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 2022

 

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 ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____

 

 

 

 

 

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, 2022.

 

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)   (Audited) 
   June 30,   December 31, 
   2022   2021 
   HK$   HK$ 
ASSETS
           
Current assets          
Cash and cash equivalents   97,372    98,732 
Deposits, prepayment and other receivables   3,293    3,131 
Total current assets   100,665    101,863 
           
Property, plant and equipment, net   -    - 
Intangible assets   438    438 
Total assets   101,103    102,301 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY
           
Current liabilities          
Other payables and accruals   1,123    1,120 
Tax payable   11,446    11,026 
Total current liabilities   12,569    12,146 
           
Total liabilities   12,569    12,146 
           
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, 2022 and December 31, 2021, respectively)   101    101 
Additional paid-in capital   26,049    26,049 
Accumulated other comprehensive income   (30)   (30)
Retained earnings   62,414    64,035 
Total shareholders’ equity   88,534    90,155 
           
Total liabilities and shareholders’ equity   101,103    102,301 

 

 

 

 

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,		 
   2022   2021 
   HK$   HK$ 
Revenues   -    - 
           
Operating expenses, net          
Selling, general and administrative expenses   (1,316)   (1,014)
Total operating expenses, net   (1,316)   (1,014)
           
Loss from operations   (1,316)   (1,014)
           
Interest income   115    62 
Loss before income tax expense   (1,201)   (952)
           
Income tax expense   (420)   (390)
Net loss attributable to the Company’s shareholders   (1,621)   (1,342)
           
Other comprehensive income          
Foreign currency translation adjustment   -    - 
Comprehensive loss attributable to the Company’s shareholders   (1,621)   (1,342)

 

 

 

 

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,		 
   2022   2021 
   HK$   HK$ 
Net loss 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 loss per share attributable to the Company’s shareholders  HK$(0.13)   HK$(0.10) 
           
Diluted loss per share attributable to the Company’s shareholders  HK$(0.13)   HK$(0.10) 

 

 

 

 

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, 2020 and at January 1, 2021   12,938,128    101    26,049    (30)   147,770    173,890 
                               
Net loss for the year   -    -    -    -    (3,001)   (3,001)
                               
Dividend paid   -    -    -    -    (80,734)   (80,734)
                               
Balance at December 31, 2021 and at January 1, 2022   12,938,128    101    26,049    (30)   64,035    90,155 
                               
Net loss for the period   -    -    -    -    (1,621)   (1,621)
Balance at June 30, 2022   12,938,128    101    26,049    (30)   62,414    88,534 

 

 

 

 

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,		 
   2022   2021 
   HK$   HK$ 
Operating activities          
           
Net loss   (1,621)  (1,342)
           
Adjustments to reconcile net loss to net cash provided by operating activities:          
Depreciation and amortization   -    60 
Changes in operating assets and liabilities:          
Deposits, prepayment and other receivables   (162)   (421)
Other payables and accruals   3    (681)
Tax payables   420    390 
Net cash used in operating activities   (1,360)   (1,994)
           
Net decrease in cash and cash equivalents   (1,360)   (1,994)
           
Cash and cash equivalents, beginning of period   98,732    182,697 
Cash and cash equivalents, end of period   97,372    180,703 
           
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:          
Interest received, net   115    62 

 

 

 

 

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, 2022 compared to the six months ended June 30, 2021

 

We did not record any operating income during the six months ended June 30, 2022 and 2021 and maintained minimal daily operations. Our general and administrative expenses for the six months ended June 30, 2022 increased by approximately HK$0.3 million to approximately HK$1.3 million from approximately HK$1.0 million in the six months ended June 30, 2021. The increase was the result of an exchange gain of HK$0.3 million that was recorded in the six months ended June 30, 2021 compared to almost nil in the six months ended June 30, 2022.

 

Balance sheet positions as at June 30, 2022 compared to December 31, 2021

 

Total assets decreased by approximately HK$1.2 million to approximately HK$101.1 million as of June 30, 2022 compared to approximately HK$102.3 million as of December 31, 2021. This decrease was mainly attributable to the reduction of approximately HK$1.4 million cash and cash equivalents during the period.

 

Total liabilities increased by approximately HK$0.4 million to approximately HK$12.6 million as of June 30, 2022 compared to approximately HK$12.1 million as of December 31, 2021, mainly attributable to the same extent of increase in tax payable.

 

Cashflow analysis

 

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

 

For the six months ended June 30, 2022, we recorded approximately HK$1.4 million cash outflow as compared to approximately HK$2.0 million cash outflow in the same corresponding period in the prior year. The decrease in cash outflow was mainly attributable to approximately HK$0.3 million net cash inflow from changes in operating assets and liabilities for the six-month period ended June 30, 2022, against approximately HK$0.7 million net cash outflow from the same category in the same corresponding period in the prior year.

 

We did not engage in any financing activities during the six months ended June 30, 2022 or 2021.

 

 

 

 

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 8, 2022  

 

 

 

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