HONG KONG, June 12, 2025 (GLOBE NEWSWIRE) -- On May 9, 2025, Neo-Concept International Group Holdings Ltd (the “Company”) held the Company’s Extraordinary General Meeting (the “EGM”) , amongst which a share consolidation (the “Share Consolidation”) was approved by the shareholders, whereby every five issued and unissued shares (namely, both class A ordinary shares of par value US$0.0000625 each and class B ordinary shares of par value US$0.0000625 each) in the share capital of the Company be consolidated in ...

Shareholder Structure and Governance - The Controlling Shareholder owns 71.5% of the total issued and outstanding Ordinary Shares, representing 84.64% of the total voting power, which may not align with the interests of other shareholders [39]. - The dual-class voting structure allows the Controlling Shareholder to exert significant control over corporate actions, which may not be beneficial to other shareholders [43]. - Conflicts of interest may arise due to overlapping business interests of directors and officers with NCH, potentially impacting decision-making [45]. - The company has implemented measures to improve corporate governance, including the appointment of independent Directors and the establishment of an audit committee [56]. Financial Reporting and Internal Controls - The company is in the process of establishing and improving internal controls over financial reporting to enhance accuracy and prevent fraud [55]. - The company is subject to internal control requirements, and failure to maintain effective internal controls may adversely affect its business and the trading price of its Class A Ordinary Shares [57]. Regulatory Environment and Risks - Key operations are based in Hong Kong, but regulatory uncertainty exists due to potential oversight from the Chinese government, which could materially impact operations and share value [58]. - Recent regulatory actions by the Chinese government may limit the company's ability to conduct business and accept foreign investments, potentially leading to a decline in share value [60]. - The SEC has highlighted risks associated with investing in companies with substantial operations in China, including difficulties in enforcing regulatory actions [88]. - The company is not currently required to obtain permissions from PRC authorities for its operations, but future changes in regulations could impose significant restrictions [67]. - The legal system in Hong Kong presents uncertainties that could limit legal protections for the company's operations and contractual rights [69]. Customer and Supplier Dependency - The company relies on one major customer, contributing approximately 71.3%, 91.4%, and 94.5% of total revenues for the years ended December 31, 2023, 2022, and 2021, respectively [102]. - The company’s two principal suppliers accounted for 100%, 93.9%, and 80.1% of total purchases for the years ended December 31, 2024, 2023, and 2022, respectively [108]. - The company does not have long-term agreements with any of its top five customers, making it vulnerable to fluctuations in demand [102]. Market and Competitive Landscape - The apparel supply chain services industry is highly competitive, with many participants leading to pricing pressure and potential loss of customers [122]. - The company may face challenges in attracting new clients who are existing customers of NCH, limiting market share expansion [42]. - The company faces intense competition in a fragmented industry, with competitors having greater resources and access to offshore manufacturing [208]. Economic and Environmental Factors - Political and trade tensions between the U.S. and China may adversely affect the company’s business operations and financial position [96]. - The company faces risks from the Uyghur Forced Labor Prevention Act, which could impact the importation of goods produced in the PRC, particularly from Xinjiang, where 84% of Chinese cotton is sourced [105]. - Global climate change and related regulatory developments could negatively impact the company's operations, particularly in regions experiencing severe weather events [137]. Sustainability and Innovation - The company has received certifications under various sustainable standards, including the Global Recycled Standard 4.0 and the Organic Content Standard 3.0, to enhance its appeal to customers [161]. - The company is committed to reducing environmental impact through recycling, clean processes, and traceable sourcing [150]. - The company has established a recycling project with a top customer to recover boiled wool waste and recycle it into new production materials [159]. - The company has successfully integrated sustainability into its business model, requiring manufacturers to use recycled materials and providing eco-friendly yarn options [164]. Operational Challenges - The company faces risks from labor disruptions at ports and suppliers, which could lead to delays in inventory deliveries and negatively affect sales [117]. - Increasing costs of raw materials and labor could adversely affect profit margins, as the company may not be able to pass on these costs to customers [119]. - Seasonal fluctuations in demand are expected, with sales of finished garment products generally highest from August to December, potentially impacting operating results [116]. Future Growth and Strategic Initiatives - The company plans to pursue acquisitions and joint ventures to diversify revenue sources and enhance market presence, although no specific targets have been identified yet [167][168]. - The company aims to strengthen its market position by enhancing design and development capabilities, focusing on sustainable materials in future product designs [163]. - The company expects continued growth in demand for its apparel services as consumers become more conscious of ethical consumerism and ESG factors [166].

