Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 44

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4A
Chunk 44
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                                           Years ended December 31,                                                       
                                                               2023           2024      Increase/(decrease)               
                                                                US$            US$                      US$               
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Sales and marketing expenses                                    —        645,687                  645,687        100.0  
  Staff costs and employee benefits                         227,042        298,081                   71,039         31.3  
  Rental and office expenses                                109,947        107,176                   (2,771         (2.5  
  Legal and professional fees                               374,594        623,739                  249,145         66.5  
  Depreciation                                               28,900         28,995                       95          0.3  
  Provision of expected credit losses                        13,864        311,539                  297,675      2,147.1  
  Others                                                      4,581         58,649                   54,068      1,180.3  
  TOTAL OPERATING EXPENSES                                  758,928      2,073,866                1,314,938        173.3  

Operating expenses includes selling expenses and administrative expenses
for the daily operations of the Company. For the years ended December 31, 2023 and 2024, total operating expenses were US$758,928
and US$2,073,866 respectively. The increase of operating expenses by US$1,314,938 or 173.3% was mainly due to the increase in (i) staff
cost and employee benefits, (ii) Selling and marketing expenses, (iii) legal and professional fees and (iv) provision of expected credit
losses.

Staff cost and employee benefits in operating
expenses comprised of marketing personnels, administrative personnels and independent non-executive directors for years ended December
31, 2023 and 2024. The staff costs and employee benefits for administrative personnels mainly represents finance department, administrative
department, marketing personnel and senior management which was increased by US$71,039 or 31.3% from US$227,042 for the year ended December
31, 2023 to US$298,081 for the year ended December 31, 2024 was mainly due to independent non-executive directors hired upon listing in
2024.

The sales and