Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

TWG

Top Wealth Group Holding Ltd

Screen state: Passing Source state: Verified 20-F | 2026-05-15 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 92.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
17,440,470USD
Total Liabilities
1,670,997USD
NCAV
15,769,473USD
Cash
2,387,158USD
NCAV per share
19.14USD/share
Evidence
4 annual | 0 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection Negative OCF -6,194,419
Latest
-6,194,4192025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-057962

Supporting observation NCAV Growing 15,769,473
Latest
15,769,4732025-12-31
Comparison
2,614,5842024-12-31
Change
+503.1%

Basis: equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-057962; REPORTED_FILING 20-F 2024-12-31

Supporting observation Share Count Reduced 823,793
Latest
823,7932025-12-31
Comparison
34,237,7052024-12-31
Change
-97.6%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-057962; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 10.66
Latest
10.662025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-057962

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 0 quarterly periods available from Data Vault for this company.

quarterly periods are missing

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
USD
2024-12-31
20-F
USD
2024-12-31
20-F
USD
2023-12-31
20-F
USD
Revenue 9,129,706 4,747,580 4,747,580 16,943,287
Operating Income n/a n/a n/a n/a
Net Income 3,189,946 -2,019,515 -2,019,515 2,438,095
Cash From Operations -6,194,419 887,554 887,554 -863,616
Capex n/a n/a n/a n/a
Free Cash Flow n/a n/a n/a n/a
Cash And Equivalents 2,387,158 42,380 42,380 134,350
Accounts Receivable 9,249,046 1,563,289 1,563,289 5,972,736
Inventory 3,545,854 n/a n/a 153,209
Total Current Assets 17,440,470 3,779,098 3,779,098 7,129,775
Total Assets 29,432,372 19,784,932 19,784,932 7,348,982
Total Current Liabilities 1,635,766 1,164,514 1,164,514 2,396,346
Total Liabilities 1,670,997 1,164,514 1,164,514 2,396,346
Shareholders Equity 27,761,375 18,620,418 18,620,418 4,952,636
Shares Outstanding n/a 56,000,000 56,000,000 27,000,000
Shares Outstanding Diluted n/a n/a n/a n/a
Weighted Avg Shares Diluted 823,793 34,237,705 34,237,705 27,000,000
Weighted Avg Shares Basic 733,053 34,237,705 34,237,705 27,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 0 quarterly periods available from Data Vault for this company.

Metric
Revenue
Operating Income
Net Income
Cash From Operations
Capex
Free Cash Flow
Cash And Equivalents
Total Current Assets
Total Liabilities
Shares Outstanding
Shares Outstanding Diluted
Weighted Avg Shares Diluted
Weighted Avg Shares Basic
Net Share Count Change (Normalized)
Ownership Claim Change (Normalized)
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 17,440,470USD us-gaap:AssetsCurrent 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Total Liabilities 1,670,997USD us-gaap:Liabilities 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Cash 2,387,158USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Shares Outstanding 823,793 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
NCAV 15,769,473USD derived 2025-12-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 19.14USD derived 2025-12-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 92.7% derived 2025-12-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_diluted

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001978057
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001978057/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
3
Imported At
2026-08-15T12:52:58+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0001213900-26-057962
CIK
0001978057
Mary Filing Date
2026-05-15
Filing Currency
USD
Internal Discount
92.7%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-15; mary_accession=0001213900-26-057962; mary_cik=0001978057; gnni_supporting_filing_date=2026-05-15; internal_discount=0.927387; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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