PLTYF Plastec Technologies Ltd (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: August 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 ¨

 

 

 

Unaudited Financial Statements

 

This Report of Foreign Private Issuer on Form 6-K by Plastec Technologies, Ltd. (“we, “us”, “our” or the “Company”) contains the Company’s unaudited financial results for the six months ended June 30, 2024. Additionally, attached as Exhibit 99.1 is a press release of the Company relating to the foregoing financial results.

 

Forward Looking Statement

 

This Report of Foreign Private Issuer on Form 6-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company’s future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates”, “believes”, “expects”, “can”, “continue”, “could”, “estimates”, “intends”, “may”, “plans”, “potential”, “predict”, “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’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. The information in this Report of Foreign Private Issuer on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot and does not guarantee future results, levels of activity, performance or achievements. The Company’s expectations are as of the date this Report of Foreign Private Issuer on Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report of Foreign Private Issuer on Form 6-K is filed to conform these statements to actual results, unless required by law.

 

The forward-looking statements included in this Report of Foreign Private Issuer on Form 6-K are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors detailed in the Company’s filings with the Securities and Exchange Commission.

 

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED BALANCE SHEETS

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

 

		(Unaudited) June 30,				(Audited) December 31,
		2024				2023
		HK$				HK$
ASSETS
Current assets
Cash and cash equivalents			95,072				96,303
Deposits, prepayment and other receivables			5,045				4,296
Total current assets			100,117				100,572
Property, plant and equipment, net			315				7
Intangible assets			438				438
Total assets			100,870				101,017
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals			438				1,173
Tax payable			13,504				12,980
Total current liabilities			13,942				14,153
Total liabilities			13,942				14,153
Commitments and contingencies			-				-
Shareholders’ equity
Ordinary shares (US$0.001 par value; 100,000,000 authorized 12,938,128 and 12,938,128 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)			101				101
Additional paid-in capital			26,049				26,049
Accumulated other comprehensive income			(30	)			(30	)
Retained earnings			60,808				60,744
Total shareholders’ equity			86,928				86,864
Total liabilities and shareholders’ equity			100,870				101,017

 

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

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

 

		For the 6-month period ended June 30,
		2024				2023
		HK$				HK$
Revenues			-				-
Operating expenses, net
Selling, general and administrative expenses			(1,937	)			(1,337	)
Total operating expenses, net			(1,937	)			(1,337	)
Loss from operations			(1,937	)			(1,337	)
Interest income			2,525				1,825
Income before income tax expense			588				488
Income tax expense			(524	)			(435	)
Net Income attributable to the Company’s shareholders			64				35
Other comprehensive income
Foreign currency translation adjustment			-				-
Comprehensive Income attributable to the Company’s shareholders			64				35

  

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

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

 

		For the 6-month period ended June 30,
		2024				2023
		HK$				HK$
Net income per share:
Weighted average number of ordinary shares			12,938,128				12,938,128
Weighted average number of diluted ordinary shares			12,938,128				12,938,128
Basic net income per share attributable to the Company’s shareholders			HK$0.005				HK$0.003
Diluted net income per share attributable to the Company’s shareholders			HK$0.005				HK$0.003

 

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

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

 

		Ordinary shares												Accumulated
		Number of shares outstanding				Amount				Additional paid-in capital				other comprehensive income				Retained earnings				Shareholders’ equity
						HK$				HK$				HK$				HK$				HK$
Balance at December 31, 2022 and at January 1, 2023			12,938,128				101				26,049				(30	)			60,810				86,930
Net loss for the year			-				-				-				-				(66	)			(66	)
Balance at December 31, 2023 and at January 1, 2024			12,938,128				101				26,049				(30	)			60,744				86,864
Net income for the period			-				-				-				-				64				64
Balance at June 30, 2024			12,938,128				101				26,049				(30	)			60,808				86,928

 

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

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

 

