Good morning. E.l.f. Beauty CFO Mandy Fields wants to play on the biggest stage there is.The rising beauty powerhouse, a Gen Z favorite, ran its first Super Bowl Sunday ad in 2023. From a finance perspective, Fields said the company’s confidence in big-ticket Super Bowl investments stems from their long-term impact on brand awareness rather than a focus on immediate dollar-for-dollar return. Brand awareness was a little over 10% five or six years ago, and today its over 40%. With only one in three women cur ...

Good morning. Turnover continues in the Fortune 500, with PayPal offering the latest example of boards turning to finance leadership during periods while under pressure.The payments giant announced on Tuesday that CEO Alex Chriss is stepping down after two and a half years. Enrique Lores, CEO of HP Inc., is set to take over on March 1. PayPal’s chief financial and operating officer, Jamie Miller, will serve as interim CEO.The move follows continued shareholder frustration. PayPal’s stock is down roughly 80% ...

Deswell Industries Inc. Appoints New Chief Financial OfficerFeb 3, 2026 9:59 AM Eastern Standard Time# Deswell Industries Inc. Appoints New Chief Financial OfficerShare---MACAO--([BUSINESS WIRE])-- Deswell Industries, Inc. (Nasdaq: DSWL) has announced the appointment of Ms. Karen Chan Chi Yin as Chief Financial Officer ("CFO†), effective February 2, 2026. Ms. Chan succeeds Mr. Herman Wong, who has resigned from the position to pursue other interests.Ms. Chan brings over 20 years of extensive financial exp ...

FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For November 13, 2025 DESWELL INDUSTRIES, INC. (Registrant's name in English) 10B Edificio Associacao Industrial de Macau 32-36 Rua do Comandante Mata e Oliveira Macau Special Administrative Region, PRC (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20- ...

Core Insights - Deswell Industries, Inc. reported a net income of $7.5 million for the first half of fiscal 2026, an increase from $6.2 million in the same period last year, driven by improved gross margins and non-operating income [4][6] - The company declared a cash dividend of $0.10 per share for the first half of fiscal 2026, payable on December 23, 2025 [7] Financial Performance - Net sales for the first half of fiscal 2026 were $33.2 million, a decrease of 5.5% from $35.2 million in the same period of fiscal 2025 [2] - The plastic segment saw a 13.8% decline in sales to $5.0 million, while the electronic segment experienced a 3.9% decrease to $28.2 million [2] - Total gross margin improved to 23.4% of net sales, up from 19.5% in the previous year, with the electronic segment's gross margin increasing to 24.3% [3] Operating Income - Operating income for the first half of fiscal 2026 was $2.5 million, compared to $1.8 million for the same period in fiscal 2025 [3] - The increase in operating income was attributed to higher-margin offerings and effective cost control measures [3][6] Earnings Per Share - Basic and diluted income per share for the first half of fiscal 2026 was $0.47, an increase from $0.39 in the same period of fiscal 2025 [4] Financial Position - As of September 30, 2025, the company had $23.4 million in cash and cash equivalents, with total working capital of $85.1 million [5] - Deswell reported no long-term or short-term borrowings, indicating a strong financial position [5] Strategic Outlook - The CEO highlighted the company's resilience in a challenging economic environment, emphasizing the importance of innovation and strategic priorities such as cost control and supplier partnerships [6]

Core Viewpoint - Deswell Industries (DSWL) has shown a mixed financial performance with a slight decline in revenue but a significant increase in net profit, indicating potential operational efficiency improvements [1][2]. Financial Performance - As of March 31, 2025, Deswell Industries reported total revenue of $67.61 million, a year-over-year decrease of 2.53% [1]. - The company achieved a net profit attributable to shareholders of $11.14 million, reflecting a year-over-year increase of 44.48% [1]. Stock Performance - On August 25, Deswell Industries' stock price increased by 2.89%, reaching $3.56 per share, with a trading volume of $15,300 and a total market capitalization of $56.73 million [1]. Upcoming Events - Deswell Industries is scheduled to release its Q1 financial report for the fiscal year 2025 on September 17, with the actual disclosure date subject to company announcement [2]. Company Overview - Established in 1987, Deswell Industries operates as an independent manufacturer of injection-molded plastic parts, electronic products, and metal molds, serving as both an original equipment manufacturer and a contract manufacturer [2]. - The company produces a variety of plastic components used in consumer and industrial products, including telephones, answering machines, high-quality recording equipment, and computer peripherals [2].

Core Viewpoint - Deswell Industries (DSWL) has shown a mixed financial performance with a slight decline in revenue but a significant increase in net profit, indicating potential operational efficiency improvements [1][2]. Financial Performance - As of March 31, 2025, Deswell Industries reported total revenue of $67.61 million, a year-over-year decrease of 2.53% [1]. - The net profit attributable to shareholders was $11.14 million, reflecting a year-over-year increase of 44.48% [1]. Stock Performance - On August 18, Deswell Industries' stock opened at $3.55 per share, marking a 2.31% increase, with a total trading volume of $46,000 and a market capitalization of $56.57 million [1]. Company Overview - Deswell Industries, established in 1987, operates as an independent manufacturer of injection-molded plastic parts, electronic products, and metal molds, serving as both an original equipment manufacturer (OEM) and a contract manufacturer [2]. - The company produces a variety of plastic components used in consumer and industrial products, including telephones, answering machines, high-quality recording equipment, and computer peripherals [2]. Upcoming Events - Deswell Industries is scheduled to release its Q1 financial report for the fiscal year 2025 on September 17, with the actual disclosure date subject to company announcements [2].

Financial Reporting - Deswell Industries, Inc. filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2025, with the SEC[3] - The Annual Report includes audited financial statements, which are available on the SEC's website[3] - Shareholders can request a free paper copy of the fiscal 2025 Annual Report[4] Business Operations - Deswell manufactures injection-molded plastic parts, electronic products, and subassemblies for OEMs and contract manufacturers in China[5] - The company produces a variety of plastic parts for consumer and industrial products, including IoT products[5]

Financial Performance and Dividends - Deswell paid dividends of $3.19 million for the years ended March 31, 2023, 2024, and 2025, with future dividends dependent on the company's growth and earnings[38]. - The dividends for the years ended March 31, 2024, and 2025 were funded by the subsidiary Kwanasia Electronics (Macao Commercial Offshore) Ltd, which is subject to a 12% Macao Profits Tax on its taxable income[39]. - For the fiscal years ending March 31, 2023, 2024, and 2025, no dividends or distributions were made to Deswell or the Intermediate Holding Companies by the PRC subsidiaries, resulting in no withholding tax recorded during these periods[45]. - The company is subject to a 10% withholding tax on profits distributed from its PRC entities, which may limit available funds for dividends[125]. - The company may be forced to reduce or eliminate dividend payments due to restrictions under PRC law on distributions by subsidiaries[54]. Regulatory and Compliance Issues - The company is subject to the Holding Foreign Companies Accountable Act, which could lead to delisting if its auditor is not subject to PCAOB inspections for two consecutive years[26]. - The Overseas Listing Trial Measures require PRC domestic companies to comply with CSRC filing procedures for overseas listings, which may affect future securities offerings[33]. - The company has secured access for PCAOB inspections of its auditor, which may alleviate concerns regarding its status as a "Commission-Identified Issuer" under the HFCAA[27]. - The company is not currently required to obtain permissions from the CSRC or undergo cybersecurity reviews, but future regulations may change this[135]. - The classification as a "resident enterprise" under PRC tax law could subject the company to a 25% enterprise income tax on worldwide income[137]. Operational Structure and Risks - Deswell's organizational structure involves multiple intermediate holding companies in the British Virgin Islands and Samoa, controlling operations in Macao and mainland China[36]. - Deswell's PRC subsidiaries have obtained necessary business licenses from the PRC government, but future operations may require additional licenses or approvals[29]. - The company may need to obtain additional licenses or approvals from PRC authorities in the future, which could complicate operations[134]. - The company does not own the land on which its factories are located, relying on land use agreements that may be difficult to enforce[117]. - The company’s operations in China require business licenses, and failure to renew these licenses could impair financial results and competitiveness[122]. Market and Competitive Environment - The company is dependent on a small number of major customers, with two