Company: MEGL
Filing Date: 2025-06-27
Form Type: F-1/A
Source: 0001641172-25-016831
Chunk: 181

Company: Magic Empire Global Ltd
Filing Date: 2025-06-27
Form: F-1/A
Chunk 181
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500,000 (approximately US$64,369) if the bank with which an individual/a company hold its eligible deposit fails. With effect from 1 October 2024, the protection limit has been increased to HK$800,000 (approximately US$102,991). As of December 31, 2024, cash balance of HK$127,511,687 (US$16,415,630) was maintained at financial institutions in Hong Kong and an aggregate of HK$3,229,557 (approximately US$415,767) were insured by the Hong Kong Deposit Protection Board.

The Group has designed their credit policies with an objective to minimize their exposure to credit risk. The Group’s accounts receivable are short term in nature and the associated risk is minimal. The Group conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Group periodically evaluates the creditworthiness of the existing clients in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

Details of the customers accounting for 10% or more of total operating revenue are as follows:

|            |     | 2023 | For the year ended 
       December 31, |     | 2023 |      |   |     | 2024 | For the year ended 
       December 31, |     | 2024 |      |   |     | 2024 | For the year ended 
       December 31, |     | 2024 |      |   |
|:-----------|:----|:-----|-------------------:|:----|:-----|-----:|:--|:----|:-----|-------------------:|:----|:-----|-----:|:--|:----|:-----|-------------------:|:----|:-----|-----:|:--|
|            |     | HK$  |                    |     |      |      |   |     | HK$  |                    |     |      |      |   |     | US$  |                    |     |      |      |   |
| Customer A |     |      |          1,600,000 |     |      | 11.6 | % |     |      |                  — |     |      |    — |   |     |      |                  — |     |      |    — |   |
| Customer B |     |      |          1