Core Viewpoint - Prestige Wealth Inc. reported significant growth in net revenues for the first half of fiscal year 2024, driven by asset management services, despite a notable loss from operations and a decrease in wealth management revenues [2][4][10]. Financial Performance - Net revenues increased to $497.629 million for the six months ended March 31, 2024, from $312.964 million in the same period of 2023, marking a 59.01% increase [3][4]. - Operating costs and expenses surged to $1.105629 billion, up 254.51% from $311.871 million in the previous year [3][5]. - The company reported a loss from operations of $608,000, a significant decline from an income of $1,093 in the prior year [3][8]. - Net loss amounted to $503.429 million, compared to a net income of $25.560 million in the same period of 2023 [3][10]. - Basic and diluted loss per share was $0.055, a decrease from earnings per share of $0.003 in the previous year [3][11]. Revenue Breakdown - Wealth management services generated $11.685 million, down from $74.875 million, primarily due to a decrease in referral cases [4][7]. - Asset management services saw revenues rise to $485.944 million from $238.089 million, attributed to new client advisory services [4][7]. Cash Flow and Balance Sheet - Cash and cash equivalents decreased to $294.548 million as of March 31, 2024, from $431.307 million as of September 30, 2023 [12][24]. - Net cash used in operating activities was $2.996 million, contrasting with net cash provided of $454.660 million in the same period of 2023 [13]. - Total assets were reported at $6.642 billion, down from $6.864 billion as of September 30, 2023 [24]. Recent Developments - The company completed several strategic acquisitions in late 2024, including Wealth AI, InnoSphere Tech, and Tokyo Bay Management, aimed at enhancing its technology and service offerings in wealth management [17][19][20]. - These acquisitions are expected to leverage advanced technology and data analytics to improve service delivery and client engagement in the wealth management sector [18][19].

Core Viewpoint - Prestige Wealth Inc. has regained compliance with Nasdaq's minimum bid price requirement, allowing it to continue its listing on the Nasdaq Capital Market [1][3]. Group 1: Compliance with Nasdaq Requirements - On July 23, 2024, Nasdaq notified Prestige Wealth Inc. that its Class A ordinary shares had been below the minimum bid price of $1.00 for 33 consecutive business days, resulting in non-compliance with Nasdaq Listing Rule 5550(a)(2) [2]. - To regain compliance, the company needed to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days [2]. - Nasdaq confirmed that from December 4, 2024, to December 17, 2024, the closing bid price of the company's shares was at or above $1.00, thus closing the compliance matter [3]. Group 2: 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 [4]. - The company offers customized wealth management products and tailored value-added services, along with asset management services through managed investment funds and discretionary account management [4].

Core Insights - Prestige Wealth Inc. has completed the acquisition of InnoSphere Tech Inc. and Tokyo Bay Management Inc. on December 16, 2024, enhancing its service offerings in wealth management and asset management [1][2]. 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 offers customized wealth management products and tailored value-added services, along with asset management services through managed investment funds and discretionary account management [3]. InnoSphere Tech Overview - InnoSphere Tech specializes in web scraping technology to collect financial and wealth management data, enabling the training of specialized large models for the wealth management industry [4]. - This technology provides significant foundational support to clients in the financial sector, surpassing traditional general-purpose models [4]. Tokyo Bay Overview - Tokyo Bay Management Inc. is based in Tokyo, Japan, and has built a strong client base and local market knowledge over the years [5]. - The company provides wealth management services, family affairs services, lifestyle management services, and related value-added services to high-net-worth clients in Japan [5].

