Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 152

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 152
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 fully repaid.

Remuneration to senior management for the years
ended December 31, 2022, 2023 and 2024 were:

                                                        Years ended December 31,                                                            
                                                        2022                                      2023                   2024               
                                                        US$                                       US$                    US$                
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Salaries and other short term employee benefits                                     84,570                246,665                212,997  
  Payments to defined contribution pension schemes                                     6,321                  6,897                  4,614  
  Total                                                                               90,891                253,562                217,611  

16. RISKS AND UNCERTAINTIES

Credit risk

The Company’s assets that are potentially
subject to a significant concentration of credit risk primarily consist of bank balances and accounts receivable.

Bank balances

The Company believes that there is no significant
credit risk associated with cash in Hong Kong, which were held by reputable financial institutions in the jurisdiction where the
Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of approximately
US$64,000if the bank with which an individual/a company hold its eligible deposit fails. As of December 31, 2024, cash balance of
US$250,312was maintained at financial institutions in Hong Kong and approximately US$147,352was insured by the Hong Kong Deposit
Protection Board.

Accounts receivable

The Company has designed credit policies with
an objective to minimize their exposure to credit risk. The Company’s accounts receivable are short term in nature and the associated
risk is minimal. The Company conducts credit evaluations on customers and generally do not require collateral or other securities from
such customers. The Company periodically evaluates the creditworthiness of the existing customers in determining an allowance for expected
credit losses primarily based upon the aging of the receivable, the client’s payment history, its current creditworthiness, current
economic trends and future expectations and customer specific quantitative and qualitative factors that may affect our customers’
ability to pay. Since all accounts receivable as at years ended December 31, 2023 and 2024 are aged within one year, minimum
credit risk was noted for accounts receivable.

F-29

WELLCHANGE HOLDINGS COMPANY LIMITED

16. RISKS AND UNCERTAINTIES(cont.)

Customer concentration risk

For the