  
  Exchange realignment                                                   103                       3,228  
  Ending balances                                                        244,417                 694,414  
  Deferred tax assets:                                                                                    
  Net operating loss                                                                                      
  Opening balances                                                       54,161                        —  
  Addition                                                               —                       499,969  
  Utilized during the year                                               ( 54,049                      —  
  Exchange realignment                                                   ( 112                     2,117  
  Ending balances                                                        —                       502,086  
  Less: valuation allowance                                              —                             —  
  Deferred tax liabilities, net                                          —                       192,328  

The Company did not recognize any valuation allowance
against its deferred tax asset as management believes the Company will be able to full utilize the assets in the foreseeable future.

F-28

WELLCHANGE HOLDINGS COMPANY LIMITED

15. RELATED PARTY BALANCES AND TRANSACTIONS

Relationships with related parties

  Name                   Relationship                                                                
  Mr. Shek Kin Pong      Chairman and Executive Director and Controlling Shareholder of the Company  

Amount due from (to) a director consist of
the following:

                                            As of December 31,                                       
  Name                   Nature             2023                                2024                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
                                            US$                                 US$                  
  Mr. Shek Kin Pong      Fund transfer                              18,414                ( 260,416  
                                                                    18,414                ( 260,416  

Amount due from (to) a director is interest
free, unsecured and repayable on demand.

As at the date of this report, the amount
due from Mr. Shek Kin Pong has been