アメリカ合衆国

証券取引委員会

ワシントン D. C. 20549

フォーム 20-F

(Mark 1 ）

↓ ↓ 登録ステートメント追求者 1934 年の証券取引法第 12 条（ B ）または第 12 条（ G ）に

」と 第 13 節への年次報告書の追求または 1934 年の証券取引法の 15 （ D ）

会計年度終了について 6 月 30 日, 2024

↓ ↓ 第 13 節への移行報告書または 1934 年の証券取引法の 15 （ D ）

↓ ↓ シェル · カンパニーレポート PURSUANt TO 1934 年の証券取引法第 13 条または第 15 条（ D ）

移行期間中からトゥ

コミッションファイル番号： 001-41568

ミレニアム · グループ · インターナショナル · ホールディングス

（憲章に記載された登録者の正名）

ケイマン諸島

（設立又は組織の管轄）

フラット b—C 1 階, 王光工業棟,

45 Hung To Road, クワン · トン, 九龍 999077

電話番号： + 852 36195768

（主要執行役員事務所の所在地）

ミン · ヤン · ライ, 最高経営責任者

フラット b—C 1 階, 王光工業棟,

45 Hung To Road, クワン · トン, 九龍 999077
(Name、電話番号、電子メールおよび / またはファクシミリ番号および会社の連絡先の住所）

項目 1 。

取締役、上級管理職およびアドバイザーの身元		項目 2 。		オファーの統計と予想される時刻表
項目 3 。		主な情報		項目 4 。会社概要

項目 4 A 。未解決のスタッフコメント

項目 5 。経営 · 財務概要および見通しについて

項目 6 。11,250,000取締役 · 上級経営陣 · 従業員

項目 7.

大株主及び関係者取引について項目 8 。

財務情報

項目 9 。オファーとリスト

第十八項。

財務諸表について第19項。展示会

本年度報告で使用する慣行

説明や文脈の要求がない限りそうでなければ、本年度報告(“年次報告”)における引用：“ASEAN”とはASEANのことです東南アジアの国“ブランド工場”とは内部工場のことである。ブランド所有者が運営する工場で、彼らは自分の製品の設計、製造、販売を担当します

“持株株主”とは礼宝、礼佑成、礼佑全、礼佑生、礼友輝、礼佑智については、6人の株主が全員住民であった。香港の

	“段ボール原紙”とは紙のこと。段ボールを形成するための波形または溝部材；	段ボール原紙とは紙のことです波が処理されています	“段ボール製品”は紙製品です。会社はすでに段ボールを販売して、印刷することができて、主に外装に使われています“段ボール機”は自動生産である。段ボール原紙を凹溝に押し込む機械からなり、段ボール原紙に接着剤を塗布して紙を貼り付ける生産ライン。段ボールを段ボールに加工する
			“ダイカット”とはダイシング過程のことです金型を用いて材料を所望の形状に切断するERPシステムは“企業”の頭文字です資源計画システム“は、計画、調達などの組織のいくつかの分野を統合したソフトウェアパッケージシステムである。在庫、販売、マーケティング、財務、人的資源を単一の統一システムに統合する

フレキソ印刷とはフレキソ印刷のことです基材上に速乾半液体インクを使用することを含む印刷技術“フレキソ包装製品” 私たちのフレキソ印刷装置を使って作られたパッケージ製品のことです

永隆発展有限公司は香港会社です個人持株株主が共同で保有している総床面積とは、総建築面積のことである

Gramake Investments Limitedは通常英領バージン諸島の会社です個人持株株主が所有しています私たちは様々な機関が提供する統計に依存しています中国の成長に対する予想の公開源について。私たちは直接または間接的に支援や参加をしていませんこのような材料を発表する際には、これらの材料は、特定の範囲内でない限り、本年度報告書に含まれない本年度報告書で引用する。私たちは本年度報告書で最新の情報を提供し、提供された統計データを信じることを試みた。本募集明細書には最新かつ信頼性が維持されており、これらの材料は本年度報告にはある程度含まれていない本年度報告書で特に引用される。別途説明がある以外は、当社が提供するすべての普通株式口座は増資前口座である。基礎です。

前向きな特別警告について報告書

本報告で議論されているいくつかの事項は構成可能である 1933年に改正された証券法(“証券法”)と証券法の目的のための前向きな陳述 1934年“取引法”(以下、“取引法”と呼ぶ)は、既知と未知のリスク、不確実性とその他の要素に関連する。これは私たちの実際の結果、表現、あるいは成果が未来の結果、表現、あるいは成果と大きく異なることを招くかもしれない。このような前向きな陳述は明示的または暗示的だ。“期待”“予想”“予定”という言葉 “plan”、“Believe”、“Seek”、“Estify”と類似したフレーズはいずれも表すものであるこのような前向きな陳述。私たちの実際の結果はこれらの前向きな陳述で予想された結果とは大きく異なるかもしれない様々な要因のため、“プロジェクト3--重要な情報--リスク”の項目で議論されている要因を含むが、これらに限定されない要素，“プロジェクト4−会社に関する情報”，プロジェクト5−経営·財務審査将来性“、および本報告書の他の部分、および私たちが提出した他の文書で時々決定される要因米国証券取引委員会(“米国証券取引委員会”)またはこのような前向き声明が出現した文書で発表された声明。全部書いてあります。または、私たちの口頭前向き声明がこれらの警告声明によって明確に完全に制限されていることに起因することができる。

本新聞稿に含まれる前向き陳述その報告書は本報告書が署名された日までの私たちの観点と仮定だけを反映している。法律に別段の規定がある以外は，われわれは何の責任も負わないどんな前向きな陳述も更新する。パート I		項目1.役員、上級管理者、コンサルタントの身分		表格20−Fの年次報告には適用されない。
		第二項見積統計及び予想スケジュール

表格20−Fの年次報告には適用されない。

第3項：重要な情報

A 。財務データ選択

年内の財務状況とキャッシュフローの概要ミレニアムグループ国際持ち株有限公司とその付属会社ミレニアムグループ国際持ち株有限公司合併貸借対照表：

2024年6月30日と2023年6月30日まで

資産

現在の資産：

現金 · 現金同等物

		売掛金、ネット
前払金、その他の入金、その他の流動資産		1
在庫、ネット	現在資産総額	1
非経常資産：	不動産 · 設備 · ネット	1
使用権資産、純	無形資産、ネット	1
繰延税金資産、純	その他の非流動資産	43
非流動資産総額	総資産	85
株主に対する責任と資本	現在負債：	85
買掛金	その他の買掛金 · 未払い債務	96
リース義務 — 現在の	銀行借入額	103
納税義務	経常負債総額	107
非経常負債：	リース債務 — 非経常	108
投資活動による純現金（使用）	資金調達活動からのキャッシュフロー：	108
普通株式発行純利益	銀行借入の返済	128
銀行借入による収益	資本増強 — 配当支払い	128

再資本化 — 配当を追加資本金として再投資		129
関連会社への貸付金の返済	関連者への返済	129
資金調達活動（使用）による純現金	為替レートの変動が現金および現金等価物に及ぼす影響	129
現金 · 現金同等額の正味（減少）増加	現金、現金同等物、制限現金 — 年初	129
現金、現金同等物、制限現金 — 年末	キャッシュフロー情報の補足開示：	130
利子に対する現金支払	所得税の支払金	130
補足的な重要な非現金資金調達活動：	株主債務の免除	130
資本増強 — 留保利益からの移転	資本再編--追加実収資本に移行する	130
前払い発行コストは追加の実収資本と相殺される	合併財務の付記をご覧ください発言する。	131
連結財務諸表 (“CFS”)登録者ケイマン諸島の財務状況およびキャッシュフローを反映する。法団の親会社として設立されたミレニアムグループ国際持ち株有限公司とその付属会社基礎を統合する。下表は簡明な合併計画で、それぞれ財務状況と現金をまとめています登録者、ケイマン諸島登録親会社ミレニアム国際持ち株有限公司(“親会社”) 以下の表の“会社”)とその子会社、および調整解除：	連結業務報告書情報	131
ミレニアムグループ国際持ち株有限公司	連結営業および包括的な明細書 LOSS	131
2024年6月30日まで 2022年	収入.収入	131
収益コスト	総利益	131
営業経費：	販売 · マーケティング	132
一般 · 管理	営業費総額	132
営業収入(赤字)	その他の収入(損失)：	132

その他の収入		133
その他の経費	利子支出	133
● ●	私たちの運営、財務、管理制御、特に将来の子会社買収の制御を強化して、私たちの報告過程の信頼性を維持します。	133
上記の条件を満たす上で何か重大な困難があるあるいは同様の要求が遅延したり、拡張計画を実施する能力を制限したり、実現できない可能性があります。買収された資産や投資の期待収益を合併または買収または抹消することは、逆に私たちの運営効率を高め、限界製造コストを下げたり、他の方法で私たちの市場地位を強化することができる。できなかった事業拡張から予想される経済的利益を得ることは，われわれの業務，財務状況，業績に悪影響を及ぼす可能性がある運営と将来性。しかも、短期的に私たちの拡張計画はまた一喜一憂の結果をもたらすかもしれない。	私たちが望む利益は得られないかもしれません最近や将来の投資や買収や私たちの業務は、このような投資や買収の大きな悪影響を受ける可能性があります。	133

私たちは土地買収に投資した。新しい生産工場を建設することで、これらの工場は私たちの既存の業務を補充したり、運営効率と効果を高めることができると信じています。これらの投資計画は私たちの業務を長期的に利益を得るかもしれないと信じていますが、これらの決定は私たちの短期または中期運営に悪影響を及ぼすかもしれません。結果が出る。また、これらの投資計画がその後、私たちが期待していた相乗効果を達成しなかった場合、あるいは財務的および業務的なものが生じなかった場合。私たちが期待している収益は、私たちのキャッシュフローと財政的業績に悪影響を及ぼすだろう。

私たちのビジネスの成長は私たちの名声に対する承認について。もし私たちの名声を維持し、保護し、向上させることができなければ、私たちの拡大または保留の能力を制限します。これは私たちの業務、財務状況、そして経営業績に大きな悪影響を及ぼすだろう。

私たちの名声を維持し保護し向上させます私たちの業務と市場の地位に依然として必須的だ。これは私たちが能力があるかどうかを含めていくつかの要素にかかっています

● ●

私たちが提供している製品の品質と満足度を維持し

● ●

顧客や他のビジネスパートナーと良好な関係を維持しています

● ●

マーケティングと会社の普及活動を通じて会社の意識を高める

● ●

法律法規、特に環境保護、安全生産、行動準則に関する法律法規を遵守する

● ●

既存と未来の競争相手と効果的に競争すること；

● ●

私たちのサービスと製品の品質がどんな否定的な宣伝を受けた場合、私たちの名声と名声を維持します。

人々は私たちや他の業界は参加者は満足できる製品やサービスを提供しておらず，事実が正しくない場合や個別のイベントに基づいていても被害を与える可能性がある. 私たちの名声は、私たちが築いた信頼と信頼を破壊し、私たちの顧客を引き付け、維持する能力にマイナスの影響を与えます。そして私たちの業務、財務状況、経営結果。

私たちは維持しないかもしれません私たちの普通株はナスダック資本市場に上場することは投資家が私たちにいることを制限するかもしれません。普通株は、私たちを追加的な取引制限を受けるようにしてくれる。

私たちの普通株はナスダック資本市場に上場し、株式コードは“MGIH”である。私たちの株をナスダック資本に上場し続けるために市場は、取締役の独立性に関する要求と基準を含む最低財務及びその他の持続的な上場の要求と基準を満たさなければならない。そして独立委員会の要求、最低株主権益、最低株価とある会社の管理要求。適用される会社の案内書を守り続ける保証はありません。保証することもできません。将来私たちの株はナスダック資本市場に上場し続けるだろう。

もしナスダックの都が市場は私たちの普通株を取得して、私たちの株は別の全国的な証券取引所に上場することができません。私たちの株を望みます。アメリカの場外取引市場で見積もりができます。もしこのような状況が発生すれば、私たちは重大な実質的な不利な要素に直面するかもしれない。結果は以下の通りです

● ●

私たちの普通株の市場オファーは限られています

● ●

普通株の流動性は減少しています

● ●

私たちの普通株が“細価格株”であることを確認することは、私たちの株を取引するブローカーにより厳しい規則を遵守することを要求し、私たちの普通株の二次取引市場での取引活動を減少させる可能性がある

● ●

限られたニュースやアナリストの報道

● ●

将来的により多くの証券を発行したり、より多くの融資を得る能力が低下する。

私たちが平凡であれば株式はナスダック資本市場に上場し、米国連邦法律はその販売を阻止または先制して規制している。しかし、法律は確かに各州が詐欺の疑いがある場合に会社を調査することを許可している。その後、州はそれらの販売を規制したり禁止したりすることができる。しかも、もし私たちがこれ以上ナスダック資本市場に上場しなければ、私たちは私たちが株を発行する州ごとの規定を守る。

取引価格. 私たちの普通株は変動する可能性があり、私たちの普通株は活発で流動性の強い取引市場がないかもしれません。これはおそらく投資家に大きな損失をもたらした。

株の取引価格私たちの普通株は変動するかもしれないし、私たちがコントロールできない要素で大きく変動するかもしれない。これは広範囲なので現地で事業を展開している他の企業のパフォーマンスや市場価格変動などの市場や業界要因主にシンガポールで、これらの会社はすでにアメリカで発売されている。市場や業界の要素を除いて価格と私たち自身の業務に特化した要素のため、私たちの株の取引量は以下の要素を含む非常に不安定になる可能性があります

● ●

収入、収益、キャッシュフローの変動

● ●

証券アナリストの財務見積もりの変動

課題

国別

ZL 2016 2 0004930.9

保護ディスプレイスタンド

2016 年 01 月 6 日

2026 年 1 月 5 日

ミレニアム深セン

中国

ZL 2016 2 0003262.8

タブレット箱のためのパッキング

2016 年 1 月 5 日

iii

2026 年 1 月 4 日

ミレニアム深セン

中国

ZL 2016 2 0003257.7

印刷機器用除塵システム

2016 年 1 月 5 日

2026 年 1 月 4 日

ミレニアムシンセン

中国

ZL 2016 2 0003260.9

ユニバーサルペーパーラック

2016 年 01 月 5 日

2026 年 1 月 4 日

	ミレニアム深セン中国		ZL 2016 2 0003263.2 UV ドライヤー		2016 年 1 月 5 日 2026 年 1 月 4 日
	ミレニアム深セン 2024		中国 2023		ZL 2016 2 0003255.8 2022
印刷濡れシステム用フィルター水タンク		7.27		7.26		6.70
2016 年 7 月 5 日		7.20		6.95		6.45
2026 年 7 月 4 日		7.81		7.84		7.85
ミレニアム深セン		7.82		7.84		7.80
中国		25,455		23,583		23,263
ZL 2013 1 0243906.1		24,962		23,706		22,860

正方形の箱の折りたたみ法

2013 年 06 月 4 日

2033 年 6 月 3 日

ミレニアム深セン

中国

ZL 2017 2 1631697.8

内部カードはコンポーネントとパッケージング構造をサポートします

11 月 29 日 2017

2027 年 11 月 28 日

ミレニアム深セン

中国

ZL 2017 2 1631725.6

内部カードと包装構造の強化

11 月 29 日 2017

2027 年 11 月 28 日

ミレニアムシンセン

	2024			2023
中国
登記番号
特許タイプ	$	13,346,584		$	27,576,622
登録		9,462,980			10,313,371
投稿日		1,240,639			1,001,694
有効期限		3,715,494			5,559,282
投稿日		27,765,697			44,450,969
登録所有者
課題		7,792,835			9,027,615
国		3,474,737			3,076,855
ZL 2017 2 1631945.9		197,787			291,559
内部カードと包装構造の強化		329,594			397,212
2017 年 11 月 29 日		4,076,456			1,798,927
2027 年 11 月 28 日		15,871,409			14,592,168
ミレニアム深セン	$	43,637,106		$	59,043,137

中国
ZL 2017 2 1632222.0
強化されたステップカードと包装構造	$	3,648,331		$	3,411,605
2017 年 11 月 29 日		2,684,556			2,105,028
2027 年 11 月 28 日		218,578			157,489
ミレニアム深セン		5,582,665			13,405,816
中国		-			6,405
ZL 2017 2 1632482.8		12,134,130			19,086,343

バックルの構造およびインターカードのパッキング
2017 年 11 月 29 日		456,933			37,992
2027 年 11 月 28 日		456,933			37,992
ミレニアム深セン		12,591,063			19,124,335

中国

ZL 2017 2 1634187.6
ポータブルディスプレイスタンド		22,500			22,500
2017 年 11 月 29 日		34,361,149			34,361,149
2027 年 11 月 28 日		1,049,119			1,049,119
ミレニアム深セン		(3,888,270	)		(3,785,555	)
中国		(498,455	)		8,271,589
ZL 2017 2 1659503.5		31,046,043			39,918,802
携帯電話保護カバーおよび携帯電話箱	$	43,637,106		$	59,043,137

2017 年 12 月 1 日

2027 年 11 月 30 日

ミレニアム深セン

中国

	2024			2023			2022
ZL 2017 2 1659573.0
携帯電話の付属品のパックボックスおよび携帯電話箱	$	(8,770,044	)	$	(354,111	)	$	4,077,371
2017 年 12 月 1 日
2027 年 11 月 30 日		1,398,862			1,702,331			1,936,061
ミレニアム深セン		564,020			133,218			71,143
中国		157,765			(116,846	)		10,450
ZL 2017 2 1660908.0		(88,241	)		(1,949	)		-
携帯電話包装部品と携帯電話セット
2017 年 12 月 1 日		67,808			(106,103	)		(68,194	)
2027 年 11 月 30 日		688,284			6,690,275			(1,388,981	)
ミレニアム深セン		(58,196	)		(476,360	)		(951,573	)
中国		1,284,158			3,408,444			(633,043	)
ZL 2018 2 0754389.2		(264,989	)		-			378,726
フィルムマシン		(419,957	)		777,309			840,151
2018 年 5 月 21 日		501,745			(683,205	)		(740,604	)
2028 年 5 月 20 日		250,488			(1,586,850	)		1,384,898
ミレニアムシンセン		1,248,316			(226,444	)		(1,188,273	)
中国		(6,352	)		(342,621	)		354,863
ZL 2018 1 0478943 3		(659,678	)		(707,311	)		(2,043,395	)
印刷コンピュータ化、デバイス、端末およびコンピュータ可読記憶媒体の標準方法		(4,106,011	)		8,109,777			2,039,600

2018 年 05 月 18 日
2038 年 5 月 17 日		(2,376,967	)		(186,565	)		(510,780	)
ミレニアムシンセン		162,902			-			41,301
中国		(29,458	)		(29,955	)		(29,808	)
ZL 2018 2 0760305.6		-			-			2,567,531
橋を渡り、自動		(2,243,523	)		(216,520	)		2,068,244

2018 年 5 月 21 日
2028 年 5 月 20 日		-			4,227,000			-
ミレニアム深セン		(22,049,203	)		(18,662,822	)		(27,289,939	)
中国		14,188,856			16,235,091			26,425,399
ZL 2018 2 0751959.2		-			-			(8,863,135	)
プリンタ製造ライン		-			-			8,863,135
2018 年 5 月 21 日		-			-			(1,864,965	)
2028 年 5 月 20 日		-			-			(2,855,605	)
ミレニアム深セン		(7,860,347	)		1,799,269			(5,585,110	)

中国		(20,158	)		(1,563,355	)		(345,360	)

ZL 2018 2 0769753.2		(14,230,038	)		8,129,171			(1,822,626	)

機器キャビネットのドアパネルおよび機器キャビネット		27,576,622			19,447,451			21,270,077

2018 年 5 月 22 日	$	13,346,584		$	27,576,622		$	19,447,451

2028 年 5 月 21 日
ミレニアム深セン	$	(850,614	)	$	(684,358	)	$	(429,976	)
中国		(593,569	)		(614,026	)		(516,793	)

ZL 2018 2 0760292.2
自動洗浄ユニットと Ke Shi プレス		-			-			6,614,563
2018 年 5 月 21 日		-			-			(6,973,182	)
2028 年 5 月 20 日		-			-		$	6,973,182
ミレニアムシンセン		-		$	515,952			-

中国

ZL 2018 3 0502593.0

パッキング箱

2018 年 09 月 7 日

2028 年 9 月 6 日

ミレニアム深セン

	2024			2023			2022

中国	$	38,530,773		$	45,598,620		$	66,232,757
ZL 2016 1 0950796.6		(30,226,192	)		(36,534,358	)		(49,961,793	)
インク自動符号化装置とその処理プロセス		8,304,581			9,064,262			16,270,964

2016 年 1 月 30 日
2036 年 1 月 29 日		(5,651,505	)		(4,875,650	)		(5,813,307	)
ミレニアム深セン		(9,581,030	)		(5,270,966	)		(4,922,075	)
中国		(15,232,535	)		(10,146,616	)		(10,735,382	)

ZL 2017 1 0138966.5		(6,927,954	)		(1,082,354	)		5,535,582

オフセットプレス用紙の配置 · 切断装置
2017 年 3 月 9 日		49,163			1,366,394			99,006
2037 年 3 月 8 日		(725,374	)		(31,095	)		(234,269	)
ミレニアムシンセン		(958,935	)		(684,358	)		(425,791	)
中国		(1,635,146	)		650,941			(561,054	)

ZL 2016 1 1165201.2		(8,563,100	)		(431,413	)		4,974,528

印刷機用切紙装置		(206,944	)		77,302			(897,157	)

2016 年 12 月 16 日	$	(8,770,044	)	$	(354,111	)	$	4,077,371

2036 年 12 月 15 日

ミレニアム深セン

中国

ZL 2015 1 0213613.8

カートン包装反しわ処理

2015 年 4 月 30 日

2035 年 4 月 29 日

ミレニアムシンセン

中国

ZL 2016 1 0189602.5

薄い印刷紙でコーティングされた組成物2016 年 3 月 30 日2036 年 3 月 29 日ミレニアムシンセン中国

ZL 2019 2 1201522.2

お茶の包装構造

2019 年 7 月 26 日

2029 年 7 月 25 日ミレニアム深セン

中国

ZL 2019 2 1209522.7

面取り機械

2019 年 07 月 26 日2029 年 7 月 25 日ミレニアム深セン中国登記番号特許タイプ登録

投稿日

有効期限

投稿日

登録所有者

課題

国別

ZL 2019 2 1209521.2

テイクアウトの詰まった食事箱の包装構造

2019 年 7 月 26 日

2029 年 7 月 25 日

ミレニアム深セン

中国

ZL 2019 2 1914727.5

自動粘着ボックス機械折りたたたみ校正装置

2019 年 11 月 7 日

2029 年 11 月 6 日

ミレニアム深セン

中国

ZL 2019 2 1928268.6

窓に取り付けられた面取り機

2019 年 11 月 7 日

2029 年 11 月 6 日

ミレニアム深セン

中国

ZL 2019 2 1919138.6

コーティング機の給紙機構装置

ZL202122011501.8

新しいワイン包装箱

2021 年 8 月 23 日

八月 22 、 2031

ミレニアム深セン

中国

ZL202120132334.X

展示ボックス

2021 年 01 月 18 日

2031 年 1 月 17 日

ミレニアムシンセン中国

ZL202120124237.6

電子製品の包装箱

2021 年 01 月 18 日

2031 年 1 月 17 日

ミレニアムシンセン

中国

ZL20212202402 6.8

新しい包装ボックス

2021 年 8 月 25 日

2031 年 8 月 24 日

ミレニアム深セン

中国

ZL202122237527.4

印刷機器用アンロード装置

2021 年 9 月 14 日

2031 年 9 月 13 日

ミレニアム深セン

中国

ZL202123040777.5

用紙押圧機構付きコンベア 2021 年 12 月 03 日

2031 年 12 月 02 日

ミレニアム深セン

中国

ZL202123031768.X

自動視認検査装置

2021 年 12 月 03 日

2031 年 12 月 02 日

ミレニアム深セン

中国

ZL202123030944.8

自動接着装置

2021 年 12 月 03 日

2031 年 12 月 02 日

ミレニアム深セン中国商標商標番号登録日有効期限商標 登録場所2020 年 1 月 9 日2030 年 1 月 8 日香港

2019 年 3 月 14 日2029 年 3 月 13 日中国2031 年 8 月 27 日中国

2021 年 8 月 28 日

2031 年 8 月 27 日

中国

2021 年 8 月 28 日

2031 年 8 月 27 日

中国

2021 年 8 月 28 日

2031 年 8 月 27 日

中国

2021 年 8 月 28 日 2031 年 8 月 27 日

中国

2021 年 8 月 28 日

2031 年 8 月 27 日

中国

2021 年 8 月 28 日

2031 年 8 月 27 日

中国

2021 年 7 月 21 日

2031 年 7 月 20 日

中国

2021 年 6 月 21 日

2031 年 6 月 20 日

中国

2021 年 6 月 28 日

2031 年 6 月 27 日

中国

2021 年 6 月 28 日

2031 年 6 月 27 日

中国2021 年 7 月 21 日2031 年 7 月 20 日, 中国

2021 年 6 月 28 日

2031 年 6 月 27 日

中国

2021 年 7 月 7 日

2031 年 7 月 6 日

中国

2021 年 6 月 21 日

2031 年 6 月 20 日

中国

2021 年 6 月 21 日

2031 年 6 月 20 日

中国

2021 年 11 月 14 日

2031 年 11 月 13 日

中国

2021 年 8 月 28 日

2031 年 8 月 27 日

中国

2021 年 11 月 28 日

2031 年 11 月 27 日

中国

著作権

番号

著作権番号

問題国

2019SR0662505

中国

2019SR0662498

中国

2019SR0663010

中国

2019SR0663939

中国

2019SR0663943

中国

2019SR0661502

中国

2019SR0661446

中国

2019SR0663324

中国 2019SR0661460

中国

2016SR0662874

中国

ドメイン名前の由来

いいえ。

ドメイン

登録所有者

有効期間

mpintl.com.hk

ミレニアム深セン

2027 年 2 月 22 日

millennium-gp.com

ミレニアム hk

2029 年 5 月 28 日

mpgglobal.com.hk

ミレニアムパッケージング

2028 年 3 月 13 日

mpg.com.hk

ミレニアムパッケージング

2025 年 3 月 29 日

mpintl.cn

ミレニアム深セン

土地の私有は許されない。ベトナムと人々はすべての所有権を持っていて、国家は管理者だ。しかしベトナムの法律は土地使用権は，土地用途種別と土地利用者タイプを参照して決定される.この権利は土地使用権。土地利用者に土地使用権証を発行する。

外商独資企業は土地使用権を取得することができる権利は、他のものを除いて、国家や工業団地開発業者などの特定の許可レンタル者からレンタルされる。

不動産(住宅を含む)の所有者家屋や他の土地に依存する財産)は、その不動産の所有権を登録することができる。

環境保全に関する法律

現在環境を管理する法規保護は…

第55/2014/QH 13法律第55/2014

環境保全について2015年1月1日から施行(経)

法律第35/2018/QH 14

2019年1月1日から施行される

第39/2019/QH 14法律第39号

2020年1月1日から施行される

法律第61/2020/QH 14

2021年1月1日から施行)。

環境影響評価報告·環境保護計画

企業の経営は (一)“環境影響評価報告”又は(二)その投資を条件とした“環境保全計画” プロジェクトです。

環境影響評価報告·環境保護計画(法律で規定されている場合に必要な)は、それぞれ主管部門が作成·承認·認証しなければならない投資プロジェクトが始まる前に。

他の以外にも、規模と範囲の変更は承認された環境影響評価報告又は環境保全計画下の作業は，書面で報告しなければならない新しい報告書/計画に反映されています

企業は収集、分類、管理、彼らの経営過程で発生した廃棄物を処理する。

就職に関する法律

現在管理されている主要法規就業は第45/2019/QH 14号労働法であり、2021年1月1日から施行され、代わりになる

一二七一六平方メートルです。

深セン市宝安区石岩街道水田コミュニティ三民路8号西土工業園寮楼1号中国

9，139平方メートル。

深セン市宝安区石岩街道水田コミュニティ三民路8号西土工業園食堂2号棟中国

412平方メートル。

深セン市宝安区石岩街道水田コミュニティ三民路5号西土工業園1号棟中国

11893平方メートルです。

深セン市宝安区石岩街道水田コミュニティ三民路5号西土工業園4号棟中国

1，727平方メートルです。

深セン市宝安区十堰街道水田コミュニティ宝石東路137号エンジョワビル2号棟南側中国

472平方メートル

深セン市宝安区十堰街道水田コミュニティ宝石東路137号エンジョワビル3号棟南側中国

1953平方メートル

セント

深セン市宝安区石岩街道水田コミュニティ宝石東路137号億和ビル4階中国

4820平方メートル

深セン市宝安区石岩街道水田コミュニティ宝石東路137号義和工業区5号棟中国

2，092平方メートル

深セン市宝安区石岩街道水田コミュニティ宝石東路137号エンジョワビル1号棟南側中国

7927平方メートル

その他（損失）総利益、純

所得税費前の所得（損失）

所得税（経費）控除

純（損失）利益

その他の包括損失

外国為替換算調整

総総合（損失）利益

普通株主に帰属する 1 株当たり純利益（損失） — 基本および希釈

営業収入

収益商品カテゴリー別

年度 6 月 30 日終了

ドル

包装製品

段ボール製品

包装製品サプライチェーンマネジメントソリューション

トータル

収益お客様の性質上

年度 6 月 30 日終了

ドル

OEM 工場

ブランドの工場

貿易会社

トータル

収益商品配送国別

年度 6 月 30 日終了

ドル

中国大陸

香港特別行政区

ベトナム

その他の東南アジア諸国

オーストリア

アメリカ合衆国

その他の国

トータル

グロスト

利益.利益

利益

保証金

ドル

ドル.

