I 
1.14
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Close of 9 Nov 2026, in HKD
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in HKD, from our data supplier.
Revenue
HK$566.2m
FY2016FY2025
Net income
−HK$282.1m
FY2016FY2025
Free cash flow
−HK$294.2m
FY2016FY2025
Shareholders' equity
HK$773.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$566.2m | HK$229.8m | HK$207.2m | HK$85.5m | HK$64.9m | HK$227.0m | HK$456.9m | HK$363.3m | HK$296.4m | HK$290.7m |
| Gross profit | HK$273.2m | HK$132.4m | HK$136.6m | HK$22.0m | HK$4.5m | HK$148.5m | HK$220.6m | HK$177.5m | HK$225.2m | HK$216.7m |
| Operating income | −HK$112.4m | −HK$72.7m | HK$36.9m | −HK$51.6m | −HK$63.9m | HK$28.5m | −HK$39.2m | −HK$7.1m | HK$77.1m | HK$111.4m |
| Net income | −HK$282.1m | −HK$132.0m | HK$18.3m | −HK$256.4m | −HK$242.0m | −HK$279.6m | −HK$77.5m | HK$17.7m | −HK$67.3m | −HK$31.5m |
| Diluted earnings per share | -0.21 | -0.10 | 0.01 | -0.19 | -0.18 | -0.20 | -0.06 | 0.02 | -0.05 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$2.54bn | HK$2.32bn | HK$1.90bn | HK$1.87bn | HK$2.30bn | HK$2.54bn | HK$2.80bn | HK$2.86bn | HK$2.63bn | HK$2.39bn |
| Cash and short-term investments | HK$580.8m | HK$513.8m | HK$497.8m | HK$520.3m | HK$617.5m | HK$716.6m | HK$433.7m | HK$505.7m | HK$696.6m | HK$303.7m |
| Total liabilities | HK$1.76bn | HK$1.31bn | HK$691.3m | HK$678.9m | HK$709.5m | HK$750.2m | HK$774.1m | HK$768.6m | HK$550.3m | HK$551.2m |
| Debt | HK$1.50bn | HK$1.11bn | HK$503.3m | HK$513.6m | HK$524.6m | HK$499.1m | HK$419.1m | HK$416.3m | HK$339.1m | HK$336.4m |
| Shareholders' equity | HK$773.1m | HK$1.02bn | HK$1.21bn | HK$1.20bn | HK$1.59bn | HK$1.79bn | HK$2.02bn | HK$2.09bn | HK$2.08bn | HK$1.84bn |
| Shares outstanding | 1,369m | 1,369m | 1,369m | 1,369m | 1,369m | 1,369m | 1,369m | 1,369m | 1,308m | 1,198m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$15.2m | −HK$30.5m | HK$6.7m | −HK$763,000 | −HK$9.8m | HK$10.9m | HK$37.1m | HK$89.6m | HK$65.0m | HK$138.1m |
| Capital spending | −HK$279.0m | −HK$83.7m | −HK$1.2m | −HK$3.6m | −HK$11.3m | −HK$33.9m | −HK$79.7m | −HK$10.0m | −HK$19.7m | −HK$10.9m |
| Free cash flow | −HK$294.2m | −HK$114.2m | HK$5.4m | −HK$4.4m | −HK$21.1m | −HK$23.0m | −HK$42.6m | HK$79.6m | HK$45.4m | HK$127.2m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −HK$542.4m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | Dec 2021 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$298.5m | HK$267.6m | HK$124.7m | HK$105.1m | HK$113.2m | HK$94.0m | HK$57.9m | HK$27.6m |
| Gross profit | HK$182.3m | HK$90.9m | HK$65.4m | HK$67.0m | HK$78.3m | HK$58.3m | HK$26.2m | −HK$4.2m |
| Operating income | −HK$59.2m | −HK$53.2m | −HK$63.0m | −HK$9.7m | HK$24.2m | HK$17.0m | −HK$14.3m | −HK$40.5m |
| Net income | −HK$187.1m | −HK$95.0m | −HK$95.8m | −HK$36.1m | HK$24.7m | −HK$6.4m | −HK$119.8m | −HK$136.6m |
| Diluted earnings per share | -0.14 | -0.07 | -0.07 | -0.03 | 0.02 | -0.00 | -0.09 | -0.10 |
| Total assets | HK$2.54bn | HK$2.61bn | HK$2.32bn | HK$2.49bn | HK$1.90bn | HK$1.83bn | HK$1.87bn | HK$2.09bn |
| Cash and short-term investments | HK$580.8m | HK$704.1m | HK$513.8m | HK$1.06bn | HK$497.8m | HK$462.3m | HK$520.3m | HK$571.7m |
| Debt | HK$1.43bn | HK$1.07bn | HK$1.05bn | HK$1.06bn | HK$500.5m | HK$478.2m | HK$78.6m | HK$490.7m |
| Shareholders' equity | HK$773.1m | HK$922.0m | HK$1.02bn | HK$1.16bn | HK$1.21bn | HK$1.17bn | HK$1.20bn | HK$1.39bn |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2002 | FY2001 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 52.0% | 100.0% | 57.6% | 65.9% | 92.5% | 89.9% | — | — |
| Operating margin | 3.1% | -47.8% | -38.1% | 23.5% | -265.7% | -373.9% | — | — |
| Net margin | -57.1% | -72.1% | -57.4% | 8.8% | -299.8% | -372.9% | — | — |
| Return on equity | -202.3% | -36.5% | -13.0% | 1.5% | -21.4% | -15.2% | — | — |
| Return on assets | -15.2% | -11.1% | -5.7% | 1.0% | -13.7% | -10.5% | — | — |
| Free cash flow yield | 20.6% | 15.0% | 3.2% | 0.5% | 0.2% | 0.3% | — | — |
| Revenue growth | 118.0% | 70.2% | 10.9% | 142.3% | 31.8% | -71.4% | — | — |
| Earnings growth | 72.4% | 113.8% | -821.8% | -107.1% | 5.9% | -13.4% | — | — |
| Current ratio | 0.53x | 3.20x | 1.03x | 1.28x | 1.21x | 1.51x | — | — |
| Debt to equity | 10.53x | 1.90x | 1.06x | 0.39x | 0.40x | 0.30x | — | — |
| Equity ratio | 7.5% | 30.5% | 43.7% | 63.6% | 63.8% | 69.2% | — | — |
| Interest coverage | 0.29x | -2.03x | -1.24x | 1.84x | -7.70x | -8.27x | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 1974.3% | 639.0% |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 87.8% | 20.1% | 5.5% |
| Operating income | 29.6% | — | — |
| Net income | 3.2% | 0.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 51.0% | 51.8% | 52.0% | 54.9% |
| Operating margin | -23.3% | -18.3% | -17.0% | -1.9% |
| Net margin | -52.0% | -59.9% | -85.0% | -41.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.8 | -8.4 | 68.2 | -1.0 | -1.7 | -2.3 | -10.1 | 77.3 | -37.3 | -46.1 |
| Price to sales | 2.9 | 4.8 | 6.0 | 2.9 | 6.4 | 2.9 | 1.7 | 3.8 | 8.5 | 5.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Aug 2015.
| FY2016 | FY2012 | FY2011 | |
|---|---|---|---|
| Paid in the year | 0.01 | 0.14 | 0.50 |
- 100-to-1 reverse split · 23 Apr 2004
- 20-to-1 reverse split · 6 May 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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