customers accounting for over 10% of net sales, together representing 33.8% of total net sales for the year ended March 31, 2025[56]. - The company is exposed to competitive pressures in its industry, which could adversely impact its ability to maintain market share and profitability[53]. - The company faces significant competition in the injection-molded plastic parts and electronic manufacturing services sectors, with many competitors having lower cost structures[82]. - The company is dependent on customers in highly competitive markets, and their inability to succeed can adversely impact the company's financial performance[98]. Financial Management and Cash Flow - Deswell's cash flows are managed through banks in Hong Kong and Macao, with intercompany fund transfers not limited by local laws[37]. - The company had cash on hand of $28.1 million and time deposits totaling $19.4 million with maturities over three months as of March 31, 2025[79]. - Approximately 94.1% of the company's total costs and expenses are incurred in the PRC, with 29.6%, 29.9%, and 31.8% of these costs being in RMB for the years ended March 31, 2023, 2024, and 2025, respectively[73]. Legal and Political Risks - There is uncertainty regarding the enforceability of judgments from U.S. courts in both the BVI and PRC, which could complicate legal proceedings against the company[49][50]. - The Chinese government's potential intervention in business operations poses risks that could materially affect the company's investment and operational capabilities[111][112]. - The company may face difficulties in enforcing agreements related to its manufacturing operations in China due to the unpredictability of the Chinese legal system[117]. - The U.S.-China trade dispute has introduced non-tariff barriers affecting the company's sourcing and inventory management of critical electronic components[89]. Production and Quality Control - The Company maintains strict quality control procedures, monitoring machines and molds at hourly intervals to ensure products are free from defects[219]. - The Company conducts quality control checks on all incoming components[220]. - Quality control personnel inspect work in process at multiple stages during production[220]. - Final assembly undergoes quality assurance inspections based on customers' Acceptable Quality Level (AQL) requirements[220]. Economic and Market Conditions - The global economy is projected to expand at 2.4% in 2025, with inflation in the U.S. at 2.4% as of May 2025[181][183]. - China's GDP growth rate was reported at 8.1% year-on-year over 2000, but recent economic measures have contributed to a slowdown, affecting domestic commerce[151]. - The average cost of labor in China has increased significantly, with minimum wage in Dongguan raised to RMB 2,080 per month as of March 2025[153]. - Power shortages in China have previously disrupted manufacturing processes, posing a risk to the company's operations[162]. Environmental and Compliance Challenges - Compliance with tightening environmental regulations in China may incur significant costs and disrupt operations[99][100]. - The company may face significant costs related to product take-back legislation and the need to reengineer products to meet environmental standards[101]. - The Economic Substance Act in the BVI may affect Deswell's operations, requiring compliance with economic substance requirements[176]. Workforce and Employment - The company has reduced its workforce by 127 employees in the fiscal year ending March 31, 2025, following reductions of 20 and 47 in the previous two fiscal years[161]. - The Company has postponed additional construction of planned dormitory units and buildings due to sufficient current capacity[194].

[Form 6-K Filing Information](index=1&type=section&id=Form%206-K%20Filing%20Information) [Filing Details](index=1&type=section&id=Filing%20Details) Deswell Industries, Inc. filed Form 6-K on September 30, 2024, as a foreign private issuer submitting annual reports under Form 20-F - Type: **Form 6-K**, Report of Foreign Private Issuer[1](index=1&type=chunk) - Filing Date: **September 30, 2024**[1](index=1&type=chunk) - Annual Report Type: **Form 20-F**[2](index=2&type=chunk) - Registrant: **DESWELL INDUSTRIES, INC.