PLBL on Nasdaq
Polibeli Group Ltd
Wholesale-electrical appliances company, listed on Nasdaq (PLBL)1
In its 2026 annual report (Form 20-F) the company says: “The Company is a holding company without any business operations. We provide digital supply chain services and distribution sales through our subsidiaries in a number of countries around the globe.”4
Price unavailable
Last updated Oct 21, 2026.
Overview
- TickerPLBL on Nasdaq1
- IndustryWholesale-Electrical Appliances, Tv & Radio Sets1
- Business addressLandmark Pluit Tower D 5Th & 6Th Floor, Jl. Pluit Selatan Raya Pluit Penjaringan, Daerah Khusus Ibukota Jakarta, K8 144503
- Filer category, Emerging growth company3
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The Company was incorporated in the Cayman Islands in March 2024 as a company with limited liability under the Cayman Companies Act. The Company is a holding company without any business operations. We provide digital supply chain services and distribution sales through our subsidiaries in a number of countries around the globe. Currently, our business is mainly in Japan and Indonesia, while we also have business operations in a number of international locations including Singapore, Korea, the US, France, Hong Kong and Italy.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Skincare Products brought in 20% of the revenue Polibeli Group Ltd broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Skincare Products | $3.8M | $2.4M | $3.8M |
| Maternity And Baby Products | $117.4K | $3.4M | |
| Consumer Electronic Accessories | $4.3M | $7.1M | $3.4M |
| Oralcare Products | $3.2M | $5.0M | $2.6M |
| Others | $914.4K | $1.2M | $2.3M |
| Healthcare Products | $2.4K | $1.1M | $1.3M |
| Watches And Accessories | $163.7K | $1.0M | $890.8K |
| Toys And Game Products | $2.4M | $1.4M | $484.3K |
| Cosmetics Products | $2.9M | $1.5M | $398.2K |
| Other Products | $600.7K | $466.6K | $312.1K |
Regions
Japan brought in 41% of the revenue Polibeli Group Ltd broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Japan | $15.5M | $16.1M | $10.8M |
| ID | $3.8M | $11.1M | $5.8M |
| HKMember | $4.7M | ||
| Europe | $2.0M | $1.5M | $4.3M |
| Others | $1.4M | $1.6M | $732.6K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue78¢$24.5M
- Selling, general and admin22¢$6.8M
- Income tax0¢$9.1K
Out of $24.1M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cost of revenues (including cost of revenues from related parties of US$4,849,877, US$6,762,837 and US$3,631,304 for the year ended December 31, 2023, 2024 and 2025, respectively) | -$24.5M | -$29.1M | -$21.8M |
| Gross profit | $1.9M | $1.1M | $1.0M |
| Selling and marketing expenses | -$2.7M | -$4.0M | -$3.3M |
| General and administrative expenses | -$6.8M | -$6.7M | -$4.1M |
| Total operating expenses | -$9.5M | -$10.7M | -$7.3M |
| Loss from operations | -$7.6M | -$9.6M | -$6.3M |
| Gain on fair value change of OET derivative liability | $2.5M | ||
| Other income, net | $479.5K | $451.6K | $171.7K |
| Financial expenses, net | -$1.4M | -$1.9M | -$587.3K |
| Total other (expenses)/income, net | $1.6M | -$1.4M | -$415.5K |
| Loss before income tax expense | -$6.0M | -$11.0M | -$6.7M |
| Income tax expense | -$9.1K | -$2.8K | |
| Net loss | -$6.0M | -$11.0M | -$6.7M |
| Foreign currency translation adjustment | -$492.0K | $1.2M | -$151.6K |
| Total comprehensive loss | -$6.5M | -$9.8M | -$6.9M |
| Basic (in Dollars per share) | -$0.02 | -$0.03 | -$0.02 |