製品を包装する

段ボール製品

パッケージ製品サプライチェーン管理ソリューション

トータル

2024年6月30日までの年間毛利。 2023年と2022年はそれぞれ8，304，581ドル，9，064，262ドルと16，270，964ドルであり，それぞれ運営総額の21.6%，19.9%，24.6%を占めている. 収入を得る。2024年6月30日までの年度で、利益率が上昇したのは主に販売価格が 2024年6月30日までの1年。2023年6月30日までの年間利益率の低下は主に 2023年6月30日までの年間販売価格。

段ボールで毛利が下がる製品の主な原因はYWSZの自発的清算であり、類似したものを設置することによって MPSZの製造ラインでは、その間、段ボール製品は低い価格で販売され、統合を促進する。プロセスです。

販売とマーケティング費用

2024年6月30日と2023年6月30日までの年度。販売とマーケティング費用はそれぞれ5651，505ドルと4，875，650ドルです。2023年度から2024年度までの成長は主に市場研究と販売手数料の相談費を増やす。

2023年6月30日と2022年6月30日までの年度。販売とマーケティング費用はそれぞれ4875，650ドルと5，813，307ドルです。2022年度から2023年度までの減少要因は 6月末現在の年間販売量の低下により、顧問費及び輸送及び手数料が減少しています 30，2023年。

一般 · 管理費

一般と行政支出は主に一般的で行政的用途の人件費を含む。2024年6月30日と2023年6月30日までの年度。行政費用はそれぞれ9581030ドルと5270966ドルです。2023年度から2024年度までの成長は主に怡和紙(深セン)有限会社と専門家の清盤業務の従業員の報酬を向上させる 2024年6月30日までの年間費用。

2023年6月30日までの年度 2022年の行政費用はそれぞれ5 270 966ドルと4 922 075ドルです。2022年度から2023年度に増加した要因は監査費用の増加と環境保全費用の減少による専門費用と環境保全費用中国政府は2023年6月30日までの年度補助金を支給している。

純（損失）利益

回顧する. 株主に当社役員の報酬を決定することを推薦する

● ●

回顧する. 奨励報酬または株式計画、プログラムまたは同様の計画を定期的に承認すること

● ●

選択する. 報酬コンサルタントや法律顧問や他のコンサルタントはこの人との関係を考慮しているだけです管理から独立している。

委員会を指名する

私たちの指名は委員会は高学賢、高学賢、曾鴻亮からなり、彼らの委任が発効した。高学賢さん是。私たちは委員会の議長を指名した。我々はすでに鶴涵閣、孫維武、曽鴻亮が“独立”を満足していることを確認しましたナスダック規則5605の要件。委員会を指名して取締役会に協力して資格がある私たちの役員と取締役会とその委員会の構成。指名委員会は他を除いて責任を負う事：

● ●

株主選挙または取締役会の任命のために、取締役会に指名者を推薦し、選抜し、取締役会に推薦する

毎年取締役会と一緒に取締役会の現在の構成を審査し、独立性、知識、技能、経験と多様性などの特徴を含む

● ●

取締役会会議の頻度と構造について提案し、取締役会の各委員会の運営を監督する

● ●

定期的に会社管理の法律及び実務の重大な発展及び私たちが適用する法律及び法規を遵守する状況について取締役会に意見を提供し、そして会社管理のすべての事項及び取らなければならないいかなる救済行動について取締役会に提案する。

役員の職責

ケイマン諸島の法律によると私たちのすべての役員は私たちには3つの責任がある：(I)法定責任、(Ii)受託責任、(Iii)一般法責任。ケイマン諸島の会社は ACTは役員にいくつかの法的義務を課している。ケイマン諸島の役員の受託責任は文に規定されていない。ケイマン諸島裁判所は，役員は以下の受託責任を負うべきであると判断した：(A)役員の規定に従って行動する義務

ボナー！実感がわく

彼らは最も会社の利益に合致していると考えており、(B)与えられた目的のために権力を行使する義務がある。 (C)今後の裁量権制限を回避する義務と(D)利益衝突と義務衝突を回避する義務。平凡な董事が負う法的義務とは、一人が法律義務を履行する際に果たすべき技巧、慎重、勤勉な行為である。役員が果たす会社関係の機能と同様に、スキル、慎重、勤勉な方法で行動しています彼らが持っている特定のスキルに見合った看護基準に適合して、彼らが達成できるようにしますこれらのスキルを持っていない役員です。われわれに対する注意義務を履行する際には，われわれの役員は改訂されたわれわれのM&Aを遵守することを確保しなければならないこれを繰り返していますもし私たちのどんな役員の義務が違反されたら、私たちは損害賠償を請求する権利があります。

インサイダー取引方針

いいえ

役員総数

女性は

男性

非バイナリ

Did Not

性別開示

第 1 部：ジェンダーアイデンティティ

役員.取締役

第 2 部：人口統計的背景

母国管内に在任人数が足りない個人

LGBTQ+

6. D 。従業員

当社の従業員数は 498 人、 792 人。 2024 年 6 月 30 日、 2023 年 6 月 30 日。

以下の表は、職務別の従業員の内訳です。

【 As of

6 月 30 日

自分から

6 月 30 日

管理 · 管理

パーセント

オーナーシップ

役員、役員、著名人、指名された幹部明鴻“馬修”頼声川夜明けの言葉“雷”

区永偉油が美しい孫偉が…韓“ヘンリー”柯震東韓偉古

洪亮“エレン”曾蔭権

全役員·役員著名人·役員(8人)

5%以上の株主：

YC 1926(BVI)有限会社

YC 1926(BVI)Limitedには6つの株主があり、各株主はそのエンティティの均一パーセントの株式を保有している。英領バージン諸島実体を通して、友輝麗はYC 1926(BV)Limited 833株または16.67%の株式を持っている。株主総会は一致投票に同意し、当社の登録成立日から当社がナスダック上場日から3周年まで、株主が合意に達しなかった場合、半数以上の投票権を持つ株主による決定は各方面が一致して可決した決定とみなされ、各方面に拘束力があるとみなされ、決定局が発生した場合、YC 1926(BVI)Limitedの株主は、本エンティティの黎明鴻議長を代表として彼などに投票権を行使することに同意した。

プロジェクト七、大株主及び関連側取引

	7.a.大株主	項目6.取締役を参照してください上級管理職と従業員-6.E.株式所有権。同社の大株主は確かに異なる投票権を持っている他の株主よりも多くの権利がある。

	7.B.関連先取引(FS脚注)	他の関係者取引

	2024 年 6 月 30 日期中、その他他の場所で開示されているよりも他の関係者取引はありません	以下は、重要な関係者取引を示します。 2024 年 6 月 30 日、 2023 年、 2022 年 6 月 30 日を末日とする年度について。

	関係	性質

解説

US $

US $

US $

m—GEN イノベーション株式会社（以下、「 MGI 」）

	株主による共同経営	貿易の性質

	会社の売上	貿易の性質

会社の売上領収書

非貿易性

m—GEN イノベーション株式会社からの前払い金受領

ワトンペーパープロダクトグループ（以下、「 WTPPG 」）

株主による共同経営

非貿易の性質

ワトンペーパープロダクトズグループ株式会社からの当社の返済

ワトンペーパープロダクトファクトリー（以下、「 WTPPF 」）

株主による共同経営

非貿易性

ワトン紙製品工場有限会社からの会社の返済

非貿易性

ワトンペーパープロダクトファクトリーへの返済について

華東タイロジスティクス（深セン）有限会社（以下「 WTTLSZ 」）

株主による共同経営

貿易性質

当社が負担する物流費

貿易性質

物流費に対する会社の支払い

貿易性質

会社の売上領収書

非貿易の性質

ワトンタイロジスティクス（深セン）有限会社への返済

Sing Wise Limited （以下、「 Sing Wise 」）

株主による共同経営

貿易性質

会社の売上領収書

非貿易の性質

Sing Wise Limited への返済

ミレニアムグループインターナショナルホールディングス株式会社

連結財務諸表への注記

ワトングタイロジスティクス株式会社（以下、「 WTTL 」）

株主支配の共通

貿易の性質

当社が発生した輸送費用

貿易の性質

運送費に対する会社の支払

昆山 Chuangke 印刷製品 Co. 、Ltd.

株主による共同経営

貿易の性質

会社の購入時の支払い

Yee Woo Paper Packaging （China） Company Limited （以下「 YWPPC 」）

株主による共同経営

貿易性質

当社が発生したレンタル費用

非貿易の性質

Yee Woo Paper Packaging （China） Company Limited への当社の返済

ミレニアムグループインターナショナルホールディングス株式会社

連結財務諸表への注記

ヤウライチュエン

統制株主

非貿易の性質

当社の株主への純返済

非貿易の性質

支配株主への配当金の増額

非貿易の性質

配当を放棄し、追加資本として資本化

非貿易の性質

株主債務額を免除し、追加資本金として資本化

ライヤウサン

支配株主

非貿易の性質

当社の株主への純返済

非貿易の性質

支配株主への配当金の増額

非貿易の性質

配当を放棄し、追加資本として資本化

非貿易性

株主債務額を免除し、追加資本金として資本化

ライ · ヤウ · ファイ

統制株主

非貿易性

当社の株主への純返済

非貿易性

支配株主への配当金の増額

非貿易の性質

配当を放棄し、追加資本として資本化

非貿易の性質

株主債務額を免除し、追加資本金として資本化

ライ · ヤウチ

支配株主

非貿易の性質

当社の株主への純返済

非貿易の性質

支配株主への配当金の増額

非貿易の性質

配当を放棄し、追加資本として資本化

我々の連結財務諸表は含まれています本年度報告の末尾には，第F−1ページから始まる。

プロジェクト19.展示品

展示番号

解説

2回目の改訂·再改訂された定款は、2022年10月28日に提出され、表F−1の添付ファイル3.1として提出され、引用により本明細書に組み込まれる

2022年10月28日に提出されたF-1表の2番目の改訂および再改訂された組織メモは、添付ファイル3.2として提出され、参照によって本明細書に組み込まれる

証券説明書は、2023年10月30日に提出された20−F表の添付ファイル2.2として提出され、参照により本明細書に組み込まれる

董事致明鴻黎の招待状は、2022年10月28日に提出され、F-1表の添付ファイル10.1として提出され、引用により本明細書に組み込まれる

明燕との雇用協定は、2022年10月28日にF-1表の添付ファイル10.2として提出され、引用により本明細書に組み込まれる

永偉“John”Auと締結された雇用協定は，2022年10月28日に提出され，F−1フォームの添付ファイル10.3として提出され，引用により本明細書に組み込まれる

董事致Hok han“Henry”Koの招待状は、2023年10月30日に提出され、20-F表の添付ファイル4.5として提出され、引用により本明細書に組み込まれた

董事致古永ジャーンの要約状は、2023年10月30日に提出され、20-F表の添付ファイル4.6として提出され、引用により本明細書に組み込まれている

董事致曽鴻良“Alan”の招待状は、2023年10月30日に提出され、20-F表の添付ファイル4.7として提出され、引用で本明細書に組み込まれた

サンプル調達注文は、添付ファイル10.5として2022年10月28日に提出されたF−1表に提出され、参照により本明細書に組み込まれる

子会社リストは、2022年10月28日に提出されたF-1表の添付ファイル21.1として提出され、参照によって本明細書に組み込まれる

登録者の商業行為および道徳基準は、2022年10月28日に提出されたF−1表の添付ファイル14.1として提出され、参照によって本明細書に組み込まれる

インサイダー取引政策は、2023年10月30日に提出され、20-F表の添付ファイル11.2として提出され、引用により本明細書に組み込まれる

認証する. 規則第13 a-14条に規定する最高経営責任者

認証する. 細則13 a-14(A)に要求される首席財務官

認証する. 米国法典第18章第13 a-14(B)条及び第63章第1350節に規定する最高経営責任者

認証米国法典第 18 編第 63 章第 1350 条および規則 13 a—14 （ b ）により要求される最高財務責任者。

補償回収方針、ここに提出

101.INS *

インライン XBRL インスタンスドキュメント。

101.SCH *

インライン XBRL Taxonomy Extension Schema Document （XBRL 分類拡張スキーマ文書）

101.CAL *

オンライン XBRL Taxonomy Extension 計算 Linkbase ドキュメント

101.DEF *

オンライン XBRL Taxonomy Extension 定義 Linkbase ドキュメント

101.LAB *

オンライン XBRL Taxonomy 拡張ラベル Linkbase ドキュメント

101.PRE *

オンライン XBRL Taxonomy Extension プレゼンテーション Linkbase ドキュメント

カバーページインタラクティブデータファイル（ Inline XBRL としてフォーマットされ、資料 101 に含まれる）

署名

登録者はこちらフォーム 20—F に提出するためのすべての要件を満たし、下記署名者に正当な理由を与え、権限を与えたことを証明します。年次報告書に署名します

ミレニアムグループインターナショナルホールディングス

投稿者：

/ s / Ming ヤン · ライ

本監査役は、二零二四年六月三十日の総合貸借対照表及び二零二四年六月三十日現在の関連総合経営表及び全面赤字、株主権益変動及び現金流量、及び関連付記(総称して総合財務諸表と呼ぶ)を添付したミレニアムグループ国際持株有限会社及びその付属会社(“貴社”)を審査した。総合財務諸表は，当社の2024年6月30日までの総合財務状況と，2024年6月30日までの年度の経営結果とキャッシュフローをすべての重要な面で公平に反映しており，米国公認の会計原則に適合していると考えられる。

意見の基礎

これらの連結財務諸表は会社の経営陣が責任を負う。私たちの責任は私たちの監査に基づいて会社の総合財務諸表に意見を発表することです。私たちは米国上場企業会計監督委員会(PCAOB)に登録されている公共会計士事務所であり、米国連邦証券法および米国証券取引委員会とPCAOBの適用規則と法規に基づいて、会社と独立しなければならない

私たちはPCAOBの基準に従って監査を行っている。これらの基準は、連結財務諸表に重大な誤報がないかどうかに関する合理的な保証を得るために、エラーによるものであっても不正であっても、監査を計画し、実行することを要求する。当社はその財務報告の内部統制を監査することを求められておらず、私たちも招聘されて監査を行っていません。私たちの監査の一部として、財務報告の内部統制を理解することが求められていますが、社内財務報告の内部統制の有効性について意見を述べるためではありません。したがって、私たちはそのような意見を表現しない

我々の監査には、連結財務諸表の重大な誤報リスクを評価するプログラム、エラーによるものであっても詐欺であっても、これらのリスクに対応するプログラムを実行することが含まれる。これらの手続きは、連結財務諸表中の金額および開示に関する証拠をテストに基づいて検討することを含む。我々の監査には、経営陣が使用する会計原則の評価と重大な見積もり、合併財務諸表の全体列報の評価も含まれています。私たちは私たちの監査が私たちの観点に合理的な基礎を提供すると信じている。

魏偉法律事務所

2023年以来、私たちは会社の監査役を務めてきた。

ファラ盛、ニューヨーク

2022 年 10 月 30 日

独立登録の報告会計士事務所

宛先：

取締役会及び株主

ミレニアムグループ国際持ち株有限公司

財務諸表のいくつかの見方

添付の合併書類を監査しました。ミレニアムグループ国際持ち株有限公司とその付属会社(総称“会社”)6月現在の貸借対照表 2023年及び関連総合経営報告書及び全面赤字、株主権益変動及び現金 2023年6月30日までの2年間の毎年度の流れ及び関連手形(総称して“財務諸表”と呼ぶ) 声明“)。財務諸表はすべての重要な点で会社の財務状況を公平に反映していると考えられます 2023年6月30日まで，および6月30日までの2年間の各年度の経営実績とキャッシュフロー 2023年30日、アメリカ合衆国で一般的に受け入れられている会計原則に合致する。

意見の基礎

これらの財務諸表は責任です会社の経営陣のメンバーです。私たちの責任は私たちの監査に基づいて私たちの財務諸表に意見を発表することだ。私たちは米国上場企業会計監督委員会(PCAOB)に登録された公共会計士事務所は、要求されているアメリカ連邦証券法と適用される規則と法規に基づいて、会社に対して独立を維持します。アメリカ証券取引委員会とPCAOBです。

私たちの監査は PCAOBの基準。これらの基準は合理的な保証を得るために監査を計画し、実行することを要求します。財務諸表には、ミスによるものであっても詐欺であっても、重大なミス陳述がない。会社は必要ありません私たちも必要ありません招聘を受けて執行し、その財務報告の内部統制を監査する。私たちの監査の一部として、私たちは理解しなければならない。財務報告の内部統制については，会社の財務報告の有効性について意見を述べるためではない財務報告書の内部統制。したがって、私たちはそのような意見を表現しない。

私たちの監査には評価のための手続きが含まれています財務諸表の重大な誤報のリスク、誤りによるものであっても、不正であっても、対応措置をとるこのようなリスクに直面していますこれらの手続きは、財務諸表中の金額および開示に関連する証拠をテストに基づいて検討することを含む。私たちの監査には、経営陣が使用する会計原則の評価と重大な推定、評価も含まれています。財務諸表の全体列報。私たちは私たちの監査が私たちの観点に合理的な基礎を提供すると信じている。

/ s / WWC， P. C.

繰延税金資産、純

その他の非流動資産

非流動資産総額

総資産

株主に対する責任と資本

現在負債：

買掛金

その他の買掛金 · 未払い債務

リース債務 — 現在の

銀行借入額

納税義務

経常負債総額

非経常負債：

リース債務 — 非経常

非経常債務総額

負債総額

コミットメントと不測の事態株主持分

普通株式： US $

1 株あたりの額面価値、 株式認可

発行済株式と発行済

増額資本金法定準備金

累積その他の総合損失

留保利益（累積赤字）

株主総資本

総負債と株主資本

連結財務諸表の付属注釈を参照ステートメント

ミレニアムグループインターナショナルホールディングス株式会社

連結営業および包括的な明細書 LOSS

2024 年 6 月 30 日、 2023 年および 2022

(i)

年度 6 月 30 日終了

*収入.収入*	*収益コスト*	総利益営業経費：	販売 · マーケティング一般 · 管理	*営業費総額*	累積その他
総合的	No. of	株	金額	有料	資本
法定	予備	収入	（損失）	保留	収益
トータル	2021 年 6 月 30 日現在の残高	法定準備金への配分	株主債務の免除	資本再生	外国為替換算調整
不良債権引当金（逆転）規定）	財産 · 設備の処分による損失（利益）	営業資産 · 負債の変更	繰延税金資産	売掛金	前払金 · その他債権 · その他資産
在庫	前払い税金	使用権資産	リース義務	買掛金	その他の買掛金 · 未払い債務
納税義務	関連当事者収支 — 貿易性質	営業活動による純現金（使用）	投資活動からのキャッシュフロー：	資産 · 設備の購入	財産 · 設備の処分による収益
無形資産の購入	関連者からの返済	投資活動による純現金（使用）	資金調達活動からのキャッシュフロー：	普通株式発行純利益	銀行借入の返済
銀行借入による収益	資本増強 — 配当支払い	再資本化 — 配当を追加資本金として再投資	関連会社への貸付金の返済	関連者への返済	資金調達活動（使用）による純現金
為替レートの変動が現金および現金等価物に及ぼす影響	現金 · 現金同等額の正味（減少）増加	現金、現金同等物、制限現金 — 年初	現金、現金同等物、制限現金 — 年末	キャッシュフロー情報の補足開示：	利子に対する現金支払

*所得税の支払金*	*補足的な重要な非現金資金調達活動：*	株主債務の免除資本増強 — 留保利益からの移転	中華人民共和国紙製包装の製造	*Putian Xiqi ブランディング戦略 Co. 、Ltd.*	2017 年 9 月 30 日中華人民共和国
紙包装の取引	ミレニアム包装技術（徽州） Co. 、株式会社	2020 年 3 月 6 日	中華人民共和国	眠り	ミレニアム（徽州）技術 Co. 、株式会社
2020 年 1 月 19 日	中華人民共和国	不動産保有	徽州 Yimeinuo 産業有限公司、株式会社	2017 年 4 月 7 日	中華人民共和国
不動産保有	ミレニアム · ストラテジー · インターナショナル · リミテッド	2019 年 11 月 13 日	HK	投資保有	ワトング · インベストメント · インターナショナル · リミテッド
2019 年 10 月 18 日	香港	眠り	Yee Woo Paper Investment International Limited	2019 年 11 月 15 日	香港
眠り	ミレニアム · プリンティング · インターナショナル	2000 年 5 月 12 日	HK	紙包装の取引	ミレニアム · パッケージング · グループ · インターナショナル
2003 年 8 月 13 日	香港	投資保有と取引	Yee Woo Paper Packaging （香港） Company Limited	2018 年 12 月 13 日	HK
紙包装の取引	MPG グローバル株式会社	2018 年 3 月 9 日	ベトナム	紙包装の取引	ミレニアム · グループ · インベストメント · リミテッド
5 月 20 日。2021	BVI	投資保有	ミレニアム · ホールディングス · インターナショナル · リミテッド	2019 年 9 月 23 日	HK
投資保有	Yee Woo ベトナム製紙製品有限公司	2022 年 8 月 3 日	ベトナム	眠り	ミレニアムプリンティング · アンド · パッケージング · テクノロジー（ベトナム）有限会社
2024 年 6 月 4 日	2022 年 6 月 30 日	香港ドル	US $へ	2023 年 6 月 30 日	香港ドル
US $へ	2024 年 6 月 30 日	香港ドル	US $へ	RMb から US ドルへの換算は、以下で行われました。為替レート：	株式を除く貸借対照表項目アカウント：
2024 年 6 月 30 日	RMB	US $へ	2023 年 6 月 30 日	RMB	US $へ
営業 · キャッシュフロー項目の明細書	2022 年 06 月 30 日	RMb	US $へ	2023 年 6 月 30 日	RMb
US $へ	2024 年 6 月 30 日	RMb	US ドルへ	VND から US $への換算は、以下で行われました。為替レート：	持分を除く貸借対照表項目アカウント：
2024 年 6 月 30 日	VND	US $へ	2023 年 6 月 30 日	VND	US $へ
営業 · キャッシュフロー項目の明細書	2022 年 06 月 30 日	VND	US ドルへ	2023 年 6 月 30 日	6 月 30 日現在、
90 日以内	91 ～ 180 日間	181 ～ 365 日間	ミレニアムグループインターナショナルホールディングス株式会社	連結財務諸表への注記	(5)前払金、その他の売掛金等経常資産
前払金	その他債権現在の資産は以下のとおりです。	6 月 30 日現在、	前払金	預金	その他債権
前払金税	VAt 売掛金	(6)在庫、ネット	在庫はコストの低い値で記載されます。純実現価値です原価は先入先出で決定され、進行中の作業および完成品の場合は、直接の材料、直接の労働、適切な割合の間接費。純実現可能価値は販売価格の見積もりに基づく。完成と廃棄にかかる見積もられた費用を差し引きます	在庫の構成要素は以下の通りである。	6 月 30 日現在、
原料	進行中の作業	完成品	総在庫、総在庫	在庫の減損	総在庫、ネット
在庫減損は、以下のとおりです。	6 月 30 日に終了した年度は、	開始残高	追加	償却	外国為替効果

