HONG KONG, March 27, 2025 (GLOBE NEWSWIRE) -- Prestige Wealth Inc. (Nasdaq: PWM) (the “Company” or “Prestige Wealth”), a wealth management and asset management services provider based in Hong Kong, today announced that the Company will change its business address and mailing address to Office Unit 6620B, 66/F, The Center, 99 Queen’s Road Central, Central, Hong Kong, effective March 27, 2025. The Company believes that the new, easily accessible location provides a conducive environment for the Company to mai ...

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]

Financial Performance - Net revenues for the six months ended March 31, 2024, were $497,629, representing a 59.01% increase from $312,964 in the same period of fiscal year 2023[3] - The loss from operations was $608,000, a significant decline from an income of $1,093 in the same period of fiscal year 2023[6] - Net loss for the six months ended March 31, 2024, was $503,429, compared to a net income of $25,560 in the same period of fiscal year 2023[8] - Total net revenue for the six months ended March 31, 2024, was $497,629, compared to $312,964 for the same period in 2023, representing a 59% increase[24] - The company reported a net loss of $503,429 for the six months ended March 31, 2024, compared to a net income of $25,560 in 2023[24] - Total comprehensive loss for the period was $502,748 in 2024, compared to a comprehensive income of $31,576 in 2023[24] Operating Costs - Operating costs and expenses surged to $1,105,629, a 254.51% increase from $311,871 in the prior year, primarily due to higher wages, depreciation, and audit fees[5] - Selling, general and administrative expenses surged to $1,105,629 in 2024, up from $311,871 in 2023, indicating a 254% increase[24] Revenue Breakdown - Net revenue from wealth management services decreased to $11,685, down from $74,875 in the prior year, attributed to fewer referral cases[9] - Net revenue from asset management services increased to $485,944, up from $238,089, driven by new client advisory services[9] - Advisory service fees increased significantly to $459,974 in 2024 from $212,486 in 2023, marking a 116% growth[24] Share Performance - Basic and diluted loss per share was $0.055, compared to earnings per share of $0.003 in the same period of fiscal year 2023[10] - Basic and diluted loss per ordinary share was $0.055 in 2024, compared to earnings of $0.003 in 2023[24] - The weighted average number of ordinary shares outstanding increased to 9,150,000 in 2024 from 8,000,000 in 2023[24] Cash and Other Income - As of March 31, 2024, cash and cash equivalents decreased to $294,548 from $431,307 as of September 30, 2023[11] - Other income for the six months ended March 31, 2024, was $118,580, compared to $3,335 in 2023[24] Acquisitions - The company completed the acquisition of SPW Global Inc. and its subsidiary Wealth AI, enhancing its technology-driven wealth management capabilities[16] - The company also acquired InnoSphere Tech Inc. and Tokyo Bay Management Inc., expanding its data collection and wealth management services in the Asia-Pacific region[17][18] Foreign Currency Impact - The foreign currency translation adjustment resulted in a gain of $681 in 2024, down from a gain of $6,016 in 2023[24]

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].

HONG KONG, Dec. 19, 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 December 18, 2024, it received notice from The Nasdaq Stock Market LLC ("Nasdaq") informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing on the Nasdaq Capital Market. On July 23, 2024, PWM a n ...

HONG KONG, Dec. 18, 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 December 16, 2024, it completed its acquisition of all shares of InnoSphere Tech Inc (“InnoSphere Tech”), a company incorporated under the laws of the British Virgin Islands. PWM also announced that, on December 16, 2024, it completed its acquisition of all shares of Tokyo Bay Management Inc (“Tokyo ...

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]