{"url_path":"/sec/pltyf/10-k/2026/item-16","section_key":"item-16","section_title":"Item 16 **","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1433309/0001104659-26-061965-index.html","accession_number":"0001104659-26-061965","cik":"0001433309","ticker":"PLTYF","issuer_name":"Plastec Technologies, Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1433309/0001104659-26-061965-index.html","primary_entity_key":"0001433309","primary_entity_name":"Plastec Technologies, Ltd."},"word_count":4017,"has_tables":true,"body_markdown":"**ITEM 16.**\n\n**[RESERVED].**\n\n48\n\n[**ITEM 16A.**](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_936)\n\n[**AUDIT COMMITTEE FINANCIAL EXPERT.**](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_936)\n\n48\n\n[**ITEM 16B.**](#ITEM16BCODEOFETHICS_940877)\n\n[**CODE OF ETHICS.**](#ITEM16BCODEOFETHICS_940877)\n\n48\n\n[**ITEM 16C.**](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n[**PRINCIPAL ACCOUNTANT FEES AND SERVICES.**](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n48\n\n[**ITEM 16D.**](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n[**EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.**](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n49\n\n[**ITEM 16E.**](#ITEM16EPURCHASESOFSECURITIESBYTHEISSUERA)\n\n[**PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.**](#ITEM16EPURCHASESOFSECURITIESBYTHEISSUERA)\n\n49\n\n[**ITEM 16F.**](#ITEM16FCHANGEINREGISTRANTSCERTIFYINGACCO)\n\n[**CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT.**](#ITEM16FCHANGEINREGISTRANTSCERTIFYINGACCO)\n\n49\n\n[**ITEM 16G.**](#ITEM16GCORPORATEGOVERNANCE_158366)\n\n[**CORPORATE GOVERNANCE.**](#ITEM16GCORPORATEGOVERNANCE_158366)\n\n49\n\n[**ITEM 16H.**](#ITEM16HMINESAFETYDISCLOSURE_598488)\n\n[**MINE SAFETY DISCLOSURE.**](#ITEM16HMINESAFETYDISCLOSURE_598488)\n\n49\n\n[**ITEM 16I.**](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n[**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.**](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n49\n\n[**ITEM 16J.**](#ITEM16JINSIDERTRADINGPOLICIES_972892)\n\n[**INSIDER TRADING POLICIES.**](#ITEM16JINSIDERTRADINGPOLICIES_972892)\n\n49\n\n[**ITEM 16K.**](#ITEM16KCYBERSECURITY_571651)\n\n[**CYBERSECURITY.**](#ITEM16KCYBERSECURITY_571651)\n\n49\n\n[**PART III**](#PARTIII_479582)\n\n \n\n50\n\n[**ITEM 17.**](#ITEM17FINANCIALSTATEMENTS_852387)\n\n[**FINANCIAL STATEMENTS.**](#ITEM17FINANCIALSTATEMENTS_852387)\n\n50\n\n[**ITEM 18.**](#ITEM18FINANCIALSTATEMENTS_346399)\n\n[**FINANCIAL STATEMENTS.**](#ITEM18FINANCIALSTATEMENTS_346399)\n\n50\n\n[**ITEM 19.**](#ITEM19EXHIBITS_206559)\n\n[**EXHIBITS.**](#ITEM19EXHIBITS_206559)\n\n51\n\n[**SIGNATURES**](#SIGNATURES_577018)\n\n \n\n52\n\n[**EXHIBIT INDEX**](#EXHIBITINDEX_454322)\n\n \n\n53\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**INTRODUCTION**\n\n**Definitions**\n\nUnless the context indicates otherwise:\n\n●“we,” “us,” “our,” “our company” and “Plastec Technologies” refer to Plastec Technologies, Ltd., a Cayman Islands exempted company, its predecessor entities and direct and indirect subsidiaries;\n\n●“Plastec” refers to Plastec International Holdings Limited, a British Virgin Islands exempted company, formerly our direct wholly owned subsidiary until October 11, 2016;\n\n●“BVI” refers to the British Virgin Islands;\n\n●“China,” “mainland China” or the “PRC” refer to the People’s Republic of China which, solely for the purpose of this Annual Report on Form 20-F, excludes Taiwan and the special administrative regions of Hong Kong and Macau;\n\n●“HK$” or “Hong Kong dollar” refer to the lawful currency of the Hong Kong Special Administrative Region, People’s Republic of China; if not otherwise indicated, all financial information presented in HK$/RMB may be converted to U.S.$ or $ using the exchange rates of 7.8 HK$ and 6.9 RMB, respectively, for every 1 U.S.$ or $;\n\n●“Renminbi” or “RMB” refer to the lawful currency of China; and\n\n●“U.S.$” or “$” or “U.S. dollar” refer to the lawful currency of the United States of America.\n\n“Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).\n\n**Forward-Looking Statements**\n\nThis Annual Report on Form 20-F (this “Form 20-F”) contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.\n\nThese forward-looking statements include information about our possible or assumed future results of operations or our performance. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” and variations of such words and similar expressions are intended to identify the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements.\n\nWe undertake no obligation to publicly update or revise any forward-looking statements contained in this Form 20-F, or the documents to which we refer you in this Form 20-F, to reflect any change in our expectations with respect to such statements or any change in events, conditions or circumstances on which any statement is based.\n\nThis report should be read in conjunction with our audited consolidated financial statements and the accompanying notes thereto for the fiscal year ended December 31, 2025, which are included in Item 18 to this Form 20-F.