Magic Empire Global Ltd Files 20-F Annual Report

TL;DR

<b>Magic Empire Global Ltd has submitted its annual 20-F filing for the fiscal year 2023, detailing financial performance and corporate structure.</b>

AI Summary

Magic Empire Global Ltd (MEGL) filed a Foreign Annual Report (20-F) with the SEC on April 22, 2024. Magic Empire Global Ltd filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 3/F, 8 Wyndham Street, Central, Hong Kong. The filing includes information related to various subsidiaries including GiraffeFinancialHoldingsLimited, GiraffeCapitalLimited, GiraffeInvestmentLimited, MagicEmpireInvestmentLimited, GiraffeCorporateServicesLimited, and GiraffeCorporateServisesLimited. The report details financial data for the fiscal years 2021, 2022, and 2023, including common stock, additional paid-in capital, and retained earnings.

Why It Matters

For investors and stakeholders tracking Magic Empire Global Ltd, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Magic Empire Global Ltd's financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed breakdown of financial figures and subsidiary information allows stakeholders to understand the company's financial position, including its equity structure and the performance of its various investment arms.

Risk Assessment

Risk Level: medium — Magic Empire Global Ltd shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of financial and operational information. Specific risks are not detailed in the provided header information, necessitating a review of the full document for a precise risk assessment.

Analyst Insight

Review the full 20-F filing to identify specific financial performance metrics, operational details, and any disclosed risk factors that could impact Magic Empire Global Ltd.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 20-F report)
• 2024-04-22 — Filing Date (Date the 20-F report was filed)
• 2023 — Fiscal Year (Primary year for financial data in the report)
• 2022 — Previous Fiscal Year (Comparative financial data year)
• 2021 — Prior Fiscal Year (Comparative financial data year)

Key Players & Entities

• Magic Empire Global Ltd (company) — Filer of the 20-F report
• 3/F, 8 Wyndham Street, Central (location) — Business and mailing address
• GiraffeFinancialHoldingsLimited (company) — Subsidiary mentioned in the filing
• GiraffeCapitalLimited (company) — Subsidiary mentioned in the filing
• GiraffeInvestmentLimited (company) — Subsidiary mentioned in the filing
• MagicEmpireInvestmentLimited (company) — Subsidiary mentioned in the filing
• GiraffeCorporateServicesLimited (company) — Subsidiary mentioned in the filing
• GiraffeCorporateServisesLimited (company) — Subsidiary mentioned in the filing

FAQ

Key Dates

• 2024-04-22: Filing of 20-F — Annual report submission for fiscal year 2023

Key Financial Figures

• $0.0001 — registered Ordinary shares, par value $0.0001 per share MEGL The Nasdaq Capital M
• $14,500,000 — term investment, net of provision, of HK$14,500,000 and HK$38,647,738 (approximately US$4,9
• $38,647,738 — et of provision, of HK$14,500,000 and HK$38,647,738 (approximately US$4,947,924), respectiv
• $4,947,924 — ,000 and HK$38,647,738 (approximately US$4,947,924), respectively. Our long term investmen
• $1,963,000 — rk-to-market of a derivative asset of HK$1,963,000 (US$251,315). Any impairment loss or ac
• $251,315 — f a derivative asset of HK$1,963,000 (US$251,315). Any impairment loss or actual loss on

Filing Documents

• form20-f.htm (20-F) — 2264KB
• ex8-1.htm (EX-8.1) — 6KB
• ex12-1.htm (EX-12.1) — 21KB
• ex12-2.htm (EX-12.2) — 21KB
• ex13-1.htm (EX-13.1) — 9KB
• ex97-1.htm (EX-97.1) — 31KB
• form20-f_001.jpg (GRAPHIC) — 45KB
• audit_001.jpg (GRAPHIC) — 4KB
• audit_002.jpg (GRAPHIC) — 6KB
• audit_003.jpg (GRAPHIC) — 56KB
• 0001493152-24-015533.txt (&nbsp;) — 8873KB
• megl-20231231.xsd (EX-101.SCH) — 48KB
• megl-20231231_cal.xml (EX-101.CAL) — 69KB
• megl-20231231_def.xml (EX-101.DEF) — 151KB
• megl-20231231_lab.xml (EX-101.LAB) — 323KB
• megl-20231231_pre.xml (EX-101.PRE) — 252KB
• form20-f_htm.xml (XML) — 1786KB

Item 18

Item 17 Item 18 If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS FORWARD-LOOKING 4 DEFINITIONS 5 PART I 6 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 6 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6 ITEM 3. KEY INFORMATION 6 B. Capitalization and Indebtedness. 6 C. Reason for the Offer and Use of Proceeds. 6 D. Risk Factors. 6 ITEM 4. INFORMATION ON THE COMPANY 29 A. History and Development of the Company. 29 B. Business overview. 30 C. Organizational structure. 44 D. Property, plant and equipment. 45 ITEM 4A. UNRESOLVED STAFF COMMENTS 45 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 45 A. Operating results. 45 B. Liquidity and capital resources. 52 C. Research and development, patents and licenses, etc. 56 D. Trend information. 56 E. Critical accounting estimates 56 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 57 A. Directors and senior management. 57 B. Compensation. 58 C. Board Practices. 59 D. Employees. 62 E. Share Ownership. 62 F. Disclosure of a registrant's action to recover erroneously awarded compensation. 62 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 63 A. Major Shareholders. 63 B. Related Party Transactions. 63 C. Interests of Experts and Counsel 63 ITEM 8. FINANCIAL INFORMATION 63 A. Consolidated Statements and Other Financial Information. 63 B. Significant Changes. 64 ITEM 9. THE OFFER AND LISTING 64 A. Offer and Listing Details. 64 B. Plan of Distribution. 64 C. Markets. 64 D. Selling Shareholders. 64 E. Dilution. 65 F. Expenses of the Issue. 65 2 ITEM 10. ADDITIONAL INFORMATION 65 A. Share Capital. 65 B. Memorandum and Articles of Association. 65 C. Material Contracts. 68 D. Exchange controls. 68 E. Taxation. 68 F. Dividends

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-8 3 FORWARD-LOOKING This Annual Report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "goal," "objective," "anticipate," "believe," "estimate," "predict," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking of the date of this Annual Report and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking timing of the development of future business; capabilities of our business operations; expected future economic performance; competition in our market; continued market acceptance of our services and products; protection of our intellectual property rights; changes in the laws that affect our operations; inflation and fluctuations in foreign currency exchange rates; our ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our busines

View Full Filing

View this 20-F filing on SEC EDGAR