| Diluted (in Dollars per share) | -$0.02 | -$0.03 | -$0.02 |
| Basic (in Shares) | 362.6M shares | 360.0M shares | 360.0M shares |
| Diluted (in Shares) | 362.6M shares | 360.0M shares | 360.0M shares |
| Revenues from related parties | $26.4M | $30.2M | $22.8M |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 2 fiscal years (annual) or 2 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Cash | $1.8M | $2.6M |
| Accounts receivable, net | $8.0M | $5.5M |
| Inventories | $2.6M | $4.3M |
| Advances to suppliers | $1.4M | $2.7M |
| Prepaid expenses and other current assets, net | $1.4M | $1.5M |
| Assets held for sale | $2.0M | |
| Total current assets | $16.7M | $19.2M |
| Property and equipment, net | $265.2K | $298.7K |
| Operating lease right-of-use assets, net | $500.1K | $421.5K |
| Deferred offering cost | $1.1M | |
| Other non-current assets, net | $115.1K | $83.8K |
| Total non-current assets | $880.3K | $1.9M |
| TOTAL ASSETS | $17.5M | $21.0M |
| Accounts payable | $1.7M | $760.3K |
| Short-term borrowings | $3.5M | |
| Current portion of long-term borrowings | $17.7K | $504.7K |
| Advances from customers | $103.6K | $394.3K |
| Accrued expenses and other current liabilities | $3.8M | $1.1M |
| Operating lease liabilities, current | $305.8K | $330.2K |
| Optional Early Termination (OET) derivative liability | $5.6M | |
| Total current liabilities | $19.0M | $12.9M |
| Long-term borrowings | $17.8K | |
| Operating lease liabilities, non-current | $158.9K | $118.5K |
| Total non-current liabilities | $44.0M | $32.8M |
| TOTAL LIABILITIES | $63.0M | $45.7M |
| Prepaid forward repurchase receivable | -$30.3M | |
| Additional paid-in capital | $17.7M | $1.7M |
| Accumulated deficit | -$32.9M | -$27.0M |
| Accumulated other comprehensive income | $160.6K | $652.6K |
| Total shareholders deficit attributable to Polibeli Group Ltd | -$45.4M | -$24.6M |
| TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT | $17.5M | $21.0M |
| Ordinary shares, shares authorized (in Shares) | 5.0B shares |
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Cash | $1.8M | $2.6M |
| Accounts receivable, net | $8.0M | $5.5M |
| Inventories | $2.6M | $4.3M |
| Advances to suppliers | $1.4M | $2.7M |
| Prepaid expenses and other current assets, net | $1.4M | $1.5M |
| Assets held for sale | $2.0M | |
| Total current assets | $16.7M | $19.2M |
| Property and equipment, net | $265.2K | $298.7K |
| Operating lease right-of-use assets, net | $500.1K | $421.5K |
| Deferred offering cost | $1.1M | |
| Other non-current assets, net | $115.1K | $83.8K |
| Total non-current assets | $880.3K | $1.9M |
| TOTAL ASSETS | $17.5M | $21.0M |
| Accounts payable | $1.7M | $760.3K |
| Short-term borrowings | $3.5M | |
| Current portion of long-term borrowings | $17.7K | $504.7K |
| Advances from customers | $103.6K | $394.3K |
| Accrued expenses and other current liabilities | $3.8M | $1.1M |
| Operating lease liabilities, current | $305.8K | $330.2K |
| Optional Early Termination (OET) derivative liability | $5.6M | |
| Total current liabilities | $19.0M | $12.9M |
| Long-term borrowings | $17.8K | |
| Operating lease liabilities, non-current | $158.9K | $118.5K |
| Total non-current liabilities | $44.0M | $32.8M |
| TOTAL LIABILITIES | $63.0M | $45.7M |
| Prepaid forward repurchase receivable | -$30.3M | |
| Additional paid-in capital | $17.7M | $1.7M |
| Accumulated deficit | -$32.9M | -$27.0M |
