Prestige Wealth Inc. Files 2024 Annual Report

Ticker: AURE · Form: 20-F · Filed: Feb 13, 2025 · CIK: 1765850

Sentiment: neutral

Topics: annual-report, 20-f, financial-services

TL;DR

Prestige Wealth Inc. dropped its 2024 20-F, check financials for 9/30/24.

AI Summary

Prestige Wealth Inc. filed its annual report on Form 20-F for the fiscal year ended September 30, 2024. The company, incorporated in the Cayman Islands, is a financial services provider. The filing was made on February 13, 2025, under SEC file number 001-41734.

Why It Matters

This filing provides investors with a comprehensive overview of Prestige Wealth Inc.'s financial performance and business operations for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine annual filing and does not contain immediate, high-impact news.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Prestige Wealth Inc.?

Prestige Wealth Inc. is a financial services provider, as indicated by its Standard Industrial Classification code [6199].

When was this annual report filed?

This Form 20-F was filed on February 13, 2025.

What is the company's jurisdiction of incorporation?

The company is incorporated in the Cayman Islands.

What is the SEC file number for Prestige Wealth Inc.?

The SEC file number is 001-41734.

What fiscal year does this 20-F report cover?

This report covers the fiscal year ended September 30, 2024.

Filing Stats: 4,539 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2025-02-13 16:30:29

Key Financial Figures

Filing Documents

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 62

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 63

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 84

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 90

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 92

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 92

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 93

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 103

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 104 PART II

ITEM DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. ITEM DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 104

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 104

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 104

RESERVED

ITEM 16. RESERVED 106

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 106

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 106

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 106

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 106

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 106

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 107

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 107

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 108

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 108

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 108

CYBERSECURITY

ITEM 16K. CYBERSECURITY 108 PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 108

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 108

EXHIBITS

ITEM 19. EXHIBITS 109 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" refers 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", or "PRC governmental authorities" refers to the government and governmental authorities of mainland China, for the purpose of this annual report only; "Class A ordinary shares" refers 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" refers to the Class B ordinary shares of Prestige Wealth Inc., par value $0.000625 per share with twenty votes for each share; "clients" refers 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" refers to people who own individual investable assets including financial assets and investment property with total value over $1.5 million. "Hong Kong" refers 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" refers to the People's Republic of China, excluding Taiwan, the special administrative regions of Hong Kong and Macau; "PAI" refers to our wholly-owned subsidiary, PRESTIGE ASSET INTERNATIONAL INC. ( ), a company incorporated in the British Virgin Islands; "PAM" refers to

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 "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 OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

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

OFFER STATISTICS AND EXPECTED TIMETABLE

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 subject to such oversight and control, it may result in a material adverse change to our subsidiaries' business operations, including 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

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