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: August 2017

Commission File Number: 000-53826

PLASTEC TECHNOLOGIES, LTD.

 (Translation of registrant’s name into English)

c/o Unit 01, 21/F, Aitken Vanson Centre, 61 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong

 (Address of Principal Executive Offices)

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

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.Yes ☐  No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________.

Unaudited Financial Statements

This Report of Foreign Private Issuer on Form 6-K by Plastec Technologies, Ltd. (“we, “us”, “our” or the “Company”) contains the Company’s unaudited financial results for the six months ended June 30, 2017.

Forward Looking Statement

This Report of Foreign Private Issuer on Form 6-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company’s future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates”, “believes”, “expects”, “can”, “continue”, “could”, “estimates”, “intends”, “may”, “plans”, “potential”, “predict”, “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this Report of Foreign Private Issuer on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot and does not guarantee future results, levels of activity, performance or achievements. The Company’s expectations are as of the date this Report of Foreign Private Issuer on Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report of Foreign Private Issuer on Form 6-K is filed to conform these statements to actual results, unless required by law.

The forward-looking statements included in this Report of Foreign Private Issuer on Form 6-K are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors detailed in the Company’s filings with the Securities and Exchange Commission.

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED BALANCE SHEETS 

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

	(Unaudited) June 30,			(Audited) December 31,
	2017			2016
	HK$			HK$
ASSETS
Current assets
Cash and cash equivalents		441,995			486,222
Deposits, prepayment and other receivables		8,850			4,833
Consideration receivable		—			131,686
Total current assets		450,845			622,741
Property, plant and equipment, net		172,740			153,782
Prepaid lease payments, net		15,875			16,638
Intangible assets		438			438
Total assets		639,898			793,599
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals		5,469			6,138
Tax payable		6,104			5,837
Total current liabilities		11,573			11,975
Total liabilities		11,573			11,975
Commitments and contingencies		—			—
Shareholders’ equity
Ordinary shares (US$0.001 par value; 100,000,000 authorized 12,938,128 and 12,938,128 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively)		101			101
Additional paid-in capital		26,049			26,049
Accumulated other comprehensive income		(6,702	)		(5,891	)
Retained earnings		608,877			761,365
Total shareholders’ equity		628,325			781,624
Total liabilities and shareholders’ equity		639,898			793,599

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

	For the 6-month period ended June 30,
	2017			2016
	HK$			HK$
Revenues		—			—
Operating (expenses)/income, net
Selling, general and administrative expenses		(9,484	)		(8,827	)
Other income		7,562			13,390
Gain on disposal of property, plant and equipment		—			15
Total operating (expenses)/income, net		(1,922	)		4,578
(Loss)/income from operations		(1,922	)		4,578
Interest income		1,194			489
(Loss)/income before income tax expense		(728	)		5,067
Income tax (expense)/credit from continuing operations		(384	)		330
Net (loss)/income from continuing operations attributable to the Company’s shareholders		(1,112	)		5,397
Discontinued operations:
Net income from discontinued operations		—			120,340
Income tax expenses from discontinued operations		—			(16,254	)
Net income from discontinued operations attributable to the Company’s shareholders		—			104,086
Net (loss)/income attributable to the Company’s shareholders		(1,112	)		109,483
Other comprehensive income Foreign currency translation adjustment		(811	)		(9,255	)
Comprehensive (loss)/income attributable to the Company’s shareholders		(1,923	)		100,228

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

	For the 6-month period ended June 30,
	2017			2016
	HK$			HK$
Net income per share:
Weighted average number of ordinary shares
Continuing operations		12,938,128			12,938,128
Discontinued operations		—			12,938,128
Weighted average number of diluted ordinary shares
Continuing operations		12,938,128			12,938,128
Discontinued operations		—			12,938,128
Basic (loss)/income per share attributable from
Continuing operations	($	0.09	)	$	0.42
Discontinued operations		—		$	8.04
Diluted (loss)/income per share attributable from
Continuing operations	($	0.09	)	$	0.42
Discontinued operations		—		$	8.04

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

	Ordinary shares						Accumulated
	Number of shares outstanding		Amount		Additional paid-in capital		other comprehensive income			Retained earnings			Shareholders’ equity
			HK$		HK$		HK$			HK$			HK$
Balance at December 31, 2015 and at January 1, 2016		12,938,128		101		26,049		7,599			906,937			940,686
Net income for the year		—		—		—		—			692,042			692,042
Dividends paid		—		—		—		—			(837,614	)		(837,614	)
Cumulative translation adjustment		—		—		—		(13,490	)		—			(13,490	)
Balance at December 31, 2016 and at January 1, 2017		12,938,128		101		26,049		(5,891	)		761,365			781,624
Net loss for the period		—		—		—		—			(1,112	)		(1,112	)
Dividends paid		—		—		—		—			(151,376	)		(151,376	)
Cumulative translation adjustment		—		—		—		(811	)		—			(811	)
Balance at June 30, 2017		12,938,128		101		26,049		(6,702	)		608,877			628,325

