PLTWF Planet 13 Holdings Inc (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of: April 2024

 

Commission File Number: 000-53826

 

PLASTEC TECHNOLOGIES, LTD.

(Translation of registrant’s name into English)

 

c/o Unit 01, 21/F, Aitken Vanson Centre, 61 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong

(Address of Principal Executive Offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F x  Form 40-F ¨ 

 

 

 

Financial Information

 

On April 15, 2024, Plastec Technologies, Ltd. (the “Company”) issued a press release announcing the Company’s financial results for the fiscal year ended December 31, 2023. A copy of the press release is attached to this Report of Foreign Private Issuer as Exhibit 99.1. The foregoing information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Exhibits

 

	Exhibit	Description
	99.1	Press release dated April 15, 2024.

 

 

SIGNATURE

 

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 hereunto duly authorized.

 

Dated: April 15, 2024

 

PLASTEC TECHNOLOGIES, LTD.

 

	By:	/s/ Kin Sun Sze-To
		Name: Kin Sun Sze-To
		Title: Chief Executive Officer

 

 

 

Exhibit 99.1 

 

 

 

PLASTEC TECHNOLOGIES REPORTS FISCAL 2023 FINANCIAL RESULTS

 

Hong Kong – April 15, 2024 – Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal 2023 year ended December 31, 2023. See financial tables at the end of this release in Hong Kong dollars (HKD). All other amounts in this press release are presented in U.S. dollars (USD) with a conversion rate of US$1.0: HK$7.8.

 

Current Balance Sheet Highlights

·      $11.1 million in working capital at December 31, 2023, compared to $11.1 million at December 31, 2022.

·      Book value per share was $0.86 at December 31, 2023, compared to $0.86 at December 31, 2022.

 

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “During 2023, we maintained lean operations, which enabled the Company to sustain its cash position. We continue to explore potential business opportunities.”

 

Forward Looking Statements

This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.

 

CONTACT:

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

ning@plastec.com.hk

 

INVESTOR RELATIONS:

The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610

azhang@equityny.com

 

 

Plastec Technologies, Ltd. April 15, 2024

Page 2

  

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME 

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

		Year ended December 31,				Year ended December 31,				Year ended December 31,
		2021				2022				2023
		HK$				HK$				HK$
Revenues			-				-				-
Operating expenses, net
Selling, general and administrative expenses			(2,273	)			(3,326	)			(3,084	)
Other income			-				91				-
Total operating expenses, net			(2,273	)			(3,235	)			(3,084	)
Loss from operations			(2,273	)			(3,235	)			(3,084	)
Interest income			112				917				4,065
(Loss)/profit before income tax expense			(2,161	)			(2,318	)			981
Income tax expense			(840	)			(907	)			(1,047	)
Net loss attributable to the Company’s shareholders			(3,001	)			(3,225	)			(66	)
Comprehensive loss attributable to the Company’s shareholders			(3,001	)			(3,225	)			(66	)
Net loss per share:
Weighted average number of ordinary shares			12,938,128				12,938,128				12,938,128
Weighted average number of diluted ordinary shares			12,938,128				12,938,128				12,938,128
Basic net loss per share		HK$	(0.23	)		HK$	(0.25	)		HK$	(0.005	)
Diluted net loss per share		HK$	(0.23	)		HK$	(0.25	)		HK$	(0.005	)

 

 

Plastec Technologies, Ltd. April 15, 2024

Page 3

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED BALANCE SHEETS 

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

			December 31,				December 31,
			2022				2023
			HK$				HK$
ASSETS
Current assets
Cash and cash equivalents			95,646				96,303
Deposits, prepayment and other receivables			3,554				4,269
Total current assets			99,200				100,572
Property, plant and equipment, net			-				7
Intangible assets			438				438
Total assets			99,638				101,017
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals			775				1,173
Tax payable			11,933				12,980
Total current liabilities			12,708				14,153
Total liabilities			12,708				14,153
Commitments and contingencies			-				-
Shareholders’ equity
Ordinary shares (U.S.$0.001 par value; 100,000,000 authorized, 12,938,128 and 12,938,128 shares issued and outstanding as of December 31 2022 and 2023, respectively)			101				101
Additional paid-in capital			26,049				26,049
Accumulated other comprehensive income			(30	)			(30	)
Retained earnings			60,810				60,744
Total shareholders’ equity			86,930				86,864
Total liabilities and shareholders’ equity			99,638				101,017

 

 

Plastec Technologies, Ltd. April 15, 2024

Page 4

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

		Year ended December 31,				Year ended December 31,				Year ended December 31,
		2021				2022				2023
		HK$				HK$				HK$
Operating activities
Net loss			(3,001	)			(3,225	)			(66	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortisation			60				-				-
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables			(681	)			(423	)			(715	)
Other payables and accruals			(449	)			(345	)			398
Tax payables			840				907				1,047
Net cash (used in)/generated from operating activities			(3,231	)			(3,086	)			664
Investing activity
Purchase of plant and machinery			-				-				(7	)
Net cash used in investing activity			-				-				(7	)
Financing activity
Dividends paid			(80,734	)			-				-
Net cash used in financing activity			(80,734	)			-				-
Net (decrease)/increase in cash and cash equivalents			(83,965	)			(3,086	)			657
Cash and cash equivalents, beginning of year			182,697				98,732				95,646
Cash and cash equivalents, end of year			98,732				95,646				96,303
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest income			112				917				4,065
Income taxes paid			-				-				-

 

 

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