Powell Max Ltd Files 6-K with Financials

TL;DR

Powell Max Ltd dropped its Q2 2024 financials via a 6-K filing today.

AI Summary

Powell Max Limited filed a Form 6-K on October 18, 2024, reporting its Unaudited Condensed Consolidated Financial Statements for the six months ended June 30, 2024. The filing includes an earning release as Exhibit 99.1, which provides additional information.

Why It Matters

This filing provides investors with updated financial information for Powell Max Ltd, allowing them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial filing and does not indicate any unusual risks.

Key Players & Entities

• Powell Max Ltd (company) — Registrant
• October 18, 2024 (date) — Filing Date
• June 30, 2024 (date) — Reporting Period End Date
• Exhibit 99.1 (document) — Earning Release

FAQ

Key Financial Figures

• $1.00 b — ed ordinary share with a par value of US$1.00 be subdivided into 10,000 ordinary shares
• $0.0001 — 0 ordinary shares with a par value of US$0.0001 each. Following the subdivision exercis
• $18,172,087 — ue to: (1) net current liabilities of HK$18,172,087 (US$2,327,279) for the six months ended
• $2,327,279 — current liabilities of HK$18,172,087 (US$2,327,279) for the six months ended June 30, 2024
• $14,544,194 — 2024; and (2) accumulated deficit of HK$14,544,194 (US$1,862,658) as of June 30, 2024. O
• $1,862,658 — accumulated deficit of HK$14,544,194 (US$1,862,658) as of June 30, 2024. On July 19, 202
• $18,679,181 — ted the entire outstanding balance of HK$18,679,181 (US$2,3911,425) into the Company’
• $2,3911,425 — outstanding balance of HK$18,679,181 (US$2,3911,425) into the Company’s Class A ordin
• $5,707,000 — received aggregate gross proceeds of US$5,707,000, prior to deducting underwriting discou

Filing Documents

• ea0216326-6k_powellmax.htm (6-K) — 353KB
• ea021632601ex99-1_powellmax.htm (EX-99.1) — 64KB
• 0001213900-24-088962.txt ( ) — 418KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. POWELL MAX LIMITED By: /s/ Tsz Kin Wong Name: Tsz Kin Wong Title: Chairman of the Board, Executive Director and Chief Executive Officer Date: October 18, 2024 2 POWELL MAX LIMITED AND ITS SUBSIDIARY INDEX TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 INDEX Page Unaudited Condensed Consolidated Statements of Financial Position F- 2 Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income F-3 Unaudited Condensed Consolidated Statements of Change in Equity F-4 Unaudited Condensed Consolidated Statements of Cash Flows F-5 Notes to Unaudited Condensed Consolidated Financial Statements F-7 F-1 POWELL MAX LIMITED AND ITS SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Note As of December 31, 2023 As of June 30, 2024 (unaudited) HK$ HK$ US$ ASSETS Non-current assets Property, plant and equipment 5,819,230 3,777,893 483,830 Total non-current assets 5,819,230 3,777,893 483,830 Current assets Trade and other receivables 4 12,547,210 16,040,646 2,054,307 Deferred IPO expense 5 962,822 6,734,370 862,464 Cash and bank balances 6 3,660,213 2,075,667 265,828 Total current assets 17,170,245 24,850,683 3,182,599 Total assets 22,989,475 28,628,576 3,666,429 LIABILITIES AND EQUITY Current liabilities Trade and other payables 7 27,376,032 35,332,530 4,524,996 Contract liabilities 8 1,524,761 612,761 78,476 Bank borrowings 9 4,767,829 4,311,625 552,185 Lease liabilities 3,361,230 2,765,854 354,220 Total current liabilities 37,029,852 43,022,770 5,509,877 Non-current liabilities Trade and other payables 150,000 150,000 19,2

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1. Overview Powell Max Limited (the “Company” or “Powell Max”) was incorporated in the British Virgin Islands on January 8, 2019 and its registered office at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands, VG1110. The principal place of business of the Company is 22/F, Euro Trade Centre, No. 13-14 Connaught Road Central, Central, Hong Kong. These consolidated financial statements comprise the Company and its subsidiary (the “Group”). The principal activity of the Company is investment holding. The principal activity of the subsidiary is disclosed below. The details of its subsidiary are as follows: Name of subsidiary Percentage of effective ownership held by the Company (Country of incorporation and principal place of business) Principal activities June 30, 2023 June 30, 2024 JAN Financial Press Limited (“JAN Financial”) (Hong Kong) Provision of financial printing services 100 % 100 % There have been no significant changes in the nature of these activities during the six months ended June 30, 2024 and 2023. Organization and reorganization The holding company, Powell Max was incorporated under the laws of the BVI, with 50,000 ordinary shares issued and allotted to our ultimate beneficial shareholder, Ms. Leung Po Man Stella (“Ms. Leung” or “Controlling Shareholder”). For the purpose of the Company’s initial listing of its ordinary shares (the “IPO”), the Group has performed a series of reorganization transactions (the “Reorganization”) as described below: On January 19, 2024, the Company completed its group reorganization of entities under the common control of Ms. Leung, who collectively owned all the equity interests of Powell Max. Ms. Leung, who is the existing shareholder of Powell Max, entered into a share swap arrangement with Bliss On Limited (“Bliss

financial statements of the Group are a continuation of the acquired entities and is accounted for as follows

financial statements of the Group are a continuation of the acquired entities and is accounted for as follows: The results of entities are presented as if the internal reorganization occurred from the beginning of the earliest period presented in the consolidated financial statements; The Group will consolidate the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments are made to reflect fair values, or recognize any new assets or liabilities, at the date of the internal reorganization that would otherwise be done under the acquisition method; and No new goodwill is recognized as a result of the internal reorganization. The only goodwill that is recognized is the existing goodwill relating to the combining entities. Any difference between the consideration paid/transferred and the equity acquired is reflected within equity as merger reserve. Acquisition The acquisition method of accounting is used to account for business combinations entered by the Group. The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The excess of (a) the consideration transferred over the (b) fair value of the identifiable net assets acquired is recorded as goodwill, if any. Disposals When a change in the Group’s ownership interest in a subsidiary result in a loss of control over the subsidiary, the assets and liabilities of the sub

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View this 6-K filing on SEC EDGAR