*終了残高*	*ミレニアムグループインターナショナルホールディングス株式会社*	連結財務諸表への注記 (7)不動産 · 設備 · ネット	2024 年 6 月 30 日、 2023 年 6 月 30 日現在、資産 · 設備純は以下のもの： 6 月 30 日現在、	*建築物*	賃貸住宅改善プラント · 機械
ASU No. 2016 — 0 2 および関連規格に従います（総称 ASC 842 ， Leases ）。借入金利は	% to	割引率として% 、に基づいてリース支払いの現在価値を決定するための開始日に利用可能な情報。	ミレニアムグループインターナショナルホールディングス株式会社	連結財務諸表への注記	リースに関する補足バランスシート情報は以下のとおりです。
6 月 30 日現在、	使用権資産（「 ROU 」）、純	オペレーティングリース ROU	ファイナンスリース ROU	リース負債 — 現在	現在の営業リース義務
現在のファイナンスリース義務	リース負債 — 非経常	非経常営業リース債務	非経常ファイナンスリース義務	リース義務総額	運営と
ファイナンスリース費用	for 2024 年 6 月 30 日、 2023 年、 2022 年は米ドルでした。	ミレニアムグループインターナショナルホールディングス株式会社	連結財務諸表への注記	2024 年 6 月 30 日、 2023 年 6 月 30 日時点の銀行借入の詳細は以下の通りです。次は	成熟期
平均加重	金利	6 月 30 日現在、	貸し出し	種類	日付
通貨	DBS 銀行香港有限公司	銀行借入	2027 年 11 月	HKD	中国銀行（香港）有限会社
銀行借入	2027 年 6 月	HKD	Hang Sang Bank Limited	銀行借入	2024 年 7 月
HKD	銀行借入総額	運搬	価値	1 以内	年以上
需要	その後	香港ドル通貨換算の融資タイプ	2023 年 6 月 30 日	運搬	価値
1 以内	年以上	需要	その後	香港ドル通貨換算の融資タイプ	2024 年 6 月 30 日
以下の重要な関連当事者取引 2024 年 6 月 30 日、 2023 年、 2022 年 6 月 30 日を末日とする年度について。	For The	年度終了	6 月 30 日	上には	年度終了
6 月 30 日	上には	年度終了	6 月 30 日	関係	性質
解説	US $	US $	US $	m—GEN イノベーション株式会社（以下、「 MGI 」）	株主による共同経営
貿易性質	会社の売上	貿易性質	会社の販売領収書	非貿易の性質	m—GEN イノベーション株式会社からの前払い金受領
ワトンペーパープロダクトグループ（以下、「 WTPPG 」）	株主による共同支配	非貿易の性質	ワトンペーパープロダクトズグループ株式会社からの当社の返済	ワトンペーパープロダクトファクトリー（以下、「 WTPPF 」）	株主による共同経営
非貿易の性質	ワトン紙製品工場有限会社からの会社の返済	非貿易の性質	ワトンペーパープロダクトファクトリーへの返済について	華東タイロジスティクス（深セン）有限会社（以下「 WTTLSZ 」）	株主による共同経営
貿易性質	当社が負担する物流費用	貿易性質	物流費に対する会社の支払い	貿易の性質	会社の販売領収書
非貿易性	ワトンタイロジスティクス（深セン）有限会社への返済	Sing Wise Limited （以下、「 Sing Wise 」）	株主による共同経営	貿易の性質	会社の売上領収書

(ii)

非貿易の性質

*Sing Wise Limited への返済*	*ミレニアムグループインターナショナルホールディングス株式会社*	*連結財務諸表への注記*	*ワトングタイロジスティクス株式会社（以下、「 WTTL 」）*	*株主による共同経営*
305165406	貿易性質	当社が発生した輸送費用		貿易性質
28825202	運送費に対する会社の支払	昆山 Chuangke 印刷製品 Co. 、Ltd.		株主による共同経営
40202814	貿易の性質	会社の購入時の支払い		Yee Woo Paper Packaging （China） Company Limited （以下「 YWPPC 」）
40194578	株主による共同支配	貿易の性質		当社が発生したレンタル費用
40185534	貿易の性質	当社のレンタル費用の支払い		非貿易性
40193106	Yee Woo Paper Packaging （China） Company Limited への当社の返済	ライポル		統制株主
28867971	非貿易性	当社の株主への純返済		非貿易性
28856662	支配株主への配当金の増額	非貿易の性質		配当を放棄し、追加資本として資本化
56068282	非貿易の性質	株主債務額を免除し、追加資本金として資本化		ライ · ヤウ · シング
56078945	支配株主	非貿易の性質		当社の株主への純返済
56085082	非貿易の性質	支配株主への配当金の増額		非貿易性
305619880	配当免除および追加資本として資本化	非貿易の性質		株主債務額を免除し、追加資本金として資本化
305603823	ミレニアムグループインターナショナルホールディングス株式会社	連結財務諸表への注記		ヤウライチュエン
53374007	支配株主	非貿易の性質		当社の株主への純返済
53374024	非貿易の性質	支配株主への配当金の増額		非貿易の性質
53374042	配当を放棄し、追加資本として資本化	非貿易の性質		株主債務額を免除し、追加資本金として資本化
53360298	ライ · ヤウサン	支配株主		非貿易の性質

53360769	当社の株主への純返済	非貿易の性質	支配株主への配当金の増額
53377066	非貿易性	配当免除および追加資本として資本化	非貿易性
53368961	株主債務額を免除し、追加資本金として資本化	ライ · ヤウ · ファイ	統制株主
53368968	非貿易性	当社の株主への純返済	非貿易の性質
53364917	支配株主への配当金の増額	非貿易の性質	配当を放棄し、追加資本として資本化
50719868	非貿易の性質	株主債務額を免除し、追加資本金として資本化	ライ · ヤウチ
50722594	支配株主	非貿易の性質	当社の株主への純返済
50717213	非貿易の性質	支配株主への配当金の増額	非貿易の性質
50739494	配当を放棄し、追加資本として資本化	非貿易の性質	株主債務額を免除し、追加資本金として資本化
50722685	ミレニアムグループインターナショナルホールディングス株式会社	連結財務諸表への注記	(11)その他の買掛金 · 未払い債務
50707855	その他の買掛金及び未払債権は、以下のとおりです。	6 月 30 日現在、	契約債務
50707861	給与支払金	その他の負債	輸送 · ハンドリング
50732630	広告費	減価償却 · 償却	その他
50732633	トータル	(14)一般 · 管理費	一般経費および管理経費は以下の通りである。
50732065	6 月 30 日終了	従業員コストと従業員福祉	減価償却 · 償却
50732072	研究 · 開発	オフィス · ユーティリティ	その他
50739452	トータル	ミレニアムグループインターナショナルホールディングス株式会社	連結財務諸表への注記
50717233	(15)所得税	ケイマン諸島	同社はケイマン諸島で設立された。ケイマン諸島の法律の下で所得またはキャピタルゲインに課税されません。当社は主に営業業務を行います。中華人民共和国と香港の子会社を通じてさらに、ケイマン諸島は配当金の支払に源泉徴収税を課していません。株主へ
50719947	英領ヴァージン諸島	連結財務諸表への注記	以下の表は、中華人民共和国の法定金利と実効金利の調整です。税率：
50722645	年度 6 月 30 日終了	中華人民共和国法定レート	異なる税務管轄権の影響
50728805	前年の中華人民共和国所得税の過剰引当	非控除費用	税金損失未認識
53385807	実効所得税率	経営陣は、この評価手当を定期的に見直します必要に応じて調整しますその他控除可能（または課税対象）の繰延税項目の概要は以下のとおりです。	六月三十日
53374177	六月三十日	繰延税金資産	雑貨
53385798	疑わしい勘定手当	在庫手当	税金損失

(iii)

減：評価手当

*繰延税金資産総額*	*(16)セグメント報告*	*香港特別行政区*
1	ベトナム	その他の東南アジア諸国 *
2	オーストリア	アメリカ合衆国
3	その他の国	2023 年 6 月 30 日終了
4	包装	製品
5	段ボール	製品
6	包装製品	サプライチェーン
7	経営管理	解決策
8	トータル	地理的位置：
9	中国大陸	香港特別行政区
10	ベトナム	その他の東南アジア諸国 *

(iv)

オーストリア

*アメリカ合衆国*	*その他の国*	*2022 年 6 月 30 日終了*	包装
1	製品	段ボール	製品
2	包装製品	サプライチェーン	経営管理
3	解決策	トータル	地理的位置：
4	中国大陸	香港特別行政区	ベトナム
5	その他の東南アジア諸国 *	オーストリア	売掛金総残高の% 。2023 年 6 月 30 日現在、 2 件の顧客が

% and

売掛金総残高の% 。

ベンダー集中リスク

2024 年 6 月 30 日期は、 2 つのベンダー占める

% and

総購入額の% です。2023 年 6 月 30 日期は、 3 社が

% and

% 購入総額です2022 年 6 月 30 日期は、 3 社が

% and

総購入額の% です。

2024 年 6 月 30 日現在、 1 つのベンダーが

買掛金総残高の% 。2023 年 6 月 30 日現在、 1 つのベンダーが

買掛金総残高の% 。

(18)資本コミットメント

オペレーションリースコミットメント

当社は優れたコミットメント取消不可の営業リース契約について2024 年 6 月 30 日時点で契約した営業リースの詳細は、以下に記載されています。注 8 。

資本コミットメント

2020 年 3 月 14 日、当社は権利契約を締結しました。ベトナムの土地を VND に使うために

（ USD に相当

）と Viglacera Yen 私の工業地帯開発，その後，土地の地図面積の変化による

平方メートルへ

平方メートル、当社は 2023 年 12 月 11 日に新しいサブリース契約を締結しました。解放された土地コストと VND

（米ドル相当

) .ベトナムの土地の支払いは VND でした

（米ドル相当

） 2024 年 6 月 30 日現在、支払われる金額は

6 月 30 日時点の契約総価格の% 2024 年、 VND です。

（ USD に相当

(19)その後のイベント

当社は 6 月 30 日以降のすべてのイベントを評価しました。これらの連結財務諸表が発行可能な日である 2024 年 10 月 30 日まで。連結財務諸表において、開示を必要とする重要な事象がない場合連結財務諸表です

アメリカ合衆国 GAAP

http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet

http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet

http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet

http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet

http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet

誤り

F Y

デイ：ビジネスコンタクトメンバー

us—gaap： CommonStockMember

us—gaap： AdditionalPaidInCapitalMember

mgih：法定予約会員

us—gaap：累積その他総合所得メンバー

us—gaap：留保所得メンバー

us—gaap： CommonStockMember

us—gaap： AdditionalPaidInCapitalMember

mgih：法定予約会員

us—gaap：累積その他総合所得メンバー^{us—gaap：留保所得メンバー}us—gaap： CommonStockMember

us—gaap： AdditionalPaidInCapitalMember

mgih：法定予約会員

us—gaap：累積その他総合所得メンバー

us—gaap：留保所得メンバー

us—gaap： CommonStockMember

us—gaap： AdditionalPaidInCapitalMember

mgih：法定予約会員

us—gaap：累積その他総合所得メンバー

us—gaap：留保所得メンバー

us—gaap： CommonStockMember

us—gaap： AdditionalPaidInCapitalMember

mgih：法定予約会員

us—gaap：累積その他総合所得メンバー

us—gaap：留保所得メンバー

us—gaap： CommonStockMember

us—gaap： AdditionalPaidInCapitalMember

mgih：法定予約会員

us—gaap：累積その他総合所得メンバー

us—gaap：留保所得メンバー

us—gaap： CommonStockMember

us—gaap： AdditionalPaidInCapitalMember

mgih：法定予約会員

us—gaap：累積その他総合所得メンバー

us—gaap：留保所得メンバー

us—gaap： CommonStockMember

us—gaap： IPOMember

us—gaap： CommonStockMember

us—gaap： IPOMember

us—gaap： IPOMember

us—gaap： IPOMember

us—gaap： IPOMember

mgih：ミレニアムインベストメントインターナショナル有限会社会員

mgih：子会社メンバー

mgih：ミレニアム印刷深圳有限公司メンバー

mgih ：子会社メンバー

mgih： YeeWooPaperIndustryShenzhenCoLtd メンバー

mgih ：子会社メンバー

mgih： PutianXiqiBrandingStrategyCoLtd メンバー

mgih ：子会社メンバー

mgih：ミレニアム包装技術 HuizhouCoLtd メンバー

mgih：子会社メンバー

mgih ：ミレニアム Huizhou Technology CoLtd メンバー

mgih：子会社メンバー

mgih：営業 · キャッシュフロー明細書メンバー

通貨： HKD

mgih：営業 · キャッシュフロー明細書メンバー

通貨： USD

mgih：営業 · キャッシュフロー明細書メンバー

通貨： HKD

mgih：営業とキャッシュフローの明細書メンバー

通貨： USD

mgih：営業とキャッシュフローの明細書メンバー

通貨： CNY

mgih：バランスシート項目エクイティ勘定科目メンバーを除く

通貨： CNY

mgih：バランスシート項目エクイティ勘定科目メンバーを除く

通貨： CNY

mgih：営業 · キャッシュフロー明細書メンバー

通貨： CNY

mgih：営業 · キャッシュフロー明細書メンバー

通貨： CNY^{mgih：営業 · キャッシュフロー明細書メンバー}通貨： VND

mgih：バランスシート項目エクイティ勘定科目メンバーを除く

通貨： VND

mgih：バランスシート項目エクイティ勘定科目メンバーを除く

通貨： VND

mgih：営業 · キャッシュフロー明細書メンバー

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通貨： VND

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mgih：金融資産 91 ～ 180 日間期限過ぎメンバー

mgih：金融資産 91 ～ 180 日間期限過ぎメンバーmgih： FinancialAsset181 ～ 365 日経過期限メンバーmgih： FinancialAsset181 ～ 365 日経過期限メンバー

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mgih：減価償却 · 償却メンバー

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mgih ：香港税務法会員

mgih ：香港税務法会員

mgih ： PeopleRepublicOfChina メンバー

mgih：パッケージング製品メンバー

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mgih：段ボール製品メンバ

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

mgih：包装製品メンバー

国： CN

mgih：段ボール製品メンバ

	国： CN	mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ
1	国： CN	国： CN

2	mgih：パッケージング製品メンバー	国： HK

3	mgih：段ボール製品メンバ	国： HK

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

	国： HK	国： HK mgih：パッケージング製品メンバー		国： VN
1	mgih：段ボール製品メンバ	$	44,173	国： VN

2	mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ	$	31,747	国： VN

3	国： VN	$	1,431	mgih：包装製品メンバー

4	srt ： AsiaMember	$	41,315	mgih：段ボール製品メンバー

5	srt ： AsiaMember	$	6,000	mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

6	srt ： AsiaMember	$	1,923	srt ： AsiaMember

7	mgih：パッケージング製品メンバー	$	7,964	国： AU

8	1^{mgih：段ボール製品メンバー}国： AU	$	19,656	mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

9	国： AU	$	8,533	国： AU

10	mgih：パッケージング製品メンバー	$	32,326	国：米国

11	mgih：段ボール製品メンバ	$	16,173	国：米国

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

国：米国

国：米国

mgih：包装製品メンバー

mgih：その他の国メンバー

mgih：段ボール製品メンバー

mgih ：その他の国メンバー

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

mgih：その他の国メンバー

mgih：その他の国メンバー

mgih：パッケージング製品メンバー

国： CN

mgih：段ボール製品メンバー

国： CN

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

国： CN

国： CN

mgih：パッケージング製品メンバー

国：香港

mgih：段ボール製品メンバ

国： HK

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

国： HK

国：香港

mgih：包装製品メンバー

国： VN

	2024			2023			2022

mgih：段ボール製品メンバ	$	38,530,773		$	45,598,620		$	66,232,757
国： VN		(30,226,192	)		(36,534,358	)		(49,961,793	)
mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ		8,304,581			9,064,262			16,270,964

国： VN
国： VN		(5,651,505	)		(4,875,650	)		(5,813,307	)
mgih：包装製品メンバー		(9,581,030	)		(5,270,966	)		(4,922,075	)
srt： AsiaMember		(15,232,535	)		(10,146,616	)		(10,735,382	)

mgih：段ボール製品メンバー		(6,927,954	)		(1,082,354	)		5,535,582

srt ： AsiaMember
mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ		49,163			1,366,394			99,006
srt ： AsiaMember		(725,374	)		(31,095	)		(234,269	)
srt ： AsiaMember		(958,935	)		(684,358	)		(425,791	)
mgih：包装製品メンバー		(1,635,146	)		650,941			(561,054	)

国： AU		(8,563,100	)		(431,413	)		4,974,528

mgih：段ボール製品メンバ		(206,944	)		77,302			(897,157	)

国： AU	$	(8,770,044	)	$	(354,111	)	$	4,077,371

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ
国： AU		(102,715	)		(3,076,878	)		(1,108,733	)

国： AU	$	(8,872,759	)	$	(3,430,989	)	$	2,968,638

mgih：パッケージング製品メンバー		(0.78	)		(0.03	)		0.41

国：米国

(i)

mgih：段ボール製品メンバ

	国：米国
	2024					2023					2022
	mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ		%			国：米国		%			国：米国		%

mgih：パッケージング製品メンバー		22,348,633		58.0	%		23,065,859		50.6	%		36,256,189		54.7	%
mgih：その他の国メンバー		11,833,698		30.7	%		16,977,098		37.2	%		23,986,957		36.2	%
mgih：段ボール製品メンバ		4,348,442		11.3	%		5,555,663		12.2	%		5,989,611		9.1	%
mgih ：その他の国メンバー		38,530,773		100	%		45,598,620		100	%		66,232,757		100	%

(ii)

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

	mgih ：その他の国メンバー
	2024					2023					2022
	国： VN		%			国： VN		%			mgih：包装製品メンバー		%

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srt： AsiaMember		9,735,946		25.2	%		11,187,251		24.5	%		17,956,989		27.1	%
mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ		38,530,773		100	%		45,598,620		100	%		66,232,757		100	%

(iii)

srt： AsiaMember

	srt： AsiaMember
	2024					2023					2022
	mgih：パッケージング製品メンバー		%			国： AU		%			mgih：段ボール製品メンバ		%

国： AU		28,662,637		74.4	%		33,266,314		73.0	%		52,664,829		79.5	%
mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ		3,383,864		8.8	%		3,285,506		7.2	%		3,969,151		6.0	%
国： AU		1,367,085		3.5	%		3,130,339		6.9	%		2,689,693		4.1	%
国： AU		2,041,567		5.3	%		3,364,678		7.4	%		2,980,421		4.5	%
mgih：パッケージング製品メンバー		953,161		2.5	%		1,168,191		2.6	%		1,343,353		2.0	%
国：米国		1,560,782		4.1	%		848,789		1.9	%		1,232,689		1.9	%
mgih：段ボール製品メンバ		561,677		1.5	%		534,803		2.0	%		1,352,621		2.0	%
国：米国		38,530,773		100	%		45,598,620		100	%		66,232,757		100	%

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

国：米国

mgih：包装製品メンバー

mgih：その他の国メンバー

mgih：段ボール製品メンバー

mgih ：その他の国メンバー

mgih：パッケージング製品サプライチェーンマネジメントソリューションメンバ

mgih：その他の国メンバー

mgih ：その他の国メンバー

mgih： HongKongDepositProtectionBoardMember

	us—gaap： CreditConcentrationRiskMember
	2024						2023					2022
	mgih ：中国人民銀行メンバー us—gaap： CreditConcentrationRiskMember			mgih：預金保険ベトナムメンバー us—gaap： CreditConcentrationRiskMember			mgih： CustomerOneMember us—gaap： SalesRevenueNetMember		us—gaap ：顧客集中リスクメンバー mgih： CustomerOneMember			mgih：ベンダーツーメンバー mgih：総購入数メンバー		mgih：ベンダー集中リスクメンバー mgih：ベンダーThreeMember
	us—gaap：支払金会員			%			mgih：ベンダー集中リスクメンバー		%			mgih：ベンダーワンメンバー		%

us—gaap：支払金会員		7,457,388			33.4	%		5,906,174		25.6	%		9,921,409		27.4	%
mgih：ベンダー集中リスクメンバー		(144,322	)		(1.2	)%		2,149,549		12.7	%		5,048,536		21.0	%
mgih：ベンダーワンメンバー		991,515			22.8	%		1,008,539		18.2	%		1,301,019		21.7	%
mgih ： CapitalCommitmentMember		8,304,581			21.6	%		9,064,262		19.9	%		16,270,964		24.6	%

srt ： MaximumMember

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mgih ： CapitalCommitmentMember

xbrli： shares

iso4217： USD

xbrli： shares

xbrli： pure

iso4217： VND

iso4217： HKD

iso4217： CNY

utr ： sqm

Cash Flows

The following table summarizes our cash flows for the periods indicated:

	Year Ended June 30,
	2024			2023			2022
	USD			USD			USD

Net cash (used in) provided by operating activities		(4,106,011	)		8,109,777			2,039,600
Net cash (used in) provided by investing activities		(2,243,523	)		(216,520	)		2,068,244
Net cash provided by (used in) financing activities		(7,860,347	)		1,799,269			(5,585,110	)
Effect of foreign exchange rate changes		(20,158	)		(1,563,355	)		(345,360	)
Net increase (decrease) in cash and cash equivalents		(14,230,038	)		8,129,171			(1,822,626	)
Cash, cash equivalents and restricted cash at beginning of year		27,576,622			19,447,451			21,270,077
Cash, cash equivalents and restricted cash at end of year		13,346,584			27,576,622			19,447,451

Cash flows from operating activities

During the years ended June 30, 2024, 2023 and 2022, the cash inflows from our operating activities were primarily derived from revenue generated from our sale of paper products and from provision of supply chain management solutions, whereas the cash outflows for our operating activities mainly comprised the purchase of raw paper and finished goods, shipping costs, staff costs and administrative expenses.

Our net cash used in/generated from operating activities primarily reflected our net (loss) income, as adjusted for non-operating items, such as depreciation and amortization, impairment of inventories, (reversal of allowance) allowance for bad debts and effects of changes in operating assets and liabilities such as increase or decrease in inventories, accounts receivable, accounts payable, other payables and accruals, ROU assets and lease obligations.

For the year ended June 30, 2024, our net cash used in operating activities was approximately $4.1 million, which primarily reflected our net loss of approximately $8.8 million, mainly adjusted by (i) the non-cash depreciation and amortization of approximately $1.4 million; (ii) the impairment of inventories of $0.6million; (iii) the decrease in accounts and other receivables of approximately $0.6 million; (iv) decrease in inventories of approximately $1.3 million; (v) the increase in accounts payables, other payables and accrued liabilities of approximately $1.5 million while partially offset by (i) the increase in ROU assets of $0.4 million;.

For the year ended June 30, 2023, our net cash generated from operating activities was approximately $8.1 million, which primarily reflected our net loss of approximately $0.4 million, mainly adjusted by (i) the non-cash depreciation and amortization of approximately $1.7 million; (ii) the decrease in ROU assets of $0.8 million; (iii) the decrease in accounts and other receivables of approximately $6.2 million; (iv) decrease in inventories of approximately $3.4 million while partially offset by the (i) decrease in account payables, other payables and accrued liabilities of approximately $1.8 million.

For the year ended June 30, 2022, our net cash generated from operating activities was approximately $2 million, which primarily reflected our net income of approximately $4.1 million, mainly adjusted by (i) the non-cash depreciation and amortization of approximately $1.9 million; (ii) the decrease in ROU assets of $0.8 million; while partially offset by (i) the increase in accounts and other receivables of approximately $2.3 million; the (ii) increase in other payables and accrued liabilities of approximately $1.2 million; and (iii) repayment of related party balances in trade nature of approximately $2.0 million.

Cash flows (used in) provided by investing activities

Our cash flows (used in) provided by investing activities primarily consisted of (i) the purchase of property, plant and equipment; (ii) the purchase of intangible assets and (iii) the proceeds from sale of property, plant and equipment.

For the year ended June 30, 2024, net cash used in investing activities was approximately $2.2 million, mainly from acquisition of property, plant and equipment and intangible assets of approximately $2.4 million.

For the year ended June 30, 2023, net cash used in investing activities was approximately $0.2 million, mainly from acquisition of property, plant and equipment and intangible assets of approximately $0.2 million.

For the year ended June 30, 2022, net cash from investing activities was approximately $2.1 million, mainly from repayments from related parties of approximately $2.6 million and partially offset by acquisition of property, plant and equipment of approximately $0.5 million.

Cash flows provided by (used in) financing activities

Our cash flows provided by (used in) financing activities primarily consists of (i) proceeds from new bank loans; (ii) repayment of bank loans; and (iii) net proceeds from issuance of shares.

For the year ended June 30, 2024, net cash used by financing activities was approximately $7.9 million, mainly consisted of (i) repayment of bank loans of approximately $22.0 million; and (ii) proceeds from new bank loans of approximately $14.2 million.

For the year ended June 30, 2023, net cash provided by financing activities was approximately $1.8 million, mainly consisted of (i) repayment of bank loans of approximately $18.7 million; (ii) proceeds from new bank loans of approximately $16.2 million; and (iii) net proceeds from issuance of shares of approximately $4.2 million.

For the year ended June 30, 2022, net cash used in financing activities was approximately $5.5 million, mainly consisted of (i) repayment of bank loans of approximately $27.2 million; (ii) repayments to related parties of approximately $2.8 million; (iii) repayments of loan to a related company of approximately $1.9 million; (iv) recapitalization of dividend paid of approximately $8.9 million; (v) dividends paid of approximately $8.9 million and (vi) partially offset by proceeds from new bank loans of approximately $26.4 million.

Off-Balance Sheet Arrangements

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Trend Information

Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the period from July 1, 2023 to June 30, 2024 that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions

Critical Accounting Policies

We prepare our financial statements in accordance with generally accepted accounting principles of the United States (“GAAP”). GAAP represents a comprehensive set of accounting and disclosure rules and requirements. The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Our actual results could differ from those estimates. We use historical data to assist in the forecast of our future results. Deviations from our projections are addressed when our financials are reviewed on a monthly basis. This allows us to be proactive in our approach to managing our business. It also allows us to rely on proven data rather than having to make assumptions regarding our estimates.

Revenue Recognition

The Company follows ASC Topic 606. The Company derives revenue principally from producing and sales of paper products. Revenue from contracts with customers is recognized using the following five steps:

Identify the contract(s) with a customer;

Identify the performance obligations in the contract;

Determine the transaction price;

Allocate the transaction price to the performance obligations in the contract; and

Recognize revenue when (or as) the entity satisfies a performance obligation.

A contract contains a promise (or promises) to transfer goods or services to a customer. A performance obligation is a promise (or a group of promises) that is distinct. The transaction price is the amount of consideration a company expects to be entitled from a customer in exchange for providing the goods or services.

The unit of account for revenue recognition is a performance obligation (a good or service). A contract may contain one or more performance obligations. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise, performance obligations are combined with other promised goods or services until the Company identifies a bundle of goods or services that is distinct. Promises in contracts which do not result in the transfer of a good or service are not performance obligations, as well as those promises that are administrative in nature, or are immaterial in the context of the contract. The Company has addressed whether various goods and services promised to the customer have distinct performance obligations. The Company applied the guidance of ASC Topic 606-10-25-16 through 18 to verify which promises should be assessed for classification as distinct performance obligations.

The transaction price is allocated to each performance obligation in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual standalone selling price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with observable stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations if it relates specifically to those performance obligations.

Transaction price is the amount in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue may be recognized at a point in time or over time following the timing of satisfaction of the performance obligation. If a performance obligation is satisfied over time, revenue is recognized based on the percentage of completion reflecting the progress towards complete satisfaction of that performance obligation. Typically, performance obligation for products where the process is described as below, the performance obligation is satisfied at point in time.

The Company currently generates its revenue mainly from the following sources:

a.	Revenue from sales of paper products

For the sales of paper products, the Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at customer’s truck at the Company’s inventory warehouse or their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from invoice date. The transaction price does not include variable consideration related to returns or refunds as our contracts do not include provisions that allow for sales refunds or returns of products. The Company provides no warranties for the products transferred.

b.	Revenue from provision of supply chain management solution

The Company provides supply chain management solutions to its customers by designing packaging products, designating approved raw materials for manufacturing of those packaging products, contracting viable manufacturers, and arranging delivery of those packaging products to end customers. The Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is identified as a single performance obligation where delivery of the finished product to the customer at the location specified by the customer indicates that the Company has completed all steps set forth above such as design, manufacture and delivery in order to substantially complete all the services agreed upon in the purchase order. Delivery of the product to the customer is also the point at which title to that asset passes to the customer. The completion of this earning process is typically evidenced by a written customer acceptance indicating receipt of the product. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from invoice date. The transaction price does not include variable consideration related to returns or refunds as our contracts do not include provisions that allow for sales refunds or returns of products. The Company provides no warranties for the products transferred.

Following the adoption of ASC 606, we considered the guidance set forth in ASC 340-40, and determined that an asset would be recognized from costs incurred to fulfill a contract under ASC 340-40-25-5 only if those costs meet all of the following criteria:

●

The costs relate directly to a contract or an anticipated contract that the entity can specifically identify (for example, costs relating to services to be provided under the renewal of an existing contract or costs of designing an asset to be transferred under a specific contract that has not yet been approved).

●

The costs generate or enhance resources of the entity that will be used in satisfying (or continuing to satisfy) performance obligations in the future.

●

The costs are expected to be recovered.

The Company elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset would have been one year or less.

The Company elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects that, upon the inception of revenue contracts, the period between when the Company transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

Costs that relate directly to a contract include direct material, labor cost, subcontracting fee and allocated overhead including utilities, depreciation, and other overhead costs.

We elected to treat shipping and handling costs undertaken by the Company after the customer has obtained control of the related goods as a fulfilment activity and has been presented as transportation costs which is include in selling and marketing expenses.

Accounts receivable, net

Accounts receivable are trade receivables from customers. The trade receivables are all without customer collateral and interest is not accrued on past due accounts. Periodically, management reviews the adequacy of its provision for doubtful accounts based on historical bad debt expense results and current economic conditions using factors based on the aging of its accounts receivable. Additionally, the Company may identify additional allowance requirements based on indications that a specific customer may be experiencing financial difficulties. Actual bad debt results could differ materially from these estimates.

Recent accounting pronouncements

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments — Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments — Credit Losses — Available-for-Sale Debt Securities.

The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. The Company adopted this update on July 1, 2023. the adoption of ASU 2019-05 did not have a material impact on our CFS.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance removes certain exceptions to the general principles in Topic 740 and enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. This standard is effective for the Group for the annual reporting periods beginning July 1, 2022 and interim periods beginning July 1, 2023. Early adoption is permitted. The Company does not expect any material impact on the Company’s CFS.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). ASU No. 2021-01 is an update of ASU No. 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU No. 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU No. 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. On December 21, 2022, the FASB issued a new Accounting Standards Update ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the sunset (or expiration) date of ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The Company does not expect the cessation of LIBOR to have a material impact on the Company’s CFS.

In October 2021, the FASB issued ASU 2021-10, “Codification Improvements to Subtopic 205-10, presentation of financial statements”. The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the likelihood that the disclosure requirement would be missed. The amendments also clarify guidance so that an entity can apply the guidance more consistently. ASU 2021-10 is effective for the Company for annual and interim reporting periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments at the beginning of the period that includes the adoption date. The adoption of ASU 2021-10 did not have a material impact on our CFS.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

6.A. Directors and Management

Set forth below is information concerning our directors, director nominees, executive officers and other key employees as of the date hereof.

Name	Age		Position(s)
Ming Hung “Matthew” Lai		37	Chairman and Director
Ming Yan “Ray” Lai		42	Chief Executive Officer and Director
Wing Wai “John” Au		61	Chief Financial Officer
Hok Han “Henry” Ko^(1)(2)(3)		49	Independent Director, Chair of Nominating Committee
Hon Wai “Marco” Ku^(1)(2)(3)		50	Independent Director, Chair of Audit Committee
Hung Leung “Alan” Tsang^(1)(2)(3)		55	Independent Director, Chair of Compensation Committee

(1)	Member of the Audit Committee

(2)	Member of the Compensation Committee

(3)	Member of the Nominating Committee

Ming Hung “Matthew” Lai, Chairman and Director

Mr. Ming Hung “Matthew” Lai (“MH Lai”) is the chairman of our Board. Mr. MH Lai joined Millennium Printing International Limited as manager in August 2013. Mr. MH Lai obtained a Bachelor of Science in Accounting and Bachelor of Science in Business Administration from the University of Southern California in Los Angeles in the United States in December 2008. After being granted the license of certified public accountant by the Washington State Board of Accountancy since February 2012, Mr. MH Lai was admitted as a member of American Institute of the Certified Public Accountants in August 2012 and a chartered global management accountant of the American Institute of Certified Public Accountants in October 2012. Mr. MH Lai was further admitted as a certified public accountant of the Hong Kong Institute of Certified Public Accountants in May 2013. In August 2015, Mr. MH Lai successfully passed the qualifying examination in Lean Six Sigma Black Belt Certificate Programme of Sixsigma Institute. Mr. MH Lai has over 11 years of experience in financial management and accounting operations. Prior to joining our Group, Mr. MH Lai was a senior associate in audit & assurance at PricewaterhouseCoopers Hong Kong from January 2010 to March 2012 and a financial accountant at Nespresso, Division of Nestle H.K. Limited from May 2012 to July 2013.

Ming Yan “Ray” Lai, Chief Executive Officer and Director

Mr. Ming Yan “Ray” Lai (“MY Lai”) is our Director and the chief executive officer. He is primarily responsible for planning and overseeing business operation, project implementation and business development of our Group. Mr. MY Lai graduated from the University of the Arts London with a Bachelor of Arts in Print Media Management in June 2005. Mr. MY Lai has over 15 years of experience in management. Mr. MY Lai joined our Group as an assistant to director of Millennium Printing in October 2007, responsible for the provision of overall support to directors on management over sales and marketing management, finance and production functions. Mr. MY Lai was also responsible to coordinate with internal and external parties on the daily business operation on behalf of the directors. Since March 2015, Mr. MY Lai served as a sales and marketing director of Millennium Printing, responsible for the creation, development and implementation of sales and marketing strategies for the Group and overseeing and driving the creative design, sales and marketing. Mr. MY Lai was also responsible for leading the customer service teams to achieve the Group’s targets. Mr. MY Lai has been a member of the board of directors of the Hong Kong Corrugated Paper Manufacturers’ Association Limited since November 2017. Mr. MY Lai is currently a general committee member of the Hong Kong Business Association Vietnam and the China Business Association Ho Chi Minh City Branch since April 2019 and April 2021, respectively. Mr. MY Lai is a general committee member of the Hong Kong Printers Association since March 2021.

Wing Wai “John” Au, Chief Financial Officer

Mr. Au Wing “John” Wai (“Mr. Au”) has been appointed as the chief financial officer and secretary of our Company, serving for Millennium Printing International Limited since March 2007. He is also one of our authorized representatives. Mr. Au obtained a Bachelor of Economics in July 1993 from Monash University in Australia. He was admitted as a fellow of the Hong Kong Institute of Certified Public Accountants and a fellow of Certified Practicing Accountant Australia in March 2011. Mr. Au is admitted as an associate of the Chartered Institute of Management Accountants and Chartered Global Management Accountant since July 2011. Mr. Au is also a fellow of the Taxation Institute of Hong Kong and a chartered tax adviser (non-practicing) in March 2011 and January 2021, respectively. Mr. Au has over 28 years of experience in financial management including overseeing financial reporting, budget and forecast preparation, liquidity and funding and tax planning of established companies or listed group members. Prior to joining Millennium, He was a finance manager of C.W.T. Textile Supplies Co., Ltd from February 1993 to December 1994 and a financial controller of its joint venture company, Amana Garment International Ltd., a company principally engaged in garment production from February 1993 to December 1994. He was also a financial controller of C.W.T. Garment Ltd. in the interim (assigned from its parent company, C.W.T. Textile Supplies Co., Ltd during the period from January to December 1994). From January 1995 to March 1998, Mr. Au was a senior finance and administration manager of C.T. Enterprises International Company Limited. Mr. Au was a financial controller in the finance division – operation of Magician Industrial Company Limited from August 1998 to April 1999. From December 1999 to August 2000, he was a financial controller of Tianjin MCP Industries Limited. He then worked for Ming Fai Group Holdings Limited, a subsidiary of the now Ming Fai International Holdings Limited, a company listed on the Main Board of the Stock Exchange (stock code: 3828) as a controller – finance & administration from September 2000 to July 2003. Mr. Au was the chief financial officer of CN Innovations Holdings Limited in Hong Kong from September 2003 to February 2007.

Hok Han Ko, Independent Director

Mr. Hok Han Ko is our independent director. Mr. Ko obtained a Bachelor of Business Administration with honors in Quantitative Analysis for Business from the City University of Hong Kong in November 1999. He subsequently obtained a Master of Business Executive Administration from the City University of Hong Kong in November 2007 and a Juris Doctor degree from the City University of Hong Kong in February 2014. Mr. Ko has over 17 years of experience in business management. He worked as a customs clearance manager of DHL International GmbH from September 2003 to May 2007, a senior manager in operations at Li & Fung (Trading) Limited from May 2007 to July 2010 and an assistant general manager and a general manager of Hong Kong and Macau of S.F. Express Company Limited from August 2010 to November 2010, and from November 2010 to April 2012, respectively. He joined Lifung Kids (Management) Limited as a general manager of Hong Kong and Macau from May 2012 to January 2016. He is currently a managing director of Asia at Flexport since January 2016. Mr. Ko has held various positions in regulatory authorities and business associations. Mr. Ko is currently a member of the logistics services advisory committee of the Hong Kong Trade Development Council since April 2016, a member of the logistics industry training advisory committee of the Education Bureau of the Hong Kong Special Administrative Region since January 2019. Mr Ko has also been appointed by the Hong Kong government for 2 years from 1^st January 2022 as a member of the Hong Kong Logistics Department Council which is a high-level advisory body tasked to promote the development of Hong Kong’s logistics industry. Mr. Ko received a fellowship status from the Social Enterprise Research Academy in July 2019.

Hon Wai Ku, Independent Director

Mr. Hon Wai Ku has over 23 years of professional experience in accounting and auditing. From November 2020 to December 2022, Mr. Ku served as the chief financial officer and company secretary to Oriental Rise Holdings Limited. Since November 2014, Mr. Ku has been serving as a non-executive director of IT Tech Packaging, Inc (ITP), a public company traded and listed on the New York Stock Exchange. From July 2017 to June 2021, Mr. Ku served as an independent director for XT Energy Group Inc (XTEG), a US OTCQB trading company. From September 2014 to April 2015, Mr. Ku was appointed as the chief financial officer of Borneo Resource Investments Ltd (BRNE). Between July 2007 and October 2013, Mr. Ku was appointed as the chief financial officer of China Marine Food Group Limited (CMFO), which was principally engaged in the business of processing, distribution, and sales of processed seafood products and marine catch. Mr. Ku obtained a bachelor’s degree in Business Administration (Honors) in Finance from the Hong Kong University of Science and Technology in November 1996.

Hung Leung “Alan” Tsang, Independent Director

Mr. Hung Leung “Alan” Tsang is our independent director. Currently Mr. Tsang has been serving as the Chief Financial Officer and subsequently appointed as vice president of Debao Property Development Limited (SGX.BTF) (a public company listed in the Singapore Stock Exchange) since October 2018, involving in the company’s financial reporting. Prior to joining of Debao Property Development Limited, Mr. Tsang worked at Eastern Glory Financial and Investment Services Limited from 2014 to 2018 and was responsible for advisory and initial public offering projects. He was the Chief Financial Officer of Combine Will International Holdings Limited (SGX.N0Z) (a public company listed in the Singapore Stock Exchange) and was involved in financial reporting and treasury management from 2006 to 2014. From 2001 to 2006, he was responsible for the internal audit and supervisory work for the operations of Ng Fung Hong and CR Vanguard while he worked for China Resources Enterprise Limited (0291.HK) (a public company listed in the Hong Kong Stock Exchange). He was also a financial controller in Hong Kong Netcom Limited from 2000 to 2001. Mr. Tsang graduated with an Accounting degree from the City University of Hong Kong in 1993 and is a certified public accountant of the Hong Kong Institute of Certified Public Accountants.

Family Relationships

There are no family relationships among any of our directors, director nominees or executive officers as defined in Item 401 of Regulation S-K.

6.B. Compensation

Director Compensation

All directors hold office until the next annual meeting of shareholders at which their respective class of directors is re-elected and until their successors have been duly elected and qualified. Officers are elected by and serve at the discretion of the Board of Directors. Employee directors do not receive any compensation for their services. Non-employee directors are entitled to receive an as-yet undetermined cash fee for serving as directors and may receive option grants from our company. In addition, non-employee directors are entitled to receive compensation for their actual travel expenses for each Board of Directors meeting attended.

Executive Compensation

The Compensation Committee of the Board of Directors determined the compensation to be paid to our executive officers based on our financial and operating performance and prospects, and contributions made by the officers to our success. And our compensation committee approved our salary and benefit plans. Each of the named officers will be measured by a series of performance criteria by the board of directors, or the compensation committee on a yearly basis. Such criteria will be set forth based on certain objective parameters such as job characteristics, required professionalism, management skills, interpersonal skills, related experience, personal performance and overall corporate performance.

Summary Compensation Table

The following table sets forth certain information with respect to compensation for the years ended June 30, 2024, 2023 and 2022, earned by or paid to our chief executive officer and principal executive officer, our principal financial officer, and our other most highly compensated executive officers whose total compensation exceeded US$100,000 (the “named executive officers”).

Name and Principal Position	Fiscal Year		Salary		Bonus		Share Awards		All Other Compensation		Total
			($)		($)		($)		($)		($)
Ming Yan “Ray” Lai		2024	$	121,361	$	10,625					$	131,986
		2023	$	80,606	$	5,359		-		-	$	85,965
		2022	$	81,764	$	5,574		-		-	$	87,338

Wing Wai “John” Au		2024	$	143,418	$	12,122					$	155,540
		2023	$	105,871	$	7,465		-		-	$	113,336
		2022	$	107,135	$	7,688		-		-	$	114,823

Employment Agreements

Our employment agreements with our officers generally provide for employment for a specific term and pay annual salary, health insurance, pension insurance, and paid vacation and family leave time. The agreement may be terminated by either party as permitted by law. In the event of a breach or termination of the agreement by our company, we may be obligated to pay the employee twice the ordinary statutory rate. In the event of a breach or termination causing loss to our company by the employee, the employee may be required to indemnify us against loss.

6.C. Board Practices

Board of Directors and Board Committees

Our board of directors consists of five directors, three of whom are independent as such term is defined by the Nasdaq Capital Market. We have determined that Hok Han “Henry” Ko, Hon Wai “Marco” Ku, and Hung Leung “Alan” Tsang satisfy the “independence” requirements under Nasdaq Rule 5605.

The directors will be up for re-election at our annual general meeting of shareholders.

A director is not required to hold any shares in our company by way of qualification. A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our company is required to declare the nature of his interest at a meeting of our directors. A director may vote with respect to any contract, proposed contract or arrangement notwithstanding that he may be interested therein, and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of our directors at which any such contract or proposed contract or arrangement is considered. Our directors may exercise all the powers of our company to borrow money, mortgage or charge its undertaking, property and uncalled capital, and to issue debentures or other securities whenever money is borrowed or as security for any debt, liability or obligation of our company or of any third party.

The Board of Directors also adopted an insider trading policy that allows insiders to sell securities of the Company pursuant to pre-arranged trading plans.

Effective October 23, 2000, the SEC adopted rules related to insider trading. One of these rules, Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, provides an exemption to the insider trading rules in the form of an affirmative defense. Rule 10b5-1 recognizes the creation of formal programs under which executives and other insiders may sell the securities of publicly traded companies on a regular basis pursuant to written plans that are entered into at a time when the plan participants are not aware of material non-public information and that otherwise comply with the requirements of Rule 10b5-1.

Board Committees

We have established three committees under the board of directors: an audit committee, a compensation committee and a nominating committee, and adopted a charter for each of the three committees, effective upon the Company’s listing on the Nasdaq Capital Market. Copies of our committee charters has been posted on our corporate investor relations website.

Each committee’s members and functions are described below.

Audit Committee. Our audit committee consists of Hon Wai Ku, Hung Leung Tsang and Hok Han Ko. Hon Wai Ku is the chair of our audit committee. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee is responsible for, among other things:

●

appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

●

reviewing with the independent auditors any audit problems or difficulties and management’s response;

●

discussing the annual audited financial statements with management and the independent auditors;

●

reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

●

reviewing and approving all proposed related party transactions;

●

meeting separately and periodically with management and the independent auditors; and

●

monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

Compensation Committee. Our compensation committee consists of Hung Leung Tsang, Hon Wai Ku and Hok Han Ko. Mr. Hung Leung Tsang is the chair of our compensation committee. The compensation committee is responsible for, among other things:

●

reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

●

reviewing and recommending to the shareholders for determination with respect to the compensation of our directors;

●

reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and

●

selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person’s independence from management.

Nominating Committee. Our nominating committee consists of Hok Han Ko, Hok Han Ko and Hung Leung Tsang upon the effectiveness of their appointments. Mr. Hok Han Ko is the chair of our nominating committee. We have determined that Hok Han Ko, Sun Wai But and Hung Leung Tsang satisfy the “independence” requirements under Nasdaq Rule 5605. The nominating committee assists the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating committee is responsible for, among other things:

●

selecting and recommending to the board nominees for election by the shareholders or appointment by the board；

●·

reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience and diversity;

●

making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

●

advising the board periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

100

Duties of Directors

Under Cayman Islands law, all of our directors owe three types of duties to us: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Cayman Islands Companies Act imposes a number of statutory duties on a director. A Cayman Islands director’s fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties: (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our M&A, as amended and restated from time to time. We have the right to seek damages if a duty owed by any of our directors is breached.

Insider Trading Policy

The Board of Directors also adopted an insider trading policy that allows insiders to sell securities of the Company pursuant to pre-arranged trading plans.

This insider trading policy was put into place because effective October 23, 2000, the SEC adopted rules related to insider trading. One of these rules, Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, provides an exemption to the insider trading rules in the form of an affirmative defense. Rule 10b5-1 recognizes the creation of formal programs under which executives and other insiders may sell the securities of publicly traded companies on a regular basis pursuant to written plans that are entered into at a time when the plan participants are not aware of material non-public information and that otherwise comply with the requirements of Rule 10b5-1.

Interested Transactions

A director may vote, attend a board meeting or sign a document on our behalf with respect to any contract or transaction in which he or she is interested. A director must promptly disclose the interest to all other directors after becoming aware of the fact that he or she is interested in a transaction we have entered into or are to enter into. A general notice or disclosure to the board or otherwise contained in the minutes of a meeting or a written resolution of the board or any committee of the board that a director is a shareholder, director, officer or trustee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company will be sufficient disclosure, and, after such general notice, it will not be necessary to give special notice relating to any particular transaction.

Remuneration and Borrowing

The directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors. Our board of directors may exercise all the powers of the company to borrow money and to mortgage or charge our undertakings and property or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of the company or of any third party.

Terms of Directors and Officers

Our directors may be elected by a resolution of our board of directors, or by an ordinary resolution of our shareholders. Our directors are not subject to a term of office and hold office until such time as they are removed from office by ordinary resolution of the shareholders. A director will cease to be a director if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found by our company to be or becomes of unsound mind, (iii) resigns his office by notice in writing to the company, or (iv) without special leave of absence from our board, is absent from three consecutive board meetings and our directors resolve that his office be vacated.

Our officers are elected by and serve at the discretion of the board of directors.

101

Involvement in Certain Legal Proceedings

To the best of our knowledge, none of our directors or officers has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor has any been a party to any judicial or administrative proceeding during the past five years that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Except as set forth in our discussion below in “Related Party Transactions,” our directors and officers have not been involved in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

Board Diversity

The Board of Directors does not have a formal policy with respect to Board nominee diversity. In recommending proposed nominees to the Board of Directors, the Nominating Committee is charged with building and maintaining a board that has an ideal mix of talent and experience to achieve our business objectives in the current environment. In particular, the Nominating Committee is focused on relevant subject matter expertise, depth of knowledge in key areas that are important to us, and diversity of thought, background, perspective and experience so as to facilitate robust debate and broad thinking on strategies and tactics pursued by us.

The following table provides certain information regarding the diversity of our Board of Directors as of the date hereof.

Board Diversity Matrix (As of the date hereof)

Country of Principal Executive Offices:	Hong Kong
Foreign Private Issuer	Yes
Disclosure Prohibited Under Home Country Law	No
Total Number of Directors		5

	Female		Male		Non-Binary		Did Not Disclose Gender
Part I: Gender Identity
Directors		0		5		0		0

Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction		—
LGBTQ+		—

6.D. Employees

We had a total of 498 and 792 employees as of June 30, 2024 and 2023, respectively. The following table gives a breakdown of our employees by function:

	As of June 30, 2024		As of June 30, 2023
Administration and Management		2		8
Engineering		8		6
Research and Development		64		63
Sales and Marketing		30		51
Business Operations		394		664
Total		498		792

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We believe we offer our employees competitive compensation packages and a dynamic work environment that encourages initiative. As a result, we have generally been able to attract and retain qualified employees and maintain a stable core management team.

6.E. Share Ownership

The following tables sets forth information regarding the beneficial ownership of our ordinary shares as of the date hereof by:

●

each person known to us to beneficially own more than 5% of our ordinary shares;

●

each of our officers and directors; and

●

all of our officers and directors as a group.

Beneficial ownership is determined in accordance with SEC rules and includes voting or investment power with respect to securities. Except as indicated by the footnotes below, we believe, based on the information furnished to it, that the persons and entities named in the table below have sole voting and investment power with respect to all stock that they beneficially own, subject to applicable community property laws. They are not, however, deemed to be outstanding and beneficially owned for the purpose of computing the percentage ownership of any other person.

The calculations in the table below are based on 11,250,000 ordinary shares issued and outstanding as of the date hereof.

Name of Beneficial Owner	Amount of Beneficial Ownership		Percentage Ownership
Directors, Director Nominees and Named Executive Officers:
Ming Hung “Matthew” Lai ¹		10,000,000		88.89	%
Ming Yan “Ray” Lai		0		0	%
Wing Wai “John” Au		0		0	%
Yau Fai Lai¹		0		0	%
Sun Wai But		0		0	%
Hok Han “Henry” Ko		0		0	%
Hon Wai Ku		0		0	%
Hung Leung “Alan” Tsang		0		0	%
All directors, director nominees and executive officers as a group (8 persons)		10,000,000		88.89	%
5% or Greater Shareholders:
YC 1926 (BVI) Limited ¹		10,000,000		88.89	%

(1)

YC 1926 (BVI) Limited has six shareholders, each holding an even percentage of shares of the entity. Through a BVI entity, Yau Fai Lai holds 833 shares or 16.67% of the ownership in YC 1926 (BV) Limited. The shareholders agreed to vote in concert in the shareholder meetings; and during the period commencing on the date of incorporation and ending on the third anniversary of the date of listing of the Company on Nasdaq, if the shareholders are unable to reach a unanimous consent, a decision made by more than 50% of the voting rights of the parties will be deemed a decision unanimously passed by all parties and will be binding on all parties; in the event there is a tie-breaker, the shareholders of YC 1926 (BVI) Limited agreed to appoint Ming Hung “Matthew” Lai, the chairman of the entity, to serve as their proxy to exercise the voting rights on their behalf.

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

7.A. Major Shareholders

Please refer to “Item 6. Directors, Senior Management and Employees — 6.E. Share Ownership.” The company’s major shareholders do have different voting rights than the other shareholders.

7.B. Related Party Transactions (FS footnote)

Other Related Party Transactions

During the year ended June 30, 2024, other than disclosed in elsewhere, we did not have any other related party transactions.

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The following shows the significant related party transactions for the years ended June 30, 2024, 2023 and 2022.

				2024		2023		2022
	Relationship	Nature	Description	US$		US$		US$
M-GEN Innovation Company Limited (hereafter “MGI”)	Common control by the shareholders	Trade nature	The Company’s sales		-		-		26,095
		Trade nature	The Company’s receipt of sales		-		-		(152,869	)
		Non-trade nature	The Company’s receipt of advance repaid from M-GEN Innovation Company Limited		-		-		(926,047	)
Wah Tong Paper Products Group Limited (hereafter “WTPPG”)	Common control by the shareholders	Non-trade nature	The Company’s repayment from Wah Tong Paper Products Group Limited		-		-		(515,132	)
Wah Tong Paper Products Factory Limited (hereafter “WTPPF”)	Common control by the shareholders	Non-trade nature	The Company’s repayment from Wah Tong Paper Products Factory Limited		-		-		(1,080,604	)
		Non-trade nature	The Company’s repayment to Wah Tong Paper Products Factory Limited		-		-		89,145
Wah Tung Thai Logistics (Shenzhen) Limited (hereafter “WTTLSZ”)	Common control by the shareholders	Trade nature	Logistic fee incurred by the Company		-		-		(6,109	)
		Trade nature	The Company’s payment on the logistic fee		-		-		6,109
		Trade nature	The Company’s receipt of sales		-		-		(15,998	)
		Non-trade nature	The Company’s repayment to Wah Tung Thai Logistics (Shenzhen) Limited		-		-		5,544
Sing Wise Limited (hereafter “Sing Wise”)	Common control by the shareholders	Trade nature	The Company’s receipt of sales		-		-		(7,072	)
		Non-trade nature	The Company’s repayment to Sing Wise Limited		-		-		4,921

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MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Wah Tung Thai Logistics Company Limited (hereafter “WTTL”)	Common controlled by the shareholders	Trade nature	Transportation expenses incurred by the Company	-		-		(10,365	)
		Trade nature	The Company’s payment to Transportation expenses	-		-		14,507
Kunshan Chuangke Printing Products Co., Ltd	Common control by the shareholders	Trade nature	The Company’s payment on purchase	-		-		2,161,721
Yee Woo Paper Packaging (China) Company Limited (hereafter “YWPPC”)	Common control by the shareholders	Trade nature	Rental expenses incurred by the Company	(659,678	)	(707,311	)	(528,986	)
				659,678		707,311		865,767
		Non-trade nature	The Company’s repayment to Yee Woo Paper Packaging (China) Company Limited	-		-		2,062,599
Lai Por	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-		-		115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-		-		(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capita	-		-		1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-		-		1,102,427
Lai Yau Shing	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-		-		115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-		-		(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-		-		1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-		-		1,102,427

105

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Lai Yau Chuen	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427
Lai Yau Sang	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427
Lai Yau Fai	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427
Lai Yau Chi	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427

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ITEM 8. FINANCIAL INFORMATION

8.A. Consolidated Statements and Other Financial Information

Please refer to Item 18.

Legal and Administrative Proceedings

Please refer to “Item 6. Involvement in Certain Legal Proceedings.”

Dividend Policy

On September 1, 2020, Yee Woo Shenzhen, a China-based subsidiary, declared dividend in the amount of US$9.3 million, with dividend withholding tax provision approximately US$0.4 million, to its then 100% shareholder YWPPC, a Hong Kong subsidiary, which was considered as intragroup transaction when declared. As disclosed on page F-8 of this Annual Report, YWPPC was departed from the group on December 31, 2020 and since then YWPPC was de-recognized from the Group resulting in a dividend payable US$8.4 million, net of dividend withholding tax provision of US$0.4 million, to the Controlling Shareholders. At year end, the dividend payable to the Controlling Shareholders US$8.4 million was waived by the Controlling Shareholders and such waiver of amounts payable to shareholders was capitalized as additional paid-in capital in the financial statements for the year ended June 30, 2021.

On February 28, 2022, Millennium Printing, a Hong Kong subsidiary, declared dividend in the amount of US$7 million to its immediate holding company and thereafter the same amount of dividend was declared to those intermediate holding companies up the chain and then finally to the Controlling Shareholders. The dividend payable to the Controlling Shareholders was waived by the Controlling Shareholders during the year ended June 30, 2022 and such amount payable to shareholders was then capitalized as additional paid-in capital in the financial statements for the year ended June 30, 2022.

Other than these two recapitalization exercises, there have been no other transfers, dividends, or distributions made between the holding company and its subsidiaries, or to investors, and that neither we nor our subsidiaries have declared dividends for the years ended June 30, 2024 and 2023 and up to the date of the Annual Report. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future. Any future determination relating to our dividend policy will be made at the discretion of our Board of Directors and will depend on a number of factors, including future earnings, capital requirements, financial conditions and future prospects and other factors the Board of Directors may deem relevant.

One of the purposes of the above recapitalization exercises that involved dividends declaration with waiver and subsequent capitalization as additional paid-in capital was mainly to optimize our capital structure by enhancing the paid-up capital of the Company in order to meet the expectation from our customers, suppliers and financial institutions. We believe the recapitalization will attract more good standing customers and suppliers, better trading terms, together with allowing the Company to obtain more favorable support from financial institutions with competitive financing terms.

Under the Companies Act (as amended) of the Cayman Islands (the “Companies Act”), we may pay dividends out of profits or share premium account, provided that in no circumstances may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the dividend payment.

If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our operating subsidiaries. Dividend distributions from our PRC subsidiary to us are subject to PRC taxes, such as withholding tax. In addition, regulations in the PRC currently permit payment of dividends of a PRC company only out of accumulated distributable after-tax profits as determined in accordance with its articles of association and the accounting standards and regulations in China. See “Risk Factors — Risks Related to Doing Business in the PRC — We are a holding company, and will rely on dividends paid by our subsidiaries for our cash needs. Any limitation on the ability of our subsidiaries to make dividend payments to us, or any tax implications of making dividend payments to us, could limit our ability to pay our parent company expenses or pay dividends to holders of our Ordinary Shares. PRC regulations may restrict the ability of our PRC subsidiary to pay dividends to us.” See “Regulation—Regulation on Dividend Distributions.”

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8.B. Significant Changes

We have not experienced any significant changes since the date of our audited consolidated financial statements included in this annual report.

ITEM 9. THE OFFER AND LISTING

9.A. Offer and listing details

Our ordinary shares have been listed on the Nasdaq Capital Market since April 4, 2023 under the symbol “MGIH.”

9.B. Plan of distribution

Not applicable for annual reports on Form 20-F.

9.C. Markets

Our ordinary shares are listed on the Nasdaq Capital Market under the symbol “MGIH.”

9.D. Selling shareholders

Not applicable for annual reports on Form 20-F.

9.E. Dilution

Not applicable for annual reports on Form 20-F.

9.F. Expenses of the issue

Not applicable for annual reports on Form 20-F.

ITEM 10. ADDITIONAL INFORMATION

The Company was incorporated in the Cayman Islands as an exempted company with limited liability on May 11, 2021, with an authorized share capital of HK$380,000 divided into 38,000,000 shares of HK$0.01 each. On the date of incorporation, 2,520 shares were allotted and issued to YC 1926 (BVI) Limited at a consideration of US$3.00. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.

On December 31, 2021, the Company’s authorized share capital increased to US$500,000 divided into 500,000,000 shares of par value of US$0.001 each; and the number of ordinary shares outstanding and issued in the Company is increased to 5,000 Shares at par value of US$0.001 each at a consideration of US$5.00 which are owned by the controlling shareholder. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.

108

On January 19, 2022, 900,000 additional Shares be issued and allotted at par value of US$0.001 each at a consideration of US$900 such that the number of Shares held by YC 1926 (BVI) Limited is increased to 905,000 Shares. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.

On January 28, 2022, the Company issued 9,095,000 ordinary shares to YC 1926 (BVI) Limited at par value of US$0.001 each at a consideration of US$9,095. After the transaction, the Company had 10,000,000 shares issued and outstanding. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.

On April 11, 2022, the Company issued 10,000,000 ordinary shares to YC 1926 (BVI) Limited at par value of US$0.001 each at a consideration of US$10,000. After the transaction, the Company had 20,000,000 ordinary shares issued and outstanding. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.

On October 12, 2022, the Company issued additional 10,000,000 ordinary shares to YC 1926 (BVI) Limited at par value of US$0.001 each at a consideration of US$10,000. After the transaction, the Company had 30,000,000 ordinary shares issued and outstanding. On October 12, 2022, every two issued and unissued shares of US$0.001 par value each was consolidated into one share with US$0.002 par value each and the Company’s authorized share capital become US$500,000 divided into 250,000,000 ordinary shares of US$0.002 par value each. As a result, the Company had 15,000,000 ordinary shares issued and outstanding. On March 2, 2023, YC 1926 (BVI) Limited surrendered 5,000,000 ordinary shares to the Company for no consideration and 5,000,000 ordinary shares were cancelled. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.

10.B. Memorandum and articles of association

The following are summaries of the material provisions of our memorandum and articles of association and the Cayman Islands Companies Act, insofar as they relate to the material terms of our ordinary shares. Copies of our memorandum and articles of association are filed as exhibits to this annual report. As a convenience to potential investors, we provide the below description of Cayman Islands law and our Articles of Association.

General

Each Ordinary Share in the Company confers upon the shareholder:

●

the right to one vote at a meeting of the shareholders of the Company or on any resolution of shareholders;

●

the right to an equal share in any dividend paid by the Company; and

●

the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

All of our issued ordinary shares are fully paid and non-assessable. Certificates representing the ordinary shares are issued in registered form. Our shareholders may freely hold and vote their ordinary shares.

Listing

Our ordinary shares are listed on the Nasdaq Capital Market under the symbol “MGIH.”

Transfer Agent and Registrar

The transfer agent and registrar for our ordinary shares is VStock Transfer, LLC.

Dividends

Holders of Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company. At each general meeting, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one (1) vote for each Ordinary Share which such shareholder holds. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or by one or more shareholders present in person or by proxy entitled to vote and who together hold not less than 10 percent of the paid up voting share capital of the Company.

109

An ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of the votes attached to the Ordinary Shares cast by those shareholders entitled to vote who are present in person or by proxy (or, in the case of corporations, by their duly authorized representatives) at a general meeting, while a special resolution requires the affirmative vote of a majority of not less than two-thirds of the votes attached to the Ordinary Shares cast by those shareholders who are present in person or by proxy (or, in the case of corporations, by their duly authorized representatives) at a general meeting. Both ordinary resolutions and special resolutions may also be passed by a unanimous written resolution signed by all the shareholders of our company, as permitted by the Companies Act and our memorandum and articles of association. A special resolution will be required for important matters such as a change of name or making changes to our memorandum and articles of association.

Voting Rights

Cumulative Voting

Delaware law permits cumulative voting for the election of directors only if expressly authorized in the certificate of incorporation. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our post-offering amended and restated memorandum and articles of association do not provide for cumulative voting.

Meetings of Shareholders

The directors may convene a meeting of shareholders whenever they think necessary or desirable. We must provide at least seven days’ written notice counting from the date service is deemed to take place, stating the place, the day and the hour of the general meeting and, in the case of special business, the general nature of that business, to such persons who are entitled to receive such notices from the Company. Our board of directors must convene a general meeting upon the written requisition of one or more shareholders entitled to attend and vote at general meeting of the Company holding not less than 10% of the paid-up voting share capital of the Company in respect to the matter for which the meeting is requested.

110

No business may be transacted at any general meeting unless a quorum is present at the time the meeting proceeds to business. One or more shareholders present in person or by proxy holding in aggregate at least a majority of the paid up voting share capital of the Company shall be a quorum. If, within half an hour from the time appointed for the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved. In any other case, it shall stand adjourned to the same day in the next week, at the same time and place and if, at the adjourned meeting, a quorum is not present within half an hour from the time appointed for the meeting, the shareholders present and entitled to vote shall be a quorum. At every meeting, the shareholders present shall choose someone of their number to be the chairman.

A corporation that is a shareholder shall be deemed for the purpose of our amended and restated memorandum and articles of association to be present at a general meeting in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

Meetings of Directors

The business of our Company is managed by the directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors determine to be necessary or desirable. The quorum necessary for the transaction of the business of the directors may be fixed by the directors, and unless so fixed, if there be more than two directors shall be two, and if there are two or less Directors shall be one. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by all of the directors.

Pre-emptive Rights

There are no pre-emptive rights applicable to the issue by us of Ordinary Shares under our Second Amended and Restated Memorandum and Articles of Association.

Transfer of Ordinary Shares

Subject to the restrictions in our memorandum and articles of association, any of our shareholders may transfer all or any of his or her Ordinary Shares by written instrument of transfer in the usual or common form or any other form approved by our board of directors. Our board of directors may in their absolute discretion to decline the registration of the transfer of any Ordinary Shares without giving any reason save in certain circumstances.

Winding Up

If we are wound up and the assets available for distribution among our shareholders are more than sufficient to repay the whole of the paid-up capital at the commencement of the winding up, the excess shall be distributable among those shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively. If we are wound up and the assets available for distribution among the shareholders as such are insufficient to repay the whole of the paid-up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them, respectively. If we are wound up, the liquidator may with the sanction of a special resolution and any other sanction required by the Cayman Islands Companies Act, divide among our shareholders in specie or kind the whole or any part of our assets (whether they shall consist of property of the same kind or not), and may, for such purpose, set such value as the liquidator deems fair upon any property to be divided and may determine how such division shall be carried out as between the shareholders or different classes of shareholders.

The liquidator may also vest the whole or any part of these assets in trusts for the benefit of the shareholders as the liquidator shall think fit, but so that no shareholder will be compelled to accept any assets, shares or other securities upon which there is a liability.

Calls on Ordinary Shares and forfeiture of Ordinary Shares

Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served to such shareholders at least 14 days prior to the specified time of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

111

Redemption, Repurchase and Surrender of Ordinary Shares

We may issue shares on terms that such shares are subject to redemption, at our option, on such terms and in such manner as may be determined, before the issue of such shares, by our board of directors or by an ordinary resolution of our shareholders. The Companies Act and our Second Amended and Restated Memorandum and Articles of Association permits us to purchase our own shares, subject to certain restrictions and requirements. Subject to the Companies Act, our amended and restated memorandum and articles of association and to any applicable requirements imposed from time to time by the Nasdaq, the Securities and Exchange Commission, or by any other recognized stock exchange on which our securities are listed, we may purchase our own shares (including any redeemable shares) on such terms and in such manner as been approved by the directors or by an ordinary resolution of our shareholders. Under the Companies Act, the repurchase of any share may be paid out of our Company’s profits, or out of the share premium account, or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase, or out of capital. If the repurchase proceeds are paid out of our Company’s capital, our Company must, immediately following such payment, be able to pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act, no such share may be repurchased (1) unless it is fully paid up, and (2) if such repurchase would result in there being no shares outstanding other than shares held as treasury shares. The repurchase of shares may be effected in such manner and upon such terms as may be authorized by or pursuant to the Company’s articles of association. If the articles do not authorize the manner and terms of the purchase, a company shall not repurchase any of its own shares unless the manner and terms of purchase have first been authorized by a resolution of the company. In addition, under the Companies Act and our Second Amended and Restated Memorandum and Articles of Association, our Company may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result in there being no shares outstanding (other than shares held as treasury shares).

Variations of Rights of Shares

If at any time, our share capital is divided into different classes of shares, all or any of the rights attached to any class of our shares may (unless otherwise provided by the terms of issue of the shares of that class) be varied with the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a resolution passed by at least a two-thirds majority of holders of shares of that class as may be present in person or by proxy at a separate general meeting of the holders of shares of that class.

Changes in Capital

We may from time to time by an ordinary resolution of our shareholders:

●

increase the share capital of our Company by new shares of such amount as it thinks expedient;

●

consolidate and divide all or any of our share capital into shares of larger amount than its existing shares of shares;

●

subdivide its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and

●

cancel any shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

Our shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by our company for an order confirming such reduction, reduce its share capital and any capital redemption reserve in any manner authorized by the Companies Act.

112

Inspection of Books and Records

Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See “Where You Can Find Additional Information.”

Rights of Non-Resident or Foreign Shareholders

There are no limitations imposed by our amended and restated memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

Issuance of additional Ordinary Shares

Our Second Amended and Restated Memorandum and Articles of Association authorizes our board of directors to issue additional Ordinary Shares from authorized but unissued shares, to the extent available, from time to time as our board of directors shall determine.

Exempted Company

We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

●

does not have to file an annual return of its shareholders with the Registrar of Companies;

●

is not required to open its register of members for inspection;

●

does not have to hold an annual general meeting;

●

may issue negotiable or bearer shares or shares with no par value;

●

may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

●

may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

●

may register as a limited duration company; and

●

may register as a segregated portfolio company.

“Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

Differences in Corporate Law

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent United Kingdom statutory enactments, and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the comparable provisions of the laws applicable to companies incorporated in the State of Delaware.

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Mergers and Similar Arrangements

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (1) “merger” means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company and (2) a “consolidation” means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (1) a special resolution of the shareholders of each constituent company, and (2) such other authorization, if any, as may be specified in such constituent company’s articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies together with a declaration as to the solvency of the consolidated or surviving company, a declaration as to the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed between the parties, will be determined by the Grand Court of the Cayman Islands (the “Grand Court”) if they follow the required procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

In addition, the Companies Act contains statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each class of shareholders or creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court. While a dissenting shareholder has the right to express to the Grand Court the view that the transaction ought not to be approved, the Grand Court can be expected to approve the arrangement if it determines that:

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the statutory provisions as to the required majority vote have been met;

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the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

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the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

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the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the “squeeze out” of dissentient minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares which are subject to the offer within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court, but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

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Shareholders’ Suits

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Grand Court can be expected to apply and follow the common law principles (namely the rule derived from the seminal English case of Foss v. Harbottle, and the exceptions thereto, which limits the circumstances in which a shareholder may bring a derivative action on behalf of the company or a personal action to claim loss which is reflective of loss suffered by the company) which permit a minority shareholder to commence a class action against, or derivative actions in the name of, a company to challenge the following acts in the following circumstances.

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a company acts or proposes to act illegally or ultra vires;

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the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

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those who control the company are perpetrating a “fraud on the minority.”

Indemnification of Directors and Executive Officers and Limitation of Liability

Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such indemnification provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our post-offering amended and restated memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise from fraud or willful default of such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Directors’ Fiduciary Duties

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he or she owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him or her to do so), a duty not to put himself or herself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

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10.C. Material contracts

We have not entered into any material contracts other than in the ordinary course of business and otherwise described elsewhere in this annual report.

10.D. Exchange controls

Regulations on Foreign Currency Exchange

The principal regulations governing foreign currency exchange in China are the Foreign Exchange Administration Regulations, most recently amended in August 2008. Under the PRC foreign exchange regulations, payments of current account items, such as profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements. By contrast, approval from or registration with appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay capital account items, such as direct investments, repayment of foreign currency-denominated loans, repatriation of investments and investments in securities outside of China.

In November 2012, SAFE promulgated the Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment, which substantially amends and simplifies the current foreign exchange procedure. Pursuant to this circular, the opening of various special purpose foreign exchange accounts, such as pre-establishment expenses accounts, foreign exchange capital accounts and guarantee accounts, the reinvestment of RMB proceeds derived by foreign investors in the PRC, and remittance of foreign exchange profits and dividends by a foreign-invested enterprise to its foreign shareholders no longer require the approval or verification of SAFE, and multiple capital accounts for the same entity may be opened in different provinces, which was not possible previously. In addition, SAFE promulgated another circular in May 2013, which specifies that the administration by SAFE or its local branches over direct investment by foreign investors in the PRC must be conducted by way of registration and banks must process foreign exchange business relating to the direct investment in the PRC based on the registration information provided by SAFE and its branches. On February 28, 2015, SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment, or SAFE Notice 13. After SAFE Notice 13 became effective on June 1, 2015, instead of applying for approvals regarding foreign exchange registrations of foreign direct investment and overseas direct investment from SAFE, entities and individuals may apply for such foreign exchange registrations from qualified banks. The qualified banks, under the supervision of SAFE, may directly review the applications and conduct the registration.

On March 30, 2015, SAFE promulgated Circular 19, which expands a pilot reform of the administration of the settlement of the foreign exchange capitals of foreign-invested enterprises nationwide. Circular 19 came into force and replaced both previous Circular 142 and Circular 36 on June 1, 2015. On June 9, 2016, SAFE promulgated Circular 16 to further expand and strengthen such reform. Under Circular 19 and Circular 16, foreign-invested enterprises in the PRC are allowed to use their foreign exchange funds under capital accounts and RMB funds from exchange settlement for expenditure under current accounts within its business scope or expenditure under capital accounts permitted by laws and regulations, except that such funds shall not be used for (i) expenditure beyond the enterprise’s business scope or expenditure prohibited by laws and regulations; (ii) investments in securities or other investments than banks’ principal-secured products; (iii) granting of loans to non-affiliated enterprises, except where it is expressly permitted in the business license; and (iv) construction or purchase of real estate for purposes other than self-use (except for real estate enterprises).

In January 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to offshore entities, including (i) under the principle of genuine transaction, banks shall check board resolutions regarding profit distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income to account for previous years’ losses before remitting the profits. Further, according to SAFE Circular 3, domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts and other proof when completing the registration procedures in connection with an outbound investment.

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Regulations on Foreign Exchange Registration of Overseas Investment by PRC Residents

SAFE issued SAFE Circular on Relevant Issues Relating to Domestic Resident’s Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, that became effective in July 2014, replacing the previous SAFE Circular 75. SAFE Circular 37 regulates foreign exchange matters in relation to the use of special purpose vehicles, or SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. Under SAFE Circular 37, a SPV refers to an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while “round trip investment” refers to direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 provides that, before making contribution into an SPV, PRC residents or entities are required to complete foreign exchange registration with SAFE or its local branch. SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment in February 2015, which took effect on June 1, 2015. This notice has amended SAFE Circular 37 requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing.

PRC residents or entities who had contributed legitimate onshore or offshore interests or assets to SPVs but had not obtained registration as required before the implementation of the SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified banks. An amendment to the registration is required if there is a material change with respect to the SPV registered, such as any change of basic information (including change of the PRC residents, name and operation term), increases or decreases in investment amount, transfers or exchanges of shares, and mergers or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and the subsequent notice, or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested enterprise, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC residents or entities to penalties under PRC foreign exchange administration regulations.

We are aware that our PRC resident beneficial owners subject to these registration requirements have registered with the Beijing SAFE branch and/or qualified banks to reflect the recent changes to our corporate structure.

10.E. Taxation

The following sets forth the material Cayman Islands, Chinese, Vietnamese and U.S. federal income tax consequences related to an investment in our ordinary shares. It is directed to U.S. Holders (as defined below) of our ordinary shares and is based upon laws and relevant interpretations thereof in effect as of the date hereof, all of which are subject to change. This description does not deal with all possible tax consequences relating to an investment in our ordinary shares, such as the tax consequences under state, local and other tax laws.

The following brief description applies only to U.S. Holders (defined below) that hold ordinary shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the tax laws of the United States in effect as of the date hereof and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date hereof, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below. Unless otherwise noted in the following discussion, this section is the opinion of Ortoli Rosenstadt LLP, our U.S. counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal income tax law, Zhong Lun Law Firm, our PRC counsel, insofar as it relates to legal conclusions with respect to matters of Chinese tax law, and of RHTLaw Vietnam, our Vietnamese counsel, insofar as it relates to legal conclusions with respect to matters of Vietnamese tax law.

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The brief description below of the U.S. federal income tax consequences to “U.S. Holders” will apply to you if you are a beneficial owner of shares and you are, for U.S. federal income tax purposes,

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an individual who is a citizen or resident of the United States;

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a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

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an estate whose income is subject to U.S. federal income taxation regardless of its source; or

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a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

Generally

Millennium is a Cayman Islands company limited by shares and subject to Cayman Islands Laws. Millennium HK, Millennium Investment International Limited, Millennium Printing International Limited, Millennium Packaging Group International Limited, Millennium Strategic, Wah Tong Investment International Limited, Yee Woo Paper Investment International Limited and Yee Woo Paper Packaging (HK) Company Limited are subject to Hong Kong laws. Huizhou Yimeinuo Industry Co., Ltd., Millennium (Huizhou) Technology Co., Ltd., Millennium Packaging Technology (Huizhou) Co., Ltd., Millennium Shenzhen, and Putian Xiqi Branding Strategy Co., Ltd. are subject to PRC laws. MPG Global Company Limited is subject to Vietnamese laws.

Cayman Islands Taxation

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of, the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Ordinary Shares, nor will gains derived from the disposal of our Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in respect of the issue of our ordinary shares or on an instrument of transfer in respect of our Ordinary Shares.

People’s Republic of China Taxation

Under the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with a “de facto management body” within the PRC is considered a resident enterprise and will be subject to the enterprise income tax at the rate of 25% on its global income. The implementation rules define the term “de facto management body” as the body that exercises full and substantial control over and overall management of the business, productions, personnel, accounts and properties of an enterprise. In April 2009, the State Administration of Taxation issued the Circular on Issues Concerning the Identification of Chinese-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance With the Actual Standards of Organizational Management, known as Circular 82, which has been revised by the Decision of the State Administration of Taxation on Issuing the Lists of Invalid and Abolished Tax Departmental Rules and Taxation Normative Documents on December 29, 2017 and by the Decision of the State Council on Cancellation and Delegation of a Batch of Administrative Examination and Approval Items on November 8, 2013. Circular 82 has provided certain specific criteria for determining whether the “de facto management body” of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the State Administration of Taxation’s general position on how the “de facto management body” test should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its “de facto management body” in China only if all of the following conditions are met: (i) the places where the senior management and senior management departments responsible for the daily production, operation and management of the enterprise perform their duties are mainly located within the territory of the PRC; (ii) decisions relating to the enterprise’s financial matters (such as money borrowing, lending, financing and financial risk management) and human resource matters (such as appointment, dismissal and salary and wages) are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise’s primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

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United States Federal Income Tax Considerations

The following is a summary of material U.S. federal income tax considerations that are likely to be relevant to the purchase, ownership and disposition of our Ordinary Shares by a U.S. Holder (as defined below).

This summary is based on provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and regulations, rulings and judicial interpretations thereof, in force as of the date hereof. Those authorities may be changed at any time, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below.

This summary is not a comprehensive discussion of all of the tax considerations that may be relevant to a particular investor’s decision to purchase, hold, or dispose of Ordinary Shares. In particular, this summary is directed only to U.S. Holders that hold Ordinary Shares as capital assets and does not address all of the tax consequences to U.S. Holders who may be subject to special tax rules, such as banks, brokers or dealers in securities or currencies, traders in securities electing to mark to market, financial institutions, insurance companies, tax exempt entities, partnerships (including any entities treated as partnerships for U.S. federal income tax purposes) and the partners therein, holders that own or are treated as owning 10% or more of our shares (measured by vote or value), persons holding Ordinary Shares as part of a hedging or conversion transaction or a straddle, or persons whose functional currency is not the U.S. dollar. Moreover, this summary does not address state, local or non-U.S. taxes, the U.S. federal estate and gift taxes, the Medicare contribution tax applicable to net investment income of certain non-corporate U.S. Holders, or alternative minimum tax consequences of acquiring, holding or disposing of Ordinary Shares.

For purposes of this summary, a “U.S. Holder” is a beneficial owner of Ordinary Shares that is a citizen or individual resident of the United States or a U.S. domestic corporation or that otherwise is subject to U.S. federal income taxation on a net income basis in respect of such Ordinary Shares.

You should consult your own tax advisors about the consequences of the acquisition, ownership and disposition of the Ordinary Shares, including the relevance to your particular situation of the considerations discussed below and any consequences arising under non-U.S., state, local or other tax laws.

Taxation of Dividends

Subject to the discussion below under “Passive Foreign Investment Company Rules,” the gross amount of any distribution of cash or property with respect to our Ordinary Shares (including amounts, if any, withheld in respect of PRC taxes) that is paid out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) will generally be includible in your taxable income as ordinary dividend income on the day on which you receive the dividend and will not be eligible for the dividends-received deduction allowed to U.S. corporations under the Code.

We do not expect to maintain calculations of our earnings and profits in accordance with U.S. federal income tax principles. U.S. Holders therefore should expect that distributions generally will be treated as dividends for U.S. federal income tax purposes.

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Subject to certain exceptions for short-term and hedged positions, the dividends received by a non-corporate U.S. Holder with respect to the Ordinary Shares will be subject to taxation at a preferential rate if the dividends are “qualified dividends.” Dividends paid on the Ordinary Shares will be treated as qualified dividends if:

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the Ordinary Shares on which the dividend is paid are readily tradable on an established securities market in the United States or we are eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Treasury determines is satisfactory for purposes of these rules and that includes an exchange of information program; and

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we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in which the dividend is paid, a PFIC.

