Financial Reporting and Internal Controls - As of September 30, 2025, the company has engaged a qualified financial and accounting advisory team to strengthen its financial reporting function and internal controls [123]. - The company has material weaknesses in its internal controls over financial reporting, which could adversely affect its business and the trading price of its Ordinary Shares [124]. - The company expects to incur significant legal, accounting, and compliance costs as a public company, particularly after it no longer qualifies as an "emerging growth company" [139]. - The company’s auditor is based in Manhattan, New York, but faces challenges in fully cooperating with PCAOB due to Chinese regulations [146]. - The SEC has implemented rules requiring increased disclosures for issuers unable to be inspected by PCAOB, which could impact investor confidence [148]. Securities and Market Risks - The company has a substantial number of convertible securities outstanding, including Series A-1, Series A-2, Series B-1, and Series B-1 warrants, issued in a $100 million private placement on October 10, 2025 [127]. - The company is subject to Nasdaq Listing Rules, which require compliance with minimum stockholders' equity and other criteria to maintain its listing [129]. - The company received a notice from Nasdaq regarding non-compliance with the Minimum Bid Price Rule, with a compliance period until September 29, 2025 [158]. - If the company fails to regain compliance by March 30, 2026, it may face delisting from Nasdaq [159]. - The company may face delisting or trading restrictions under the Holding Foreign Companies Accountable Act (HFCAA) if the PCAOB cannot inspect its audit documentation located in mainland China [145]. - The market price of the company’s Class A Ordinary Shares may be volatile, influenced by various external factors [163]. - The market for Class A Ordinary Shares is expected to remain more volatile than that of seasoned issuers for the indefinite future, potentially leading to securities litigation [164]. - The company may lose visibility in financial markets if analysts cease coverage or publish negative reports, affecting share price and trading volume [161]. Shareholder Rights and Corporate Governance - Anti-takeover provisions in the company's memorandum and articles of association may discourage or delay changes in control that shareholders may favor [141]. - Class A Ordinary Shares have one vote per share, while Class B Ordinary Shares have 50 votes per share, significantly limiting the influence of Class A shareholders on corporate matters [165]. Financial Management and Risks - The Group limits credit risk by transacting with broker-dealers, banks, and regulated exchanges that have high credit ratings [464]. - Liquidity risk is managed by monitoring liquid capital and maintaining adequate cash and bank balances to finance operations [465]. - Interest rate risk is considered minimal as cash held with banks is short-term, with terms less than one month [466]. - Inflation has not had a material impact on the Group's results of operations in recent years [467]. - As of September 30, 2023, the Group has no significant foreign currency risk as most transactions are denominated in Hong Kong dollar or U.S. dollar, with minimal exposure due to the peg between the two currencies [462]. Dividend Policy - The company does not intend to pay dividends for the foreseeable future, opting to retain earnings for business operations and expansion [160].

Core Insights - Prestige Wealth Inc. plans to change its name to Aurelion Inc. after approval and is raising $100 million through a private placement and $50 million in senior debt financing led by Antalpha [1] - The Aurelion Treasury will be fully denominated in Tether Gold (XAUt) to enhance resilience and transparency [1][2] Investment Details - Antalpha is investing approximately $43 million in Aurelion's PIPE financing, acquiring controlling voting rights [1][5] - Other qualified investors include Kiara Capital, contributing $6 million, and Tether, contributing $15 million [5] - Post-transaction, Antalpha will hold about 32.4% of Aurelion's shares, representing 73.1% of voting rights [5] Strategic Rationale - The investment marks a new phase for Antalpha's Reserve 2.0 strategy, focusing on scaling Tether Gold (XAUt) reserves through institutional-grade infrastructure and governance [3] - Gold has historically provided a hedge against macroeconomic volatility and political uncertainty, reinforcing the value of blockchain-based gold [3][4] Tether Gold Overview - Tether Gold (XAUt) is backed by 100% physical gold and has accumulated approximately 7 tons of gold since its launch in 2020, ensuring institutional-level transparency and liquidity [4][10] - Aurelion aims to use Tether Gold as its sole treasury asset to stabilize volatility and enhance collateral resilience [4] Future Plans - Antalpha plans to enhance the liquidity and service offerings of Tether Gold through the Antalpha RWA Hub [2][11] - Aurelion will continue to engage in wealth and asset management services while leveraging the stability of physical gold [9]

