Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 147

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 147
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. Unless indicated or the context otherwise requires, all per share amounts and numbers of
ordinary shares in this report have been retrospectively adjusted for the share split, as if such share split occurred on the first day
of the years presented.

F-24

WELLCHANGE HOLDINGS COMPANY LIMITED

12.
Shareholders’ equity(cont.)

Subscription receivables

The balance represented the outstanding subscription consideration
for the ordinary shares of the Company. They are recognized as deduction of equity in accordance with SAB Topic 4:E. The subscription
receivables were settled in the year ended December 31, 2023.

13. DISAGGREGATED REVENUES

The following table shows disaggregated revenues by major categories
for the years ended December 31, 2022, 2023 and 2024, respectively:

                                     Years ended December 31,                                                                                
                                     2022                                                                                                    
                                     US$                                                                                                     
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Customized software solutions                                      841,511       50.3      1,813,678       72.8      1,119,210       48.5  
  White label software                                               766,211       45.9        382,527       15.4        748,770       32.4  
  Subscription services                                               63,395        3.8        293,790       11.8        441,238       19.1  
  Total                                                            1,671,117      100.0      2,489,995      100.0      2,309,218      100.0  

The following table shows disaggregated cost of
revenues by major categories for the years ended December 31, 2022, 2023 and 2024, respectively:

                                     Years ended December 31,                                                                          
                                     2022                                                                                              
                                     US$                                                                                               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Customized software solutions                                    122,759       34.8      185,087       33.8      117,252       16.9  
  White label software                                             212,611       60.2      205,055       37.4      361,619       52.3  
  Subscription services