Prestige Wealth Inc. Files 2023 Annual Report on Form 20-F

TL;DR

<b>Prestige Wealth Inc. has filed its 2023 annual report on Form 20-F, detailing its financial status and operations.</b>

AI Summary

Prestige Wealth Inc. (AURE) filed a Foreign Annual Report (20-F) with the SEC on February 15, 2024. Prestige Wealth Inc. filed its annual report on Form 20-F for the fiscal year ended September 30, 2023. The company is incorporated in the Cayman Islands and its principal executive offices are located in Hong Kong. Class A Ordinary shares of Prestige Wealth Inc. are registered and traded on the NASDAQ Capital Market. As of September 30, 2023, Prestige Wealth Inc. had 9,150,000 Ordinary Shares issued and outstanding. The filing confirms Prestige Wealth Inc. has met its reporting obligations for the preceding 12 months and the past 90 days.

Why It Matters

For investors and stakeholders tracking Prestige Wealth Inc., this filing contains several important signals. This filing provides investors with a comprehensive overview of Prestige Wealth Inc.'s performance and corporate governance for the fiscal year 2023. The report is crucial for understanding the company's compliance with SEC regulations and its market position on the NASDAQ.

Risk Assessment

Risk Level: low — Prestige Wealth Inc. shows low risk based on this filing. The filing is an annual report and does not contain new material events or significant financial disclosures that would indicate a change in risk profile.

Analyst Insight

Review the full 20-F filing for detailed financial statements, risk factors, and management discussion to assess Prestige Wealth Inc.'s performance and outlook.

Key Numbers

• 9,150,000 — Ordinary Shares Outstanding (As of September 30, 2023)
• 2023-09-30 — Fiscal Year End (Period covered by the report)
• 2024-02-15 — Filing Date (Date the report was filed)

Key Players & Entities

• Prestige Wealth Inc. (company) — Registrant
• NASDAQ Capital Market (company) — Exchange where shares are registered
• Ngat Wong (person) — Chief Financial Officer
• September 30, 2023 (date) — Fiscal year end
• 2024-02-15 (date) — Filing date
• 9,150,000 (dollar_amount) — Ordinary Shares issued and outstanding as of September 30, 2023

FAQ

Industry Context

Prestige Wealth Inc. operates within the finance services sector, as indicated by its SIC code 6199.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, as evidenced by its filing of a Form 20-F.

What Investors Should Do

1. Review the detailed financial statements within the 20-F for revenue, net income, and other key financial metrics.
2. Analyze the 'Risk Factors' section (if available in the full document) for potential challenges and uncertainties.
3. Examine management's discussion and analysis to understand the company's strategy and outlook.

Key Dates

• 2023-09-30: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-02-15: Filing Date — Date Prestige Wealth Inc. submitted its annual report to the SEC.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended September 30, 2023. Specific comparative data from the previous filing is not detailed in this summary.

Key Financial Figures

• $0.000625 — d Class A Ordinary shares, par value US$0.000625 NASDAQ Capital Market Securities regi
• $1.5 million — vestment property with total value over $1.5 million. "Hong Kong" are to the Hong Kong Spe
• $4.5 m — vestment property with total value over $4.5 million, "US$," "$" and "U.S. dollars"
• $ — ith total value over $4.5 million, "US$," "$" and "U.S. dollars" are to the leg

Filing Documents

• f20f2023_prestigewealth.htm (20-F) — 1978KB
• f20f2023ex2-2_prestige.htm (EX-2.2) — 39KB
• f20f2023ex8-1_prestige.htm (EX-8.1) — 5KB
• f20f2023ex11-1_prestige.htm (EX-11.1) — 78KB
• f20f2023ex12-1_prestige.htm (EX-12.1) — 11KB
• f20f2023ex12-2_prestige.htm (EX-12.2) — 11KB
• f20f2023ex13-1_prestige.htm (EX-13.1) — 5KB
• f20f2023ex99-1_prestige.htm (EX-99.1) — 29KB
• f20f2023ex99-2_prestige.htm (EX-99.2) — 5KB
• ex99-2_001.jpg (GRAPHIC) — 3KB
• ex99-2_002.jpg (GRAPHIC) — 18KB
• ex99-2_003.jpg (GRAPHIC) — 81KB
• fin_001.jpg (GRAPHIC) — 6KB
• fin_002.jpg (GRAPHIC) — 3KB
• fin_003.jpg (GRAPHIC) — 131KB
• image_001.jpg (GRAPHIC) — 21KB
• image_002.jpg (GRAPHIC) — 7KB
• 0001213900-24-014546.txt (&nbsp;) — 8264KB
• pwm-20230930.xsd (EX-101.SCH) — 76KB
• pwm-20230930_cal.xml (EX-101.CAL) — 39KB
• pwm-20230930_def.xml (EX-101.DEF) — 305KB
• pwm-20230930_lab.xml (EX-101.LAB) — 574KB
• pwm-20230930_pre.xml (EX-101.PRE) — 321KB
• f20f2023_prestigewealth_htm.xml (XML) — 871KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS iii PART I

