Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 101

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 15
Chunk 101
---
ITEM 15. CONTROLS AND PROCEDURES

  (a)      Disclosure Controls and Procedures  

Under the supervision and with the participation
of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of our disclosure
controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended.
Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective
as of the end of the period covered by this annual report.

  (b)      Management’s Report on Internal Control Over Financial Reporting  

Our management is responsible for establishing
and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with U. S. GAAP and includes those policies and procedures that (1) pertain to the maintenance of records that in
reasonable detail accurately and fairly reflect the transactions and dispositions of our assets, (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with U. S. GAAP, and that our receipts
and expenditures are being made only in accordance with authorizations of our management and directors, and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect
on the financial statements. As required by Section 404 of the Sarbanes-Oxley Act and related rules as promulgated by the SEC, our management
assessed the effectiveness of our internal control over financial reporting as of December 31, 2024 using criteria established in Internal
Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“ COSO”).

Based on this assessment, our management, with
the participation of our chief executive officer and chief financial officer, concluded that our internal control over financial reporting
was not effective as of December 31, 2024 due to the material weakness identified in our internal control over financial reporting as
described below.

Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness of our
internal control over financial reporting to future periods are subject to the risks that controls may become inadequate because of changes
in conditions