| Accumulated other comprehensive income | $160.6K | $652.6K |
| Total shareholders deficit attributable to Polibeli Group Ltd | -$45.4M | -$24.6M |
| TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT | $17.5M | $21.0M |
| Ordinary shares, shares authorized (in Shares) | 5.0B shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$6.0M | -$11.0M | -$6.7M |
| Provision of expected credit loss | $2.7M | $525.3K | $470.3K |
| Write-down of inventories | $115.8K | $156.5K | $99.8K |
| Depreciation and amortization | $177.9K | $250.6K | $120.0K |
| Amortization of operating lease right-of-use assets | $343.0K | $334.1K | $410.0K |
| Provision/(reversal on provision) of refund liabilities | $1.5K | -$1.1K | $2.3K |
| Gain/(loss) from early termination of an operating lease | $4.1K | -$35.8K | |
| Unrealized loss of foreign exchange | $111.6K | $657.5K | $177.5K |
| Gain from disposal of property and other equipment | -$320.7K | -$227.8K | |
| Gain on fair value change of derivative liability | -$2.5M | ||
| Accounts receivable | -$5.0M | -$2.7M | -$87.6K |
| Inventories | $1.7M | -$850.9K | $1.7M |
| Advances to suppliers | $1.5M | -$869.8K | -$554.9K |
| Prepaid expenses and other current assets | -$146.8K | $93.3K | -$286.7K |
| Amount due from related parties | -$952.5K | $12.6K | -$150.4K |
| Other non-current assets | $71.4K | -$99.1K | |
| Accounts payable | $1.0M | $212.3K | $642.2K |
| Accrued expenses and other current liabilities | -$1.5M | $377.1K | $325.6K |
| Amount due to related parties | $3.0M | $7.8M | $1.3M |
| Advances from customers | -$295.5K | -$123.6K | -$1.5M |
| Operating lease liabilities | -$405.5K | -$299.1K | -$494.0K |
| Net cash used in operating activities | -$6.4M | -$5.5M | -$4.7M |
| Purchases of property and equipment | -$155.0K | -$119.3K | -$2.0M |
| Disposal of property and other equipment | $2.4M | $1.8M | |
| Receipt of deposit for disposal transaction of a building | $63.5K | ||
| Net cash (used in)/provided by investing activities | $2.3M | $1.7M | -$2.0M |
| Capital injection | $2.4M | ||
| Payment to related parties for equity transfer of operating subsidiaries | -$5.4M | ||
| Proceeds from related parties | $5.9M | $12.3M | $5.1M |
| Proceeds from short term borrowings | $3.5M | ||
| Proceeds from long-term borrowings | $782.9K | ||
| Repayments of long-term borrowings | -$531.0K | -$1.0M | -$350.7K |
| Payment of deferred offering costs | -$26.4K | ||
| Repayments of loans from related parties | -$6.1M | -$2.2M | -$851.2K |
| Proceeds from exercise of OET | $238.8K | ||
| Cash inflow from reverse recapitalization | $256.8K | ||
| Net cash provided by financing activities | $3.2M | $3.7M | $7.1M |
| Effect of exchange rate changes | $69.7K | -$221.9K | -$9.2K |
| Net change in cash | -$848.5K | -$321.1K | $367.7K |
| Income tax paid | $94.3K | $46 | $2.8K |
| Interest expense paid | $3.3K | $20.9K | $51.1K |
| Cash paid for operating leases | $382.3K | $386.4K | $552.5K |
| Additions of operating lease right-of-use assets in exchange of operating lease liabilities | $715.4K | $20.0K | $565.4K |
| Disposal of operating lease right-of-use assets in exchange of operating lease liabilities | -$302.6K | -$430.6K | |
| Deferred offering costs paid by related parties in the current period | $1.5M | $1.1M | |
| Unpaid deferred offering costs incurred in the current period | $84.3K |
No quarter-by-quarter statement was filed.
