Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 122

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 122
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 cost at the time of common
control combination. The consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders’
equity and consolidated statements of cash flows are prepared as if the current Group structure had been in existence throughout the two-year
period ended December 31, 2024, or since the respective dates of incorporation/establishment of the relevant entity, where this is
a shorter period. The consolidated balance sheets as of December 31, 2023 and 2024 present the assets and liabilities of the companies
now comprising the Group which had been incorporated/established as at the relevant balance sheet date as if the current group structure
had been in existence at those dates.

Upon the Group Reorganization and as at the date
of this report, details of the subsidiaries company are as follows:

  Name                                                Background                               Ownership                         Principal activities                                                                                                                                           
  Victory Hero Capital Limited (“ Victory Hero”)      — A BVI company                          Wholly-owned by the Company       Investment holding                                                                                                                                             
                                                                                                                                                                                                                                                                                                
                                                      — Incorporated on August 14, 2024                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                
                                                      — Issued share capital of US$1                                                                                                                                                                                                            
  Wching Tech Ltd Co. Limited (“ Wching HK”)          — A Hong Kong company                    Wholly-owned by Victory Hero      Provision of customized software solutions, cloud-based software-as-a-service (“ SaaS”) services, and white-labelled software design and development services  
                                                                                                                                                                                                                                                                                                
                                                      — Incorporated on April 20, 2012                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                
                                                      — Issued share capital of HK$10,000                                                                                                                                                                                                       
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND PRACTICES

Basis of preparation

The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U. S. GAAP”)
for information pursuant to the rules and regulations of the Securities and Exchange Commission.

Principles of consolidation

The consolidated financial statements include
the accounts of the Company and its wholly-owned subsidiaries. A subsidiary is an entity (including a structured entity), directly or
indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the
Company, using consistent accounting policies. All transactions and balances