Core Insights - The top five Chinese concept stocks that saw the highest closing gains include YSXT, JFU, YGMZ, PWM, and SKBL, with significant percentage increases ranging from 11.51% to 21.36% [1] Group 1: Stock Performance - YSXT (益盛鑫科技) closed at 2.500, with a gain of 21.36%, increasing by 0.440, and a trading volume of 2.8447 million [1] - JFU (玖富) closed at 5.030, with a gain of 19.76%, increasing by 0.830, and a trading volume of 1.9107 million [1] - YGMZ (明珠货运) closed at 1.0000, with a gain of 19.08%, increasing by 0.1602, and a trading volume of 0.4572 million [1] - PWM (盛德财富) closed at 1.170, with a gain of 12.50%, increasing by 0.130, and a trading volume of 71.0018 million [1] - SKBL (天际线建筑集团) closed at 3.100, with a gain of 11.51%, increasing by 0.320, and a trading volume of 0.31729 million [1]

Core Viewpoint - Prestige Wealth Inc. plans to be renamed Aurelion Inc. and will focus on Tether Gold (XAU₮) as its sole treasury reserve, aiming to enhance liquidity and stability in the digital asset space [1][11]. Investment and Financial Structure - Antalpha invested approximately $43 million in a $100 million private placement (PIPE) for Aurelion, acquiring controlling voting rights [1][7]. - The investment includes participation from accredited investors such as Tether and Kiara Capital, with Tether contributing $15 million and Kiara Capital $6 million [7]. - Following the transaction, Antalpha holds approximately 32.4% of Aurelion's shares and 73.1% of the voting rights [7]. Strategic Initiatives - Aurelion will anchor its treasury exclusively in Tether Gold (XAU₮), which is 100% physically backed and redeemable for gold stored in Switzerland [6][11]. - The initiative aims to provide a safe haven against inflation, currency devaluation, and crypto volatility, enhancing collateral resilience [3][6]. - Antalpha's Reserve 2.0 strategy builds on previous investments in Tether Gold, aiming to scale reserves with institutional infrastructure and governance [4]. Market Context - Gold has historically served as a benchmark of value and a hedge against macroeconomic volatility, making it a strategic asset in the digital economy [5]. - Tether Gold (XAU₮) has acquired approximately 7 tons of gold since its launch in 2020, ensuring institutional-grade transparency and liquidity [6]. Future Outlook - Aurelion aims to continue fundraising to purchase additional Tether Gold, which is expected to provide stability and smoother operations [7]. - The company will also maintain its wealth management and asset management services alongside its new focus on tokenized gold [11].