**[1](index=1&type=chunk) - Principal Executive Office: Macao, Special Administrative Region, PRC[1](index=1&type=chunk) [Annual Meeting of Shareholders](index=2&type=section&id=Annual%20Meeting%20of%20Shareholders) [Meeting Logistics](index=2&type=section&id=Meeting%20Logistics) Deswell will hold its annual shareholders' meeting on November 12, 2024, in Dongguan, China, to elect directors and ratify auditors - Meeting Date & Time: **Tuesday, November 12, 2024, at 10:00 a.m. local time**[3](index=3&type=chunk) - Meeting Location: No.5, Shichangxiang, Chang'an Town, Dongguan City, Guangdong Province, CHINA[3](index=3&type=chunk) - Record Date: **September 16, 2024**[3](index=3&type=chunk) - Purposes: Elect five members of the Board of Directors; Ratify BDO China Shu Lun Pan Certified Public Accountants LLP as independent registered public accountants for the year ending March 31, 2025[4](index=4&type=chunk) [Voting Information](index=5&type=section&id=Voting%20Information) [Shareholder and Proxy Definitions](index=5&type=section&id=Shareholder%20and%20Proxy%20Definitions) Key terms for shareholders are defined, including 'proxy', 'shareholder of record', and 'street name' holders - Proxy Definition: Legal designation of another person to vote on your behalf[14](index=14&type=chunk) - Shareholder of Record: Shares registered directly in your name with Computershare Investor Services, the Company's transfer agent[18](index=18&type=chunk) - Street Name Holder: Shares held in the name of a brokerage, bank, trust, or other nominee as a custodian[18](index=18&type=chunk) - Multiple Voting Materials: May be received if shares are held in more than one brokerage account, registered in more than one name, or held in different ways (e.g., joint tenancy, trusts, custodial accounts)[16](index=16&type=chunk) [Quorum and Voting Eligibility](index=6&type=section&id=Quorum%20and%20Voting%20Eligibility) A quorum requires 33⅓% of outstanding shares; only shareholders of record on September 16, 2024, can vote - Quorum Requirement: The presence of holders of not less than **thirty-three and one-third percent (33⅓%)** of the aggregate number of the Company's common shares outstanding on the Record Date[19](index=19&type=chunk) Quorum and Voting Eligibility Data | Metric | Value | | :--- | :--- | | Shares Outstanding (Record Date) | 15,935,239 | | Required Shares for Quorum | 5,311,747 | | Votes per Common Share | 1 | - Voting Eligibility: Only shareholders of record at the close of business on **September 16, 2024**, are entitled to vote[21](index=21&type=chunk) [Voting Procedures](index=7&type=section&id=Voting%20Procedures) Shareholders can vote in person, by mail, or electronically, with options to change or revoke votes before exercise - Voting Methods: In person at the annual meeting; By mail, completing and returning the proxy card; By telephone or electronically through the Internet (for shareholders of record, or if allowed by broker for street name holders)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - Changing Votes: A vote can be revoked or changed at any time before the proxy is exercised by delivering a notice of revocation, signing a later-dated proxy card, or attending the annual meeting and voting in person[29](index=29&type=chunk)[30](index=30&type=chunk) - Meeting Chairman: Mr. Edward So Kin Chung, Deswell's Chief Executive Officer, will serve as Chairman at the 2024 annual meeting[25](index=25&type=chunk) [Vote Counting and Board Recommendations](index=7&type=section&id=Vote%20Counting%20and%20Board%20Recommendations) Herman Wong will count votes; the Board recommends FOR all director nominees and FOR auditor ratification - Vote Counter: **Herman Wong**, Chief Financial Officer and Inspector of Election[32](index=32&type=chunk) - Board Recommendation (Proposal 1): **FOR** the election of directors named in the proxy statement[33](index=33&type=chunk)[34](index=34&type=chunk) - Board Recommendation (Proposal 2): **FOR** the ratification of the selection of BDO China Shu Lun Pan Certified Public Accountants LLP as Deswell's independent registered public accountants for the year ending March 31, 2025[34](index=34&type=chunk) [Voting Requirements and Broker Non-Votes](index=8&type=section&id=Voting%20Requirements%20and%20Broker%20Non-Votes) Majority vote required for proposals; abstentions count for quorum but not votes; broker non-votes count for quorum but not proposals - Vote Required (Proposal 1 & 2): Affirmative vote of a **majority of the votes cast** in person or represented by proxy at the annual meeting, if a quorum is present[36](index=36&type=chunk)[40](index=40&type=chunk) - Abstentions: For Proposal 2, abstentions will not be treated as votes cast but will be considered present for quorum purposes[36](index=36&type=chunk)[38](index=38&type=chunk) - Broker Non-Votes: Counted for quorum determination but are not considered present and entitled to vote on the specific proposal (e.g., Proposal 1, election of directors, where brokers cannot vote without instructions)[39](index=39&type=chunk)[42](index=42&type=chunk) - Broker Voting Restrictions: Brokers may not vote on Proposal 1 (election of directors) without receiving instructions from the beneficial owners[41](index=41&type=chunk) [Proposal 1: Election of Directors](index=9&type=section&id=Proposal%201%3A%20Election%20of%20Directors) [Director Nominees](index=9&type=section&id=Director%20Nominees) Five directors are elected annually; proxy holders vote for named nominees unless directed otherwise; all nominees are available - Number of Directors to be Elected: **Five**[44](index=44&type=chunk) - Term: Directors are elected annually to serve until the next annual general meeting[44](index=44&type=chunk) - Proxy Voting: Proxy holders will vote all shares represented by proxies for the election of the named nominees unless otherwise directed[45](index=45&type=chunk) - Nominee Availability: All nominees have indicated their availability and willingness to serve if elected[45](index=45&type=chunk) [Director Biographies](index=9&type=section&id=Director%20Biographies) Biographies of five director nominees, including Chairman Vivian Wai-Ming Lau and Audit Committee Chairman Allen Yau-Nam Cham - Vivian Wai-Ming Lau (45): **Chairman**, CPA, former Executive Director at PAG Consulting and Goldman Sachs, previously at Deloitte Touche Tohmatsu; Daughter of late Chairman Mr. Pui Hon Lau[48](index=48&type=chunk)[53](index=53&type=chunk) - Chin Pang Li (79): **Executive Director of Manufacturing and Administration for Plastic Operations**, served the Company since 1987, former Chief Financial Officer (1995-2006)[49](index=49&type=chunk) - Hung-Hum Leung (78): Non-executive director and Audit Committee member since December 1999, over 25 years of experience in electronic products manufacturing[50](index=50&type=chunk) - Allen Yau-Nam Cham (77): Non-executive director and Audit Committee member since August 2003, over 20 years of experience in the securities industry; Currently **Chairman of the Audit Committee** and an **"audit committee financial expert"**[51](index=51&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Wing-Ki Hui (80): Non-executive director and Audit Committee member since October 2004, over 20 years of experience in the electronic manufacturing industry[52](index=52&type=chunk) [Director and Executive Officer Compensation](index=10&type=section&id=Director%20and%20Executive%20Officer%20Compensation) Total compensation for directors and executive officers in FY2024 was approximately **$1,688,000** (cash benefits), with no stock options granted, and a recovery policy adopted on October 2, 2023 - Total Compensation (FY2024): Approximately **$1,688,000** paid to all directors and executive officers as a group (cash benefits)[54](index=54&type=chunk) - Stock Options Granted (FY2024): **No options** were granted to directors and officers[54](index=54&type=chunk) - Compensation Recovery Policy: Adopted on **October 2, 2023**, to recover erroneously awarded incentive-based compensation in the event of an accounting restatement due to material noncompliance with financial reporting requirements[55](index=55&type=chunk) - Outside Director Compensation: **$2,000 per month** for services, plus reimbursement for all reasonable expenses[56](index=56&type=chunk) [Board Structure and Independence](index=10&type=section&id=Board%20Structure%20and%20Independence) Three directors are independent; Audit Committee is independent; Deswell is exempt from some NASDAQ governance rules - Independent Directors: Messrs. Hung-Hum Leung, Allen Yau-Nam Cham, and Wing-Ki Hui are each **"independent"** within the meaning of NASDAQ Stock Market Rules[57](index=57&type=chunk) - Audit Committee Composition: Consists of Messrs. Hung-Hum Leung, Allen Yau-Nam Cham, and Wing-Ki Hui, all independent directors[58](index=58&type=chunk) - Audit Committee Chairman & Financial Expert: Mr. Allen Yau-Nam Cham serves as **Chairman** and is an **"audit committee financial expert"** as defined by the SEC[58](index=58&type=chunk)[59](index=59&type=chunk) - NASDAQ Compliance Exemption: As a **"controlled company,"** Deswell does not have a compensation committee or a nominating committee consisting of independent directors, nor does it have a formal written charter for nominations or independent director determination of CEO/executive compensation[60](index=60&type=chunk) [Board Diversity](index=11&type=section&id=Board%20Diversity) Deswell's Board has 5 directors (1 female, 4 male), meeting NASDAQ's diversity requirement with Vivian Wai-Ming Lau Board Diversity Matrix (As of September 30, 2024) | Category | Count | | :--- | :--- | | Total Number of Directors | 5 | | Female Directors | 1 | | Male Directors | 4 | | Non-Binary Directors | 0 | | Underrepresented