\n\n3\n\n[Table of Contents](#TOC)\n\n**INTRODUCTION**\n\n**Overview**\n\nWe are currently a Cayman Islands exempted company with current limited operations conducted by our British Virgin Islands subsidiary, Viewmount Developments Limited (“Viewmount”). We are not a company that was formed under the laws of the PRC. However, our principal executive offices are located in Hong Kong and certain of our directors and officers have ties to the PRC and Hong Kong. This structure involves unique risks to investors as described herein including but not limited being subject to foreign laws that may change quickly with little or no advance warning, increased governmental oversight and difficulty in enforcing judgments against our company and our officers and directors. Any of these factors could result in a material change in our operations and/or the value of Plastec Technologies’ securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. Additionally, recent statements and regulatory actions by the Chinese government, such as those related to the use of variable interest entity (“VIE”) structures and data security or anti-monopoly concerns, could have a significant impact on our ability to conduct our business, accept foreign investments, or list on a U.S. or other foreign exchange if we were to expand our business and operations in the PRC in the future.\n\nUntil October 11, 2016, we were a vertically integrated plastic manufacturing services provider providing comprehensive precision plastic manufacturing services through our former wholly owned subsidiary, Plastec, from mold design and fabrication and plastic injection manufacturing to secondary-process finishing as well as parts assembly to leading international OEMs, ODMs and OBMs of consumer electronics, electrical home appliances, telecommunication devices, computer peripherals and precision plastic toys.\n\nOn October 11, 2016, we completed the divestment of our shareholdings in Plastec as described below. Following consummation of the divestment transactions on October 11, 2016, we no longer own Plastec with the result that our only operations have generally been to (i) complete the construction of a manufacturing plant in Kai Ping, China which was disposed of and transferred to Plastec upon its establishment on April 20, 2018 as described below, (ii) collect rental income from certain property we used to own and which was being leased to one of Plastec’s subsidiaries until November 2019 when the former subsidiary of ours that held the property was disposed of as described below, (iii) collect the payments upon Plastec achieving the performance targets for the years ended December 31, 2016 through 2018 as described below and (iv) to explore other investment opportunities.\n\nAs a result, Plastec Technologies: (a) does not have any active or operating subsidiaries, branches or VIEs in the PRC and does not engage in any operating business in the PRC, (b) does not own or lease any material properties, rights or interests in the PRC, and (c) has no business transactions or relationships with PRC entities. Accordingly, we are not currently subject to any PRC laws or regulations and the PRC legal system would not have any material effect on us or the limited operations we currently conduct outside of the PRC.\n\nHistorically, we had transferred funds between our company and our subsidiaries and to investors. However, with the disposal of our operating business as described in more detail in this Form 20-F, we no longer have any operations generating cash and as a result have no current intention to make transfers among our company and our subsidiaries. Further, the existing bank balances of our company and at each of our subsidiaries is sufficient to meet its respective payment requirements and as a result, there is no need to transfer any funds between entities.\n\n**Sale of Assets**\n\nAs disclosed in our various previous filings, on November 14, 2015, we entered into a Share Transfer Agreement (the “Agreement”) with Shanghai Yongli Belting Co., Ltd. (“SYB”) and its wholly-owned subsidiary, Shanghai Yongjing Investment Management Co., Ltd. (“SYIM”). Pursuant to the Agreement, SYIM was to purchase, through a wholly-owned Hong Kong subsidiary, the entirety of our shareholder interests in Plastec for an aggregate purchase price of RMB1,250,000,000 (or US$181,159,420), in cash (the “Transfer Price”). Of the Transfer Price, RMB875,000,000 (or US$126,811,594) was payable within 60 days after the China Securities Regulatory Commission approved of the Issuance (as defined in the Agreement) and SYB’s receipt of the funds raised through the Issuance, the latter of which was confirmed by SYB to have happened by July 29, 2016. Accordingly, payment of the initial portion of the Transfer Price was made to us on September 21, 2016.\n\nThe remaining RMB375,000,000 (or US$54,347,826) of the Transfer Price (the “Remaining Amount”) was deposited into a bank account, supervised and administered by SYB and us jointly. Payments from the bank account were to be made to us upon Plastec achieving certain performance targets for the years ended December 31, 2016, 2017 and 2018 (the “Performance Commitments”). See below for further information.