Company Overview - Neo-Concept International Group Holdings Limited (NCI) has announced the soft opening of its first Les100Ciels store in the MENA region, located at The Galleria Al Maryah Island in Abu Dhabi on March 27, 2025 [1] - NCI aims to enhance its retail presence in the MENA markets through a joint venture with Liwa Trading Enterprises LLC, which will support both physical and online shopping experiences [2][3] Strategic Partnerships - The collaboration with Liwa Trading Enterprises LLC, a subsidiary of Al Nasser Holdings, is designed to expand NCI's retail footprint in the MENA region [2][4] - Liwa Trading Enterprises has a strong retail portfolio with 250 stores across the GCC region, which positions NCI to leverage Liwa's market expertise [4][5] Brand Commitment - NCI emphasizes its commitment to providing a unique shopping experience that reflects the essence of the Les100Ciels brand [3] - The company is dedicated to minimizing its environmental footprint through eco-friendly practices, including recycling and sustainable sourcing [7] E-commerce Expansion - In addition to the physical store, NCI has launched a new e-shop for the Middle East, enhancing its online presence and accessibility for customers in the region [2] - The e-commerce platforms include www.les100ciels.com and www.les100ciels.me, catering to both local and international customers [6]

Company Overview - Neo-Concept International Group Holdings Limited (NCI) has announced the soft opening of its first Les100Ciels store in the MENA region, located at The Galleria Al Maryah Island in Abu Dhabi on March 27, 2025 [1][2] - The company aims to enhance its retail presence in the MENA markets through a joint venture with Liwa Trading Enterprises LLC, which is expected to boost its retail footprint [2][3] Strategic Initiatives - The opening of the new store and the launch of a Middle East e-shop are key steps in NCI's mission to provide an exceptional shopping experience for customers in the MENA region [2] - NCI is committed to growing the Les100Ciels brand in the MENA region, reflecting its dedication to delivering a shopping experience that embodies the brand's essence [3] Partnership Insights - Liwa Trading Enterprises LLC, a subsidiary of Al Nasser Holdings, has a strong retail presence in the GCC region, operating 20 international brands with 250 stores [4][5] - Liwa's market expertise and successful franchise partnerships have allowed it to adapt to changing consumer needs and enhance the retail experience [5] Environmental Commitment - NCI is focused on minimizing its environmental footprint by implementing eco-friendly practices, including recycling and sustainable sourcing throughout the garment production process [7]

Core Viewpoint - Neo-Concept International Group Holdings Limited has been granted an additional 180 calendar days by Nasdaq to regain compliance with the minimum bid price requirement of $1 per share, with a deadline set for July 7, 2025 [1] Company Overview - Neo-Concept International Group Holdings Limited (NCI) is a one-stop apparel solution services provider, offering a full suite of services in the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management [2] - The company serves customers in the European and North American markets and sells its own branded apparel products under the brand "Les100Ciels" through retail stores in the UK and the e-commerce platform www.les100ciels.com [2] - NCI is committed to minimizing its environmental footprint by implementing eco-friendly practices, prioritizing recycling, clean processes, and traceable sourcing [2]