We will apply to list our Ordinary Shares on Nasdaq Capital Market, and the Ordinary Shares will qualify as readily tradable on an established securities market in the United States when they are approved and so long as they are so listed. Based on our audited financial statements, the manner in which we conduct our business and relevant market data, we do not believe that we were a PFIC for U.S federal income tax purpose with respect to our prior taxable year. In addition, based on our audited financial statements, the manner in which we conduct our business, relevant market data and our current expectations regarding the value and nature of our assets and the sources and nature of our income, we do not expect to be a PFIC for our current taxable year or in the foreseeable future.

In the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law (see “Taxation—PRC Taxation”), a U.S. Holder may be subject to PRC withholding taxes on dividends paid on our Ordinary Shares. In that case, we may, however, be eligible for the benefits of the Agreement Between the Government of the United States of America and the Government of the People’s Republic of China for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income (the “Treaty”). If we are eligible for such benefits, dividends we pay on our Ordinary Shares would be eligible for the reduced rates of taxation described above (assuming we are not a PFIC in the year the dividend is paid or the prior year). Dividend distributions with respect to our Ordinary Shares generally will be treated as “passive category” income from sources outside the United States for purposes of determining a U.S. Holder’s U.S. foreign tax credit limitation. Subject to the limitations and conditions provided in the Code and the applicable U.S. Treasury Regulations, a U.S. Holder may be able to claim a foreign tax credit against its U.S. federal income tax liability in respect of any PRC income taxes withheld at the appropriate rate applicable to the U.S. Holder from a dividend paid to such U.S. Holder. Alternatively, the U.S. Holder may deduct such PRC income taxes from its U.S. federal taxable income, provided that the U.S. Holder elects to deduct rather than credit all foreign income taxes for the relevant taxable year. The rules with respect to foreign tax credits are complex and involve the application of rules that depend on a U.S. Holder’s particular circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit or the deductibility of foreign taxes under their particular circumstances.

U.S. Holders that receive distributions of additional Ordinary Shares or rights to subscribe for Ordinary Shares as part of a pro rata distribution to all our shareholders generally will not be subject to U.S. federal income tax in respect of the distributions.

Taxation of Dispositions of Ordinary Shares

Subject to the discussion below under “Passive Foreign Investment Company Rules,” upon a sale, exchange or other taxable disposition of the Ordinary Shares, U.S. Holders will realize gain or loss for U.S. federal income tax purposes in the amount equal to the difference between the amount realized on the disposition and the U.S. Holder’s adjusted tax basis in the Ordinary Shares. Such gain or loss will be capital gain or loss and generally will be long-term capital gain or loss if the Ordinary Shares have been held for more than one year. Long-term capital gain realized by a non-corporate U.S. Holder generally is subject to taxation at a preferential rate. The deductibility of capital losses is subject to limitations.

Gain, if any, realized by a U.S. Holder on the sale or other disposition of the Ordinary Shares generally will be treated as U.S.-source income for U.S. foreign tax credit purposes. Consequently, if a PRC tax is imposed on the sale or other disposition, a U.S. Holder that does not receive significant foreign-source income from other sources may not be able to derive effective U.S. foreign tax credit benefits in respect of such PRC tax. However, in the event that gain from the disposition of the Ordinary Shares is subject to tax in the PRC, and a U.S. Holder is eligible for the benefits of the Treaty, such U.S. Holder may elect to treat such gain as PRC-source gain under the Treaty. U.S. Holders should consult their own tax advisors regarding the application of the foreign tax credit rules to their investment in, and disposition of, the Ordinary Shares.

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Passive Foreign Investment Company Rules

Special U.S. tax rules apply to companies that are considered to be PFICs. We will be classified as a PFIC in a particular taxable year if either

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75 percent or more of our gross income for the taxable year is passive income; or

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the average percentage of the value of our assets that produce or are held for the production of passive income, based on the average of four quarterly testing dates is at least 50 percent (the “asset test”).

For this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties and rents derived in the active conduct of a trade or business and not derived from a related person). If we own at least 25% (by value) of the stock of another corporation, for purposes of determining whether we are a PFIC, we will be treated as owning our proportionate share of the other corporation’s assets and receiving our proportionate share of the other corporation’s income.

Based on our audited financial statements, the manner in which we conduct our business, relevant market data and our current expectations regarding the value and nature of our assets and the sources and nature of our income, we do not believe that we were a PFIC in our taxable year ended June 30, 2024, and we do not anticipate being a PFIC for our current taxable year or in the foreseeable future. However, because the PFIC tests must be applied each year, and the composition of our income and assets and the value of our assets may change, it is possible that we may become a PFIC in the current or a future year. In particular, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Ordinary Shares, fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years. The determination of whether we are a PFIC also may be affected by how, and how quickly, we use our liquid assets and the cash raised in our future offerings. If we do not deploy significant amounts of cash for active purposes, our risk of being a PFIC may increase.

In the event that we are classified as a PFIC in any year during which a U.S. Holder holds our Ordinary Shares and such U.S. Holder does not make a mark-to-market election, as described in the following paragraph, the U.S. Holder will be subject to a special tax at ordinary income tax rates on “excess distributions,” including certain distributions by us (generally, distributions that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or the U.S. Holder’s holding period for the Ordinary Shares) and gain that the U.S. Holder recognizes on the sale or other disposition of our Ordinary Shares. The amount of income tax on any excess distributions will be increased by an interest charge to compensate for tax deferral, calculated as if the excess distributions were earned ratably over the period that the U.S. Holder holds its Ordinary Shares. Further, if we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC for all subsequent years during which such U.S. Holder holds our Ordinary Shares unless we cease to be a PFIC and the U.S. Holder makes a special “purging” election on Internal Revenue Service, or IRS, Form 8621. Classification as a PFIC may also have other adverse tax consequences, including, in the case of individuals, the denial of a step-up in the basis of his or her Ordinary Shares at death.

A U.S. Holder may be able to avoid the unfavorable rules described in the preceding paragraph by electing to mark its Ordinary Shares to market, provided the Ordinary Shares are treated as “marketable stock.” The Ordinary Shares generally will be treated as marketable stock if the Ordinary Shares are “regularly traded” on a “qualified exchange or other market” (which includes the Nasdaq Capital Market). If the U.S. Holder makes a mark-to-market election, (i) the U.S. Holder will be required in any year in which we are a PFIC to include as ordinary income the excess of the fair market value of its Ordinary Shares at year-end over the U.S. Holder’s basis in those Ordinary Shares and (ii) the U.S. Holder will be entitled to deduct as an ordinary loss in each such year the excess of the U.S. Holder’s basis in its Ordinary Shares over their fair market value at year-end, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder’s adjusted tax basis in its Ordinary Shares will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. In addition, any gain the U.S. Holder recognizes upon the sale of the U.S. Holder’s Ordinary Shares in a year in which we are PFIC will be taxed as ordinary income in the year of sale, and any loss the U.S. Holder recognizes upon the sale will be treated as ordinary loss, but only to the extent of the net amount of previously included income as a result of the mark-to-mark election.

The unfavorable rules described above may also be avoided if a U.S. Holder is eligible for and makes a valid qualified electing fund election, or QEF election. If a QEF election is made, such U.S. Holder generally will be required to include in income on a current basis its pro rata share of the PFIC’s ordinary income and net capital gains. We do not intend, however, to prepare or provide the information that would enable U.S. Holders to make QEF elections.

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A U.S. Holder that owns an equity interest in a PFIC must annually file IRS Form 8621. A failure to file one or more of these forms as required may toll the running of the statute of limitations in respect of each of the U.S. Holder’s taxable years for which such form is required to be filed. As a result, the taxable years with respect to which the U.S. Holder fails to file the form may remain open to assessment by the IRS indefinitely, until the form is filed.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and any of our non-U.S. subsidiaries is also a PFIC, such U.S. Holder will be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of the PFIC rules. U.S. Holders should consult their own tax advisors about the possible application of the PFIC rules to any of our subsidiaries.

U.S. Holders should consult their own tax advisors regarding the U.S. federal income tax considerations discussed above and the desirability of making a mark-to-market election.

Foreign Financial Asset Reporting

Certain U.S. Holders who are individuals that own “specified foreign financial assets” with an aggregate value in excess of US$50,000 are generally required to file an information statement along with their tax returns, currently on IRS Form 8938, with respect to such assets. “Specified foreign financial assets” include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer (which would include the Ordinary Shares) that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective criteria. U.S. Holders that fail to report the required information could be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. Prospective investors should consult their own tax advisors concerning the application of these rules to their investment in the Ordinary Shares, including the application of the rules to their particular circumstances.

Backup Withholding and Information Reporting

Dividends paid on, and proceeds from the sale or other disposition of, the Ordinary Shares that are paid to a U.S. Holder generally may be subject to the information reporting requirements of the Code and may be subject to backup withholding unless the U.S. Holder provides an accurate taxpayer identification number and makes any other required certification or otherwise establishes an exemption. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a refund or credit against the U.S. Holder’s U.S. federal income tax liability, provided the required information is furnished to the IRS in a timely manner.

A holder that is a foreign corporation or a non-resident alien individual may be required to comply with certification and identification procedures in order to establish its exemption from information reporting and backup withholding.

Vietnam Taxation

Vietnam currently levies taxes on individuals or corporations based upon income generated from investment in securities. U.S. Holders may be subject to Vietnamese personal income tax or corporate if satisfying relevant conditions under the laws of Vietnam.

As for personal income tax, personal income taxpayers include, among others, resident individuals with taxable income arising outside the territory of Vietnam. Residents are those individuals satisfying one of the following criteria: (i) being present in Vietnam for a period of 183 days or more within one calendar year or within 12 consecutive months from the date of entry into Vietnam; or (ii) having a regular resident location in Vietnam being a residential location for which permanent residence has been registered or a property rented pursuant to a lease for a term for residential purpose.

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As for corporate income tax, (i) an enterprise established pursuant to the laws of Vietnam must pay tax on taxable income arising outside Vietnam, and (ii) a foreign enterprise with a resident establishment in Vietnam must pay tax on taxable income arising outside Vietnam and relating to the operation of such resident establishment. Resident establishment of a foreign enterprise means a production and/or business establishment via which a foreign enterprise conducts part or all of its production and/or business activities in Vietnam such as branches, operational offices and other forms as provided under the laws of Vietnam.

Hong Kong Taxation

Entities incorporated in Hong Kong are subject to profits tax in Hong Kong at the rate of 16.5% for each of the years ended June 30, 2024, 2023 and 2022.

Cayman Islands Taxation

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, as the case may be, nor will gains derived from the disposal of our ordinary shares be subject to Cayman Islands income or corporation tax.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

United States Federal Income

Material Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares

The following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our ordinary shares. It is directed to U.S. Holders (as defined below) of our ordinary shares and is based upon laws and relevant interpretations thereof in effect as of the date hereof, all of which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our ordinary share or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

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The brief description below of the U.S. federal income tax consequences to “U.S. Holders” will apply to you if you are a beneficial owner of ordinary shares and you are, for U.S. federal income tax purposes,

●

an individual who is a citizen or resident of the United States;

●

a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

●

an estate whose income is subject to U.S. federal income taxation regardless of its source; or

●

Taxation of Dividends and Other Distributions on Our Ordinary Shares

Subject to the passive foreign investment company (PFIC) rules (defined below) discussed below, the gross amount of distributions made by us to you with respect to the ordinary share (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of actual or constructive receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the ordinary share are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC (defined below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the Cayman Islands, clause (1) above can be satisfied only if the ordinary shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, ordinary shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on certain exchanges, which presently include the Nasdaq. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our ordinary shares, including the effects of any change in law after the date hereof.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our ordinary shares will constitute “passive category income” but could, in the case of certain U.S. Holders, constitute “general category income.”

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your ordinary shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that all distributions will be treated as a dividend even if a particular distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

Taxation of Dispositions of Ordinary Shares

Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of an ordinary share equal to the difference between the amount realized (in U.S. dollars) for the ordinary share and your tax basis (in U.S. dollars) in the ordinary share. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the ordinary share for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

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Passive Foreign Investment Company (“PFIC”)

A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

	●	at least 75% of its gross income for such taxable year is passive income; or

	●	at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the “asset test”).

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in our offerings will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our ordinary shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets on any particular quarterly testing date for purposes of the asset test.

Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. However, we must make a separate determination each year as to whether we are a PFIC, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in our future offerings, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our ordinary shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our ordinary shares and the amount of cash we raise.

Accordingly, fluctuations in the market price of the ordinary share may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in our offerings. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our ordinary shares from time to time) that may not be within our control. If we are a PFIC for any year during which you hold ordinary shares, we will continue to be treated as a PFIC for all succeeding years during which you hold ordinary shares. However, if we cease to be a PFIC and you did not previously make a timely “mark-to-market” election as described below, you may avoid some of the adverse effects of the PFIC regime by making a “purging election” (as described below) with respect to your ordinary shares.

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If we are a PFIC for your taxable year(s) during which you hold ordinary share, you will be subject to special tax rules with respect to any “excess distribution” that you receive and any gain you realize from a sale or other disposition (including a pledge) of the ordinary share, unless you make a “mark-to-market” election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the ordinary share will be treated as an excess distribution. Under these special tax rules:

●

the excess distribution or gain will be allocated ratably over your holding period for the ordinary shares (in the case of ordinary shares obtained through the exercise of warrants, the holding period will include the holding period of the underlying warrants);

	●	the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income earned in the current taxable year; and

	●	the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate on ordinary income in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or “excess distribution” cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the ordinary share cannot be treated as capital, even if you hold the ordinary share as capital assets.

A U.S. Holder of “marketable stock” (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such stock (but not our warrants) to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) ordinary shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the ordinary shares as of the close of such taxable year over your adjusted basis in such ordinary shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the ordinary shares over their fair market value as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market gains on the ordinary shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the ordinary shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the ordinary shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such ordinary shares. Your basis in the ordinary shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under “— Taxation of Dividends and Other Distributions on Our Ordinary Shares” generally would not apply.

The mark-to-market election is available only for “marketable stock,” which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter (“regularly traded”) on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the Nasdaq. If the ordinary shares are regularly traded on the Nasdaq and if you are a holder of ordinary shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock (but not warrants) in a PFIC may make a “qualified electing fund” election under Section 1295(b) of the US Internal Revenue Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder’s pro rata share of the corporation’s earnings and profits for the taxable year. However, the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. Therefore, prospective investors should assume that a qualified electing fund election will not be available. If you hold ordinary shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such ordinary shares, including regarding distributions received on the ordinary shares and any gain realized on the disposition of the ordinary share. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.

If you do not make a timely “mark-to-market” election (as described above), and if we were a PFIC at any time during the period you hold our ordinary shares, then such ordinary shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a “purging election” for the year we cease to be a PFIC (no such election is available to warrants). A “purging election” creates a deemed sale of such ordinary shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the ordinary shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your ordinary shares for tax purposes. U.S. shareholders may make a purging election and make a simultaneous qualified electing fund (QEF) election if the foreign corporation remains a PFIC at the time of the purging election.

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You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our ordinary shares and the elections discussed above.

Information Reporting and Backup Withholding

Dividend payments with respect to our ordinary shares and proceeds from the sale, exchange or redemption of our ordinary shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our ordinary shares, subject to certain exceptions (including an exception for ordinary shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold ordinary shares.

10.F. Dividends and paying agents

Not applicable for annual reports on Form 20-F.

10.G. Statement by experts

Not applicable for annual reports on Form 20-F.

10.H. Documents on display

We are subject to the information requirements of the Exchange Act. In accordance with these requirements, the Company files reports and other information with the SEC. You may read and copy any materials filed with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a web site at http://www.sec.gov that contains reports and other information regarding registrants that file electronically with the SEC.

10.I. Subsidiary Information

Not applicable.

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ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Item 5. Operating and Financial Review and Prospects – Quantitative and Qualitative Disclosures about Market Risk”

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

12.A. Debt Securities

Not applicable.

12.B. Warrants and Rights

Not applicable.

12.C. Other Securities

Not applicable.

12.D. American Depositary Shares

Not applicable.

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PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

We do not have any material defaults in the payment of principal, interest, or any installments under a sinking or purchase fund.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITIES HOLDERS AND USE OF PROCEEDS

14.A. – 14.D. Material Modifications to the Rights of Security Holders

There have been no material modifications to the rights of our security holders.

14.E. Use of Proceeds

Not applicable for annual reports on Form 20-F.

ITEM 15. CONTROLS AND PROCEDURES

(a)

Evaluation of Disclosure Controls and Procedures.

As of June 30, 2024, the end of the fiscal year covered by this report, our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures. Based on the evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2024, our disclosure controls and procedures were ineffective. Such conclusion is due to the presence of material weakness in internal control over financial reporting as described below.

(b)

Management’s annual report on internal control over financial reporting.

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. We assessed the effectiveness of the Company’s internal control over financial reporting as of June 30, 2024. In making its assessment, management used the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “2013 COSO Framework”). The 2013 COSO Framework outlines the 17 underlying principles and the following fundamental components of a company’s internal control: (i) control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. Our management has implemented and tested our internal control over financial reporting based on these criteria and identified certain material weaknesses set forth below. Based on the assessment, management determined that, as of October 31, 2021, we did not maintain effective internal control over financial reporting due to the existence of the following material weaknesses:

●

The Company does not have sufficient accounting and finance personnel with U.S.-GAAP experience

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As a result, the Company plans to develop remedial actions to strengthen its accounting and financial reporting functions. To strengthen the Company’s internal control over financial reporting, the Company plans to put design, implement, and test internal control over financial reporting. In addition to the foregoing efforts, the Company expects to implement the following remedial actions:

●

Hire additional personnel with experience in US GAAP financial reporting and control procedures; and

Despite the material weaknesses and deficiencies reported above, our management believes that our consolidated financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented and that this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

(c)

Attestation report of the registered public accounting firm.

Not applicable.

(d)

Changes in internal control over financial reporting.

There have been no changes in our internal controls over financial reporting occurred during the twelve months ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 16.

[Reserved]

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

The Company’s board of directors has determined that Jing Chen qualifies as an “audit committee financial expert” in accordance with applicable Nasdaq Capital Market standards. The Company’s board of directors has also determined that members of the Audit Committee are all “independent” in accordance with the applicable Nasdaq Capital Market standards.

ITEM 16B. CODE OF ETHICS

The Company has adopted a Code of Business Conduct and Ethics that applies to the Company’s directors, officers, employees and advisors. The Code of Business Conduct and Ethics is attached as an exhibit to this annual report. Copy of the Code of Business Conduct and Ethics is also available on our website at http://m.zjjzxny.cn/.

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Wei, Wei & Co., LLP has been appointed by the Company to serve as its independent registered public accounting firm to audit and review the Company’s financial statements for the fiscal year ended June 30, 2024, which included the examination of the consolidated financial statements of the Company, and services related to periodic filings made with the SEC.

WWC, P.C. (“WWC”) has been appointed by the Company to serve as its independent registered public accounting firm to audit and review the Company’s financial statements for the fiscal years ended June 30, 2023 and 2022, which included the examination of the consolidated financial statements of the Company, and services related to periodic filings made with the SEC.

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Fees Paid To Independent Registered Public Accounting Firm

Audit Fees

Wei, Wei & Co., LLP’s fee for the fiscal year ended June 30, 2024 was $250,000.

WWC’s fee for the fiscal year ended June 30, 2023 was $210,000; for the fiscal year ended June 30, 2022 was $128,000.

Audit-Related Fees

There were no audit-related service fees incurred from WWC or Wei, Wei & Co., LLP for the fiscal years ended June 30, 2024, 2023, or 2022.

Tax Fees

There were no tax service fees incurred from WWC or Wei, Wei & Co., LLP for the fiscal years ended June 30, 2024, 2023, or 2022.

All Other Fees

There were no other service fees incurred from WWC or 2024, 2023, or 2022 in fiscal year ended June 30, 2024, 2023, or 2022.

Audit Committee Pre-Approval Policies

The engagement of WWC and Wei, Wei & Co., LLP by the Company to render audit or non-audit services was approved and ratified by the Company’s audit committee. All services rendered by WWC and Wei, Wei & Co., LLP have been approved and ratified.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not applicable.

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Neither the Company nor any affiliated purchaser has purchased any shares or other units of any class of the Company’s equity securities registered by the Company pursuant to Section 12 of the Securities Exchange Act during the fiscal year ended June 30, 2024.

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

The Company has dismissed WWC, P.C. as the Company’s independent auditor on January 5, 2024 and has approved the appointment of Wei, Wei & Co., LLP as the independent auditor of the Company, effective January 5, 2024.

ITEM 16G. CORPORATE GOVERNANCE

As a company listed on the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards.

We currently follow and intend to continue to follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of the Nasdaq that listed companies must obtain its shareholders’ approval of all equity compensation plans and any material amendments to such plans. To the extent we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

ITEM 16H. MINE SAFETY DISCLOSURE

Not applicable.

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ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

ITEM 16J. INSIDER TRADING POLICIES

We have adopted an insider trading policy to promote compliance with applicable securities laws and regulations, including those that prohibit insider trading. This policy applies to all officers, directors, employees and consultants of our Company (each, an “Affiliate”) and extends to all activities within and outside an individual’s duties at our Company.

The insider trading policy establishes guidelines and procedures for the following:

1. No Trading: No Affiliate can trade any securities or enter into a trading plan while possessing material non-public information about us. Affiliates in possession of such information must wait for a 48-hour period after public disclosure and the lapse of one full trading day on Nasdaq before trading. Additionally, affiliates cannot trade during limited trading periods, regardless of the possession of material information. All transactions of securities by officers, directors, and key employees must be pre-approved by our compliance officer.

2. Trading Window: The insider trading policy establishes a trading window for officers, directors, employees, or consultants, during which they can trade our securities or enter into a trading plan. The trading window begins at the close of business on the second trading day following the public disclosure of our financial results for the previous fiscal year or quarter and ends on the last day of each fiscal quarter. Trading during the trading window does not provide a safe harbor, and affiliates must comply with all policies. If in doubt, consult the compliance officer before trading.

3. No Tipping: No Affiliate may directly or indirectly disclose any material information to anyone who trades in our securities.

4. Confidentiality: No Affiliate may communicate any material information to anyone outside our Company under any circumstances unless approved by the compliance officer in advance, or to anyone within the Company other than on a need-to-know basis.

5. No Comment: No Affiliate may discuss any internal matters or developments of our Company with anyone outside our Company, except as required in the performance of regular corporate duties. Unless expressly authorized to do otherwise, if an affiliate receives any inquiries about our group or its securities from any press, investment analyst, investor or other outsiders, or any requests for comments or interviews, they should decline to comment and direct the inquiry or request to the compliance officer or any other office designated by the chief executive officer.

6. Corrective Action: If any information that may be considered material information is unintentionally disclosed, any affiliate with knowledge of the disclosure should notify the compliance officer immediately. This allows our Company to determine if any corrective action, such as public disclosure, is necessary.

We are committed to maintaining the highest standards of ethical conduct and have implemented these insider trading policies and procedures to ensure compliance with applicable securities laws and to protect the interests of our shareholders.

ITEM 16K. CYBERSECURITY

Our Board of Directors is responsible for reviewing the Company’s cybersecurity risk management and control systems in relation to the financial reporting by the Company, including the Company’s cybersecurity strategy. We maintain a process for assessing, identifying and managing material risks from cybersecurity threats, including risks relating to disruption of business operations or financial reporting systems, intellectual property theft; fraud; extortion; harm to employees or customers; violation of privacy laws and other litigation and legal risk; and reputational risk, as part of our overall risk management system and processes. We asses and manage our cybersecurity risks though our Information Technologies (“IT”) Committee, which is integrated by the Chief Executive Officer and the Chief Financial Officer. The Chief Executive Officer presents to our Board of Directors, on a yearly basis, the work carried out on the identification, categorization, and mitigation procedures put in place in relation to the most relevant risks of the company, including cybersecurity risks. In this sense, risks related to cybersecurity have been categorized as “high relevance” for the Company.

Our IT department is responsible for targeted and regular monitoring of cybersecurity risks. They independently and continuously monitor cybersecurity risks and countermeasures to defend against such threats and, in the event of a cybersecurity threat or cybersecurity incident, inform executive management and our Board of Directors. In addition to the regular meetings between executive management and the individual risk owners mainly consisting out of the various departments’ heads, a comprehensive cybersecurity risk analysis for internal and external risks is carried out as appropriate.

According to the priority of the cybersecurity risks as result of the risk evaluation, risks are addressed by concrete actions and, if appropriate and possible, necessary countermeasures. In order to be able to react quickly and flexibly to cybersecurity risks, risk management is integrated into existing processes and reporting channels. Our risk management program considers cybersecurity risks alongside other company risks, and our enterprise risk professionals consult with company subject matter experts to gather information necessary to identify cybersecurity risks and evaluate their nature and severity, as well as identify mitigations and assess the impact of those mitigations on residual risk. We may engage third parties from time to time to conduct risk assessments.

132

PART III

ITEM 17. FINANCIAL STATEMENTS

See Item 18.

ITEM 18. FINANCIAL STATEMENTS

Our consolidated financial statements are included at the end of this Annual Report, beginning with page F-1.