\n\n4\n\n[Table of Contents](#TOC)\n\nOn October 11, 2016, the parties consummated the transactions contemplated by the Agreement after the fulfillment of certain other conditions, as described in the Agreement. As a result, we no longer own Plastec.\n\n**Confirmations of Plastec’s Achievement of Performance Targets for the years ended December 31, 2016, 2017 and 2018**\n\nBy a letter dated May 10, 2017, SYB confirmed and acknowledged to us that Plastec’s audited net profit (on a consolidated basis, after deducting non-recurring gains and losses) for the year ended December 31, 2016 was HK$183,958,100, which was in excess of the performance target for the year ended December 31, 2016, set at HK$161,211,000 in the Agreement, by HK$22,747,100 or approximately 14.1%. Accordingly, we were paid a further sum of RMB113,250,000 (or US$16,413,043) of the Remaining Amount on June 1, 2017 in accordance with the terms of the Agreement.\n\nBy a letter dated March 28, 2018, SYB confirmed and acknowledged to us that Plastec’s audited net profit (on a consolidated basis, after deducting non-recurring gains and losses) for the year ended December 31, 2017 was HK$183,124,000, which was in excess of the performance target for the year ended December 31, 2017, set at HK$177,088,000 in the Agreement, by HK$6,036,000 or approximately 3.4%. Accordingly, we were paid a further sum of RMB124,380,000 (or US$18,026,087) of the Remaining Amount on May 25, 2018 in accordance with the terms of the Agreement.\n\nBy a letter dated April 26, 2019, SYB confirmed and acknowledged to us that Plastec’s audited net profit (on a consolidated basis, after deducting non-recurring gains and losses) for the year ended December 31, 2018 was HK$262,954,000, which was in excess of the performance target for the year ended December 31, 2018, set at HK$195,408,000 in the Agreement, by HK$67,546,000 or approximately 34.6%. Accordingly, we were paid a further sum of RMB137,370,000 (or US$19,908,696) of the Remaining Amount on May 30, 2019 in accordance with the terms of the Agreement.\n\n**Transfer of Manufacturing Plant in Kai Ping, China**\n\nIn accordance with the terms of the Agreement, we caused Viewmount to enter into a Share Transfer Agreement with Plastec (then a wholly owned subsidiary of SYB) on March 30, 2018 (the “Manufacturing Plant Transfer Agreement”). Pursuant to the terms and conditions of the Manufacturing Plant Transfer Agreement, Viewmount was to transfer the ownership interests in certain of its former subsidiaries holding the newly established manufacturing plant in Kai Ping, China through their PRC subsidiaries to Plastec for a total consideration of approximately HK$70,000 (or US$8,974), representing the actual registered capital injected by Viewmount into the relevant subsidiaries.\n\nOn April 20, 2018, the parties consummated the transactions contemplated by the Manufacturing Plant Transfer Agreement. The parties also settled all account payables owed by the relevant subsidiaries to Viewmount at the closing, totaling HK$258,910,000 (or US$33,193,590).\n\n**Disposal of Assets**\n\nOn November 15, 2019, Viewmount entered into an agreement (“Assets Disposal Agreement”) with an unaffiliated third party (the “Purchaser”), pursuant to which Viewmount was to transfer the ownership interests in its then wholly-owned subsidiary holding the right to use certain parcels of land in Shenzhen together with premises built thereon to the Purchaser for HK$47,964,570.65 (or US$6,149,304) in cash, net of all relevant expenses, charges and taxes.\n\nOn November 20, 2019, the parties consummated the transactions contemplated by the Assets Disposal Agreement and Viewmount also received from the Purchaser HK$112,035,429.35 (or US$14,363,517) representing all amounts due from the former subsidiary disposed of.\n\n**Disposal of Sun Line Industrial Limited**\n\nOn November 29, 2024, Viewmount disposed of all of its equity interests of Sun Line Industrial Limited, one of its dormant wholly-owned subsidiaries (“Sun Line”), to an independent third party for an aggregate amount of approximately HK$4.65 million, which was equivalent to the net book value of Sun Line. The determination to dispose of Sun Line was made in an effort to streamline the group’s organizational structure given its limited operations. The sale also allowed Viewmount to dispose of Sun Line in a more efficient and quicker manner than if it had sought to formally dissolve and liquidate Sun Line under applicable Hong Kong law.\n\n5\n\n[Table of Contents](#TOC)\n\n**Voluntary Liquidation of Viewmount Developments Limited, Sun Ngai Spraying and Silk Print Co., Ltd. and Sun Terrace Industries Limited**\n\nViewmount, Sun Ngai Spraying and Silk Print Co., Ltd. (“Sun Ngai”) and Sun Terrace Industries Limited (“Sun Terrace”) applied voluntary liquidation to BVI Registry in 2025. The documents for the liquidation were filed with the Registry on March 24, 2026 and the voluntary liquidations commenced on the same date. Other than dividends issued to our shareholders, there have not been any material changes to our business activities, initiatives, transactions or events other than as set forth above.