C 
0.07
+6.45%
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$46.9m
FY2016FY2025
Net income
−HK$28.7m
FY2016FY2025
Free cash flow
−HK$43.9m
FY2016FY2025
Shareholders' equity
HK$175.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$46.9m | HK$98.3m | HK$782.2m | HK$271.7m | HK$112.2m | HK$93.6m | HK$73.3m | HK$68.3m | HK$64.8m | HK$40.1m |
| Research and development | — | — | — | — | — | — | HK$835,000 | — | — | HK$35.7m |
| Operating income | −HK$20.8m | −HK$131.3m | −HK$3.8m | HK$270,000 | −HK$26.7m | −HK$16.7m | −HK$24.5m | −HK$32.2m | −HK$30.1m | −HK$210.3m |
| Net income | −HK$28.7m | −HK$123.9m | HK$656,000 | HK$13.3m | −HK$25.5m | HK$1.6m | −HK$14.2m | −HK$24.4m | −HK$176.4m | −HK$208.2m |
| Diluted earnings per share | -0.05 | -0.21 | 0.00 | 0.03 | -0.10 | 0.01 | -0.07 | -0.14 | -1.08 | -1.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$511.1m | HK$538.0m | HK$727.9m | HK$593.4m | HK$369.2m | HK$360.0m | HK$332.3m | HK$329.7m | HK$494.4m | HK$493.5m |
| Cash and short-term investments | HK$4.6m | HK$30.5m | HK$6.3m | HK$8.5m | HK$27.6m | HK$17.7m | HK$24.8m | HK$32.0m | HK$47.8m | HK$40.1m |
| Total liabilities | HK$346.5m | HK$345.0m | HK$432.6m | HK$283.1m | HK$174.6m | HK$155.5m | HK$147.4m | HK$145.7m | HK$264.7m | HK$182.3m |
| Debt | HK$173.2m | HK$172.0m | HK$124.1m | HK$138.0m | HK$26.9m | HK$32.4m | HK$38.9m | HK$38.9m | HK$54.0m | HK$51.3m |
| Shareholders' equity | HK$175.9m | HK$204.7m | HK$307.0m | HK$321.9m | HK$206.9m | HK$214.4m | HK$192.3m | HK$189.2m | HK$235.7m | HK$312.7m |
| Shares outstanding | 583m | 582m | 484m | 494m | 261m | 244m | 209m | 174m | 163m | 134m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$21.9m | HK$46.1m | HK$12.6m | −HK$217.0m | −HK$25.1m | HK$1.6m | −HK$13.1m | −HK$15.9m | −HK$27.3m | −HK$47.1m |
| Capital spending | −HK$21.9m | −HK$189,000 | −HK$780,000 | −HK$5.4m | −HK$538,000 | −HK$391,000 | −HK$2.2m | −HK$196,000 | −HK$197,000 | −HK$127,000 |
| Free cash flow | −HK$43.9m | HK$45.9m | HK$11.8m | −HK$222.5m | −HK$25.7m | HK$1.2m | −HK$15.4m | −HK$16.1m | −HK$27.5m | −HK$47.3m |
Latest quarters
By quarter end
| Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$6.7m | HK$6.7m | HK$33.6m | −HK$6.7m | HK$7.7m | HK$7.7m | HK$82.8m | HK$41.4m |
| Operating income | HK$5.0m | HK$5.0m | −HK$15.5m | −HK$4.3m | −HK$66.1m | −HK$68.4m | HK$519,000 | HK$2.8m |
| Net income | HK$2.1m | HK$2.1m | −HK$32.9m | −HK$2.1m | −HK$63.1m | −HK$63.1m | HK$1.2m | HK$1.2m |
| Diluted earnings per share | 0.00 | 0.00 | -0.06 | -0.00 | -0.11 | -0.11 | 0.00 | 0.00 |
| Cash from operations | −HK$7.0m | −HK$1.0m | −HK$9.0m | −HK$4.0m | −HK$24.0m | −HK$6.0m | HK$5.0m | HK$30.0m |
| Capital spending | −HK$7.0m | — | — | — | — | — | −HK$5.0m | — |
| Free cash flow | −HK$14.0m | — | — | — | — | — | HK$0 | — |
| Total assets | HK$511.1m | HK$511.1m | HK$508.1m | HK$508.1m | HK$538.0m | HK$538.0m | HK$752.1m | HK$752.1m |
| Cash and short-term investments | HK$4.6m | HK$2.9m | HK$21.7m | HK$26.0m | HK$30.5m | HK$30.9m | HK$44.1m | HK$44.1m |
| Debt | HK$173.8m | HK$172.2m | HK$173.9m | HK$172.9m | HK$172.0m | HK$171.0m | HK$151.5m | HK$112.3m |
| Shareholders' equity | HK$175.9m | HK$175.9m | HK$177.4m | HK$177.4m | HK$204.7m | HK$204.7m | HK$363.1m | HK$363.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -44.3% | -12.9% | -32.9% |
| Operating income | — | 4.5% | -14.7% |
| Net income | — | — | -30.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -104.8% | -13.0% | -14.2% | -14.4% |
| Net margin | -105.1% | -11.6% | -11.6% | -39.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.1 | -1.3 | 281.1 | 15.8 | -9.0 | 18.1 | -1.8 | -2.7 | -0.9 | -2.7 |
| Price to sales | 4.3 | 1.6 | 0.2 | 0.8 | 2.0 | 0.3 | 0.3 | 1.0 | 2.6 | 13.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Feb 2003.
| FY2003 | |
|---|---|
| Paid in the year | 2.00 |
- 10-to-1 reverse split · 21 Feb 2019
- 10-to-1 reverse split · 11 Aug 2017
- 2-to-1 reverse split · 8 Jan 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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