Financial Performance - Revenue for the year ended March 31, 2025, was $23,318,482, representing a 13.0% increase from $20,628,643 in 2024[27] - Gross profit for the same period was $2,171,736, up from $1,701,479 in 2024, indicating a gross margin improvement[27] - Net income for the year was $1,275,882, slightly down from $1,296,203 in 2024, with net income per share at $0.10[27] - Cash at banks increased significantly to $2,365,532 as of March 31, 2025, compared to $189,474 in 2024[29] - Total assets decreased to $6,550,858 in 2025 from $7,687,613 in 2024, primarily due to a reduction in accounts receivable[29] - Total liabilities were $3,090,565 as of March 31, 2025, down from $5,668,552 in 2024, reflecting improved financial health[29] - Shareholders' equity rose to $3,460,293 in 2025, compared to $2,019,061 in 2024, indicating strong retained earnings growth[29] - Operating activities generated cash of $3,391,813 in 2025, a significant recovery from a cash outflow of $(1,666,207) in 2024[28] - The company reported a change in accounts receivable of $3,981,041, indicating improved collection efficiency[28] Regulatory and Compliance Risks - Future outlook includes potential risks related to regulatory changes in the PRC that could impact operations and financial performance[34] - The company operates in Hong Kong through its Operating Subsidiary, which does not have operations in mainland China and is not regulated by mainland Chinese authorities[35] - There is regulatory uncertainty regarding the potential application of PRC laws to the company's operations in Hong Kong, which could adversely affect its business and financial condition[36] - The PRC government has initiated regulatory actions that may impact companies listed overseas, including enhanced supervision and cybersecurity reviews, creating uncertainty for the company's operations[39] - The company may face increased compliance costs and operational changes due to evolving PRC laws and regulations, which could affect its ability to conduct business and raise capital[46] - The PRC Data Security Law and the Personal Information Protection Law impose requirements on data processing and protection, which the company must comply with to avoid adverse effects on its operations[49][51] - The CSRC has introduced filing requirements for overseas listings, which may impact the company's ability to raise capital in foreign markets[52][54] - The company is subject to potential government intervention from the PRC, which could lead to material changes in operations and affect the value of its shares[40] - The effectiveness and interpretation of new laws may be delayed, creating risks for the company's reliance on existing regulations[38] - The company must navigate uncertainties in the PRC legal system, which may affect its operational stability and legal protections[45] - Future restrictions on currency movement from Hong Kong to the mainland could hinder the company's ability to distribute earnings and reinvest in its business[41] - The Operating Subsidiary has collected and stored personal information of far less than one million users as of the report date[55] - The Operating Subsidiary is not required to seek approval from the CSRC or any other PRC governmental authorities for the listing and trading of its Ordinary Shares under current PRC laws[58] - There is significant uncertainty regarding the interpretation and enforcement of the PRC Personal Information Protection Law and other regulations affecting the Operating Subsidiary[56] - If the PRC Personal Information Protection Law becomes applicable, compliance may require rectification or termination of current practices, potentially leading to fines and penalties[57] - The recent enactment of the Accelerating Holding Foreign Companies Accountable Act may lead to trading prohibitions if the auditor is not subject to PCAOB inspections for two consecutive years[61] - The PCAOB currently has access to inspect the auditor's working papers, and the auditor is not subject to the restrictions announced on December 16, 2021[62] - Any significant change in political arrangements between mainland China and Hong Kong could impact the ability to offer Ordinary Shares to investors[60] - The company has not applied for any permission or approval from mainland China authorities to operate its business or offer securities to foreign investors as of the report date[55] - The potential for new regulations could significantly increase operational costs or restrict service offerings in certain jurisdictions[57] - The company faces risks related to the interpretation and enforcement of overseas listing regulations, which could affect its business operations and share value[59] - The PCAOB's inability to access auditing papers from registered public accounting firms in mainland China and Hong Kong may lead to trading prohibitions on U.S. markets for affected companies under the HFCA Act if non-inspection persists for two consecutive years[63] - U.S. public companies with significant operations in China face increased scrutiny and potential negative publicity, impacting their share prices and reputations due to financial irregularities and allegations of fraud[64] - The HFCA Act mandates that foreign companies certify they are not controlled by foreign governments if their auditors are not PCAOB inspected, with trading prohibitions applying after two consecutive years of non-inspection[66] - Nasdaq has proposed stricter listing criteria for companies operating in "Restrictive Markets," which may limit their ability to list on certain Nasdaq markets[67] - The ongoing scrutiny of U.S.-listed Chinese companies has led to significant declines in stock values, with many companies facing shareholder lawsuits and SEC investigations[68] - Political and economic conditions in Hong Kong and China, as well as global economic factors, could materially affect the company's business and financial condition[73] - The Biden administration's executive order on August 9, 2023, aims to restrict U.S. investments in key technology sectors in China, potentially impacting capital raising for companies[76] - Fluctuations in exchange rates, particularly between the Hong Kong dollar and U.S. dollar, could adversely affect the company's financial results and operations[77] - The pegging of the Hong Kong dollar to the U.S. dollar may change, which could increase operational costs and negatively impact profitability[79] - Political risks in Hong Kong, including potential changes in the legal and economic environment, may pose threats to the company's operations and financial stability[80] Market and Operational Risks - A significant portion of the company's revenue is derived from a limited number of customers, with the five largest customers accounting for 100% of total revenue for the years ended March 31, 2025 and 2024[89] - The tender success rate for the years ended March 31, 2025 and 2024 was approximately 15.8% and 15.4%, respectively, indicating variability in securing new contracts[91] - The average price of sand, a major raw material, has increased significantly due to limited supply, which could adversely affect project costs and timelines[100] - Contracts with customers are generally on a re-measurement basis, and the actual value of work done may differ from the original estimated contract sum, impacting revenue recognition[101] - Cash inflows and outflows for wet trades projects may be irregular, potentially affecting the company's net cash flow position due to the timing of progress payments[103] - The company faces risks related to the performance and availability of subcontractors, which could impact project quality and profitability[94] - Rising costs of raw materials and potential shortages may lead to increased operational costs, adversely affecting financial performance[100] - The company cannot guarantee the continuation of contracts with major customers, which poses a risk to financial stability if project numbers decrease[90] - Changes in international trade policies and potential trade disputes could materially