Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 170

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 18
Chunk 170
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 100

On
November 18, 2022, the Company entered into an agreement to acquire 10 100 9,990,000 10,000

Following
the above transactions, Fenbo Industries, Fenbo SZ and Able Industries have become indirectly wholly-owned subsidiaries of the Company,
whereas their former majority shareholder, namely Mr. Li, has had 100% interest of the Company, through his wholly-owned investment holding
company, LMIL. Upon completion of the Reorganization, the capital structure of the Group was as follows:

Number
Shareholder The
LMIL 10,000,000 - - - -
The Company - 10 - - -
RLHL - 2,000,000 - 500,000
Fenbo Industries - - - 5,000,000 -
Total 10,000,000 10 2,000,000 5,000,000 500,000

The
Reorganization has been accounted for as a reverse acquisition whereby Fenbo Industries and Able Industries are deemed to be the accounting
acquirers (legal acquirees) and the Company to be the accounting acquiree (legal acquirer). The financial statements before the Reorganization
are those of Fenbo Industries and Able Industries on a combined basis with the results of the Company being consolidated from the closing
date of the Reorganization. The equity section and earnings per share of the Company have been retroactively restated to reflect the
reverse acquisition and no goodwill has been recorded.

On
December 1, 2023 the Company closed the IPO. The offering was conducted pursuant to the Company’s registration statement and 1,000,000 5.00 62,500 5.00

The
accompanying financial statements are presented assuming that the existing group structure was an existence at the beginning of the first
period presented.

Note
2Summary of significant accounting policies

Basis
of presentation

The
consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States
of America (“ US GAAP”).

Consolidation

The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions,
if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.

Business
combinations and non-controlling interests

The
Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting