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WCT on Nasdaq

Wellchange Holdings Co Ltd

Wellchange Holdings Co Ltd is a prepackaged software services company, listed on Nasdaq (WCT).1 It is headquartered in Hong Kong, China.1

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Last updated Oct 21, 2026.

Overview

$1.3MRevenue, fiscal 20252
-$7.3MNet income, fiscal 20252

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  • TickerWCT on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersHong Kong, China1
  • Business addressFlat E, 11/F, Billion Plaza 2, 10 Cheung Yue Street Cheung Sha Wan, Hong Kong, F4 0000003
  • Filer category, Emerging growth company3

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Upon the completion of the Reorganization on August 30, 2023, Wellchange Cayman became the holding company of its subsidiaries.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

42.7%Gross margin2
-469.1%Operating margin2
-543.2%Net margin2
-41.6%Revenue growth, 20252
-65.7%Return on equity2
0.04×Debt to equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Customized Software Solutions brought in 48% of the revenue Wellchange Holdings Co Ltd broke down this way in fiscal 2025.

  1. Customized Software Solutions$640.7K248%down 43% from 2024
  2. White Label Software$486.8K236%down 35% from 2024
  3. Subscription Services$220.6K216%down 50% from 2024
Products and services by year
Products and services202320242025
Customized Software Solutions$1.8M$1.1M$640.7K
White Label Software$382.5K$748.8K$486.8K
Subscription Services$293.8K$441.2K$220.6K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue44¢$773.0K
  • Income tax56¢$965.9K

Out of $1.3M in revenue.2 The company lost money this year.

Financial statements

Revenue52$1.3M in 2025−19% since 2022
0$1.0M$2.0M$3.0M2022: $1.7M$1.7M20222023: $2.5M$2.5M2023+49%2024: $2.3M$2.3M2024−7%2025: $1.3M$1.3M2025−42%
Gross profit52$575.1K in 2025−56% since 2022
0$500.0K$1.0M$1.5M$2.0M2022: $1.3M$1.3M20222023: $1.9M$1.9M2023+47%2024: $1.6M$1.6M2024−17%2025: $575.1K$575.1K2025−64%
Operating income52-$6.3M in 2025
-$8.0M-$6.0M-$4.0M-$2.0M0$2.0M2022: $939.0K$939.0K20222023: $1.2M$1.2M2023+26%2024: -$456.6K-$456.6K20242025: -$6.3M-$6.3M2025+1285%
Net income52-$7.3M in 2025
-$7.5M-$5.0M-$2.5M0$2.5M2022: $780.6K$780.6K20222023: $937.6K$937.6K2023+20%2024: -$431.5K-$431.5K20242025: -$7.3M-$7.3M2025+1597%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
TOTAL REVENUES$1.3M$2.3M$2.5M
COST OF REVENUES$773.0K$692.0K$547.6K
GROSS PROFIT$575.1K$1.6M$1.9M
Selling and marketing expenses$4.1M$645.7K
Staff costs and employee benefits$1.3M$298.1K$227.0K
Rental and office expenses$90.8K$107.2K$109.9K
Legal and professional fees$1.3M$623.7K$374.6K
Depreciation$29.0K$29.0K$28.9K
Provision of (reversal of) expected credit losses-$18.2K$311.5K$13.9K
Others$144.8K$58.6K$4.6K
TOTAL OPERATING EXPENSES$6.9M$2.1M$758.9K
INCOME (LOSS) FROM OPERATIONS-$6.3M-$456.6K$1.2M
Interest income$792$1.8K$748
Interest expense-$12.4K-$17.1K-$17.4K
Investment gain (loss)-$229$532$337
Government subsidies$17.1K$1.5K
Foreign exchange-$11.7K-$30.8K
Other (expense) income-$9.4K$362-$33
TOTAL OTHER EXPENSE, NET-$33.0K-$28.1K-$14.8K
INCOME (LOSS) BEFORE INCOME TAX-$6.4M-$484.7K$1.2M
INCOME TAX (EXPENSES) CREDIT-$965.9K$53.2K-$231.0K
NET INCOME (LOSS)-$7.3M-$431.5K$937.6K
Total foreign currency translation adjustment-$14.9K$7.8K$3.5K
TOTAL COMPREHENSIVE INCOME (LOSS)-$7.3M-$423.7K$941.2K
Basic (in Dollars per share)-$4.73-$1.06$2.34
Diluted (in Dollars per share)-$4.73-$1.06$2.34
Basic (in Shares)1.5M shares406.1K shares400.0K shares
Diluted (in Shares)1.5M shares406.1K shares400.0K shares