\n\n**PCAOB Developments**\n\nOn December 16, 2021, the Public Company Accounting Oversight Board (“PCAOB”) issued a report on its determination that the PCAOB was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made this determination pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the Holding Foreign Companies Accountable Act (“HFCAA”). The report further listed in its Appendix A (Registered Public Accounting Firms Subject to the Mainland China Determination) and Appendix B (Registered Public Accounting Firms Subject to the Hong Kong Determination) the firms subject to the PCAOB’s determination in such jurisdictions. Our former auditors, Centurion ZD CPA & Co. (“CZD CPA”), an audit firm headquartered in Hong Kong, were among those listed by the PCAOB Hong Kong Determination - a determination announced by the PCAOB on December 16, 2021 that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in Hong Kong. Our auditor, AOGB CPA Limited (“AOGB”), the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor’s compliance with the applicable professional standards. Our current auditor, AOGB is headquartered in Suite 2501-3, Tesbury Centre, 28 Queen’s Road East, Admiralty, Hong Kong, Hong Kong and registered with the PCAOB. AOGB is subject to inspection by the PCAOB on a regular basis. Therefore, we believe that, as of the date of this annual report, our current auditor is not subject to the PCAOB determinations. Due to the foregoing, we were conclusively identified by the Securities and Exchange Commission under the HFCAA on June 7, 2022. As a result, we and investors in the ordinary shares of Plastec Technologies were at the time deprived of the benefits of such PCAOB inspections, which could cause investors in the ordinary shares of Plastec Technologies to lose confidence in our reported financial information and the quality of our financial statements. In addition, under the HFCAA and the Accelerating Holding Foreign Companies Accountable Act (“AHFCAA”), which was passed by the U.S. Senate in June 2021, as a Commission-Identified issuer (defined below), Plastec Technologies’ securities could have been prohibited from trading on the U.S. stock exchanges or in the over the counter trading market in the U.S. if our auditors are not inspected by the PCAOB for two consecutive years, and this ultimately could result in our ordinary shares being delisted.\n\nOn August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People’s Republic of China, which the PCAOB believes represents the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely, consistent with U.S. law. The Statement of Protocol grants the PCAOB complete access in three important ways:\n\n●The PCAOB has sole discretion to select the firms, audit engagements and potential violations it inspects and investigates – without consultation with, nor input from, Chinese authorities.\n\n●Procedures are in place for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed.\n\n●The PCAOB has direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.\n\nThe PCAOB inspection team began testing the Statement of Protocol in September 2022. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. Consequentially, the PCAOB vacated its 2021 determinations to the contrary. As a result, until such time as the PCAOB issues a new determination, the Securities and Futures Commission will not provisionally or conclusively identify any issuer as a “Commission-Identified Issuer” if it files an annual report with an audit report issued by a registered public accounting firm headquartered in mainland China or Hong Kong on or after December 15, 2022 and no such issuers are at risk of having their securities subject to a trading prohibition under the HFCAA.\n\nThere is, however, no assurance that the Statement of Protocol will be effective in accomplishing its stated goals.\n\n6\n\n[Table of Contents](#TOC)\n\nFurthermore, pursuant to the Consolidated Appropriations Act of 2023, the PCAOB could, in the future, make a new determination that it is unable to inspect or investigate completely registered public accounting firms in China or Hong Kong. If, in the future, we do not or are unable to engage auditors that are subject to regular inspection by the PCAOB, the ordinary shares of Plastec Technologies may be delisted or unable to be traded.\n\n**Risks Affecting Our Company**\n\nAn investment in the securities of Plastec Technologies involves a high degree of risk. The occurrence of one or more of the events or circumstances described in the section titled “Risk Factors,” alone or in combination with other events or circumstances, may materially adversely affect our business, financial condition and operating results. In that event, the trading price of the securities of Plastec Technologies could decline, and you could lose all or part of your investment. Such risks include, but are not limited to:\n\n●We have limited operations after the divestment of our ownership interest in Plastec and, accordingly, you will have no or little basis on which to evaluate our prospect as a going concern.