Individual in Home Country Jurisdiction | 0 | | LGBTQ+ | 0 | - Diverse Director: As of March 31, 2024, **Vivian Wai-Ming Lau** was identified as one diverse director, meeting NASDAQ's requirement by December 31, 2024[63](index=63&type=chunk) - Country of Principal Executive Offices: **PRC**[63](index=63&type=chunk) [Share Ownership and Related Party Transactions](index=11&type=section&id=Share%20Ownership%20and%20Related%20Party%20Transactions) [Beneficial Ownership](index=11&type=section&id=Beneficial%20Ownership) As of June 30, 2024, **Vivian Wai-Ming Lau** holds **61.8%** of Deswell's common shares, making her the largest beneficial owner, followed by Chin Pang Li with **10.1%** Beneficial Ownership (As of June 30, 2024) | Name of beneficial owner | Shares beneficially owned | Percent | | :--- | :--- | :--- | | Wai Ming Lau | 9,841,851 | 61.8% | | Chin Pang Li | 1,625,750 | 10.1% | | Herman Wong Chi Wah | 30,000 | <1% | | Edward So Kin Chung | 50,000 | <1% | | Hung-Hum Leung | - | - | | Allen Yau-Nam Cham | - | - | | Wing-Ki Hui | - | - | - Total Shares Outstanding (June 30, 2024): **15,935,239 shares**[73](index=73&type=chunk) [Related Party Transactions](index=11&type=section&id=Related%20Party%20Transactions) Deswell had no related party transactions as specified in Form 20-F from April 1, 2019, through the Record Date - No Related Party Transactions: The Company had **no transactions** of the kind specified in Item 7.B. of Form 20-F from April 1, 2019, through the Record Date[64](index=64&type=chunk) [Proposal 2: Ratification of Independent Registered Public Accountants](index=12&type=section&id=Proposal%202%3A%20Ratification%20of%20Independent%20Registered%20Public%20Accountants) [Auditor Selection and Fees](index=12&type=section&id=Auditor%20Selection%20and%20Fees) The Board selected BDO China Shu Lun Pan Certified Public Accountants LLP as independent auditors for FY2025, recommending ratification, with audit fees increasing from **$206,000** in FY2023 to **$420,000** in FY2024 - Selected Auditor: **BDO China Shu Lun Pan Certified Public Accountants LLP** for the fiscal year ending March 31, 2025[70](index=70&type=chunk) - Prior Engagements: BDO China acted as Deswell's principal accountants for the audits of financial statements for the years ended March 31, 2023, and 2024[71](index=71&type=chunk) Aggregate Fees for Professional Services by BDO China | Category | Year ended March 31, 2023 (In thousands) | Year ended March 31, 2024 (In thousands) | | :--- | :--- | :--- | | Audit fees | $206 | $420 | | Audit-related fees | - | - | | Tax fees | - | - | | All other fees | - | - | | **Total** | **$206** | **$420** | - Audit Fee Change: Audit fees increased from **$206,000** in FY2023 to **$420,000** in FY2024[72](index=72&type=chunk) [Audit Committee Pre-approval Policies](index=13&type=section&id=Audit%20Committee%20Pre-approval%20Policies) The Audit Committee pre-approves all audit and non-audit services from independent auditors, generally for one year, with management reporting - Policy: The Audit Committee's policy is to **pre-approve all audit and permissible non-audit related services** provided by the independent auditors[77](index=77&type=chunk) - Approval Period: Pre-approval is generally provided for **up to one year** and is detailed as to the particular service or category of services[77](index=77&type=chunk) - Reporting: Management periodically reports to the Audit Committee regarding the extent of services provided and fees[77](index=77&type=chunk) - Case-by-case Approval: The Audit Committee may also pre-approve particular services on a case-by-case basis[77](index=77&type=chunk) [Other Business and Signatures](index=13&type=section&id=Other%20Business%20and%20Signatures) [Other Business](index=13&type=section&id=Other%20Business) The Board is unaware of other business; proxy holders have discretionary authority for any properly arising matters - No Other Known Business: The Board of Directors knows of **no other business** to be acted upon at the annual meeting[78](index=78&type=chunk) - Discretionary Authority: If any other matter properly comes before the annual meeting, the proxy holder will have **discretionary authority** to vote all proxies in accordance with his best judgment[78](index=78&type=chunk) [Report Signatures](index=16&type=section&id=Report%20Signatures) Edward So Kin Chung, Chief Executive Officer, signed the report on September 30, 2024, confirming compliance with the Securities Exchange Act of 1934 - Signatory: **Edward So Kin Chung**[86](index=86&type=chunk) - Title: **Chief Executive Officer**[86](index=86&type=chunk) - Date: **September 30, 2024**[86](index=86&type=chunk)