SCHEDULE 13D

POWELL MAX LIMITED

Class A Ordinary Shares, par value $0.008 per share · CUSIP: G7200G126

Event date: 2026-11-02

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• Hyperscale Data, Inc.Reported CIK 0000896493

  Shares: 609,597.00 · Class: 21.6%

• Alpha Structured Finance LPReported CIK 0002062284

  Shares: 266,246.00 · Class: 9.4%

• Alpha Structured Finance GP LLC

  Shares: 266,246.00 · Class: 9.4%

• ACG Alpha Management LLC

  Shares: 266,246.00 · Class: 9.4%

• Ault Lending, LLC

  Shares: 343,351.00 · Class: 12.2%

• Ault Capital Group, Inc.

  Shares: 609,597.00 · Class: 21.6%

• AULT MILTON C IIIReported CIK 0001212502

  Shares: 610,597.00 · Class: 21.7%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.