Core Viewpoint - Neo-Concept International Group Holdings Limited reported a financial turnaround for the six months ended June 30, 2024, achieving a net income of approximately HK$1.4 million (US$0.2 million) compared to a net loss of approximately HK$5.2 million in the same period of 2023, driven by increased revenue and gross profit [2][6]. Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HK$79.3 million (US$10.2 million), reflecting a 1.7% increase from approximately HK$78.0 million in the same period of 2023 [2][3]. - The increase in revenue was primarily attributed to a 95.3% rise in retail sales of owned-branded apparel products in the UK, amounting to HK$11.5 million (US$1.5 million) [3]. - Conversely, sales of private-labelled apparel products decreased by approximately 5.9% to HK$67.8 million (US$4.3 million) [3]. Expenses - Selling, general and administrative expenses rose by approximately 12.7% to HK$15.9 million (US$2.0 million) for the six months ended June 30, 2024, mainly due to increased staff costs and rental expenses related to the expansion of retail operations [4]. Other Income and Tax - Other income, primarily from agency fees, increased by approximately HK$2.4 million (US$0.3 million) for the six months ended June 30, 2024 [5]. - Income tax expense remained nil for both periods, as the company either incurred tax losses or had available tax losses carried forward [5]. Earnings Per Share - Basic and diluted earnings per share were approximately HK$0.07 (US$0.01) for the six months ended June 30, 2024, compared to a loss per share of HK$0.29 for the same period in 2023 [7]. Company Overview - Neo-Concept International Group Holdings Limited is a comprehensive apparel solution provider, offering services across the apparel supply chain, including market trend analysis, product design, raw material sourcing, production, and logistics management [8]. - The company emphasizes eco-friendly practices and sustainable solutions throughout its garment production process [9].

Core Insights - Aptose Biosciences Inc. has entered into a Cooperative Research and Development Agreement with the National Cancer Institute to develop tuspetinib for treating acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS) [1][3] - The myeloMATCH trials aim to expedite the development of tailored drug combinations for newly diagnosed AML and MDS patients [2][3] - Tuspetinib is being developed as part of a triple drug combination therapy for newly diagnosed AML patients unfit for chemotherapy, with plans to initiate dosing soon [4][5] Company Overview - Aptose Biosciences is a clinical-stage biotechnology company focused on developing precision medicines for oncology, particularly in hematology [5] - The lead compound, tuspetinib, is an oral kinase inhibitor showing promise as both a monotherapy and in combination therapies for relapsed or refractory AML [5] Clinical Development - The myeloMATCH trials, funded by the NCI, were launched on May 16, 2024, to provide tailored treatments for aggressive blood cancers [2] - Tuspetinib has demonstrated broad activity and a favorable safety profile in previous trials, making it a suitable candidate for combination therapies [4] - The Phase 1/2 TUSCANY study protocol for the TUS+VEN+AZA combination has been submitted and is expected to commence in the fourth quarter of 2024 [4][5]

Customer Concentration - As of December 31, 2023, one customer accounted for 71.3% of total revenue, down from 91.4% in 2022 and 94.5% in 2021[462] - As of December 31, 2023, four customers accounted for 44.7%, 21.6%, 11.0%, and 10.1% of total accounts receivable, indicating a diversification in customer concentration risk[463] Vendor Concentration - For the year ended December 31, 2023, two vendors accounted for 69.3% and 24.6% of total purchases, showing a shift from previous years' vendor concentration[465] IPO Proceeds - The company received net proceeds of approximately HK$52.3 million (US$6.7 million) from its IPO, with total expenses incurred around HK$20.3 million (US$2.6 million)[472] - The company plans to allocate approximately 20% of IPO proceeds for developing new products with sustainable materials and processes[473] - Approximately 30% of the IPO proceeds are earmarked for potential acquisitions and/or joint ventures[473] - As of December 31, 2023, the company had not utilized any IPO proceeds for strengthening its corporate finance advisory business[473] Internal Controls - The company has concluded that its disclosure controls and procedures were effective as of December 31, 2023[475] - Internal control over financial reporting was also deemed effective as of December 31, 2023[477] - There were no changes in internal control over financial reporting that materially affected the company during the year ended December 31, 2023[480]