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Powell Max Limited (Nasdaq: PMAX) is a British Virgin Islands–incorporated holding company founded on January 8, 2019, and headquartered in Hong Kong. Through its subsidiary, it offers financial communications services, including financial printing, corporate reporting, translation and proofreading, and language support for corporate clients and their advisors in capital markets.
Corporate Structure
Powell Max Limited operates under the leadership of Chairman and Chief Executive Officer Tsz Kin Wong. The company maintains its principal office in Hong Kong and reports consolidated results in U.S. dollars. As of September 15, 2025, the company approved a reverse stock split plan that reduces its authorized share capital from 100 million to a maximum of 12.5 million Class A ordinary shares. Total debt was reported at 25.66% of equity in the most recent quarter, with cash totaling $9.81 million.
Financial communications by Mourizal Zativa
Developments and News
- On September 2, 2025, Nasdaq notified Powell Max of a delisting determination due to (1) a share price below $1.00 for 30 consecutive days and (2) stockholders' equity below the $5 million minimum requirement. The company filed an appeal request by September 9, 2025, to suspend the delisting process pending compliance.
- On September 23, 2025, the company submitted unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, in a Form 6-K, along with an earnings release (Exhibit 99.1).
- On September 25, 2025, Powell Max announced a 1-for-8 reverse stock split effective October 6, 2025, and filed an amended and restated memorandum of association adjusting the par value from $0.0001 to $0.0008 per share.
- In September 2024, Powell Max completed its Nasdaq Capital Market listing with the issuance of 1,426,750 Class A ordinary shares at $4.00 per share, raising gross proceeds of approximately $5 million.
Financial and Strategic Analysis
As of October 13, 2025, PMAX closed at $5.19, reflecting a gain of 100.39% in one trading session on a volume of 5,501,474 shares. Key trailing twelve-month metrics include:
| Metric | Value |
|---|---|
| Revenue | $37.67 million |
| Net Income to Common (ttm) | –$39.22 million |
| Diluted EPS (ttm) | –2.56 |
| Profit Margin | –104.11% |
| Price/Sales (ttm) | 1.08 |
| Price/Book (mrq) | 1.08 |
| Total Cash (mrq) | $9.81 million |
| Total Debt/Equity (mrq) | 25.66% |
| Market Capitalization | $41.71 million |
The company's negative profitability reflects ongoing investments in operations and marketing to support client acquisition in the financial communications sector. The reverse stock split is intended to improve compliance with Nasdaq listing standards and may enhance the appeal to institutional investors.
Market Position and Industry Context
Powell Max competes in the market of regulated corporate reporting and financial printing services. In Hong Kong’s capital markets, where initial public offerings and regulatory filings require comprehensive documentation, Powell Max positions itself as a provider of financial communications services. While comparable firms may offer broader investor relations and digital communications, Powell Max's focus on comprehensive print and language solutions supports its service value to underwriters, legal advisors, and corporate issuers.
tl;dr
Powell Max Limited’s shares rose to $5.19 on October 13, 2025, following the approval of a 1-for-8 reverse stock split effective October 6, 2025. The company is contesting a Nasdaq delisting notice received on September 2, 2025, by seeking a hearing to demonstrate compliance. Interim results for the six months ended June 30, 2025, showed a net loss of $39.22 million on revenue of $37.67 million. The company plans to streamline its capital structure and enhance per-share value. Continued compliance with exchange requirements and successful operational execution will be important for the company’s future.