Financial Performance - Total net revenue for the six months ended March 31, 2025, was $287, a decrease of 99.4% compared to $497,629 for the same period in 2024[6] - The company reported a net loss of $3,635,088 for the six months ended March 31, 2025, compared to a net loss of $503,429 for the same period in 2024, representing a 620.5% increase in losses[6] - The company incurred selling, general, and administrative expenses of $3,716,180 for the six months ended March 31, 2025, compared to $1,105,629 for the same period in 2024, reflecting a 236.5% increase[6] - The company reported a loss before income taxes of US$3,682,036 for the six months ended March 31, 2025, compared to a loss of US$489,420 for the same period in 2024[102] Cash and Assets - Cash and cash equivalents decreased to $6,661 as of March 31, 2025, down from $13,190 as of September 30, 2024, reflecting a decline of 49.6%[4] - Total assets increased significantly to $18,151,177 as of March 31, 2025, compared to $6,327,603 as of September 30, 2024, marking a growth of 187.5%[4] - Shareholders' equity rose to $15,948,475 as of March 31, 2025, up from $3,040,768 as of September 30, 2024, indicating a substantial increase of 424.5%[4] Revenue Sources - Referral fees for the six months ended March 31, 2025, were $287, a significant decrease from $11,685 in 2024, indicating a decline of approximately 97.55%[44] - Advisory service fees were recorded as $459,974 for the six months ended March 31, 2024, while no advisory service fees were reported for the same period in 2025[44] - Management fees for the six months ended March 31, 2024, totaled $25,970, with no management fees reported for the same period in 2025[44] Acquisitions and Subsidiaries - The company completed acquisitions of Tokyo Bay Management Inc. and InnoSphere Tech Inc. on December 16, 2024, expanding its wealth management and technology service capabilities[20][21] - The company operates several wholly-owned subsidiaries, including Wealth AI PTE LTD and InnoSphere Tech Pte. LTD., focusing on AI-driven wealth management solutions[26] - The total purchase price for the acquisition of SPW Global Inc. is US$4,500,000, with US$3 million paid in cash and US$1.5 million settled in shares[72] - The acquisition of InnoSphere Tech Inc. was completed for a total price of US$2,100,000, paid in the form of 3,500,000 newly issued Class B Ordinary Shares[73] - The acquisition of Tokyo Bay was finalized for US$1,500,000, with payment made in 2,500,000 newly issued Class B Ordinary Shares[74] Financial Position and Risks - As of March 31, 2025, the Company reported a concentration of revenues with Company A contributing 50.24% and Company B contributing 42.19%[70] - The Company has a credit risk concentration with bank deposits of $4,031 in Hong Kong as of March 31, 2025[69] - The allowance for credit losses as of September 30, 2024, was $74,622, reflecting significant credit risk associated with prior contract assets[49] - The Company recognized nil impairment losses for long-lived assets as of March 31, 2025, and September 30, 2024[61] Taxation - The effective income tax rate for the six months ended March 31, 2025, was 1.28%, significantly lower than the statutory rate of 16.5% due to tax exemptions for subsidiaries in the Cayman Islands and Singapore[102] - The total income tax provision for the six months ended March 31, 2025, was a benefit of US$46,948, compared to an expense of US$14,009 for the same period in 2024[100] - The Company has a net taxable loss of HK$532,308 (approximately US$68,124) available to reduce future taxable income, which can be carried forward indefinitely[100] Shareholder and Equity Information - The weighted average number of ordinary shares outstanding increased to 28,684,671 for the six months ended March 31, 2025, compared to 9,150,000 for the same period in 2024, representing a 213.5% increase[6] - The company issued 26,115,656 common shares during the six months ended March 31, 2025, contributing to a total shareholders' equity increase[8] - As of March 31, 2025, subscriptions receivable represented commitments from investors to purchase capital stock, recorded in the equity section of the balance sheet[62] Other Financial Activities - The company raised approximately $3,000,000 in gross proceeds from a private placement offering on September 9, 2024[83] - The company entered into a consulting agreement for $850,000, which included warrants for 708,333 shares at an exercise price of $0.72[81] - The company entered into a private placement agreement on April 23, 2025, to sell 32,608,696 Class A ordinary shares at a price of $0.23 per share, resulting in gross proceeds of approximately $7,500,000 before expenses[110] - On April 25, 2025, the company issued 10,000,000 restricted shares at a price of $0.265 per share to service providers for the construction of the MGAI Privatization Large Model System[111] Miscellaneous - The Company has only one reportable segment, with all assets and revenues substantially derived from Hong Kong[109] - The company has not identified any events with a material financial impact on its condensed consolidated financial statements other than the subsequent events described[113]

Core Viewpoint - Prestige Wealth Inc. reported significant financial challenges in the first half of fiscal year 2025, with a drastic decline in net revenues and a substantial increase in operational losses, while also highlighting strategic acquisitions aimed at enhancing its technology-driven wealth management services [2][3][4]. Financial Performance - Net revenues for the six months ended March 31, 2025, were $287, a decrease of 99.94% from $497,629 in the same period of 2024 [3][4]. - The company reported a net loss of $3,635,088 for the first half of fiscal year 2025, compared to a net loss of $503,429 in the same period of 2024, marking an increase in losses of 622.07% [3][9]. - Loss from operations was $3,715,893, significantly higher than the loss of $608,000 reported in the previous year, reflecting an increase of 511.17% [3][7]. Operational Costs - Operating costs and expenses rose to $3,716,180 in the first half of fiscal year 2025, up 236.11% from $1,105,629 in the same period of 2024, primarily due to increased selling, general, and administrative expenses [3][6]. Revenue Breakdown - Revenue from wealth management services was $287, down from $11,685 in the previous year, primarily due to a decrease in referral cases [4][26]. - Asset management services generated no revenue in the first half of fiscal year 2025, a significant drop from $485,944 in the same period of 2024, as the company ceased its asset management operations in August 2024 [4][5]. Cash Flow and Financing - Net cash used in operating activities was $82,884, a decrease from $2,995,580 in the same period of 2024, mainly due to reduced prepayments [12]. - The company raised approximately $7,500,000 through a private placement in August 2025, indicating improved financing capabilities post-IPO [17]. Strategic Developments - The company completed acquisitions of Wealth AI, InnoSphere Tech, and Tokyo Bay, aiming to enhance its technology-driven wealth management services [2]. - The strategic focus is on leveraging technology to innovate within the wealth management sector, which is expected to drive future growth [2][5].