Corporate structure
Polibeli Group Ltd sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Polibeli Group Ltd
- XINGYUN INTERNATIONAL Co Ltd Filed SCHEDULE 13G on Polibeli Group Ltd, latest Nov 21, 2025
- Harraden Circle Investments, LLC Filed SCHEDULE 13G/A on Polibeli Group Ltd, latest Aug 11, 2025
- Polibeli Group Ltd
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Polibeli Group Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $637.2K2 Dec 31, 2025 | $508.5K2 Dec 31, 2024 | +25.3% |
| Accumulated depreciation | $372.0K2 Dec 31, 2025 | $209.8K2 Dec 31, 2024 | +77.3% |
| Property and equipment, net | $265.2K2 Dec 31, 2025 | $298.7K2 Dec 31, 2024 | −11.2% |
| Operating-lease assets (leased space) | $500.1K2 Dec 31, 2025 | $421.5K2 Dec 31, 2024 | +18.6% |
Inventory
Leadership
Who has led Polibeli Group Ltd, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
- Chief financial officerMeijun Liang Jun 10, 2026 to now5
Board members and other officers (4)
- Administration DirectorJesslyn Andina Olivia Mar 23, 2026 to now6
- Board memberAssere Marc Mar 23, 2026 to now7
- Board memberFucheng Yan Mar 23, 2026 to now8
- Board memberCong Cheng Mar 25, 2026 to now9
Filings
56 filings to the SEC since October 2021: 1 annual reports, 7 insider forms, 2 large holders, 46 other. The latest 20:
- Oct 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Sep 21, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jul 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jul 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 24, 2026EFFECT EDGAR
- Jun 15, 2026F-1 REGISTRATION STATEMENT EDGAR
- Jun 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 10, 20263 EDGAR
- Jun 8, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- May 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Apr 24, 202620-F ANNUAL REPORT EDGAR
- Apr 7, 20263 EDGAR
- Mar 31, 20263 EDGAR
- Mar 25, 20263 EDGAR
- Mar 23, 20263 EDGAR
- Mar 23, 20263 EDGAR
- Mar 23, 20263 EDGAR
- Nov 21, 2025SCHEDULE 13G EDGAR
- Sep 30, 2025EFFECT EDGAR
The 56 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- XINGYUN INTERNATIONAL Co LtdSCHEDULE 13G, 1 filing Nov 21, 202510
- Harraden Circle Investments, LLCSCHEDULE 13G/A, 1 filing Aug 11, 202511
SEC filer profile
How Polibeli Group Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARPolibeli Group Ltd1
- CIK0002035697
- Filer statusNon-accelerated filer an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Industry code (SIC)5064 Wholesale-Electrical Appliances, Tv & Radio Sets1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business addressLandmark Pluit Tower D 5Th & 6Th Floor, Jl. Pluit Selatan Raya Pluit Penjaringan, Daerah Khusus Ibukota Jakarta, K8 144501
- Phone62-21-225313661
- Shares outstanding319,108,190 Common Class A shares; 47,279,280 Common Class B shares as of Dec 31, 20254
- AuditorMarcum Asia CPAs LLP, New York, New York PCAOB ID 5395; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceSep 26, 20241
- Filings56 in all: 6-K (10), 3 (7), UPLOAD (6), CORRESP (5), DRSLTR (5), DRS/A (4), EFFECT (4), 424B3 (2)1
All 19 form types
425 (2), F-1 (2), 20-F (1), 8-A12B (1), CERT (1), DRS (1), F-4 (1), F-4/A (1), POS AM (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (20-F) Apr 24, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A ordinary shares, par value US$0.00001 per share | PLBL | The Nasdaq Stock Market LLC |
From the cover page of the 20-F filed Apr 24, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7SEC EDGARAssere Marc, Board member
- 8SEC EDGARFucheng Yan, Board member
- 9SEC EDGARCong Cheng, Board member
- 10
- 11