Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 124

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 19
Chunk 124
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 par value each. Each of the Class A ordinary share and
Class B ordinary share has the right to an equal share in any dividend paid by the Company and the right to an equal share in the
distribution of the surplus assets of the Company. However, each Class A ordinary share has the right to one vote on any resolution,
and each Class B ordinary share has the right to twenty votes on any resolutions.

On December 5, 2024, the Company filed the Third
Amended and Restated Memorandum of Association with the Registrar of the British Virgin Islands. The change from ordinary shares to
Class A ordinary shares was reflected with the Nasdaq Capital Market and in the marketplace on January 28, 2025.

On
February 6, 2025, the Company effected a share combination of its shares at a ratio of four (4) shares into one (1). On February 18, 2025,
the Company’s Class A ordinary shares began trading on the Nasdaq on a post-share combination basis. The number of outstanding
Class A ordinary shares were reduced from 16,256,099Class A ordinary shares to 4,064,050 Class A ordinary shares and the number of outstanding
Class B ordinary shares were reduced from 4,000,000 to 1,000,000 Class B ordinary shares.

All Class A and Class B ordinary share and per Class A and per Class B
ordinary share amounts used elsewhere in this Annual Report and the consolidated financial statements have been retroactively adjusted
to reflect the reverse split.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of presentation

The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“ U. S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“ SEC”).

Principles
of consolidation

The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. A subsidiary is an entity (including
a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for
the same reporting period as the Company, using consistent accounting policies. All intra-group assets and liabilities, equity, income,
expenses and cash flows relating to transactions between members of the Group are eliminated in consolidation.

MAGIC
EMPIRE GLOBAL LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  SUMMARY                                     
  OF SIGNIFICANT ACCOUNT