ITEM 19. EXHIBITS

Exhibit No.		Description
1.1		Second Amended and Restated Articles of Association, filed as Exhibit 3.1 to the Form F-1 filed on October 28, 2022 and incorporated by reference herein
1.2		Second Amended and Restated Memorandum of Association, filed as Exhibit 3.2 to the Form F-1 filed on October 28, 2022 and incorporated by reference herein
2.2		Description of Securities, filed as Exhibit 2.2 to the Form 20-F filed on October 30, 2023 and incorporated by reference herein
4.1		Director Offer Letter to Ming Hung Lai, filed as exhibit 10.1 to the Form F-1 filed on October 28, 2022 and incorporated by reference herein
4.2		Employment Agreement with Ming Yan Lai, filed as exhibit 10.2 to the Form F-1 filed on October 28, 2022 and incorporated by reference herein
4.3		Employment Agreement with Wing Wai “John” Au, filed as exhibit 10.3 to the Form F-1 filed on October 28, 2022 and incorporated by reference herein
4.4		Director Offer Letter to Hok Han “Henry” Ko, filed as exhibit 4.5 to the Form 20-F filed on October 30, 2023 and incorporated by reference herein
4.5		Director Offer Letter to Hon Wai “Marco” Ku, filed as exhibit 4.6 to the Form 20-F filed on October 30, 2023 and incorporated by reference herein
4.6		Director Offer Letter to Hung Leung “Alan” Tsang, filed as exhibit 4.7 to the Form 20-F filed on October 30, 2023 and incorporated by reference herein
4.7		Sample Purchase Order, filed as exhibit 10.5 to the form F-1 filed on October 28, 2022 and incorporated by reference herein
8.1		List of Subsidiaries, filed as exhibit 21.1 to the Form F-1 filed on October 28, 2022 and incorporated by reference herein
11.1		Code of Business Conduct and Ethics of the Registrant, filed as exhibit 14.1 to the Form F-1 filed on October 28, 2022 and incorporated by reference herein
11.2		Insider Trading Policy, filed as Exhibit 11.2 to the Form 20-F filed on October 30, 2023 and incorporated by reference herein
12.1		Certification of Chief Executive Officer Required by Rule 13a-14(a)
12.2		Certification of Chief Financial Officer Required by Rule 13a-14(a)
13.1		Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code
13.2		Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code
97.1		Compensation Recovery Policy, filed herewith
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

133

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

	Millennium Group International Holdings Limited

	By:	/s/ Ming Yan Lai
	Name:	Ming Yan Lai
	Title:	Director and Chief Executive Officer

Date: October 30, 2024

134

Millennium Group International Holdings Limited

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

		Page
Report of Independent Registered Public Accounting Firm PCAOB ID: 2388		F-2
Report of Independent Registered Public Accounting Firm PCAOB ID: 1171		F-3
Consolidated Balance Sheets as of June 30, 2024 and 2023		F-4
Consolidated Statements of Operations and Comprehensive Loss for the Years Ended June 30, 2024, 2023 and 2022		F-5
Consolidated Statements of Change in Shareholders’ Equity for the Years Ended June 30, 2024, 2023 and 2022		F-6
Consolidated Statements of Cash Flows for the Years Ended June 30, 2024, 2023 and 2022		F-7
Notes to Consolidated Financial Statements		F-8-F-32

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

	To the Board of Directors and Shareholders of Millennium Group International Holdings Limited

	Room 2722, 27/F, No.1 Hung To Road, Kwun Tong, Kowloon, Hong Kong 999077

	Opinion on the Financial Statements

	We have audited the accompanying consolidated balance sheet of Millennium Group International Holdings Limited and Subsidiaries (the “Company”) as of June 30, 2024, and the related consolidated statements of operations and comprehensive loss, changes in shareholders’ equity, and cash flows for the year ended June 30, 2024, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of June 30, 2024, and the results of its operations and its cash flows for the year ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

	Basis for Opinion

	These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

	We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

	Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

	/s/ Wei, Wei & Co., LLP

	We have served as the Company’s auditor since 2023.

	Flushing, New York

	October 30, 2024

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To:	The Board of Directors and Shareholders of
	Millennium Group International Holdings Limited

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Millennium Group International Holdings Limited and its subsidiaries (collectively the “Company”) as of June 30, 2023 and the related consolidated statements of operations and comprehensive loss, changes in shareholders’ equity, and cash flows for each of the years in the two-year period ended June 30, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on our financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ WWC, P.C.

WWC, P.C.
Certified Public Accountants
PCAOB ID: 1171

We have served as the Company’s auditor from 2021 through 2023.
San Mateo, California

October 30, 2023

F-3

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2024 AND 2023

	2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	13,346,584		$	27,576,622
Accounts receivable, net		9,462,980			10,313,371
Prepayments, other receivables and other current assets		1,240,639			1,001,694
Inventories, net		3,715,494			5,559,282
Total current assets		27,765,697			44,450,969
Non-current assets:
Property, plant and equipment, net		7,792,835			9,027,615
Right-of-use assets, net		3,474,737			3,076,855
Intangible asset, net		197,787			291,559
Deferred tax assets, net		329,594			397,212
Other non-current assets		4,076,456			1,798,927
Total non-current assets		15,871,409			14,592,168
Total Assets	$	43,637,106		$	59,043,137

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	3,648,331		$	3,411,605
Other payables and accrued liabilities		2,684,556			2,105,028
Lease obligation – current		218,578			157,489
Bank borrowings		5,582,665			13,405,816
Tax payable		-			6,405
Total current liabilities		12,134,130			19,086,343

Non-current liabilities:
Lease obligation – non-current		456,933			37,992
Total non-current liabilities		456,933			37,992
Total liabilities		12,591,063			19,124,335

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY
Ordinary shares: US$0.002 par value per share, 125,000,000 shares authorized; 11,250,000 shares issued and outstanding		22,500			22,500
Additional paid-up capital		34,361,149			34,361,149
Statutory reserves		1,049,119			1,049,119
Accumulated other comprehensive loss		(3,888,270	)		(3,785,555	)
Retained earnings (Accumulated deficit)		(498,455	)		8,271,589
Total shareholders’ equity		31,046,043			39,918,802
Total liabilities and shareholders’ equity	$	43,637,106		$	59,043,137

See accompanying notes to consolidated financial statements.

F-4

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED JUNE 30, 2024, 2023 and 2022

	Year Ended June 30,
	2024			2023			2022

Revenues	$	38,530,773		$	45,598,620		$	66,232,757
Cost of revenues		(30,226,192	)		(36,534,358	)		(49,961,793	)
Gross Profit		8,304,581			9,064,262			16,270,964

Operating expenses:
Selling and marketing		(5,651,505	)		(4,875,650	)		(5,813,307	)
General and administrative		(9,581,030	)		(5,270,966	)		(4,922,075	)
Total operating expenses		(15,232,535	)		(10,146,616	)		(10,735,382	)

(Loss) income from operations		(6,927,954	)		(1,082,354	)		5,535,582

Other income (loss):
Other income		49,163			1,366,394			99,006
Other expenses		(725,374	)		(31,095	)		(234,269	)
Interest expense		(958,935	)		(684,358	)		(425,791	)
Total other (loss) income, net		(1,635,146	)		650,941			(561,054	)

(Loss) income before income tax expenses		(8,563,100	)		(431,413	)		4,974,528

Income tax (expenses) credit		(206,944	)		77,302			(897,157	)

Net (loss) income	$	(8,770,044	)	$	(354,111	)	$	4,077,371

Other Comprehensive Loss
Foreign currency translation adjustment	$	(102,715	)	$	(3,076,878	)	$	(1,108,733	)

Total Comprehensive (Loss) Income	$	(8,872,759	)	$	(3,430,989	)	$	2,968,638

Net (loss) income per share attributable to ordinary shareholders - basic and diluted		(0.78	)		(0.03	)		0.41
Weighted average number of ordinary shares used in computing net (loss) income per share - basic and diluted		11,250,000			10,301,370			10,000,000

See accompanying notes to consolidated financial statements.

F-5

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE YEARS ENDED JUNE 30, 2024, 2023 and 2022

	Ordinary Shares				Additional				Accumulated other comprehensive
	No. of shares		Amount		paid-in capital		Statutory reserves		income (loss)			Retained earnings			Total
			$		$		$		$			$			$
Balance as of June 30, 2021		10,000,000		20,000		17,514,152		733,182		400,056			11,837,448			30,504,838
Appropriations to statutory reserves		-		-		-		295,962		-			(295,962	)		-
Waiver of amounts due to shareholders		-		-		6,614,563		-		-			-			6,614,563
Recapitalization		-		-		6,973,182		-		-			(6,973,182	)		-
Foreign currency translation adjustment		-		-		-				(1,108,733	)		-			(1,108,733	)
Net income		-		-		-		-		-			4,077,371			4,077,371
Balance as of June 30, 2022		10,000,000		20,000		31,101,897		1,029,144		(708,677	)		8,645,675			40,088,039
Appropriations to statutory reserves		-		-		-		19,975		-			(19,975	)		-
Issuance of shares		1,250,000		2,500		3,259,252		-		-			-			3,261,752
Foreign currency translation adjustment		-		-		-				(3,076,878	)		-			(3,076,878	)
Net loss		-		-		-		-		-			(354,111	)		(354,111	)
Balance as of June 30, 2023		11,250,000		22,500		34,361,149		1,049,119		(3,785,555	)		8,271,589			39,918,802
Foreign currency translation adjustment		-		-		-				(102,715	)		-			(102,715	)
Net loss		-		-		-		-		-			(8,770,044	)		(8,770,044	)
Balance as of June 30, 2024		11,250,000		22,500		34,361,149		1,049,119		(3,888,270	)		(498,455	)		31,046,043

See accompanying notes to consolidated financial statements.

F-6

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED JUNE 30, 2024, 2023 and 2022

	Year Ended June 30,
	2024			2023			2022
Cash Flows from Operating Activities:
Net (loss) income	$	(8,770,044	)	$	(354,111	)	$	4,077,371
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		1,398,862			1,702,331			1,936,061
Impairment of inventories		564,020			133,218			71,143
Provision for bad debts (Reversal of provision)		157,765			(116,846	)		10,450
Loss (Gain) on disposal of property, plant and equipment		(88,241	)		(1,949	)		-
Changes in operating assets and liabilities:
Deferred tax assets		67,808			(106,103	)		(68,194	)
Accounts receivable		688,284			6,690,275			(1,388,981	)
Prepayments, other receivables and other assets		(58,196	)		(476,360	)		(951,573	)
Inventories		1,284,158			3,408,444			(633,043	)
Prepaid tax		(264,989	)		-			378,726
Right-of-use assets		(419,957	)		777,309			840,151
Lease obligation		501,745			(683,205	)		(740,604	)
Accounts payable		250,488			(1,586,850	)		1,384,898
Other payables and accrued liabilities		1,248,316			(226,444	)		(1,188,273	)
Tax payable		(6,352	)		(342,621	)		354,863
Related party balances – trade nature		(659,678	)		(707,311	)		(2,043,395	)
Net Cash (Used in) Provided by Operating Activities		(4,106,011	)		8,109,777			2,039,600

Cash Flows from Investing Activities:
Purchases of property, plant and equipment		(2,376,967	)		(186,565	)		(510,780	)
Proceeds from disposal of property, plant and equipment		162,902			-			41,301
Purchase of intangible assets		(29,458	)		(29,955	)		(29,808	)
Repayments from related parties		-			-			2,567,531
Net Cash (Used in) Provided by Investing Activities		(2,243,523	)		(216,520	)		2,068,244

Cash Flows from Financing Activities:
Net proceeds from issuance of ordinary shares		-			4,227,000			-
Repayment of bank borrowings		(22,049,203	)		(18,662,822	)		(27,289,939	)
Proceeds from bank borrowings		14,188,856			16,235,091			26,425,399
Recapitalization - Dividends paid		-			-			(8,863,135	)
Recapitalization – Dividends reinjected as additional paid-in capital		-			-			8,863,135
Repayment of loan to related company		-			-			(1,864,965	)
Repayments to related parties		-			-			(2,855,605	)
Net Cash Provided by (Used in) Financing Activities		(7,860,347	)		1,799,269			(5,585,110	)

Effect of Exchange Rate Changes on Cash and Cash Equivalents		(20,158	)		(1,563,355	)		(345,360	)

Net (Decrease) Increase in Cash and Cash Equivalents		(14,230,038	)		8,129,171			(1,822,626	)

Cash, Cash Equivalents and Restricted Cash - Beginning of Year		27,576,622			19,447,451			21,270,077

Cash, Cash Equivalents and Restricted Cash - End of Year	$	13,346,584		$	27,576,622		$	19,447,451

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest		(850,614	)		(684,358	)		(429,976	)
Cash paid for income taxes		(593,569	)		(614,026	)		(516,793	)

Supplemental significant non-cash financing activities:
Waiver of amounts due to shareholders		-			-			6,614,563
Recapitalization - transfer out of retained earnings		-			-			(6,973,182	)
Recapitalization - transfer into additional paid in capital		-			-			6,973,182
Prepaid offering costs net off with additional paid-in capital		-			515,952			-

See accompanying notes to consolidated financial statements.

F-7

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1) Organization and Business Background

On May 21, 2021, Millennium Group International Holdings Limited (the “Company” or the “Group”) was incorporated in the Cayman Islands, as an investment holding company. The Company primarily provides paper-based packaging solutions. The Company is headquartered in Hong Kong with significant operations in the People’s Republic of China (“PRC” or China) and Vietnam. The Company operates two production facilities in the Guangdong Province of the PRC. The Company also operates a supply chain management business in Vietnam to provide premium packaging solutions to meet the demand of the Company’s top-tier clients whose products are sold globally.

A reorganization of the legal structure was completed in on January 19, 2022. As the Group was under control of the same shareholders and their entire equity interests were held by the same shareholders immediately prior to the group reorganization, the consolidated statements of operations and comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows are prepared as if the current group structure had been in existence throughout the year ended June 30, 2022.

Initial Public Offering

On April 4, 2023, the Company announced the closing of its initial public offering (“IPO”) of 1,250,000 ordinary shares, US$0.002 par value per share (“Ordinary Shares”) at US$4.00 per share for US$5,000,000 in gross proceeds. The Company raised net proceeds of $4.2 million after deducting underwriting discounts and commissions and offering expenses. In addition, the Company granted its underwriters, Revere Securities, LLC, as the Underwriter Representative, an option for 45 days after the closing of the IPO to purchase up to 15% of the total number of the Company’s ordinary shares to be offered by the Company pursuant to the IPO (excluding shares subject to this option), solely for the purpose of covering overallotments, at the IPO price less the underwriting discount. The ordinary shares of the Company began trading on the Nasdaq Capital Market on April 6, 2023 under the ticker symbol “MGIH”.

As of June 30, 2024, the Company’s subsidiaries are detailed in the table as follows:

	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Name	or Establishment	or Establishment	(directly/indirectly)			Principal Activities
Subsidiary:
Millennium Investment International Limited	September 13, 2019	HK		100	%	Investment holding
Millennium Printing (Shenzhen) Co., Ltd	December 3, 2007	The PRC		100	%	Investment holding and Manufacturing of paper-based packaging
Yee Woo Paper Industry (Shenzhen) Co., Ltd.	August 21, 2001	The PRC		100	%	Manufacturing of paper-based packaging
Putian Xiqi Branding Strategy Co., Ltd	September 30, 2017	The PRC		100	%	Trading of paper-based packaging
Millennium Packaging Technology (Huizhou) Co., Ltd.	March 6, 2020	The PRC		100	%	Dormant
Millennium (Huizhou) Technology Co., Ltd.	January 19, 2020	The PRC		100	%	Property holding
Huizhou Yimeinuo Industry Co., Ltd.	April 7, 2017	The PRC		100	%	Property holding
Millennium Strategic International Limited	November 13, 2019	HK		100	%	Investment holding
Wah Tong Investment International Limited	October 18, 2019	HK		100	%	Dormant
Yee Woo Paper Investment International Limited	November 15, 2019	HK		100	%	Dormant
Millennium Printing International Limited	May 12, 2000	HK		100	%	Trading of paper based packaging
Millennium Packaging Group International Limited	August 13, 2003	HK		100	%	Investment holding and trading
Yee Woo Paper Packaging (HK) Company Limited	December 13, 2018	HK		100	%	Trading of paper-based packaging
MPG Global Company Limited	March 9, 2018	Vietnam		100	%	Trading of paper-based packaging
Millennium Group Investment (BVI) Limited	May 20. 2021	BVI		100	%	Investment holding
Millennium Holdings International Limited	September 23, 2019	HK		100	%	Investment holding
Yee Woo Vietnam Paper Products Company Limited	August 3, 2022	Vietnam		100	%	Dormant
Millennium Printing and Packaging Technology (Vietnam) Co. Ltd	4 June 2024	Vietnam		100	%	Manufacturing of paper-based packaging

F-8

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(2) Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries. All significant inter-company balances and transactions are eliminated on consolidation.

Use of estimates and assumptions

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, significant accounting estimates reflected in the Company’s consolidated financial statements include useful lives of property, plant and equipment, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, deferred taxes and uncertain tax position. Actual results could differ from these estimates.

Foreign Currency Translation

The Company’s reporting currency is the United States dollar (“US$” or “$”). The functional currency of its Hong Kong subsidiaries is the Hong Kong dollar (the “HK$”), its Vietnam subsidiaries is the Vietnamese dong (the “VND”), and its PRC subsidiaries is the Renminbi (the “RMB”). Results of operations and cash flows are translated at the average exchange rates during the year, and assets and liabilities are translated at the exchange rate at the end of the year. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss). Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

Translation of amounts from HK$ into US$ has been made at the following exchange rates:

Balance sheet items, except for equity accounts:
June 30, 2024		HK$7.81 to US$1
June 30, 2023		HK$7.84 to US$1

Statement of operations and cash flow items:
June 30, 2022		HK$7.80 to US$1
June 30, 2023		HK$7.84 to US$1
June 30, 2024		HK$7.82 to US$1

Translation of amounts from RMB into US$ has been made at the following exchange rates:

Balance sheet items, except for equity accounts:
June 30, 2024		RMB7.27 to US$1
June 30, 2023		RMB7.26 to US$1

Statement of operations and cash flow items:
June 30, 2022		RMB 6.45 to US$1
June 30, 2023		RMB 6.95 to US$1
June 30, 2024		RMB 7.21 to US$1

Translation of amounts from VND into US$ has been made at the following exchange rates:

Balance sheet items, except for equity accounts:
June 30, 2024		VND25,455 to US$1
June 30, 2023		VND23,583 to US$1

Statement of operations and cash flow items:
June 30, 2022		VND22,860 to US$1
June 30, 2023		VND23,706 to US$1
June 30, 2024		VND24,548 to US$1

F-9

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Cash and cash equivalents

Cash and cash equivalents are cash on hand and time deposits, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less from the date of purchase to be cash equivalents.

Restricted cash

Time deposits that are restricted as to withdrawal for use or pledged as security is reported separately as restricted cash. The Group’s restricted cash primarily represents deposits pledged to banks to secure banking facilities granted to the Company. The restricted deposits for the banking facilities were fully released by respective banks in September 2022 with the revised bank facilities.

Accounts receivable, net

Accounts receivable are trade receivables from customers. Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The trade receivables are all without customer collateral and interest is not accrued on past due accounts. The Company estimates the allowance for doubtful accounts receivable based on historical collection activity, current business environment and forecasts of future macroeconomic conditions that may affect the customers’ ability of payment according to ASC 326. The accounts receivable was segmented into groups based on certain credit risk characteristics, and the Company determined expected loss rates for each group based on historical loss experience adjusted for judgments about the effects of relevant observable data including default rates, lifetime for debt recovery, current and future economic conditions. As of June 30, 2024, and 2023, the balance of allowance for doubtful accounts was $226,925 and $70,345, respectively.

Prepayments, other receivables and other current assets

Prepayments are cash deposited or advanced to suppliers for future inventory purchases. This amount is refundable and bears no interest.

Other receivables and other current assets primarily include deposits for rental, VAT input and others. Management regularly reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk. Receivables considered uncollectable are written off against allowances after exhaustive efforts at collection are made.

Inventories, net

Inventories consist principally of raw materials, work-in-progress and finished goods, and are stated at the lower of cost (average cost method) or net realizable value. Cost of inventories includes labor, raw materials, and allocated overhead.

Intangible asset, net

Intangible asset is computer software acquired by the Company, it is stated at cost less accumulated amortization and any impairment losses. The intangible assets will be amortized on a straight-line basis over the estimated useful life of 5 years.

Property, Plant and Equipment, net

Property, plant, and equipment are stated at cost less accumulated depreciation and any impairment losses. Major renewals, betterments, and improvements are capitalized to the asset accounts while replacements, maintenance, and repairs, which do not improve or extend the lives of the respective assets, are expensed to operations. At the time property, plant, and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation or amortization accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to operations.

The Company depreciates property, plant, and equipment using the straight-line method as follows:

Buildings		20 years to 50 years

Leasehold improvements		5 years

Plant and machinery		5 years to 20 years

Motor Vehicles		5 years to 15 years

Office equipment		1 years to 10 years

Note: For items bought in second hand, depreciation is provided based on its residual useful based on the above mentioned overall useful life. The useful life of the fixed assets of the Vietnamese company is determined according to the current accounting policies of Vietnam and in consideration of the actual value of the assets.

F-10

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Impairment of long-lived asset

Long-lived assets, are property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would reduce the carrying amount of the asset to its estimated fair value (“FV”) based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2024, and 2023, no impairment of long-lived assets was recognized.

Leases

ASC 842 supersedes the lease requirements in ASC 840 “Leases”, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The leases in the Group are accounted for as operating leases and finance lease.

We determine if an arrangement is a lease at inception. On our balance sheet, our operating leases and finance lease are included in operating lease right-of-use (ROU) asset, Current portion of operating lease liability and non-current of lease liability, net of current portion.

ROU assets are our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For leases that do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Significant judgment may be required when determining whether a contract contains a lease, the length of the lease term, the allocation of the consideration in a contract between lease and non-lease components, and the determination of the discount rate included in our office lease. We review the underlying objective of each contract, the terms of the contract, and consider our current and future business conditions when making these judgments.

For our leases, lease expense is recognized on a straight-line basis in operations over the lease term.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

All land in mainland China is owned by the Chinese government. The Chinese government may sell land use rights for a specified period of time. The purchase price of land use rights represents the operating lease prepayments for the rights to use the land in mainland China under ASC 842 and is recorded as right-of-use assets on the consolidated balance sheets, which is amortized over the remaining lease term.

In July 2000, the Company acquired land use rights from the local Bureau of Land and Resources in Shenzhen for the purpose of building factory. The land use rights are being amortized over the respective lease terms, which are 50 years. In the inception date of lease term, the Company has paid the lease payment to the PRC government.

As of 30 June 2024, the Company have land use rights from Huizhou Yimeinuo Industry Co., Ltd to build a factory and this land use rights are being amortized over the respective lease terms, which are 35 years.

F-11

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other non-current assets

Other non-current assets mainly include prepayment for land in Vietnam of USD 4,001,282 and USD 1,798,927 as of June 30, 2024 and 2023, respectively. The prepayment for land in Vietnam is VND 102,476,000,000 for a contract granting the right to use the land in Vietnam, the Company signed a new sublease contract on December 11, 2023, with the land cost released amounting to VND 102,469,851,440. The details of capital commitment are set out in the Note 18.

Bank borrowings

Bank borrowings are initially recognized at FV, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

Accounts payable

Accounts payable represents trade payables to vendors.

Other payables and accrued liabilities

Other payables and accrued liabilities primarily include contract liabilities, salaries payable as well as others accrual and payable.

A contract liability is recognized when a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognized as revenue when the Company performs under the contract (i.e., transfers control of the related goods or services to the customer).

Statutory Reserves

According to the laws and regulations in the PRC, the Company is required to provide for certain statutory funds, namely, a reserve fund by an appropriation from net profit after taxation but before dividend distribution based on the local statutory financial statements of the PRC subsidiary prepared in accordance with the PRC accounting principles and relevant financial regulations.

Each of the Company’s wholly owned subsidiaries in the PRC are required to allocate at least 10% of its net profit to the reserve fund until the balance of such fund has reached 50% of its registered capital. Appropriations of additional reserve fund are determined at the discretion of its directors. The reserve fund can only be used, upon approval by the relevant authority, to offset accumulated losses or increase capital.

Employee Benefit Plan

Full time employees of the PRC entities participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance and other welfare benefits are provided to employees.

Qualified employees of the Hong Kong entities participate in Mandatory Provident Fund and company’s medical insurance plan. Contributions are made by both the employer and the employee at the rate of 5% on the employee’s relevant salary income, subject to a cap of monthly relevant income of approximately US$3,842.

During the years ended June 30, 2024, 2023 and 2022, the total expenses for the Company’s costs incurred on both governments mandated multi-employer defined contribution plan in the PRC and Mandatory Provident Fund Scheme in Hong Kong were US$2,011,534, US$1,205,697 and US$1,090,943, respectively.

F-12

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related parties

We follow ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

The details of related party transaction during the years ended June 30, 2024, 2023 and 2022 and balances as of June 30, 2024 and 2023 are set out in the Note 10.

Revenue Recognition

The Company follows ASC Topic 606, Revenue from Contracts with Customers, and all subsequent ASUs that modified ASC 606. The Company derives revenue principally from producing and sales of paper products. Revenue from contracts with customers is recognized using the following five steps:

Identify the contract(s) with a customer;

Identify the performance obligations in the contract;

Determine the transaction price;

Allocate the transaction price to the performance obligations in the contract; and

Recognize revenue when (or as) the entity satisfies a performance obligation.

The unit of account for revenue recognition is a performance obligation (a good or service). A contract may contain one or more performance obligations. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise, performance obligations are combined with other promised goods or services until the Company identifies a bundle of goods or services that is distinct. Promises in contracts which do not result in the transfer of a good or service are not performance obligations, as well as those promises that are administrative in nature, or are immaterial in the context of the contract. The Company has addressed whether various goods and services promised to the customer represent distinct performance obligations. The Company applied the guidance of ASC Topic 606-10-25-16 through 18 to verify which promises should be assessed for classification as distinct performance obligations.

Transaction price is the amount in the contract to which the Company expects to be entitled for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved.

F-13

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company currently generates its revenue mainly from the following sources:

a.	Revenue from sales of paper products

b.	Revenue from provision of supply chain management solution

●

The costs generate or enhance resources of the entity that will be used in satisfying (or continuing to satisfy) performance obligations in the future.

●

The costs are expected to be recovered.

F-14

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset would have been one year or less.

The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Costs that relate directly to a contract include direct material, labor cost, subcontracting fee and allocated overhead including utilities, depreciation, and other overhead costs.

Cost of revenues

a.	Cost of sales of paper products

Cost of sales of paper products, which are directly related to revenue generating transactions, primarily consists of raw paper cost, labour cost and allocated overhead.

b.	Cost of provision of supply chain management solution

Cost of provision of supply chain management solution, which are directly related to revenue generating transactions, primarily consists of cost of purchase of finished goods and shipping costs.

Other income

Interest income is mainly from savings and time deposits and is recognized on an accrual basis using the effective interest method.

Selling and marketing expenses

Selling and marketing expenses consist primarily of staff costs and employee benefits of sales team, consultancy fee for market research and product development, advertising expenses and transportation and handling expenses.

General and administrative expenses

General and administrative expenses consist primarily of personnel-related compensation expenses, including salaries and related social insurance costs for our operations and support personnel, office rental and property management fees, professional services fees, depreciation, travelling expenses, office supplies, utilities, research and development costs, communication and expenses related to general operations.

Income Taxes

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes. Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC Topic 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC Topic 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, it prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

F-15

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company’s policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

Value Added Tax

Revenue is the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All VAT returns filed by our subsidiaries in the PRC have been and remain subject to examination by the tax authorities for five years from the date of filing.

Comprehensive Income (Loss)

The Company presents comprehensive income (loss) in accordance with ASC Topic 220, Comprehensive Income. ASC Topic 220 states that all items that are required to be recognized under accounting standards as components of comprehensive income (loss) be reported in the consolidated financial statements. The components of comprehensive income (loss) were the net income (loss) for the years and the foreign currency translation adjustments.

