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Description of Business
 12 Months Ended
Dec. 31, 2024
Description of Business [Abstract]  
Description of Business

1. Description of Business

 

Oriental Rise Holdings Limited (the “Company”) was incorporated and registered on 25 January 2019 in the Cayman Islands as an exempted company with limited liability under the Companies Act (As Revised), Cap. 22 of the Cayman Islands. The registered office of the Company is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. On 17 October 2024, the Company completed the initial public offering (“IPO”) in the Nasdaq Stock Exchange (stock code: ORIS) by issuance of 1,750,000 shares at an offering price of US$4.00 per share, with gross proceeds of US$7,000,000. Under the Underwriting Agreement, the underwriters had the option to purchase up to 262,500 additional Ordinary Shares (the “Over-allotment Shares”) pursuant to the “Over-allotment Option” as described in the Underwriting Agreement. By letter dated October 21, 2024, the underwriters exercised their option to purchase all of the available Over-allotment Shares. The purchase and sale of the Over-allotment Shares was closed on October 23, 2024, resulting in $1,050,000 in additional gross proceeds from the IPO.

 

The Company’s ultimate holding company is PLENTIFUL THRIVING LIMITED (“Plentiful Thriving”), a company incorporated in the British Virgin Islands (“BVI”). Plentiful Thriving is controlled by Mr. CHUN SUN WONG (“Mr. Wong”). Plentiful Thriving and Mr. Wong are referred to as the controlling shareholder.

 

The Company is an investment holding company. The Company and its wholly-owned subsidiaries now comprising the Group are principally engaged in production and trading of primarily-processed teas and/or refined teas in the People’s Republic of China (“PRC”). Details of the Company’s wholly-owned subsidiaries are set out in below:

 

    Place of       Issued and   Percentage of ownership
interest/voting power/profit sharing		    
    incorporation
and		   Date of
incorporation/		   paid up
capital/registered		   As of
December 31		   At of date
of this		   Principal
Name   operation   establishment   capital   2023   2024   report   activities
Wisdom Navigation Limited (“Wisdom Navigation”)   BVI   15 November 2018   USD100/
USD50,000		   100%   100%   100%   Investment holding
East Asia Enterprise Limited   Hong Kong   8 October 2012   HK$10,000/
HK$10,000		   100%   100%   100%   Investment holding
福建閩東紅茶業科技有限公司 Fujian Min Dong Hong Tea Industrial Technical Company Limited*   PRC   24 May 2013   HK$29,670,000/
HK$35,000,000		   100%   100%   100%   Sales of refined teas
福建省青菁農業綜合開發有限公司 Fujian Qing Jing Agricultural Development Company Limited*   PRC   26 May 2008   RMB 3,060,000/
RMB 3,060,000		   100%   100%   100%   Processing of tea leaves and wholesale primarily- processed teas

 

Notes:  

 

All companies now comprising the Group have adopted December 31 as their financial year end date.

 

*:The English names of these companies represent the best effort made by the directors of the Company to translate the Chinese names as these companies have not been registered with any official English names.