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

	For the 6-month period ended June 30,
	2017			2016
	HK$			HK$
Operating activities
Net (loss)/income		(1,112	)		109,483
Less: Net income from discontinued operations		—			(104,086	)
Net (loss)/income from continuing operations		(1,112	)		5,397
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,280			4,422
Gain on disposal of property, plant and equipment		—			(15	)
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables		(262	)		(13,930	)
Other payables and accruals		(695	)		(4,375	)
Tax payables		270			(94	)
Net cash provided by/(used in) continuing operations		2,481			(8,595	)
Net cash provided by discontinued operations		—			125,596
Net cash provided by operating activities		2,481			117,001
Investing activities
Purchase of property, plant and equipment		(23,223	)		—
Proceeds from disposal of property, plant and equipment		—			15
Proceeds from consideration receivable, net		128,702			—
Net cash provided by continuing operations		105,479			15
Net cash used in discontinued operations		—			(17,679	)
Net cash provided by/(used in) investing activities		105,479			(17,664	)
Financing activities
Dividends paid		(151,376	)		(20,183	)
Net cash used in continuing operations		(151,376	)		(20,183	)
Net cash provided by discontinued operations		—			3,775
Net cash used in financing activities		(151,376	)		(16,408	)
Net (decrease)/increase in cash and cash equivalents		(43,416	)		82,929
Effect of exchange rate changes on cash and cash equivalents		(811	)		(9,255	)
Cash and cash equivalents, beginning of period		486,222			475,361
Cash and cash equivalents, end of period		441,995			549,035
Less: cash and cash equivalents from discontinued operations		—			(266,378	)
Cash and cash equivalents, end of the period from continuing operations		441,995			282,657
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION FROM CONTINUING OPERATIONS:
Interest received, net		1,194			489
Income taxes paid/(refund)		115			(424	)

Plastec Technologies, Ltd.

Management discussion and analysis

General

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“USGAAP”). The preparation of financial statements in conformity with USGAAP requires management to make estimates and assumptions that reported amounts of assets and liabilities at the date of the financial statements and the amount of expenses reported during the period. Actual results could differ from those estimates. Unless otherwise indicated, all financial information presented in HK$ may be converted to US$ using the exchange rate of 7.8 HK$ for every 1 US$.

Results of Operations

Operating results for the six months ended June 30, 2017 compared to the six months ended June 30, 2016

Our other income for the six months ended June 30, 2017 decreased by HK$5.8 million or 43.5% to HK$7.6 million from HK$13.4 million in the same corresponding period in the prior year. The decrease was attributable to the expiration/termination of advisory services agreements with certain former subsidiaries of ours by the closing of the disposal of Plastec International Holdings Limited transaction on October 11, 2016, and as such no revenues from the advisory fees category have been generated since then. Our other income was mainly comprised of rental income derived from our premises in Shenzhen, China.

Selling, general and administrative expenses for the six months ended June 30, 2017 increased by HK$0.7 million or 7.4% to HK$9.4 million from HK$8.8 million in the same corresponding period in the prior year. The increase resulted from the exchange loss upon our receipt of the consideration receivable during the period.

As a result, we recorded a loss from operations of HK$1.1 million for the six months ended June 30, 2017 compared to a gain of HK$5.4 million in the same corresponding period in the prior year.

Balance sheet position as at June 30, 2017 compared to December 31, 2016

Total assets decreased by HK$153.7 million or approximately 19.4% to HK$639.9 million as of June 30, 2017 compared to HK$793.6 million as of December 31, 2016. This decrease was mainly attributable to the receipt of consideration receivable of HK$131.7 million and payment of the special dividends for HK$151.4 million.  

Total liabilities decreased by HK$0.4 million or approximately 3.4% to HK$11.6 million as of June 30, 2017 compared to HK$12.0 million as of December 31, 2016  after settlement of certain accrued expenses.

Cashflow analysis

We have relied primarily upon internally generated funds and bank borrowings to finance our operations and expansion.

For the six months ended June 30, 2017, we recorded HK$43.4 million cash outflow as compared to HK$82.9 million cash inflow in the same corresponding period in the prior year.

We generated HK$2.5 million cash inflow from operating activities as compared to HK$117.0 million cash inflow in the corresponding period in the prior year which included cash inflow of HK$125.6 million generated from the discontinued operation.

Net cash provided by investing activities was HK$105.5 million after receipt of net proceeds of HK$128.7 million of the consideration receivable, compared to HK$17.7 million net cash used in the corresponding period in the prior year.

Net cash used in financing activities for the period was HK$151.4 million, representing special dividends payment of HK$151.4 million, compared to HK$16.4 million net cash used in financing activities in the corresponding period in the prior year which included dividends payment of HK$20.2 million.

Off-Balance Sheet Arrangements

The Company has not entered into any financial guarantees or other commitments to guarantee the payment obligations of third parties. The Company has not entered into any derivative contracts that are indexed to its shares and classified as shareholder’s equity or that are not reflected in its combined financial statements. Furthermore, the Company does not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. The Company does not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to it or that engages in leasing, hedging or research and development services with the Company. There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, net sales or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to an investor.

SIGNATURE

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 hereunto duly authorized.

	PLASTEC TECHNOLOGIES, LTD.
	By:	/s/ Kin Sun Sze-To
	Name:	Kin Sun Sze-To
	Title:	Chief Executive Officer
Dated: August 9, 2017