\n\n●We could be delisted or trading in our securities could be restricted if we do not have auditors that can timely meet the PCAOB inspection requirements established by the Holding Foreign Companies Accountable Act.\n\n●Uncertainties with respect to the PRC legal system could adversely affect our business and/or the value of our securities.\n\n●The Chinese government may influence a PRC company’s business operations in accordance with applicable laws and regulations, or exert more oversight and control over offerings conducted overseas and foreign investment in China-based issuers. This could result in a material change in a PRC company’s business operations if we look to acquire such a company and/or the value of its securities.\n\n●We may not be able to complete a transaction with a U.S. company since such transaction may be subject to U.S. foreign investment regulations and review by a U.S. government entity such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately prohibited.\n\n●Government regulations in the PRC that limit or prohibit foreign investments in certain industries might limit the potential number of acquisition candidates.\n\n●If we enter into a transaction utilizing a VIE structure, we could be subject to significant penalties or be forced to relinquish our interests in those operations or we could be unable to assert our contractual control rights over the assets of the post-combination target company, which could cause the value of Plastec Technologies’ securities to depreciate significantly or become worthless.\n\n●We are vulnerable to foreign currency exchange risk exposure.\n\n●We intend to explore other currently unidentified investment opportunities and, accordingly, we are unable to currently ascertain the merits or risks of any such investment opportunity.\n\n●Our search for other unidentified investment opportunities may be materially adversely affected by pandemic or other adverse events.\n\n●U.S. laws and regulations may restrict or eliminate our ability to complete a transaction with certain companies.\n\n●Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited.\n\n●Investors may have difficulty enforcing judgments against members of our management because they reside outside the United States, including in Hong Kong.\n\n●We may be treated as a passive foreign investment company (“PFIC”), which could result in adverse U.S. federal income tax consequences to U.S. investors.\n\n7\n\n[Table of Contents](#TOC)\n\n●A national securities exchange may not list the securities of Plastec Technologies, or if a national securities exchange does grant such listing, it could thereafter delist its securities, which could limit investors’ ability to make transactions in its securities and subject us to additional trading restrictions.\n\n●If Plastec Technologies’ ordinary shares become subject to the SEC’s penny stock rules, broker-dealers may experience difficulty in completing customer transactions and trading activity in its securities may be adversely affected.\n\n●If we fail to maintain an effective system of internal controls, we may be unable to accurately report our financial results or prevent fraud, and investor confidence and the market price of Plastec Technologies’ ordinary shares may be adversely affected.\n\n●Our executive officers have limited experience managing a public company subject to United States securities laws and preparing financial statements in U.S. GAAP.\n\n●One of our directors and officers controls a significant amount of ordinary shares of Plastec Technologies and his interests may not align with the interests of our other shareholders.\n\n●Our executive officers have become affiliated with SYB following divestment of our shareholdings in Plastec and have thereafter allocated their time in pursuit of businesses of Plastec thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to remain as a going concern.\n\n●Our ability to consummate any investment opportunity will be dependent on the efforts of our key personnel.\n\n●Because of our limited resources, other companies may have a competitive advantage in locating and consummating investment opportunities.\n\n●Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business.\n\n●Cyber incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.\n\n●Volatility in the price of Plastec Technologies’ shares may result in shareholder litigation that could in turn result in substantial costs and a diversion of our management’s attention and resources.\n\n●If we do not pay dividends, shareholders may benefit from an investment in Plastec Technologies’ shares only if those shares appreciate in value.\n\n●We may need additional capital, and the sale of additional shares or equity or debt securities could result in additional dilution to our shareholders.\n\n​\n\n8\n\n[Table of Contents](#TOC)\n\nPART I"}