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Corporate structure

Wellchange Holdings Co Ltd sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Wellchange Holdings Co Ltd

  • Cheung Hing Chan Filed SCHEDULE 13D on Wellchange Holdings Co Ltd, latest Oct 8, 2025
  • Fuk Hing Chan Filed SCHEDULE 13D on Wellchange Holdings Co Ltd, latest Oct 8, 2025
  • Saijun Ni Filed SCHEDULE 13D on Wellchange Holdings Co Ltd, latest Oct 8, 2025
  • Kin Pong Shek Filed SCHEDULE 13D on Wellchange Holdings Co Ltd, latest Feb 21, 2025
  • Wellchange Holdings Co Ltd Hong Kong, China

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Wellchange Holdings Co Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$174.7K2 Dec 31, 2025$174.7K2 Dec 31, 20240%
Accumulated depreciation$144.6K2 Dec 31, 2025$104.4K2 Dec 31, 2024+38.5%
Property and equipment, net$30.2K2 Dec 31, 2025$70.4K2 Dec 31, 2024−57.1%
Operating-lease assets (leased space)$107.0K2 Dec 31, 2025$167.7K2 Dec 31, 2024−36.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.8M2 Dec 31, 2025$250.3K2 Dec 31, 2024+1020.8%
Marketable securities, non-current$5.6K2 Dec 31, 2025$6.0K2 Dec 31, 2024−7.2%
Long-term investments$5.6K2 Dec 31, 2025$6.0K2 Dec 31, 2024−7.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$7.4M2 Dec 31, 2025$4.2M2 Dec 31, 2024+75.9%
Finite-lived intangibles, gross$8.5M2 Dec 31, 2025$4.7M2 Dec 31, 2024+81.6%
Accumulated amortization$1.1M2 Dec 31, 2025$485.1K2 Dec 31, 2024+131.0%

Filings

85 filings to the SEC since October 2021: 2 annual reports, 4 large holders, 79 other. The latest 20:

  1. Oct 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Aug 31, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Aug 28, 2026424B4 PROSPECTUS EDGAR
  6. Aug 27, 2026EFFECT EDGAR
  7. Aug 21, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Aug 20, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Aug 11, 2026POS AM POST-EFFECTIVE AMENDMENT NO. 1 TO FORM F-1 EDGAR
  10. Jul 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Jul 13, 2026EFFECT EDGAR
  12. Jul 7, 2026F-1 REGISTRATION STATEMENT EDGAR
  13. Jul 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Jul 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Jun 23, 2026DRS EDGAR
  16. Jun 17, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Jun 16, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Jun 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  19. Jun 11, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. May 14, 202620-F ANNUAL REPORT EDGAR

The 85 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Cheung Hing ChanSCHEDULE 13D, 1 filing Oct 8, 20256
  • Fuk Hing ChanSCHEDULE 13D, 1 filing Oct 8, 20257
  • Saijun NiSCHEDULE 13D, 1 filing Oct 8, 20258
  • Kin Pong ShekSCHEDULE 13D, 1 filing Feb 21, 20259

SEC filer profile

How Wellchange Holdings Co Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWellchange Holdings Co Ltd1
  • CIK0001990251
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business addressFlat E, 11/F, Billion Plaza 2, 10 Cheung Yue Street Cheung Sha Wan, Hong Kong, F4 0000001
  • Phone852 9815 64851
  • Shares outstanding2,905,300 Common Class A shares; 160,000 Common Class B shares as of Dec 31, 20254
  • AuditorSR CPA＆ Co., Hong Kong PCAOB ID 7249; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 28, 20231
  • Filings85 in all: 6-K (35), CORRESP (7), EFFECT (5), DRS (4), F-1 (4), F-1/A (4), SCHEDULE 13D (4), UPLOAD (4)1
    All 20 form types

    424B4 (3), 20-F (2), 6-K/A (2), FWP (2), NT 20-F (2), 424B3 (1), 8-A12B (1), CERT (1), DRS/A (1), DRSLTR (1), POS AM (1), S-8 (1)

  • Latest filingsAnnual report (20-F) May 14, 2026

Securities registered for trading

ClassSymbolExchange
Class A Ordinary Shares, par value $0.0025 per shareWCTNasdaq

From the cover page of the 20-F filed May 14, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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