affect the company's operations and client confidence[86] - The enforcement of foreign judgments in Hong Kong may be challenging, potentially limiting legal protections for the company[85] - The company's backlog decreased from US$15,536,125 as of March 31, 2023, to US$13,924,481 as of March 31, 2024, representing a decrease of US$1,611,644[113] - The backlog further reduced by US$950,752 from US$13,924,481 as of March 31, 2024, to US$14,875,233 as of March 31, 2025[113] - The company faces significant competition in the wet trades industry, which may lead to lower operating margins and loss of market share[107] - The availability of wet trades works projects in Hong Kong is largely dependent on the property market's performance, which may significantly affect the company's financial position[106] - The company is experiencing a prolonged issue with a shortage of experienced and skilled labor, which may hinder its ability to undertake additional projects[109] - The contracts generally include a liquidated damages clause, which could result in financial penalties if projects are not completed on time[111] - The company does not maintain defects liability insurance, exposing it to potential claims arising from latent defects[115] - There is no assurance that the company will be able to renew its registration under the Registered Specialist Trade Contractors Scheme, which could adversely affect its business[114] - The company’s ability to successfully tender for new projects is limited by the availability of project management staff and subcontractors[109] - The company’s business strategies may be hindered by risks including labor shortages and market competition, potentially affecting its financial condition[121] Strategic Initiatives and Future Plans - The company does not expect to pay cash dividends in the foreseeable future and plans to retain earnings to support operations and growth[128] - The company has identified material weaknesses in its internal control over financial reporting, including limited controls over information processing and inadequate segregation of duties[132][133] - The company intends to hire additional finance and accounting staff with qualifications in U.S. GAAP to strengthen internal controls over financial reporting[135] - The company may face significant adverse consequences if it fails to meet Nasdaq's continued listing standards, which could affect the liquidity and market price of its shares[138] - The company relies on dividends and distributions from its subsidiaries to fund cash and financing requirements, and limitations on these payments could adversely affect its operations[128][131] - The company is subject to regulatory developments that could impact its financial performance and market valuations[129] - The company may experience volatility in its share price due to factors such as class action suits or negative publicity[127][129] - The company does not have a formal policy to review significant accounting transactions, which could lead to undetected material weaknesses[134] - The company may incur additional costs related to compliance with the Sarbanes-Oxley Act, which could affect its financial resources[136][137] - The company may face challenges in attracting research coverage from analysts, which could impact its share price and trading volume[144] - The Grand Court of the Cayman Islands will enforce final and conclusive in personam judgments of foreign courts for debts or definite sums of money, excluding taxes or penalties[146] - The enforcement of U.S. court judgments in Hong Kong is uncertain, particularly for those based on U.S. securities laws, and may not be recognized if obtained by fraud or contrary to public policy[147] - Shareholders of Cayman Islands exempted companies have limited rights to access corporate records, which may hinder their ability to gather necessary information for shareholder actions[150] - The Cayman Islands enacted the Economic Substance Act, requiring companies conducting relevant activities to comply with economic substance requirements, which may impact business operations[152] - As a foreign private issuer, the company is exempt from certain U.S. securities regulations, resulting in less extensive and timely information being available to investors compared to U.S. domestic issuers[153] - The company may lose its foreign private issuer status if more than 50% of its shares are held by U.S. residents, leading to increased reporting requirements and costs[155] - The company is classified as an emerging growth company, allowing it to take advantage of reduced reporting requirements, which may limit investor access to certain information[158] - The company may elect to rely on the "controlled company" exemption under Nasdaq rules, potentially resulting in a board with fewer independent directors, affecting shareholder protections[161] - The interests of the company's controlling shareholders may conflict with those of other shareholders, potentially impacting decisions on changes in control[162] Business Operations - The company has been engaged in providing wet trades services in Hong Kong since 2018, focusing on plastering, tile laying, brick laying, floor screeding, and marble works[163] - As of the date of the report, the company has 6 construction projects on hand, including both ongoing and upcoming projects[180] - The company has established long-term relationships with major customers, which are reputable main contractors in Hong Kong, contributing significantly to its revenue[181] - The company engaged over 350 subcontractors and 15 suppliers in the year ended March 31, 2025, demonstrating a strong network of pre-approved suppliers[183] - The trade receivables turnover days were approximately 53 days for the year ended March 31, 2025, compared to 62 days in 2024 and 56 days in 2023[183] - The company plans to expand its workforce to increase project capacity and maintain service quality, particularly by hiring additional project management staff[187] - The company aims to acquire additional machinery, such as forklifts and plaster spray machines, to enhance project capacity and cost-effectiveness[188] - The company completed its IPO on July 9, 2025, listing 1,500,000 Ordinary Shares at a price of $4.00 per share on the Nasdaq Capital Market under the symbol "MSGY"[174] - As of the date of the report, 14,225,000 Ordinary Shares were issued and outstanding[176] - The company has implemented a stringent quality assurance system, ensuring no material disputes or legal proceedings have been initiated by customers[185] - The company aims to diversify its project portfolio to include public sector projects, responding to increased government initiatives for public housing and infrastructure developments[189] - The company reported a tender success rate of 15.8% for the year ended March 31, 2025, compared to 15.4% in 2024 and 15% in 2023[211] - The company plans to adopt a proactive marketing strategy to increase its market share in the wet trades industry, including setting up a website and establishing a business development team[190] - The company is focused on strengthening its financial capacity and manpower to qualify for public sector project tenders[189] - The types of wet trades works offered by the company include plastering, tile laying, brick laying, floor screeding, and marble works[191] - The company engages in invitation-based tendering, where main contractors invite the company to submit tender proposals[209] - The project management team is responsible for developing work schedules, supervising subcontractors, and ensuring compliance with laws and regulations[213] - The company is currently dependent on major customers for project tender invitations and aims to reduce customer concentration through diversification[190] - The company anticipates greater opportunities in the public sector due to increased social demand for public housing and improved infrastructure[189] - The company conducts thorough assessments of project profitability and feasibility before deciding to bid on tenders[210]

