According to Gelonhui, on September 5, Powell Max Limited (referred to as "Allen Financial Printing") was listed on the NASDAQ in the USA with the stock code PMAX.

Allen Financial Printing (PMAX) issued 1.42675 million shares of common stock at $4 per share, raising $5.707 million. The stock price rose to $4.7 per share at one point on the first day of listing, a 17.5% increase from the issue price, finally closing at $4 per share, with a total market cap of approximately $58.99 million.

In terms of equity structure, after the issuance, the controlling shareholder Ms. Po Man Leung Stella will hold approximately 78.6% of the total issued and outstanding common shares through Bliss On Limited, representing approximately 94.0% of the voting rights.

The company's post-issuance equity structure chart is from the prospectus.

In 2023, the company turned losses into profits, but faced significant financial pressure.

Established in 2019, Allen Financial Printing focuses on providing financial communication services to corporate clients and their advisors in Hong Kong to support compliance and trading needs in the capital markets.

Anlin Financial Printing is a holding company registered in the British Virgin Islands, which itself does not have substantive business and mainly operates through its only subsidiary, JAN Financial, in Hong Kong.

As of December 31, 2023, JAN Financial has a total of 55 full-time employees in Hong Kong. Mr. Tsz Kin Wong (Mr. Wong) has been appointed as the company's executive director and chairman of the board of directors starting from February 2024. Mr. Wong has over 20 years of experience in the financial printing and financial communication industry, and has served in various financial printing companies.

Information about the board of directors and supervisory board of the company is sourced from the prospectus.

The company's financial communication services include two categories: corporate financial communication services and IPO financial printing services:

1. Corporate financial communication services consist of financial printing services, publication and distribution of financial communication materials, and corporate reporting services. These services are typically provided to clients listed on the Hong Kong Stock Exchange, including typesetting financial communication materials, designing document covers and layouts, translation, uploading, printing, publishing, and distribution.

2. IPO financial printing services are provided to domestic and international companies seeking listing on the Hong Kong stock market. This includes typesetting, designing covers and layouts for prospectuses, translation, uploading, printing, publishing, and distributing prospectuses according to client instructions.

In short, it provides typesetting, translation, printing, and other services for listed companies and companies planning to list on the Hong Kong stock market.

Enterprise financial communication services are the main source of company revenue, accounting for 90.9% and 79.7% of total revenue in 2022 and 2023, respectively; The revenue proportion of IPO financial printing services is 9.1% and 20.3%, respectively.

The composition of the company's revenue comes from the prospectus.

In terms of financial data, the prospectus shows that the total revenue of the company in the fiscal year 2022 and 2023 are HKD 37.7728 million and HKD 49.1218 million, respectively, with a year-on-year increase of 30.0% in 2023. The growth of total revenue is mainly attributed to the increase in revenue from enterprise financial communication services and IPO financial printing services.

The net profit for the same period was HKD -0.0986 million and HKD 7.0792 million, respectively; In the fiscal year 2023, the company's performance turned around from loss to profit.

The gross margin was 41.2% and 48.6%, showing improvement, mainly due to the increase in revenue from IPO financial printing services as a result of the completion of IPO projects.

The main financial indicators of the company come from the prospectus.

In 2022, the company's sales cost totaled HK$22.2176 million and HK$25.2388 million in 2023, primarily due to increased printing and translation costs, as well as an increase in the number of employees and related costs.

Among them, translation costs accounted for 38.6% and 37.5% of the total sales costs, while printing costs accounted for 22.1% and 21.5% of the total sales costs, and employee welfare costs accounted for 38.6% and 39.0% of the total sales costs.

Company cost information, sourced from the prospectus.

As of December 31, 2023, the company's net assets were -HK$15.31 million (approximately -US$1.96 million), with significant financial pressure and potential major uncertainties regarding the company's ability to continue operating.

Key data from the statement of changes in equity, sourced from the prospectus.

Based in the Hong Kong market, the company has future intentions to expand its business in the United States.

Currently, Anlin Finance and Economics Printing's clients include domestic and international companies listed on the Hong Kong Stock Exchange, as well as companies seeking listing on the Hong Kong Joint Exchange.

According to the prospectus, in 2022 and 2023, Anlin Finance and Economics Printing provided services to 168 and 166 domestic and international companies listed on the Hong Kong Stock Exchange, and provided services to 10 and 7 applicant companies seeking listing on the Hong Kong Stock Exchange, respectively.

However, the company will increase its investment in the US market in the future.

Due to the market cap of the Hong Kong stock market decreasing from $6.1 trillion in 2020 to $3.9 trillion in 2023, the future demand for related financial communication services in the Hong Kong stock market will inevitably face certain pressure.

However, the market cap of the US stock market has continued to rise, from $41.57 trillion in 2020 to $48.97 trillion in 2023, with a compound annual growth rate of 5.93%. It is expected that the demand for financial communication services in the USA will continue to grow.

Therefore, Anlin Finance and Economics Printing plans to seize the growth opportunities in the US stock market by expanding its business in the US, for example, by assisting clients in preparing exchange act filings compatible with the SEC's EDGAR system, and preparing XBRL-tagged files compliant with SEC requirements.

The company expects to achieve this strategy by December 31, 2024.

Market capitalization of some exchanges worldwide (trillions of dollars), sourced from prospectus.

The trend can also be reflected in the use of funds raised by companies. In addition to using the funds raised to supplement operating cash flow and repay bank loans, the remaining 15% of the funds will be used to establish overseas business entities in the USA for future business operations.

In addition, the company's business shows a certain seasonality. Since the company's clients include domestic and international companies listed on the Hong Kong Stock Exchange, as well as advisors in Hong Kong, they are subject to the reporting and disclosure requirements of the Hong Kong Listing Rules and the Hong Kong Securities and Futures Ordinance. Therefore, March/April or June/July are typically the peak seasons for the company's business, as clients need to disclose quarterly or annual reports during these months.

At the same time, the demand for financial communication services largely depends on the activity level of the Hong Kong capital markets. If there is a significant global economic downturn, the company's profitability and business prospects will be greatly affected. Tensions between the USA and China may have an adverse impact on the global economic situation.

Overall, the financial communication services industry is highly competitive, with technological innovation lowering entry barriers. Despite some consolidation in recent years, the Hong Kong industry remains highly fragmented, with many local alternative providers. The company faces intense competition from numerous financial communication service providers, financial printers, and language solution operators in Hong Kong, each varying in size.