Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 120

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 120
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Resource Planning (ERP) software solutions through its wholly-owned subsidiary in Hong Kong, Wching Tech Ltd Co. Limited (“ Wching
HK”). The Company’s digitalization solutions enables business owners to manage and monitor their operations via web and mobile
phones. Wching HK, began to develop tailor-made IT software since 2012 and provide SaaS offering services since 2019, which was founded
by Mr. Shek Kin Pong in Hong Kong on April 20, 2012. Wching HK mainly focuses on the operation of SaaS services and
software customization and development services. Wching HK currently offers the following functions: customer acquisition, transaction,
settlement, customer management, employee management, data analysis and supply chain services for the duration of the contract period,
which is usuallyone year. The proprietary platform for SaaS services, MR. CLOUD, enables customers to execute various needs in their
customer relationship management and enterprise resource planning.

Organization and reorganization

The Company was incorporated under the laws of
the Cayman Islands as a limited company on July 13, 2023 and as a holding company. As at the date of its incorporation, the authorized
share capital of the Company was US$50,000divided into50,000ordinary shares with a par value of US$1.00each. The Company allotted
and issuedoneordinary share to Mapcal Limited, incorporated in Cayman Islands, at the incorporation date. On the same day, Mapcal
Limited transferred theoneordinary share of the Company to Mr. Shek Kin Pong. On August 23, 2023, Mr. Shek Kin Pong
transferred theoneordinary share of the Company to Power Smart International Limited (“ Power Smart”), wholly-owned by Mr. Shek
Kin Pong.

Victory Hero Capital Limited (“ Victory Hero”),
a British Virgin Islands (“ BVI”) company incorporated by the Company in the BVI on August 14, 2023, is the immediate
holding company of Wching HK after the group reorganization (the “ Group Reorganization”) (see below).

Wching HK, a company with limited liability
incorporated in Hong Kong on April 20, 2012 with issued shares of10,000, is a wholly-owned subsidiary of Mr. Shek Kin
Pong prior to the group reorganization (the “ Group Reorganization”) (see below), and is our operating subsidiary in Hong Kong.

Pursuant to a Group Reorganization