# EDGAR Filing Document

**Accession Number:** 0002102385
**File Stem:** 0001213900-26-001578
**Filing Date:** 2026-1
**Character Count:** 8409
**Document Hash:** 7657215a1f7aee01130240efc582ceb9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-001578.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001213900-26-001578

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Powell Max Ltd
- **CENTRAL INDEX KEY:** 0002012096
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95411
- **FILM NUMBER:** 26509436

**BUSINESS ADDRESS:**
- **STREET 1:** 22/F., EURO TRADE CENTRE,
- **STREET 2:** 13-14 CONNAUGHT ROAD CENTRAL
- **CITY:** CENTRAL, HONG KONG
- **STATE:** K3
- **ZIP:** 0000
- **BUSINESS PHONE:** 852 2158 2888

**MAIL ADDRESS:**
- **STREET 1:** 22/F., EURO TRADE CENTRE,
- **STREET 2:** 13-14 CONNAUGHT ROAD CENTRAL
- **CITY:** CENTRAL, HONG KONG
- **STATE:** K3
- **ZIP:** 0000
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ECF (BVI) Ltd
- **CENTRAL INDEX KEY:** 0002102385

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 605, TAI TUNG BUILDING,
- **STREET 2:** 8 FLEMING ROAD
- **CITY:** WANCHAI
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-5535-4181

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 605, TAI TUNG BUILDING,
- **STREET 2:** 8 FLEMING ROAD
- **CITY:** WANCHAI
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Powell Max Limited**

*(Name of Issuer)*

**Class A Ordinary Shares, par value US$0.0008 per share**

*(Title of Class of Securities)*

**G7200G118**

*(CUSIP Number)*

**WONG Tsz Kin**<br>22/F., Euro Trade Centre<br>13-14 Connaught Road<br>Central K3 00000<br>(852) 2188 2588

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/30/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G7200G118** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ECF (BVI) LIMITED** | Name of reporting person<br>**ECF (BVI) LIMITED** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1449732.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1449732.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1449732.00** | Aggregate amount beneficially owned by each reporting person<br>**1449732.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**54.71%** | Percent of class represented by amount in Row (11)<br>**54.71%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** In the 6-K filing by PMAX on September 25, 2025, it was stated that PMAX had submitted an amended and restated Memorandum of Association to the Registry of Corporate Affairs of the British Virgin Islands on September 16, 2025, to implement a 1-for-8 reverse stock split effective October 6, 2025. Following the reverse stock split, the authorized number of Ordinary Shares of PMAX will be reduced from 100,000,000 shares to a maximum of 12,500,000 shares, consisting of 12,250,000 Class A Ordinary Shares, each with a par value of US$0.0008, and 250,000 Class B Ordinary Shares, each with a par value of US$0.0008.

ECF (BVI) LIMITED, through the acquisition of all the shares of Bliss On Limited (a shareholder of PMAX), indirectly holds 1,449,732 Class A Ordinary Shares, each with a par value of US$0.0008 (including the automatic conversion of 250,000 Class B Ordinary Shares to Class A Ordinary Shares on a 1:1 basis due to the change of ownership of Bliss On Limited).

The percentage of the class is calculated based on 12,500,000 Ordinary Shares outstanding as of December 31, 2025, which information was provided by the Issuer to the Reporting Person on December 31, 2025. Given that as of December 31, 2025, the Issuer has 2,649,911 Ordinary Shares outstanding, comprising 2,649,911 Class A Ordinary Shares, each entitled to one vote, and 0 Class B Ordinary Shares, each entitled to twenty votes, the total voting power of the Issuer is 54.71%. The Reporting Person holds 1,449,732 Class A Ordinary Shares and 0 Class B Ordinary Shares, representing approximately 54.71% of the total voting power of the Issuer.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Ordinary Shares, par value US$0.0008 per share

**(b) Name of Issuer:**
Powell Max Limited

**(c) Address of Issuer's Principal Executive Offices:**
22/F., Euro Trade Centre, 13-14 Connaught Road, Central, K3, 00000

**Item 4. Purpose of Transaction**

To effect a change in the ultimate beneficial ownership of the Company's shares held indirectly through Bliss On Limited, following the sale of the entire issued share capital of Bliss On Limited by Ms. Po Man Stella Leung to ECF (BVI) Limited.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the filing of this Schedule 13D, the Reporting Person is the beneficial owner of 1,449,732 Class A Ordinary Shares of the Issuer representing approximately 54.71% of the Issuers issued and outstanding shares.

**(b)**
As of the filing of this Schedule 13D, the Reporting Person has the power to vote and direct the disposition of 1,449,732 Class A Ordinary Shares of the Issuer.

**(c)**
Bliss On was wholly owned by Ms. Po Man Stella Leung, the Company's then-controlling shareholder. On October 30, 2025, Ms. Leung sold all of the issued share capital of Bliss On to ECF (BVI) Limited ("ECF"). Consequently, ECF acquired indirect beneficial ownership of the Company's ordinary shares held by Bliss On. Through this acquisition, ECF indirectly holds 1,449,732 Class A Ordinary Shares (par value US$0.0008 each). This total includes 250,000 Class A Ordinary Shares that resulted from the automatic 1:1 conversion of Class B Ordinary Shares following the change in ownership of Bliss On.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

ECF (BVI) LIMITED, through the acquisition of all the shares of Bliss On Limited (a shareholder of PMAX), indirectly holds 1,449,732 Class A Ordinary Shares, each with a par value of US$0.0008 (including the automatic conversion of 250,000 Class B Ordinary Shares to Class A Ordinary Shares on a 1:1 basis due to the change of ownership of Bliss On Limited).

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ECF (BVI) LIMITED

**Signature:** /s/ Ka Ki Cherry Yip

**Name/Title:** Ka Ki Cherry Yip/ Director

**Date:** 01/06/2026