Hong Kong, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Fenbo Holdings Limited (NASDAQ: FEBO) (the “Company” or “Fenbo”), an established original equipment manufacturer (OEM) for Spectrum Brands, a global home essentials company, producing electrical hair styling products under the “Remington” brand, announced that the Company received a letter on January 16, 2025 (the “Determination Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”). The Determination Letter notified the Com ...

HONG KONG, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Fenbo Holdings Limited (Nasdaq: FEBO) (the “Company”, “we”, “our”, “us” or “FEBO”), an established original equipment manufacturer (OEM) for a global home essential company, producing electrical hair styling products under the “Remington” brand which are sold to overseas markets, today announced its unaudited financial results for the six months ended June 30, 2024. Fiscal Year 2024 First Half Financial Results Compared to Fiscal Year 2023 First Half Financial Re ...

Hong Kong, April 29, 2024 (GLOBE NEWSWIRE) -- Fenbo Holdings Limited (the "Company" or "Fenbo"), an established original equipment manufacturer (OEM) for a global home essential company, producing electrical hair styling products under the "Remington" brand which are currently sold to overseas markets, today announced its financial results for the full year ended December 31, 2023. Full Year 2023 Financial Highlights Revenue remained relatively stable at HK$119.1 million (US$15.2 million) for the fiscal yea ...

IPO and Financial Overview - Fenbo Holdings Limited completed its IPO on December 1, 2023, raising total gross proceeds of $5,000,000 by offering 1,000,000 Ordinary Shares at a price of $5.00 per share[217]. - For the financial year ended December 31, 2023, the company's revenue was approximately HK$119.1 million, a decrease of 0.5% compared to HK$119.7 million in 2022[340]. - The company's net income for the financial year ended December 31, 2023, was a net loss of approximately HK$1.5 million, compared to a net income of HK$8.7 million in 2022[342]. - The gross profit margin for 2023 was 18.6%, an increase from 15.7% in 2022, despite a decline in revenue[340]. - Selling and marketing expenses decreased to HK$1.96 million in 2023, representing 1.7% of revenue, down from 2.1% in 2021[340]. - General and administrative expenses increased to HK$20.54 million in 2023, accounting for 17.2% of revenue, up from 16.1% in 2022[340]. - The company reported other income of HK$767,000 in 2023, a significant decrease from HK$13 million in 2022[340]. - The income tax expense for 2023 was HK$131,000, compared to HK$312,000 in 2022, reflecting a lower tax burden due to the net loss[340]. - The loss from operations decreased to HK$0.4 million for the fiscal year ended December 31, 2023, from a loss of HK$2.5 million in 2022, driven by increased gross profit and reduced administrative expenses[364]. - The company anticipates enhancing gross margins in 2024 by optimizing product mix and increasing raw material inventories within capital constraints[359]. Market Trends and Demand - The global market size for personal care beauty appliances increased from approximately $26.9 billion in 2016 to $32.4 billion in 2021, representing a CAGR of 3.8%[222]. - The personal care beauty appliance OEM market in the PRC grew from $2,010.1 million in 2016 to $3,310.3 million in 2021, reflecting a CAGR of approximately 10.5%[235]. - The global hair styling tool market is projected to reach $39.0 billion by 2026, with a CAGR of 3.7% over the next five years[224]. - The demand for hair styling tools is driven by evolving fashion trends and increased self-grooming consciousness, particularly among millennials and men[225]. - The rise of e-commerce has significantly boosted sales of personal care beauty appliances, particularly during the COVID-19 pandemic[230]. - The PRC government has implemented favorable policies to support the domestic manufacturing industry, enhancing the demand for hair styling tool OEM services[239]. Production and Operational Capacity - The Group's manufacturing facilities can produce approximately three million pieces of electrical hair styling products per annum[258]. - The Group plans to expand its production capacity by upgrading existing facilities and purchasing new equipment in the SZ Factory to enhance overall production capacity[273]. - The Group aims to strengthen its engineering, research, and development capabilities by recruiting more engineers to expand the range of product models for potential ODM and OBM customers[275]. - The Group intends to penetrate new geographical markets, particularly the United States, by recruiting new sales and marketing staff and establishing a subsidiary or representative office[276]. Financial Risks and Challenges - The profitability of enterprises in the electronics industry in China declined from 9.1% in 2018 to 5.9% in 2021 due to rising labor and raw material costs[241]. - The average monthly wage of professional technicians in the manufacturing industry increased from RMB 6,212.4 to RMB 9,800.9 from 2016 to 2021, representing a CAGR of approximately 9.5%[245]. - The average lead delivery time of chips increased from 12.7 weeks in January 2020 to 26.2 weeks in January 2022 due to global component shortages exacerbated by COVID-19[244]. - The Group's export sales volume was adversely affected due to severe supply chain shortages and manpower constraints[305]. - The Group's response to the ongoing geopolitical tensions includes stockpiling inventories to mitigate potential shortages[309]. - The company expects fluctuations in the cost of key materials to continue affecting margins, as raw material prices are influenced by market forces and supply-demand dynamics[345]. Governance and Management - The Board of Directors consists of five members, including two Executive Directors and three independent non-executive Directors[398]. - Mr. Li Siu Lun Allan has been the Chairman, Executive Director, and CEO since September 30, 2022[399]. - Mr. Fu Wai Yip has served as the Chief Financial Officer since December 6, 2022[400]. - The audit committee is chaired by Wong Siu Keung and includes independent non-executive Directors[408]. - The audit committee has been designated as having "audit committee financial experts" to oversee financial reporting[410]. - The compensation committee is chaired by Lai King Yan and includes independent non-executive Directors[413]. - The company has established various committees to ensure compliance with applicable regulations and enhance governance[407].