UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2023

 

Commission File Number: 001-41672

 

TOP KINGWIN LTD

(Exact name of registrant as specified in its charter)

 

Room 1304, Building No. 25, Tian’an Headquarters Center, No. 555

North Panyu Avenue, Donghuan Street

Panyu District, Guangzhou, Guangdong Province, PRC

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ☒     Form 40-F ☐

 

 

 

 

 

 

Explanatory Note

 

The unaudited semi-annual report for the six months ended June 30, 2023 of Top KingWin Ltd is attached hereto as Exhibit 99.1.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Top KingWin Ltd
     
Date: December 27, 2023 By: /s/ Ruilin Xu
  Name:  Ruilin Xu
  Title: Chief Executive Officer

 

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EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Unaudited Financial Results for the Six Months Ended June 30, 2023 of Top KingWin Ltd

 

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Exhibit 99.1

 

The financial statements for the first half year ended June 30, 2023 of Top KingWin Ltd (the “Company”, “we” or “us”) included herein have not been audited by the Company’s independent registered accounting firm.

 

TOP KINGWIN LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2023
AND DECEMBER 31, 2022
(In USD)

 

   June 30,
2023
   December 31,
2022
 
         
ASSETS        
CURRENT ASSETS        
Cash  $4,892,680   $2,654,185 
Accounts receivable, net   798,482    95,691 
Accounts receivable – related party, net   379,248    - 
Prepayments   379,083    12,248 
Prepayment for mergers and acquisitions   4,000,000    - 
Other receivables   166,836    97,911 
Total current assets   10,616,329    2,860,035 
           
NON-CURRENT ASSETS          
Property and equipment, net   183,917    210,330 
Intangible assets, net   32,697    30,538 
Operating lease right-of-use assets   417,116    522,278 
Deferred tax assets   -    118,159 
Other non-current assets   38,405    40,376 
Deferred offering costs   -    1,306,313 
Total non-current assets   672,135    2,227,994 
           
TOTAL ASSETS  $11,288,464   $5,088,029 
           
LIABILITIES          
CURRENT LIABILITIES          
Accounts payable  $521,034   $264,006 
Operating lease liabilities - current   169,656    165,506 
Advance from clients   611,425    187,630 
Due to related parties   29,098    1,129,005 
Taxes payable   81,799    37,919 
Accruals and other payables   828,609    1,108,910 
Total current liabilities   2,241,621    2,892,976 
           
NON-CURRENT LIABILITIES          
Operating lease liabilities - non-current   266,414    373,068 
Total non-current liabilities   266,414    373,068 
           
TOTAL LIABILITIES   2,508,035    3,266,044 
           
SHAREHOLDERS’ EQUITY          
Class A ordinary shares, $0.0001 par value, 300,000,000 shares authorized, 8,213,040 and 10,963,040 shares issued and outstanding as of December 31, 2022 and June 30, 2023  $1,096   $821 
Class B ordinary shares, $0.0001 par value, 200,000,000 shares authorized, 3,786,960 shares issued and outstanding as of December 31, 2022 and June 30, 2023   379    379 
Share subscription receivables   -    (1,200)
Additional paid-in capital   8,160,307    114,726 
Statutory reserve   282,545    282,545 
Retained earnings   542,079    1,563,563 
Accumulated other comprehensive loss   (205,977)   (138,849)
Total shareholders’ equity   8,780,429    1,821,985 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $11,288,464   $5,088,029 

 

 

 

 

TOP KINGWIN LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND
COMPREHENSIVE (LOSS) INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(In USD)

 

   Six Months Ended 
   June 30, 
   2023   2022 
         
REVENUES   2,814,664    1,726,719 
           
COST OF REVENUES   (746,661)   (370,298)
           
GROSS PROFIT   2,068,003    1,356,421 
           
OPERATING EXPENSES          
Selling expenses   (1,203,472)   (319,262)
General and administrative expenses   (1,877,461)   (730,725)
Total operating expenses   (3,080,933)   (1,049,987)
           
(LOSS) INCOME FROM OPERATIONS   (1,012,930)   306,434 
           
OTHER INCOME (EXPENSE), NET          
Other income   58,524    17,667 
Other expense   (6,638)   (3,733)
Total other income, net   51,886    13,934 
           
NET (LOSS) INCOME BEFORE INCOME TAXES   (961,044)   320,368 
           
Income tax (expense) benefit   (117,629)   67,183 
           
NET (LOSS) INCOME  $(1,078,673)  $387,551 
           
Other comprehensive loss          
Foreign currency translation loss   (65,734)   (150,132)
           
TOTAL COMPREHENSIVE (LOSS) INCOME  $(1,144,407)  $237,419 
           
Basic and diluted (loss) earnings per share*  $(0.08)  $0.03 
           
Weighted average number of common shares outstanding - basic and diluted*   13,115,278    12,000,000 

 

* Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023

 

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First Half 2023 Financial Results

 

Revenues

 

Revenues for the first half of 2023 reached $2,814,664, marking an increase of 63% from the $1,726,719 reported in the same period of 2022, primarily due to the increase in the revenue generated from corporate business training services.

 

Service Category  1H 2023   1H 2022   % 
Advisory and transaction services  $1,256,894   $1,263,517    (1)
Corporate business training services   1,483,471    160,079    827 
Corporate consulting services   74,299    300,675    (75)
Others   -    2,448    (100)
Total  $2,814,664   $1,726,719    63 

 

Cost of Revenues

 

Cost of revenues was $746,661 for the first half of 2023, reflecting a 102% increase as compared to $370,298 for the same period of 2022. The increase was primarily due to the increase of costs of revenues from corporate business training services, which was proportionally in line with the increase of revenue from corporate business training services.

 

Gross Profit

 

The gross profit was $2,068,003 and $1,356,421 with gross margins of 73% and 79% for the six months ended June 30, 2023 and 2022, respectively. The decrease in gross margin was primarily due to the fact that we incurred more referral fees and commission fees to improve our corporate business training services, which was in line with the increase of revenue generated from corporate business training services.

 

Operating Expenses

 

Total operating expenses were $3,080,933 in the first half of 2023, representing an increase of 193% as compared to $1,049,987 for the same period of 2022. Selling expenses increased by $884,210 or 277%, which was mainly driven by the expansion of the marketing department staff and an increase in travel expenses during the period. General and administrative expenses increased by $1,146,736 or 157%, which was mainly due to one-time costs related to the initial public offering, the business expansion and the corresponding increase in the number of employees, leading to a rise in wage costs.

 

(Loss) Income from Operations

 

Loss from operations was $1,012,930 for the first half of 2023, as compared to an income from operations of $306,434 for the same period of 2022.

 

Total other income, net

 

Total other income was $51,886 for the first half of 2023, as compared to $13,934 for the same period of 2022.

 

Net (Loss) Income

 

Net loss was $1,078,673 for the first half of 2023, as compared to a net income of $387,551 for the same period of 2022.

 

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