Group 1: Recent IPOs - Seven new stocks were listed last week, with four coming from China [1] - Notable IPOs include: - MAMK raised $6.5 million by issuing 1.63 million shares at $4 each [1] - ANPA raised $5 million by issuing 1.25 million shares at $4 each [1] - MSGY raised $6 million by issuing 1.5 million shares at $4 each [1] - BMHL raised $5.5 million by issuing 1.38 million shares at $4 each [1] - TLIH raised $8.96 million by issuing 2.24 million shares at $4 each [1] - DLXY raised $8 million by issuing 2 million shares at $4 each [2] - SPAC Globa Terra Acquisition raised $152 million [2] Group 2: Upcoming IPOs - Two companies plan to go public this week, including a Chinese enterprise [3] - Aura Minerals Inc. plans to list on NASDAQ with the ticker AUGO, aiming to raise $210 million by issuing 8.1 million shares at $25.92 each [4][5] - New Junyang Cashmere plans to list on NASDAQ with the ticker MJID, aiming to raise approximately $17.5 million by issuing 2.5 million shares at $6 to $7 each [6][7]

As filed with the Securities and Exchange Commission on June 16, 2025. Registration Statement No. 333-283046 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ Amendment No. 6 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________ Masonglory Limited (Exact name of registrant as specified in its charter) _____________________________ | Cayman Islands | 1700 | Not Applicable | | --- | --- | --- | | (State or other ju ...

