Plastec Technologies, Ltd 6-K, filed Apr 12, 2023
Plastec Technologies, Ltd. (PLTYF)
About this 6-K
Plastec Technologies, Ltd filed this 6-K on April 12, 2023.
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 2023
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 o
Financial Information
On April 12, 2023, Plastec Technologies, Ltd. (the “Company”) issued a press release announcing the Company’s financial results for the fiscal year ended December 31, 2022. 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 12, 2023. |
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 12, 2023
| 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 2022 FINANCIAL RESULTS
Hong Kong – April 12, 2023 – Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal 2022 year ended December 31, 2022. 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, 2022, compared to $11.5 million at December 31, 2021. |
| • | Book value per share was $0.86 at December 31, 2022, compared to $0.89 at December 31, 2021. |
Management Comments
Mr. Kin Sun Sze-To, Chairman of the Company, stated, “We maintained the Company’s public listing status and lean operational infrastructure in 2022. We remain well positioned to take advantage of business opportunities that may make sense for our Company in the near term.”
Forward Looking Statements
This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.
CONTACT:
Plastec Technologies, Ltd.
HL Ning, Chief Financial Officer
ning@plastec.com.hk
INVESTOR RELATIONS:
The Equity Group Inc.
Alice Zhang, Associate
(212) 836-9610
azhang@equityny.com
| Plastec Technologies, Ltd. | Page 2 |
| April 12, 2023 |
PLASTEC TECHNOLOGIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
| Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||
| 2020 | 2021 | 2022 | ||||||||||
| HK$ | HK$ | HK$ | ||||||||||
| Revenues | - | - | - | |||||||||
| Operating expenses, net | ||||||||||||
| Gain on disposal of a subsidiary | 29 | - | - | |||||||||
| Selling, general and administrative expenses | (3,882 | ) | (2,273 | ) | (3,326 | ) | ||||||
| Other income | 7 | - | 91 | |||||||||
| Total operating expenses, net | (3,846 | ) | (2,273 | ) | (3,235 | ) | ||||||
| Loss from operations | (3,846 | ) | (2,273 | ) | (3,235 | ) | ||||||
| Interest income | 1,118 | 112 | 917 | |||||||||
| Loss before income tax expense | (2,728 | ) | (2,161 | ) | (2,318 | ) | ||||||
| Income tax expense | (779 | ) | (840 | ) | (907 | ) | ||||||
| Net loss attributable to the Company’s shareholders | (3,507 | ) | (3,001 | ) | (3,225 | ) | ||||||
| Comprehensive loss attributable to the Company’s shareholders | (3,507 | ) | (3,001 | ) | (3,225 | ) | ||||||
| Plastec Technologies, Ltd. | Page 3 |
| April 12, 2023 |
PLASTEC TECHNOLOGIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (CONTINUED)
(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, | ||||||||||
| 2020 | 2021 | 2022 | ||||||||||
| HK$ | HK$ | HK$ | ||||||||||
| 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$(0.27) | HK$(0.23) | HK$(0.25) | |||||||||
| Diluted net loss per share | HK$(0.27) | HK$(0.23) | HK$(0.25) | |||||||||
| Plastec Technologies, Ltd. | Page 4 |
| April 12, 2023 |
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, | |||||||
| 2021 | 2022 | |||||||
| HK$ | HK$ | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 98,732 | 95,646 | ||||||
| Deposits, prepayment and other receivables | 3,131 | 3,554 | ||||||
| Total current assets | 101,863 | 99,200 | ||||||
| Property, plant and equipment, net | - | - | ||||||
| Intangible assets | 438 | 438 | ||||||
| Total assets | 102,301 | 99,638 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Other payables and accruals | 1,120 | 775 | ||||||
| Tax payable | 11,026 | 11,933 | ||||||
| Total current liabilities | 12,146 | 12,708 | ||||||
| Total liabilities | 12,146 | 12,708 | ||||||
| Commitments and contingencies | - | - | ||||||
| Shareholders’ equity | ||||||||
| Ordinary shares (U.S.$0.001 par value; 100,000,000 authorized, 12,938,128 and 12,938,128 shares issued and outstanding as of December 31 2021 and 2022, respectively) | 101 | 101 | ||||||
| Additional paid-in capital | 26,049 | 26,049 | ||||||
| Accumulated other comprehensive income | (30 | ) | (30 | ) | ||||
| Retained earnings | 64,035 | 60,810 | ||||||
| Total shareholders’ equity | 90,155 | 86,930 | ||||||
| Total liabilities and shareholders’ equity | 102,301 | 99,638 | ||||||
| Plastec Technologies, Ltd. | Page 5 |
| April 12, 2023 |
PLASTEC TECHNOLOGIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
| Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||
| 2020 | 2021 | 2022 | ||||||||||
| HK$ | HK$ | HK$ | ||||||||||
| Operating activities | ||||||||||||
| Net loss | (3,507 | ) | (3,001 | ) | (3,225 | ) | ||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Amortization | 363 | 60 | - | |||||||||
| Gain on disposal of a subsidiary | (29 | ) | - | - | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Deposits, prepayment and other receivables | (696 | ) | (681 | ) | (423 | ) | ||||||
| Other payables and accruals | 228 | (449 | ) | (345 | ) | |||||||
| Tax payables | 779 | 840 | 907 | |||||||||
| Net cash used in operating activities | (2,862 | ) | (3,231 | ) | (3,086 | ) | ||||||
| Investing activity | ||||||||||||
| Net cash inflow from disposals of subsidiaries (net of cash disposed of HK$27 for the year 2020) | 29 | - | - | |||||||||
| Net cash provided by investing activity | 29 | - | - | |||||||||
| Financing activity | ||||||||||||
| Dividends paid | - | (80,734 | ) | - | ||||||||
| Net cash used in financing activity | - | (80,734 | ) | - | ||||||||
| Net decrease in cash and cash equivalents | (2,833 | ) | (83,965 | ) | (3,086 | ) | ||||||
| Cash and cash equivalents, beginning of year | 185,530 | 182,697 | 98,732 | |||||||||
| Cash and cash equivalents, end of year | 182,697 | 98,732 | 95,646 | |||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
| Interest income | 1,118 | 112 | 917 | |||||||||
| Income taxes paid | - | - | - | |||||||||