Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 63

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 5
Chunk 63
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                 (4,729,852        (608,912  
  INCOME TAXES EXPENSES                                                                          (381,820                          —                          —               —  
  NET LOSS                                                                                     (3,842,278                   (483,812                 (4,729,852        (608,912  

  43  

Year
ended December 31, 2024 compared with year ended December 31, 2023

Revenue

Our
revenue decreased by HK$1,007,800, or 7.3% from HK$13,792,030 for the year ended December 31, 2023 to HK$12,784,230 for the year ended
December 31, 2024, which was mainly due to the decrease in our revenue from IPO sponsorship services. Our revenue for IPO sponsorship
services decreased by HK$4,100,000, or 91.1% from HK$4,500,000 for the year ended December 31, 2023 to HK$400,000 for the year ended
December 31, 2024. We completed one IPO project during the year ended December 31, 2023 while we completed nil IPO project during the
year ended December 31, 2024.

During
the year ended December 31, 2024, the Hong Kong capital markets and the general economic environment in Hong Kong remained difficult.
The number of IPO in Hong Kong remained at low level for the year ended December 31, 2024. Accordingly, our revenue from IPO sponsorship
services was inevitably affected. In view of the market conditions of Hong Kong market, we diversified our business to explore projects
to advise our clients listing in other key capital markets such as the United States and we completed five financial advisory projects
for clients pursuing listing on Nasdaq during the year ended December 31, 2024. Our revenue from financial and independent advisory services
significantly increased from HK$7,105,000 for the year ended December 31, 2023 to HK$11,730,000 (US$1,510,100) for the year ended December
31, 2024. Revenue from compliance advisory services decreased from HK$1,987,030 for the year ended December 31, 2023 to HK$654,230 (US$84,224)
for the year ended December 31, 2024 due to completion of our compliance advisory projects during the year ended December 31,