Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 64

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 5
Chunk 64
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 2024 and
the decrease in the number of new IPOs in the Hong Kong market.

Selling,
general and administrative expenses

The
following table set forth the breakdown of our selling, general and administrative expenses for the periods indicated:

                                       For                                                                                                              
                                       the years ended December 31,                                                                                     
                                       2022                                              2023                      2024                                 
                                       HK$                                               HK$                       HK$                                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Staff                                                                   9,370,621                 9,715,985                16,142,047      2,078,099  
  Amortization                                                            1,895,294                 1,895,294                 1,719,081        221,311  
  Professional                                                            2,227,358                 1,714,170                 1,605,124        206,641  
  Travelling,                                                               278,587                 1,006,746                 1,171,960        150,876  
  Depreciation                                                               62,683                   209,966                   380,994         49,048  
  Office                                                                    326,096                   365,028                   385,140         49,582  
  Insurance                                                                 435,766                   408,618                   368,782         47,476  
  Others                                                                  1,104,525                 1,289,021                 1,236,642        159,203  
                                                                         15,700,930                16,604,828                23,009,770      2,962,236  

Selling,
general and administrative expenses increased by HK$6,404,942, or 38.6%, from HK$16,604,828 for the year ended December 31, 2023 to HK$23,009,770
(US$2,962,236) for the year ended December 31, 2024, primarily due to the increase in our staff costs.

Our
staff costs mainly represented salaries, bonuses, pension contribution and staff benefits of our directors and employees. Our staff costs
increased by HK$6,426,062, or 66.1% from HK$9,715,985 for the year ended December 31, 2023 to HK$16,142,