As filed with the Securities and Exchange Commission on March 18, 2025. Registration Statement No. 333-283046 (Exact name of registrant as specified in its charter) _____________________________ Cayman Islands 1700 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ Amendment No. 5 to Form F-1 REGISTRATION STATEMENT UNDER THE ...

As filed with the Securities and Exchange Commission on February 21, 2025. Registration Statement No. 333-283046 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ Amendment No. 4 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________ Masonglory Limited (Exact name of registrant as specified in its charter) _____________________________ Cayman Islands 1700 Not Applicable (State or other jurisdiction of incorporatio ...

As filed with the Securities and Exchange Commission on January 3, 2025. Registration Statement No. 333-283046 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ Amendment No. 3 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________ Masonglory Limited (Exact name of registrant as specified in its charter) _____________________________ Cayman Islands 1700 Not Applicable (State or other jurisdiction of incorporation ...

As filed with the Securities and Exchange Commission on December 13, 2024. Registration Statement No. 333-283046 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ Amendment No. 2 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________ Masonglory Limited (Exact name of registrant as specified in its charter) _____________________________ Cayman Islands 1700 Not Applicable (State or other jurisdiction of incorporatio ...

As filed with the Securities and Exchange Commission on November 18, 2024. Registration Statement No. 333-283046 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ Amendment No. 1 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________ Masonglory Limited (Exact name of registrant as specified in its charter) _____________________________ Cayman Islands 1700 Not Applicable (State or other jurisdiction of incorporatio ...

As filed with the Securities and Exchange Commission on November 6, 2024. Registration Statement No. 333-[*] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________ Masonglory Limited (Exact name of registrant as specified in its charter) _____________________________ Cayman Islands 1700 Not Applicable (State or other jurisdiction of incorporation or organization) (Pri ...