Company Overview - Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, focusing on high-net-worth and ultra-high-net-worth clients in Asia [3] - The company assists clients in identifying and purchasing well-matched wealth management products and global asset management products, offering customized services and tailored value-added services [3] Business Address Change - The company announced a change in its business and mailing address to Office Unit 6620B, 66/F, The Center, 99 Queen's Road Central, Central, Hong Kong, effective March 27, 2025 [1] - The new location is believed to provide a conducive environment for maintaining high standards of excellence and customer satisfaction, enhancing operations, and better serving clients and partners [2]

Core Viewpoint - Prestige Wealth Inc. has launched an AI-powered financial news intelligence agent through its subsidiary InnoSphere Tech Inc., aimed at enhancing market information delivery and sentiment analysis capabilities [1][2]. Company Overview - Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong [1]. - InnoSphere Tech Inc. is a wholly owned AI fintech subsidiary of Prestige Wealth Inc. [3]. Product Features - The AI financial news intelligence agent integrates advanced natural language processing technology with real-time market monitoring [2]. - It offers features such as personalized news push, intelligent summarization, sentiment analysis, and market impact forecasting [2]. - The system incorporates top-tier large language models like ChatGPT and LLaMA3, along with a proprietary financial knowledge base [3].

Core Insights - Prestige Wealth Inc. has announced a significant upgrade to its AI fintech subsidiary, InnoSphere Tech Inc., through the integration of DeepSeek, an advanced AI technology [1] - The integration includes top-tier large language models such as ChatGPT and LLaMA3, combined with real-time market data and a proprietary financial knowledge base [1] - This initiative aims to enhance the efficiency and productivity of fintech solutions for global clients [1] Company Developments - InnoSphere Tech Inc. is a wholly owned subsidiary of Prestige Wealth Inc. focused on AI fintech services [1] - The upgrade is part of a broader strategy to develop next-generation AI-powered fintech systems [1] - The integration of advanced AI technologies is expected to drive operational efficiency within the company [1]

Financial Reporting and Internal Controls - As of September 30, 2024, the company has engaged a qualified financial and accounting advisory team to improve internal control over financial reporting[129] - The effectiveness of internal controls is crucial to prevent fraud, and weaknesses may adversely affect the company's financial condition and share price[131] - Increased costs are anticipated as a result of being a public company, particularly after ceasing to qualify as an "emerging growth company"[147] - The Group's financial statements have been prepared on a "going concern" basis, indicating reliance on the successful commercialization of current services to achieve profitability[178] Compliance and Regulatory Risks - The company is exempt from certain Nasdaq corporate governance standards as a foreign private issuer, which may afford less protection to investors[134] - If the company fails to meet Nasdaq listing requirements, it could face delisting, negatively impacting share price and liquidity[135] - The company received a notification from Nasdaq on July 23, 2024, regarding non-compliance with the minimum bid price requirement, as the closing bid price was below $1.00 for 30 consecutive business days[170] - The company regained compliance with the minimum bid price requirement on December 18, 2024, with the closing bid price being $1.00 or greater for more than ten consecutive business days[170] - The company may face delisting risks if it fails to meet Nasdaq's continued listing standards, which could adversely affect liquidity and market price[168] - The company is subject to the Holding Foreign Companies Accountable Act (HFCAA), which could impact its ability to access U.S. capital markets if audit documentation cannot be inspected[154] - The PCAOB has determined it can inspect registered public accounting firms in mainland China and Hong Kong, but future access could be obstructed by PRC authorities[163] - The company may be affected by legislative changes that could reduce the time frame for delisting if its auditor is not subject to PCAOB inspections for two consecutive years[159] Market and Shareholder Considerations - The company qualifies as an "emerging growth company," allowing it to take advantage of reduced disclosure requirements, which may affect investor attractiveness[144] - The market price of the company's Class A Ordinary Shares may be volatile, influenced by various factors including market fluctuations unrelated to the company's performance[174] - The company’s Class A Ordinary Shares may be thinly traded, leading to potential difficulties in selling shares at desired prices[167] - The dual-class share structure allows Class B shareholders 20 votes per share compared to 1 vote for Class A, potentially limiting influence on corporate matters[179] - The potential conversion of Class B shares into Class A shares may have a dilutive effect on existing Class A shareholders, affecting market price[180] - The trading market for the company's Ordinary Shares may decline if analysts do not publish research or issue negative reports[173] Operational and Financial Risks - The company faces risks related to acquisitions, including management distraction and difficulties in retaining key employees and customers[130] - The Group limits credit risk by transacting with broker-dealers, banks, and regulated exchanges that have high credit ratings[644] - Liquidity risk is managed by monitoring liquid capital and maintaining adequate cash and bank balances to finance operations[646] - Interest rate risk is considered minimal as cash held with banks is short-term, with terms less than one month[647] - Inflation has not had a material impact on the Group's results of operations in recent years[648] - The Group may require additional financing to fund ongoing operations and expected business plans[178] - The Group's operations may be influenced by fluctuations in quarterly results and changes in financial estimates by analysts[177]