		For the 6-month period ended June 30,
		2024				2023
		HK$				HK$
Operating activities
Net Income			64				35
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			36				-
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables			(749	)			(543	)
Other payables and accruals			(735	)			(153	)
Tax payables			524				453
Net cash used in operating activities			(860	)			(208	)
Net decrease in cash and cash equivalents			(860	)			(208	)
Investing activities
Purchase of plant and machinery			(371	)			-
Net cash used in investing activities			(371	)			-
Net decrease in cash and cash equivalents			(1,231	)			(208	)
Cash and cash equivalents, beginning of period			96,303				95,646
Cash and cash equivalents, end of period			95,072				95,438
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Interest received, net			2,525				1,825

 

 

PLASTEC TECHNOLOGIES, LTD.

 

Management discussion and analysis

 

General

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“USGAAP”). The preparation of financial statements in conformity with USGAAP requires management to make estimates and assumptions that reported amounts of assets and liabilities at the date of the financial statements and the amount of expenses reported during the period. Actual results could differ from those estimates. Unless otherwise indicated, all financial information presented in HK$ may be converted to US$ using the exchange rate of 7.8 HK$ for every 1 US$.

 

Operating results for the six months ended June 30, 2024 compared to the six months ended June 30, 2023

 

We did not record any operating income during the six months ended June 30, 2024 and 2023 and maintained minimal daily operations. Our general and administrative expenses for the six months ended June 30, 2024 increased by approximately HK$0.60 million to approximately HK$1.94 million from approximately HK$1.34 million in the six months ended June 30, 2023. The increase was mainly attributable to rental expenses for the expanded administrative office areas and relevant expenses such as depreciation of fixtures, fittings and office equipment in associated with the expanded office.

 

We recorded a net income attributable to shareholders of approximately HK$0.06 million in the six months ended June 30, 2024 as compared to a net income of approximately HK$0.04 million in the six months ended June 30, 2023. The increase was mainly attributable to interest income of approximately HK$2.5 million in the six months ended June 30, 2024 as compared to HK$1.8 million in the six months ended June 30, 2023 due to increased deposit interest rates.

 

Balance sheet positions as at June 30, 2024 compared to December 31, 2023

 

Total assets decreased by approximately HK$0.15 million to approximately HK$100.87 million as of June 30, 2024 compared to approximately HK$101.02 million as of December 31, 2023. This decrease was mainly attributable to reduced balances in bank accounts of approximately HK$1.23 million offset by other receivables of approximately HK$0.75 million, and increased net amount of fixtures, fittings and office equipment of approximately HK$0.31 million.

 

Total liabilities decreased by approximately HK$0.21 million to approximately HK$13.94 million as of June 30, 2024 compared to approximately HK$14.15 million as of December 31, 2023. This decrease was mainly attributable to tax provided during the period and settled professional fees provided for the financial year ended December 31, 2023.

 

Cashflow analysis

 

We have relied primarily on internally generated funds to finance our minimal operations.

 

For the six months ended June 30, 2024, we recorded approximately HK$1.23 million of cash outflow as compared to approximately HK$0.21 million of cash outflow for the six months ended June 30, 2023. This was mainly attributable to increased net cash used in operating activities of HK$0.86 million as compared to HK$0.21 million, as well as increased net cash used in investing activities of HK$0.37 million compared to nil in the six months ended June 30, 2023.

 

We did not engage in any financing activities during the six months ended June 30, 2024 or 2023.

 

Off-Balance Sheet Arrangements

 

The Company has not entered into any financial guarantees or other commitments to guarantee the payment obligations of third parties. The Company has not entered into any derivative contracts that are indexed to its shares and classified as shareholder’s equity or that are not reflected in its combined financial statements. Furthermore, the Company does not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. The Company does not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to it or that engages in leasing, hedging or research and development services with the Company. There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, net sales or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to an investor.

 

 

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.

