Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 116

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 116
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 the years
in the two-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States
of America.

Substantial Doubt about the Company’s
Ability to Continue as a Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As noted in the consolidated financial statements as of
and for the year ended December 31, 2022 with report date of December 19, 2023, except for Notes 12 and 18 which are dated March 27,
2024, there was substantial doubt that the Company would continue as a going concern, As further described in Note 2 to the consolidated
financial statements as of and for the year ended December 31, 2023, the Company continued to have a working capital deficit as of
December 31, 2023. These circumstances did not alleviate the substantial doubt that was outstanding as of December 31, 2023;
accordingly, substantial doubt that the Company will continue as a going concern still exists. Management’s plans in regards to
these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result
from the outcome of this doubt and uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on our financial statements based on our audits. We are
a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to
be independent with respect to the Company in accordance with the U. S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud