Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 88

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 10
Chunk 88
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The Companies Act permits mergers and consolidations
between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) “merger”
means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies
as the surviving company, and (b) a “consolidation” means the combination of two or more constituent companies into a
consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order
to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation,
which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other
authorization, if any, as may be specified in such constituent company’s articles of association. The plan must be filed with the
Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company,
a statement setting out the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger
or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation
will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance
with these statutory procedures.

A merger between a Cayman Islands parent company
and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary
is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain circumstances, a dissenting shareholder
of a Cayman Islands constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation.
The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that
the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating
to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation
of companies by way of schemes of arrangement, provided that the arrangement is approved by (