Company: WCT
Filing Date: 2025-10-07
Form Type: DRS
Source: 0001213900-25-096917
Chunk: 40

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-10-07
Form: DRS
Chunk 40
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, including factors
beyond our control, we cannot predict or estimate the amount, timing or nature of any future issuances of debt or equity securities. As
a result, our shareholders bear the risk of future issuances of debt or equity securities reducing the value of our Class A Ordinary Shares
and diluting their interest.

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Risks Related to Doing Business in Hong Kong

All of our operations are in Hong Kong. However, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Our Class A Operating Subsidiary in Hong Kong may be subject to the laws and regulations of Mainland China, which may impact our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Class A Ordinary Shares. Furthermore, the changes in the policies, laws, regulations, rules, and enforcement of laws of Mainland China may also occur quickly with little advance notice and our assertions and beliefs of the risk imposed by the Mainland China legal and regulatory system cannot be certain.

Wellchange Cayman is a holding company, and we
conduct our operations in Hong Kong through Wching HK, our wholly owned Operating Subsidiary, formed in Hong Kong. Substantially
all our operations are located in Hong Kong and none of our customers or suppliers are located in Mainland China. Our Operating Subsidiary
does not have operations in Mainland China or is not regulated by any regulator in Mainland China. Pursuant to the Basic Law of the
Hong Kong Special Administrative Region of the People’s Republic of China (“Basic Law”), national laws of Mainland
China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or
local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within
the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong. National laws
and regulations relating to data protection, cybersecurity and anti-monopoly have not been listed in Annex III and so do not apply
directly to Hong Kong.

However, due to long-arm provisions under the
current PRC laws and regulations, there remains regulatory