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 31

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 64

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 65

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 88

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 94

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 96

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 96

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 96

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 106

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 107 PART II

ITEM DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. ITEM DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 107

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 107

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 108

RESERVED

ITEM 16. RESERVED 109

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 109

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 109

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 109

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 109

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 110

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 110

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 110

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 110

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 110

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 110

CYBERSECURITY

ITEM 16K. CYBERSECURITY 110 PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 110

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 110

EXHIBITS

ITEM 19. EXHIBITS 111 i INTRODUCTION Unless otherwise indicated, in this annual report on Form 20-F, the following terms shall have the meaning set out below: "China" or the "PRC" are to the People's Republic of China, including the special administrative regions of Hong Kong and Macau, and Taiwan, for the purpose of this annual report only; "Chinese government", "PRC government", "PRC governmental authority", "PRC governmental authorities" are to the government and governmental authorities of mainland China, for the purpose of this annual report only; "Class A ordinary shares" are to the Class A ordinary shares of Prestige Wealth Inc., par value $0.000625 per share with one vote for each share; "Class B ordinary shares" are to the Class B ordinary shares of Prestige Wealth Inc., par value $0.000625 per share with twenty votes for each share; "clients" are to high net worth and ultra-high net worth individuals for whom and/or whose controlled entities we provide asset management services or wealth management services at least once in a given fiscal period. For asset management services, clients are to those having assets under management with us in a given fiscal period. For wealth management services, clients are to those for whom we provide wealth management services at least once in a given fiscal period; "high net worth individuals" are to people who own individual investable assets including financial assets and investment property with total value over $1.5 million. "Hong Kong" are to the Hong Kong Special Administrative Region of the People's Republic of China for the purposes of this annual report only; "mainland China" or "Mainland China" are to the People's Republic of China, excluding Taiwan, the special administrative regions of Hong Kong and Macau; "PAI" are to our wholly-owned subsidiary, PRESTIGE ASSET INTERNATIONAL INC. ( ), a company incorporated in the British Virgin Islands; "PAM" are to our wholly-owned subsidiary, Prest

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You can identify forward-looking statements by terms such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements include, but are not limited to, statements about: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our goals; current and future economic and political conditions; our expectations regarding demand for and market acceptance of our subsidiaries' services and the products and services distributed by our subsidiaries' collaborating product brokers; our expectations regarding the expansion of our subsidiaries' client base; our subsidiaries' relationships with their business partners; competition in our industries; relevant government policies and regulations relating to our industries; our capital requirements and our ability to raise any additional financing which we may require; our subsidiaries' ability to protect their intellectual property rights and secure the right to use other in

IDENTITY

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors You should carefully consider the following risk factors, together with all of the other information included in this Annual Report. Investment in our securities involves a high degree of risk. You should carefully consider the risks described below together with all of the other information included in this Annual Report before making an investment decision. The risks and uncertainties described below represent our known material risks to our business. If any of the following risks actually occurs, our business, financial condition or results of operations could suffer. In that case, you may lose all or part of your investment. Risks Related to the Potential Impact of PRC Laws and Regulations on Our Subsidiaries' Business The PRC government may intervene or influence the Hong Kong operations of an offshore holding company, such as ours, at any time. The PRC government may exert more control over offerings conducted overseas and/or foreign investment in Hong Kong-based issuers. If the PRC government exerts more oversight and control over offerings that are conducted overseas and/or foreign investment in Hong Kong-based issuers and we were to be our subsidiaries' operations in Hong Kong. As a company mainly conducting business in Hong Kong, a special administrative region of China and our subsidiaries' clients include mainland China residents, our subsidiaries' business and our prospects, financial condition, and results of operations may be influenced to a significant degree by political, economic, and social conditions in China generally. The PRC government may intervene or influence the operations in mainland China of an offshore holding company at any

View Full Filing

View this 20-F filing on SEC EDGAR