Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 109

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 16G
Chunk 109
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 the rules
in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq’s Notification
of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee that
satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii).

On December 23, 2024,
we obtained an exemption letter from our Cayman counsel, Ogier, relying on Nasdaq Marketplace Rule 5615(a)(3), which allows foreign private
issuers to follow home country practice with respect to certain corporate governance requirements. Specifically, as permitted under Cayman
Islands law and our amended and restated memorandum and articles of association, we did not hold an annual general meeting of shareholders
in 2024.

Despite relying on these
exemptions, we continue to adhere to certain Nasdaq corporate governance requirements, such as maintaining a majority of independent directors
on our board, conducting regular executive sessions attended solely by independent directors, and ensuring that our audit committee is
comprised entirely of independent directors who meet the qualifications set forth in Rule 10A-3 under the Exchange Act. We may, in the
future, rely on other exemptions under Nasdaq rules to follow home country practices for additional corporate governance requirements.
See “ Risk Factors - Risks Related to Our Ordinary Shares - As a foreign private issuer, we are relying on certain home country
practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These
practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing standards. ”

Other Corporate Governance Matters

The Sarbanes-Oxley Act of 2002, as well
as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate
governance practices. In addition, Nasdaq rules provide that foreign private issuers may follow home country practices in lieu of the
Nasdaq corporate governance standards, subject to certain exceptions and except to the extent that such exemptions would be contrary to
U. S. federal securities laws.

Because we are a foreign private issuer, our members
of our board of directors, executive board members and senior management are not subject to short-swing profit and insider trading reporting
obligations under section 16 of the