Segment reporting

The Company follows ASC 280, Segment Reporting. The Company’s Chief Executive Officer as the chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined that the Company has only one reportable segment. The Company operates and manages its business as a single segment. Please refer to Note 16 to the consolidated financial statement for the Company’s revenue from customers by geographical areas based on the location of the customers.

Earnings (Loss) Per Share

The Group computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. During the years ended June 30, 2024, 2023 and 2022, there was no dilution impact.

Commitments and contingencies

In the normal course of business, we are subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. We recognize a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. We may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

Recent accounting pronouncements

F-16

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

F-17

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(3) Cash and cash equivalents

Cash and cash equivalents in its original currencies is shown below:

	As of June 30,
	2024		2023
	$		$
HKD		3,197,313		7,610,774
RMB		2,673,761		7,156,490
USD		7,004,410		12,723,146
VND		471,100		86,212
Total		13,346,584		27,576,622

The PRC government imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in obtaining and remitting foreign currency.

(4) Accounts receivable, net

Accounts receivable, net comprised the following:

	As of June 30,
	2024			2023
	$			$
Accounts receivable		9,689,905			10,383,716
Allowance for doubtful accounts		(226,925	)		(70,345	)
Total		9,462,980			10,313,371

Allowance for doubtful accounts, changes was of the following:

	For the years ended June 30,
	2024			2023			2022
	$			$			$
Beginning balance		70,345			186,909			228,413
Reversals		157,765			(116,846	)		(509	)
Write-offs		-			(3,653	)		(36,333	)
Foreign currency exchange effect		(1,185	)		3,935			(4,662	)
Ending balance		226,925			70,345			186,909

As of the end of each of the fiscal year, the ageing analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows:

	As of June 30,
	2024		2023
	$		$
Within 90 days		8,560,794		9,821,889
Between 91 and 180 days		742,822		491,063
Between 181 and 365 days		159,364		419
		9,462,980		10,313,371

F-18

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(5) Prepayments, other receivables and other current assets

Prepayments, other receivables and other current assets consisted of the following:

	As of June 30,
	2024		2023
	$		$
Prepayments		501,558		552,458
Deposits		126,364		238,481
Other receivables		82,485		48,615
Prepaid tax		264,727		-
VAT receivables		265,505		162,140
		1,240,639		1,001,694

(6) Inventories, net

Inventories are stated at the lower of cost and net realizable value. Cost is determined on the first-in, first-out basis and, in the case of work in progress and finished goods, comprises direct materials, direct labour and an appropriate proportion of overheads. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal.

The components of inventories were as follows:

	As of June 30,
	2024			2023
	$			$
Raw materials		2,983,737			4,167,531
Work in progress		663,644			518,352
Finished goods		1,331,848			1,606,296
Total inventories, gross		4,979,229			6,292,179
Inventories impairment		(1,263,735	)		(732,897	)
Total inventories, net		3,715,494			5,559,282

Inventories impairment consists of the following:

	For the years ended June 30,
	2024			2023			2022
	$			$			$
Beginning balance		(732,897	)		(655,783	)		(613,831	)
Addition		(564,020	)		(133,218	)		(71,143	)
Write-offs		27,596			-			(4,470	)
Foreign currency exchange effect		5,586			56,104			33,661
Ending balance		(1,263,735	)		(732,897	)		(655,783	)

F-19

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(7) Property, plant and equipment, net

As of June 30, 2024, and 2023, property, plant and equipment, net consisted of the following:

	As of June 30,
	2024			2023
	$			$
Buildings		7,185,353			7,159,632
Leasehold improvements		3,253,163			3,277,579
Plant and machinery		13,533,299			15,780,713
Motor vehicles		390,841			528,093
Office equipment		1,813,396			1,800,073
Totals		26,176,052			28,546,090
Less: accumulated depreciation		(18,383,217	)		(19,518,475	)
Property, plant and equipment, net		7,792,835			9,027,615

Depreciation was US$1,206,371, US$1,556,069 and US$1,792,022 for the years ended June 30, 2024, 2023 and 2022, respectively. No impairment loss was recorded for the years ended June 30, 2024, 2023 and 2022.

(8) Leases

Our operating leases primarily consist of leases of office, factories buildings and factory equipment. Our finance leases consist of lease of motor vehicles. The recognition of whether a contract contains a lease is made by evaluating whether the arrangement conveys the right to use an identified asset and whether we obtain substantially all the economic benefits from and has the ability to direct the use of the asset.

Our lease assets and liabilities are included in the lease right-of-use assets, net, operating lease liabilities, current portion, and operating lease liabilities, non-current portion on the consolidated balance sheets.

We follow ASU No. 2016-02 and related standards (collectively ASC 842, Leases). We used the incremental borrowing rate from 3.18% to 4.25% as the discount rate, based on the information available at commencement date in determining the present value of lease payments.

F-20

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supplemental balance sheet information related to leases was as follows:

	As of June 30,
	2024		2023
	$		$
Right-of-use assets(“ROU”), net		3,474,737		3,076,855
Operating lease ROU		3,406,861		3,076,855
Finance lease ROU		67,876		-

Lease liabilities - current		218,578		157,489
Current operating lease obligation		203,347		157,489
Current finance lease obligation		15,231		-

Lease liabilities – non-current		456,933		37,992
Non-current operating lease obligation		413,871		37,992
Non-current finance lease obligation		43,062		-
Total lease obligation		675,511		195,481

Operating and finance lease expenses for the years ended June 30, 2024, 2023 and 2022 were US$834,423, US$790,417 and US$814,377, respectively.

The following table shows the remaining contractual maturities of the Group’s operating and finance lease liabilities as of June 30, 2024 by years:

	Operating		Finance
	$		$
Year ending June 30, 2025		225,530		16,864
Year ending June 30, 2026		219,831		16,864
Year ending June 30, 2027		210,735		16,864
Year ending June 30, 2028		1,701		11,243
Total undiscounted lease obligations		657,796		61,835
Less: imputed interest		40,578		3,542
Lease liabilities recognized in the consolidated balance sheet		617,218		58,293

The lease obligations will end between 1 August 2024 and 25 April 2054. The weighted-average discount rate used to determine the operating lease liabilities as of June 30, 2024 was 4.17%.

(9) Bank borrowings

Outstanding balances of banks borrowings as of June 30, 2024 and 2023 consisted of the following:

	As of June 30,
	2024		2023
	$		$
Bank borrowings:
Guaranteed		3,157,475		10,300,386
Collateralized and guaranteed		2,425,190		3,105,430
		5,582,665		13,405,816

F-21

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The details of bank borrowings as at June 30, 2024 and 2023 are as follows:

		Maturity		Weighted-average interest rate						As of June 30,
Lender	Type	date	Currency	2024			2023			2024		2023
DBS Bank Hong Kong Limited	Bank borrowing	November 2027	HKD		7.31	%		3.8	%		1,800,902		3,515,952
Bank of China (Hong Kong) Limited	Bank borrowing	June 2027	HKD		6.96	%		6.4	%		2,821,221		6,393,244
Hang Sang Bank Limited	Bank borrowing	July 2024	HKD		6.93	%		6.3	%		960,542		3,496,620

Total bank borrowings											5,582,665		13,405,816

	Carrying value		Within 1 year or on demand		2025		2026		2027		Thereafter
	$		$		$		$		$		$
Loan type in terms of HKD currency
June 30, 2023		13,405,816		13,405,816		-		-		-		-
		13,405,816		13,405,816		-		-		-		-

	Carrying value		Within 1 year or on demand		2025		2026		2027		Thereafter
	$		$		$		$		$		$
Loan type in terms of HKD currency
June 30, 2024		5,582,665		5,582,665		-		-		-		-
		5,582,665		5,582,665		-		-		-		-

The average bank borrowings rates for the years ended June 30, 2024, 2023 and 2022 was 7.07%, 5.69% and 2.73%, respectively.

As of June 30, 2024, and 2023, the Company had bank borrowings of US$5,582,665 and US$13,405,816, respectively, which contained repayment on demand clauses as of June 30, 2024 and 2023, respectively. Accordingly, portions of the bank borrowings with Bank of China (Hong Kong) Limited contractually due for repayment after one year as of June 30, 2024 and 2023 with carrying amounts of US$2,425,190 and US$4,004,549, respectively, have been classified as current liabilities. For the purpose of the illustration, such bank borrowing is included within short-term bank borrowings and showed as bank borrowings repayable within one year or on demand.

Total interest for the bank borrowings for the years ended June 30, 2024, 2023 and 2022 was US$ 850,614, US$684,358 and US$403,862, respectively.

Saved to the above disclosure, the following table represent other major loan covenants of aforementioned bank loans:

(i)

guarantees given by certain shareholders namely Mr. Lai Yau Chuen, Mr. Lai Yau Fai, Mr. Lai Yau Chi and Mr. Lai Yau Sang as of June 30, 2024 and 2023.

(ii)

guarantees given by certain related companies controlled by the shareholders namely Wah Tong Paper Products Factory Limited and Yee Woo Paper Packaging (China) Company Limited as of June 30, 2024 and 2023.

(iii)

The pledge of a leasehold land located in Huizhou, China held by the Company as of June 2024, 2023 and 2022.

(10) Related Party Balance and Transactions

There are no outstanding balances as of June 30, 2024 and 2023.

F-22

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following are the significant related party transactions for the years ended June 30, 2024, 2023 and 2022.

				For the year ended June 30,		For the year ended June 30		For the year ended June 30,
				2024		2023		2022
	Relationship	Nature	Description	US$		US$		US$
M-GEN Innovation Company Limited (hereafter “MGI”)	Common control by the shareholders	Trade nature	The Company’s sales		-		-		26,095
		Trade nature	The Company’s receipt of sales		-		-		(152,869	)
		Non-trade nature	The Company’s receipt of advance repaid from M-GEN Innovation Company Limited		-		-		(926,047	)
Wah Tong Paper Products Group Limited (hereafter “WTPPG”)	Common control by the shareholders	Non-trade nature	The Company’s repayment from Wah Tong Paper Products Group Limited		-		-		(515,132	)
Wah Tong Paper Products Factory Limited (hereafter “WTPPF”)	Common control by the shareholders	Non-trade nature	The Company’s repayment from Wah Tong Paper Products Factory Limited		-		-		(1,080,604	)
		Non-trade nature	The Company’s repayment to Wah Tong Paper Products Factory Limited		-		-		89,145
Wah Tung Thai Logistics (Shenzhen) Limited (hereafter “WTTLSZ”)	Common control by the shareholders	Trade nature	Logistic fee incurred by the Company		-		-		(6,109	)
		Trade nature	The Company’s payment on the logistic fee		-		-		6,109
		Trade nature	The Company’s receipt of sales		-		-		(15,998	)
		Non-trade nature	The Company’s repayment to Wah Tung Thai Logistics (Shenzhen) Limited		-		-		5,544
Sing Wise Limited (hereafter “Sing Wise”)	Common control by the shareholders	Trade nature	The Company’s receipt of sales		-		-		(7,072	)
		Non-trade nature	The Company’s repayment to Sing Wise Limited		-		-		4,921

F-23

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Wah Tung Thai Logistics Company Limited (hereafter “WTTL”)	Common control by the shareholders	Trade nature	Transportation expenses incurred by the Company	-		-		(10,365	)
		Trade nature	The Company’s payment to Transportation expenses	-		-		14,507
Kunshan Chuangke Printing Products Co., Ltd	Common control by the shareholders	Trade nature	The Company’s payment on purchase	-		-		2,161,721
Yee Woo Paper Packaging (China) Company Limited (hereafter “YWPPC”)	Common control by the shareholders	Trade nature	Rental expenses incurred by the Company	(659,678	)	(707,311	)	(528,986	)
		Trade nature	The Company’s payment on the rental expenses	659,678		707,311		865,767
		Non-trade nature	The Company’s repayment to Yee Woo Paper Packaging (China) Company Limited	-		-		2,062,599
Lai Por	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-		-		115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-		-		(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capita	-		-		1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-		-		1,102,427
Lai Yau Shing	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-		-		115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-		-		(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-		-		1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-		-		1,102,427

F-24

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Lai Yau Chuen	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427
Lai Yau Sang	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427
Lai Yau Fai	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427
Lai Yau Chi	Controlling shareholder	Non-trade nature	The Company’s net repayment to shareholders	-	-	115,566
		Non-trade nature	Increase in dividend payable to the Controlling Shareholders	-	-	(1,162,197	)
		Non-trade nature	Dividend waived and capitalized as additional paid in capital	-	-	1,162,197
		Non-trade nature	Amount due to shareholders was waived and capitalized as additional paid in capital	-	-	1,102,427

F-25

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(11) Other payables and accrued liabilities

Other payables and accrued liabilities consist of the following:

	As of June 30,
	2024		2023
Contract liabilities		63,005		117,128
Salaries payables		1,103,108		849,386
Other payables		951,364		434,017
Other accruals		567,079		704,497
Total		2,684,556		2,105,028

The revenue recognized from contract liabilities to the Company’s operations was $27,611, $71,103 and $33,259 during the years ended June 30, 2024, 2023 and 2022, respectively.

(12) Shareholders’ equity

Ordinary shares

The Company performed a series of group re-organizing activities completed on January 19, 2022, resulting in 10,000,000 ordinary shares issued and outstanding as of June 30, 2022. As the Group was under control of the same shareholders and their entire equity interests were held by the shareholders immediately prior to the group reorganization, the consolidated statements of operations and comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows are prepared as if the current group structure had been in existence throughout the year ended June 30, 2022.

On April 4, 2023, the Company announced the closing of its IPO of 1,250,000 ordinary shares, US$0.002 par value per share (“Ordinary Shares”) at US$4.00 per share for US$5,000,000 in gross proceeds. The Company raised total net proceeds of US$4.2 million, which was reflected in the statement of cash flows, after deducting underwriting discounts and commissions and outstanding offering expenses as at April 3, 2023. During the IPO, the Company incurred approximately US$1.7 million for underwriting discounts and commissions and total offering expenses, among which approximately US$0.9 million offering expenses were paid before listing and recognized as deferred offering costs. At the date of closing of IPO (i.e. April 4, 2023), the underwriting discounts and commissions and total offering expenses of approximately US$1.7 million were offset against the gross offering proceeds of US$5 million resulted in net amount of approximately US$3.3 million which was recognized in additional paid-in capital.

F-26

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Restricted net assets

Our ability to pay dividends is primarily dependent on us receiving distributions of funds from Millennium Printing (Shenzhen) Co., Ltd, Yee Woo Paper Industry (Shenzhen) Co., Ltd., Putian Xiqi Branding Strategy Co., Ltd, Millennium Packaging Technology (Huizhou) Co., Ltd., Millennium (Huizhou) Technology Co., Ltd. and Huizhou Yimeinuo Industry Co., Ltd. (collectively as the “PRC subsidiaries”). Relevant PRC statutory laws and regulations permit payments of dividends by the PRC subsidiaries only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of these subsidiaries.

These subsidiaries are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, the PRC subsidiaries may allocate a portion of their after-tax profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at its discretion. The PRC subsidiaries may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.

As a result of the foregoing restrictions, the PRC subsidiaries are restricted in their ability to transfer their assets to us. Foreign exchange and other regulation in the PRC may further restrict the PRC subsidiaries from transferring funds to us in the form of dividends, loans and advances. As of June 30, 2024, and 2023, amounts restricted are the statutory reserve of the PRC subsidiaries, were US$1,049,119 and US$1,049,119, respectively.

During the years ended June 30, 2024, 2023 and 2022, the PRC subsidiaries attributed US$0, US$19,975 and US$295,962 of retained earnings for their statutory reserves, respectively.

(13) Selling and marketing expenses

Selling and marketing expenses were as follows:

	Year ended June 30,
	2024		2023		2022
	$		$		$
Staff costs and employee benefits		1,060,564		964,698		938,048
Consultancy fee		2,597,503		1,888,128		2,424,088
Transportation and handling		1,178,114		1,468,035		2,074,255
Advertisement expenses		19,118		18,361		3,154
Depreciation and amortization		3,206		3,227		3,530
Other		793,000		533,201		370,232
Total		5,651,505		4,875,650		5,813,307

(14) General and administrative expenses

General and administrative expenses were as follows:

	Year ended June 30,
	2024		2023		2022
	$		$		$
Staff costs and employee benefits		6,757,235		3,356,644		3,333,846
Depreciation and amortization		218,334		263,576		344,251
Research and development		261,837		241,241		305,003
Office and utilities		172,630		198,135		234,800
Other		2,170,994		1,211,370		704,175
Total		9,581,030		5,270,966		4,922,075

F-27

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(15) Income Taxes

Cayman Islands

The Company was incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of the Cayman Islands. The Company mainly conducts its operating business through its subsidiaries in the PRC and Hong Kong. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

British Virgin Islands

The Company’s subsidiaries incorporated in the British Virgin Islands is not subject to taxation.

Vietnam

The Company’s Vietnam subsidiaries, MPG Global Company Limited, Yee Woo Vietnam Paper Products Company Limited and Millennium Printing and Packaging Technology (Vietnam) Co., Ltd are subject to Vietnam corporate income tax on its taxable income as reported in their statutory financial statements adjusted in accordance with relevant Vietnam tax laws. The corporate tax rate under Vietnam tax laws is 20%. Tax losses can be carried forward for five years, through 2028, but cannot be carried back. There is no assessable profits from the Vietnam subsidiaries during the years ended June 30, 2024, 2023 and 2022.

Hong Kong

The Company’s Hong Kong subsidiaries, including Millennium Investment International Limited, Millennium Strategic International Limited, Wah Tong Investment International Limited, Yee Woo Paper Investment International Limited, Millennium Printing International Limited, Millennium Packaging Group International Limited, Yee Woo Paper Packaging (HK) Company Limited and Millennium Holdings International Limited are subject to Hong Kong Profits Tax on their taxable income as reported in their statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for the years ended June 30, 2024, 2023 and 2022. Tax losses can be carried forward to offset profits in future years until fully absorbed but cannot be carried back.

PRC

The Company’s PRC operating subsidiaries, Millennium Printing (Shenzhen) Co., Ltd, Yee Woo Paper Industry (Shenzhen) Co., Ltd., Putian Xiqi Branding Strategy Co., Ltd., Millennium Packaging Technology (Huizhou) Co., Ltd., Millennium (Huizhou) Technology Co., Ltd. and Huizhou Yimeinuo Industry Co., Ltd are governed by the income tax laws of the PRC and the income tax provisions in respect to operations in the PRC is calculated at the applicable tax rate on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the “EIT Laws”), Chinese enterprises are subject to an income tax of 25% after appropriate tax adjustments. The net tax loss attributable to those PRC entities can only be carried forward for a maximum period of five years, through 2029.

Significant components of the provisions for income taxes for the years ended June, 2024, 2023 and 2022 were as follows:

	Year Ended June 30,
	2024			2023			2022
	$			$			$
Provision for Income Taxes
Current Tax Provision Hong Kong		127,471			125,802			226,148
Deferred Tax Provision Hong Kong		(5,032	)		-			-
Current Tax Provision PRC		29,862			-			694,661
Over Provision of PRC Income Tax in prior year		-			(217,999	)		-
Deferred Tax Provision PRC		54,643			14,895			(23,652	)
Total Provision (Credit) for Income Taxes		206,944			(77,302	)		897,157

F-28

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table reconciles PRC statutory rates to our effective tax rate:

	Year Ended June 30,
	2024			2023			2022
PRC Statutory rate		25	%		25	%		25	%
Effect of different tax jurisdiction		(6	)%		(7	)%		(7	)%
Overprovision of PRC income tax in prior year		-			(50	)%		-
Non-deductible expenses		(3	)%		-			-
Tax losses not recognized		(18	)%		14	%		-
Effective income tax rate		(2	)%		(18	)%		18	%

Management reviews this valuation allowance periodically and will make adjustments as warranted. A summary of the otherwise deductible (or taxable) deferred tax items is as follows:

	June 30,		June 30,
	2024		2023
	$		$
Deferred tax assets
Miscellaneous		22,239		29,899
Allowance for doubtful accounts		15,240		20,145
Allowance for inventories		92,971		119,038
Tax loss		199,144		228,130
		329,594		397,212
Less: valuation allowance		-		-
Total deferred tax assets		329,594		397,212

(16) Segment Reporting

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products or services. Based on management’s assessment, the Company has determined that it has only one operating segment.

The following table presents revenue by major merchandise or services categories for the years ended June 30, 2024, 2023 and 2022, respectively:

	2024		2023		2022
	$		$		$
Packaging products		22,348,633		23,065,859		36,256,189
Corrugated products		11,833,698		16,977,098		23,986,957
Packaging products supply chain management solutions		4,348,442		5,555,663		5,989,611
		38,530,773		45,598,620		66,232,757

F-29

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In the following table, the Company additionally provided the revenue in term of geographical locations of customers.

	Year Ended June 30, 2024
	Packaging products		Corrugated products		Packaging products supply chain management solutions		Total
	$		$		$		$
Geographical location:
Mainland China		19,316,785		9,284,023		61,829		28,662,637
Hong Kong SAR		1,110,428		880,875		1,392,561		3,383,864
Vietnam		935,670		266		431,149		1,367,085
Other Southeast Asian countries*		445,218		205,496		1,390,853		2,041,567
Australia		4,543		948,618		-		953,161
United States of America		45,701		446,467		1,068,613		1,560,781
Other countries		490,288		67,953		3,437		561,678
		22,348,633		11,833,698		4,348,442		38,530,773

	Year Ended June 30, 2023
	Packaging products		Corrugated products		Packaging products supply chain management solutions		Total
	$		$		$		$
Geographical location:
Mainland China		19,677,726		13,481,344		107,244		33,266,314
Hong Kong SAR		797,390		1,327,396		1,160,720		3,285,506
Vietnam		1,802,700		5,322		1,322,317		3,130,339
Other Southeast Asian countries*		516,753		861,594		1,986,331		3,364,678
Australia		812		1,167,379		-		1,168,191
United States of America		12,214		47,688		788,887		848,789
Other countries		258,264		86,375		190,164		534,803
		23,065,859		16,977,098		5,555,663		45,598,620

	Year Ended June 30, 2022
	Packaging products		Corrugated products		Packaging products supply chain management solutions		Total
	$		$		$		$
Geographical location:
Mainland China		31,459,882		20,947,090		257,857		52,664,829
Hong Kong SAR		1,374,684		1,696,811		897,656		3,969,151
Vietnam		1,129,772		-		1,559,921		2,689,693
Other Southeast Asian countries*		699,621		-		2,280,800		2,980,421
Australia		1,123		1,342,230		-		1,343,353
United States of America		437,395		-		795,294		1,232,689
Other countries		1,153,712		826		198,083		1,352,621
		36,256,189		23,986,957		5,989,611		66,232,757

*	Other Southeast Asian countries include Singapore, Indonesia, Malaysia, Philippines and Myanmar.

F-30

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(17) Risks and Uncertainties

Credit risk

Our assets that potentially subject to a significant concentration of credit risk primarily consist of cash and accounts receivable.

We believe there is no significant credit risk associated with cash in Hong Kong, which was held by reputable financial institutions in Hong Kong. The Hong Kong Deposit Protection Board pays compensation up to US$64,036 (equivalent to HK$500,000) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024, cash balance of US$3,249,185 (equivalent to HK$25,369,928) was maintained at financial institutions in Hong Kong and approximately US$64,036 (equivalent to HK$500,000) was insured by the Hong Kong Deposit Protection Board.

We believe there is no significant credit risk associated with cash in the PRC, which was held by reputable financial institutions in PRC. The People’s Bank of China pays compensation up to US$78,632 (equivalent to RMB500,000) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024, cash balance of US$9,341,215 (equivalent to RMB$67,886,813) was maintained at financial institutions in PRC and approximately US$78,632 (equivalent to RMB500,000) was insured by The People’s Bank of China.

We believe there is no significant credit risk associated with cash in Vietnam, which was held by reputable financial institutions in Vietnam. The Deposit insurance of Vietnam pays compensation up to US$4,911 (equivalent to VND 125,000,000) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024, cash balance of US$756,185 (equivalent to VND19,248,525,918) was maintained at financial institutions in Vietnam and approximately US$4,911 (equivalent to VND 125,000,000) was insured by The Deposit Insurance of Vietnam.

We designed credit policies with an objective to minimize their exposure to credit risk. Our accounts receivable is short term in nature and the associated risk is minimal. We conduct credit evaluations on our clients and generally do not require collateral or other security from such clients. We periodically evaluate the creditworthiness of the existing clients in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

We are also exposed to risk from other receivables. These assets are subjected to credit evaluations. An allowance, where applicable, would make for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

F-31

MILLENNIUM GROUP INTERNATIONAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Customer concentration risk

For the year ended June 30, 2024, one customer accounted for 18.8% of our total revenues. For the year ended June 30, 2023, one customer accounted for 13.9% of our total revenues. For the year ended June 30, 2022, one customer accounted for 12.5% of our total revenues.

As of June 30, 2024, three customers accounted for 15.6%, 11.0% and 10.9% of the total balance of accounts receivable. As of June 30, 2023, two customers accounted for 12.5% and 11.4% of the total balance of accounts receivable.

Vendor concentration risk

For the year ended June 30, 2024, two vendors accounted for 19.7% and 13.3% of our total purchases. For the year ended June 30, 2023, three vendors accounted for 21.5%, 10.1% and 9.0% of our total purchases. For the year ended June 30, 2022, three vendors accounted for 18.3%, 14.9% and 10.8% of our total purchases.

As of June 30, 2024, one vendor accounted for 9.3% of the total balance of accounts payable. As of June 30, 2023, one vendor accounted for 12.9% of the total balance of accounts payable.

(18) Capital Commitment

a.	Operating lease commitment

The Company had outstanding commitment on non-cancelable operating lease arrangements. The details of operating lease commitment contracted as of June 30, 2024 are set out in Note 8.

b.	Capital commitment

On March 14, 2020, the Company entered into a contract for the right to use of a land in Vietnam for VND 102,476,000,000(equivalent to USD 4,184,513) with Viglacera Yen My Industrial Zone Development, Subsequently, due to a change in land mapping area from 50,000 sq.m to 49,997 sq.m, the Company signed a new sublease contract on December 11, 2023, with the released land cost to VND 102,469,851,440(equivalent to USD 4,184,262) . The payment for land in Vietnam was VND 97,812,130,920 (equivalent to USD 4,001,282) as of June 30, 2024.The amount to be paid is equivalent to 5% of the total contract price as of June 30, 2024, which is VND 4,657,720,520 (equivalent to USD 182,980).

(19) Subsequent Events

The Company assessed all events from June 30, 2024, up through October 30, 2024, which is the date that these consolidated financial statements are available to be issued, unless as disclosed else where in the consolidated financial statements, there are not any material subsequent events that require disclosure in these consolidated financial statements.

F-32