Company: MEGL
Filing Date: 2025-05-09
Form Type: F-1
Source: 0001641172-25-009448
Chunk: 187

Company: Magic Empire Global Ltd
Filing Date: 2025-05-09
Form: F-1
Chunk 187
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 had tax loss carryforwards of approximately HK$7,555,895 (US$972,733). The carry forward of tax losses in Hong Kong generally has no time limit. As of December 31, 2024, the deferred tax assets were fully provided by a valuation allowance of HK$1,246,723 (US$160,501) as the Group does not expect to realize its deferred taxes in the near future.

As of December 31, 2024 and 2023, the Group had no tax recoverable and no taxes payables.

| F-25 |

<div align='center'>MAGIC EMPIRE GLOBAL LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

11. OTHER INCOME

|                            |     |             For 
 the years ended 
    December 31, |         |     |      |           |     |      |         |
|                            |     |            2023 |         |     | 2024 |           |     | 2024 |         |
|                            |     |             HK$ |         |     |  HK$ |           |     |  US$ |         |
| Gain on sale of investment |     |                 |       — |     |      | 1,105,998 |     |      | 142,384 |
| Sundry income              |     |                 | 172,832 |     |      |         — |     |      |       — |
| Total                      |     |                 | 172,832 |     |      | 1,105,998 |     |      | 142,384 |

12. ORDINARY SHARES

The Company was established under the laws of British Virgin Islands on May 10, 2016. The authorized number of ordinary shares was 50,000 shares with a par value of US$1.0.

On July 14, 2021, the shareholders
of the Company resolved and approved to amend the maximum number of shares the company was authorised to issue to become 300,000,000
shares of a single class each with a par value of US$0.0001 (the “Increase in Authorized Shares”) as part of the Company’s
recapitalization prior to the listing. Following the Increase in Authorized Shares, on July 15, 2021, the Company newly issued 15,000,000
ordinary shares with a par value of US$0.0001 (the “Shares Iss