Through our subsidiaries, we are a wealth management and asset management services provider based in Hong Kong, with the majority of our subsidiaries’ operations in Hong Kong. Our subsidiaries assist their clients in identifying and purchasing well matched wealth management products and global asset management products. Our subsidiaries’ clients for both wealth management and asset management services are primarily high net worth and ultra-high net worth individuals in Asia, and a majority of our subsidiaries’ clients reside in mainland China or Hong Kong. High net worth individuals and ultra-high net worth individuals refer to people who own individual investable assets, including financial assets and investment property, with total value over $1.5 million or over $4.5 million, respectively.

•        Wealth management services.    Our subsidiaries work with licensed product brokers licensed in Hong Kong or in the U.S., who are primarily insurance brokers and distribute wealth management products, which currently consist only of insurance products, and assist them in customizing wealth management investment portfolios for our clients. Since late 2021, our subsidiaries started providing wealth management services in the U.S. Our subsidiaries also provide customized value-added services to their clients, including personal assistant services in Hong Kong, referrals to suitable wealth planning and inheritance related professionals such as trust lawyers and tax accountants, and referrals to renowned high-end medical and education resources. Our subsidiaries do not charge their clients fees for these value-added services. In addition to insurance products, we intend to expand the network of product brokers our subsidiaries work with to provide clients with access to other types of wealth management products.

•        Asset management services.    Our wholly owned subsidiary, PRESTIGE ASSET INTERNATIONAL INC. (“PAI”) and its subsidiaries provide asset management services to their clients acting as investment advisors and fund managers. Currently, our subsidiaries manage a fund of funds (“FOF”), Prestige Global Allocation Fund (“PGA”). See “Business — Asset Management Services — Asset Management Fund in Operation.” In addition to managing PGA, our subsidiaries also provide discretionary account management services to their clients. Previously, our subsidiaries managed a fund Prestige Capital Markets Fund I L.P. (“PCM1”), and our subsidiaries also provided asset management related advisory services. See “Business — Asset Management Services — Prior Business.” For our subsidiaries’ asset management services, they charge investors certain fees for managing and advising a fund, including subscription fees, performance fees and management fees.

**Note: Revenue and net income figures are for the fiscal year that ended Sept. 30, 2022.

(Note: Prestige Wealth, Inc. priced its micro-cap IPO at $5.00 – the low end of its $5.00-to-$6.00 price range – and sold 1.0 million shares – the same number in the prospectus – to raise $5.0 million, the Hong Kong-based company said in an announcement dated July 6, 2023. The stock started trading on July 6, 2023, on NASDAQ. Background: Prestige Wealth, Inc. cut its IPO in an F-1/A filing dated May 12, 2023, to 1.0 million shares – down from 2.0 million shares – and raised the price range to $5.00 to $6.00 – up from $4.00 to $5.00 – to raise $5.5 million. In that May 12, 2023, filing with the SEC, Prestige Wealth also changed its lead book-runner to Revere Securities from Network 1 Financial. Prestige Wealth also updated its financial statements in its May 12, 2023, filing (the F-1/A filing) by providing financial statements for Fiscal Year 2022, which ended Sept. 30, 2022.)

(Background on previous SEC filings: Prestige Wealth, Inc. cut its IPO by 40 percent in an F-1/A filing dated Feb. 10, 2023: 2.0 million shares – down from 2.5 million shares initially – at $4.00 to $5.00 – down from its original price range of $5.50 to $6.50 – to raise $9 million. That’s $6 million less than the estimated proceeds of $15 million under the IPO’s original terms. Background: This deal was postponed in late December 2022. Prestige Wealth, Inc. postponed its IPO on Dec. 29, 2022, hours ahead of the deal’s expected pricing date. Prestige Wealth, Inc. filed its F-1 on Oct. 25, 2022, and disclosed terms for its IPO: 2.5 million shares at $5.50 to $6.50 to raise $15 million. The company submitted confidential IPO documents to the SEC on Feb. 15, 2019.)