Core Viewpoint - Prestige Wealth Inc. has entered into a definitive acquisition agreement to purchase Tokyo Bay Management Inc. for a total price of US$1,500,000, enhancing its strategy in the Asian wealth management industry [1]. Group 1: Acquisition Details - The acquisition involves the purchase of all shares of Tokyo Bay, with the total purchase price being US$1,500,000 [1]. - The payment will be made in the form of 2,500,000 newly issued Class B ordinary shares at a price of US$0.60 per share, along with warrants to purchase 1,875,000 Class A ordinary shares at an exercise price of US$0.72 [1]. - Key employees of Tokyo Bay will be retained post-acquisition, and there will be non-competition and non-solicitation covenants for three years from the seller parties [1]. Group 2: Company Background - 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 [2]. - The company offers customized wealth management products and tailored value-added services, along with discretionary account management and asset management-related advisory services [2]. Group 3: Tokyo Bay Overview - Tokyo Bay is based in Tokyo, Japan, and has built a strong client base and local market knowledge, providing wealth management and lifestyle management services to high-net-worth clients [3].

Group 1: Acquisition of InnoSphere Tech Inc. - Prestige Wealth Inc. announced the acquisition of InnoSphere Tech Inc. for a total purchase price of US$2,100,000, which will be paid in the form of 3,500,000 newly issued Class B ordinary shares at a price of US$0.60 per share [1] - The acquisition includes warrants to purchase 2,625,000 Class A ordinary shares at an exercise price of US$0.72, which will become exercisable six months after issuance and expire five years later [1] - The acquisition is expected to close in the fourth quarter of 2024 and aims to enhance PWM's technology capabilities in the artificial intelligence sector, particularly for wealth management services [1] Group 2: Acquisition of SPW Global Inc. - On November 4, 2024, Prestige Wealth Inc. completed the acquisition of SPW Global Inc., which wholly owns Wealth AI PTE LTD, a company based in Singapore [2] Group 3: 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 offers customized wealth management products and asset management services, including discretionary account management and advisory services [3] Group 4: InnoSphere Tech Overview - InnoSphere Tech specializes in web scraping technology to collect data relevant to finance and wealth management, enabling the training of specialized large models for the wealth management industry [4] Group 5: Wealth AI Overview - Wealth AI, founded in 2022 by AI experts, provides personalized and cost-effective wealth management solutions using artificial intelligence [5]

Core Viewpoint - Prestige Wealth Inc. has announced the acquisition of SPW Global Inc. for a total purchase price of US$4,500,000, which will enhance its technology capabilities in the artificial intelligence sector and support the development of AI-driven wealth management solutions for clients [1]. Group 1: Acquisition Details - The acquisition agreement was signed on August 20, 2024, with a total purchase price of US$4,500,000, consisting of US$3 million in cash and US$1.5 million in shares [1]. - The share component includes 1,900,000 class A ordinary shares and 500,000 class B ordinary shares to be issued to the seller and key employees of Wealth AI [1]. - Key employees of Wealth AI will be retained post-acquisition, and the agreement includes non-competition and non-solicitation covenants for three years [1]. Group 2: Company Background - 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 [2]. - The company offers customized wealth management products and tailored value-added services, along with discretionary account management and asset management-related advisory services [2]. Group 3: Wealth AI Overview - Wealth AI, based in Singapore, provides personalized and cost-effective wealth management solutions utilizing artificial intelligence [3]. - Founded in 2022 by AI experts from leading technology companies, Wealth AI aims to leverage the transformative potential of AI in the wealth management sector [3].

HONG KONG, July 26, 2024 (GLOBE NEWSWIRE) -- Prestige Wealth Inc. (NASDAQ:PWM) ("PWM", or the "Company"),  a wealth management and asset management services provider based in Hong Kong, today announced that, on July 23, 2024, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that based on the closing bid price of the Class A ordinary shares of the Company for the last 33 consecutive business days, the Company no longer me ...

Prestige Wealth (NASDAQ: PWM) stock price jumped sharply on Wednesday as it went through a strong short squeeze. It jumped by more than 43% in the regular session and over 24% in the extended hours. This surge brought the company's market cap to over $15 million. I wrote about Prestige Wealth in July 2023 as its stock was surging. At the time, I compared the company with other Chinese companies like AMTD Idea and Top Financial, which had become beloved among day traders. I recommended that investors should ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commiss ...