Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 21

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 21
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current R& D efforts primarily focus on the research and development of Mr. CLOUD platform to expand our cloud-based SaaS
services in relation to its software diversity and functionality development and upgrades, services coverage, business
vertical coverages, infrastructure development and improvements, upgrades and maintenance. To keep our competitive edge, we
continuously research and develop new programs and modules to keep abreast of the latest developments in technologies and cater to
ever-changing customer needs, such as membership mobile module, shopping cart website module, and POS module. In the future, we
expect R& D expenses to increase as we continue to develop new services or products, enhance existing services and technologies
and expand internationally to accommodate the varied customer demands in jurisdictions where we operate.

Property and Facilities.

Our principal executive office is located at Unit
E, 11/F, Billion Plaza II, 10 Cheung Yue Street, Cheung Sha Wan, Kowloon, Hong Kong, where Wching HK leased as our office space.
The office space is approximately 2,575 square feet, and the current lease term is from November 1, 2024 to October 31, 2026.
The monthly rent is HK$61,000 (Approximately US$7,851). We believe that we will be able to obtain adequate facilities on reasonable terms,
principally through leasing, to accommodate our future expansion plans. We did not own any property.

Employees

As of December 31, 2022, 2023 and 2024, and
the date of this annual report, Wching HK had 7, 7, and 11 employees, respectively. All of Wching HK’s employees are
stationed in Hong Kong. All of our employees are employed under employment contracts that set out fully, among other things,
the employees’ responsibilities, remuneration, and grounds for termination of employment. The remuneration packages of our
employees include salary and bonus. Generally, employee salaries are determined based on the employees’ qualifications,
experience, position, and seniority. We assess our employee remuneration on an annual basis to determine whether any bonus or salary
adjustments are required to be made. Overall, we believe that our remuneration package is competitive in the market.

We believe we maintain good working relationships
with our employees and do not foresee any difficulties in the recruitment and retention of experienced staff. As of the date of this annual
report and during the fiscal years ended December 31,