 

 

	PLASTEC TECHNOLOGIES, LTD.
	By:	/s/ Kin Sun Sze-To
	Name:	Kin Sun Sze-To
	Title:	Chief Executive Officer

 

 

Dated: August 16, 2024

 

 

Exhibit 99.1

 

 

PLASTEC TECHNOLOGIES REPORTS FISCAL 2024 FIRST HALF RESULTS

 

Hong Kong – August 16, 2024 – Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported unaudited financial results for the six months period ended June 30, 2024.

 

Financial tables/amounts at the end of this release are in Hong Kong dollars (HK$), while all other amounts are presented in U.S. dollars ($) based on a conversion rate of $1.0: HK$7.8.

 

Balance Sheet Highlights at June 30, 2024

·	$12.2 million in cash and cash equivalents, compared to $12.3 million at December 31, 2023
·	$11.0 million in working capital, compared to $11.1 million at December 31, 2023.
·	Book value per share was $0.86, compared to $0.86 at December 31, 2023.

 

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “While we continued to operate under a lean corporate structure with minimal operations, due to our strong balance sheet we believe we are well-positioned to act quickly on taking advantage of new opportunities that may arise.”

 

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.	Page 2
August 16, 2024

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

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

 

		For the 6-month period ended June 30,
		2024				2023
		HK$				HK$
Revenues			-				-
Operating expenses, net
Selling, general and administrative expenses			(1,937	)			(1,337	)
Total operating expenses, net			(1,937	)			(1,337	)
Loss from operations			(1,937	)			(1,337	)
Interest income			2,525				1,825
Income before income tax expense			588				488
Income tax expense			(524	)			(435	)
Net Income attributable to the Company’s shareholders			64				35
Other comprehensive income
Foreign currency translation adjustment			-				-
Comprehensive Income attributable to the Company’s shareholders			64				35
Net income per share:
Weighted average number of ordinary shares			12,938,128				12,938,128
Weighted average number of diluted ordinary shares			12,938,128				12,938,128
Basic net income per share attributable to the Company’s shareholders			HK$0.005				HK$0.003
Diluted net income per share attributable to the Company’s shareholders			HK$0.005				HK$0.003

 

 

Plastec Technologies, Ltd.	Page 3
August 16, 2024

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED BALANCE SHEETS

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

 

		(Unaudited) June 30,				(Audited) December 31,
		2024				2023
			HK$				HK$
ASSETS
Current assets
Cash and cash equivalents			95,072				96,303
Deposits, prepayment and other receivables			5,045				4,296
Total current assets			100,117				100,572
Property, plant and equipment, net			315				7
Intangible assets			438				438
Total assets			100,870				101,017
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals			438				1,173
Tax payable			13,504				12,980
Total current liabilities			13,942				14,153
Total liabilities			13,942				14,153
Commitments and contingencies			-				-
Shareholders’ equity
Ordinary shares (US$0.001 par value; 100,000,000 authorized 12,938,128 and 12,938,128 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)			101				101
Additional paid-in capital			26,049				26,049
Accumulated other comprehensive income			(30	)			(30	)
Retained earnings			60,808				60,744
Total shareholders’ equity			86,928				86,864
Total liabilities and shareholders’ equity			100,870				101,017

 

 

Plastec Technologies, Ltd.	Page 4
August 16, 2024

 

PLASTEC TECHNOLOGIES, LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

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

 

		For the 6-month period ended June 30,
		2024				2023
		HK$				HK$
Operating activities
Net Income			64				35
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			36				-
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables			(749	)			(543	)
Other payables and accruals			(735	)			(153	)
Tax payables			524				453
Net cash used in operating activities			(860	)			(208	)
Net decrease in cash and cash equivalents			(860	)			(208	)
Investing activities
Purchase of plant and machinery			(371	)			-
Net cash used in investing activities			(371	)			-
Net decrease in cash and cash equivalents			(1,231	)			(208	)
Cash and cash equivalents, beginning of period			96,303				95,646
Cash and cash equivalents, end of period			95,072				95,438
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Interest received, net			2,525				1,825

 

 

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