A 
0.13
-7.97%
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$50.7m
FY2016FY2025
Net income
−HK$71.4m
FY2016FY2025
Free cash flow
−HK$59.9m
FY2016FY2025
Shareholders' equity
−HK$113.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$50.7m | HK$58.5m | HK$77.2m | HK$130.4m | HK$91.9m | HK$170.3m | HK$324.3m | HK$299.0m | HK$224.8m | HK$222.1m |
| Operating income | −HK$64.7m | −HK$80.5m | −HK$33.3m | −HK$22.6m | −HK$36.5m | −HK$25.5m | HK$12.2m | HK$31.5m | HK$37.2m | HK$39.6m |
| Net income | −HK$71.4m | −HK$86.4m | −HK$40.4m | −HK$32.3m | −HK$46.7m | −HK$34.1m | HK$2.1m | HK$20.5m | HK$25.3m | HK$27.4m |
| Diluted earnings per share | -0.25 | -0.38 | -0.19 | -0.13 | -0.37 | -0.28 | 0.02 | 0.17 | 0.28 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$54.6m | HK$104.6m | HK$190.3m | HK$231.8m | HK$274.6m | HK$333.5m | HK$333.4m | HK$309.3m | HK$186.4m | HK$232.9m |
| Cash and short-term investments | HK$7.5m | HK$308,000 | HK$507,000 | HK$1.3m | HK$2.7m | HK$218,000 | HK$2.9m | HK$9.8m | HK$503,000 | HK$350,000 |
| Total liabilities | HK$168.2m | HK$158.7m | HK$155.0m | HK$178.2m | HK$191.6m | HK$209.5m | HK$181.3m | HK$150.1m | HK$149.0m | HK$177.8m |
| Debt | HK$100.1m | HK$47.7m | HK$60.1m | HK$99.7m | HK$125.1m | HK$164.2m | HK$151.1m | HK$124.1m | HK$103.8m | HK$113.4m |
| Shareholders' equity | −HK$113.7m | −HK$54.1m | HK$35.2m | HK$53.6m | HK$83.0m | HK$124.0m | HK$152.1m | HK$159.2m | HK$37.4m | HK$55.1m |
| Shares outstanding | 289m | 228m | 214m | 248m | 125m | 121m | 120m | 120m | 90m | 120m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$59.9m | HK$3.7m | HK$13.6m | HK$7.8m | HK$2.0m | −HK$18.3m | −HK$2.0m | −HK$96.3m | HK$27.4m | −HK$46.7m |
| Capital spending | — | — | — | −HK$24,000 | −HK$4.0m | −HK$48,000 | −HK$16,000 | −HK$1.0m | −HK$90,000 | −HK$1.3m |
| Free cash flow | −HK$59.9m | HK$3.7m | HK$13.6m | HK$7.8m | −HK$2.0m | −HK$18.4m | −HK$2.0m | −HK$97.3m | HK$27.3m | −HK$48.0m |
| Dividends paid | — | — | — | — | — | — | −HK$12.0m | −HK$12.0m | −HK$12.0m | −HK$75.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$10.9m | HK$22.8m | HK$27.9m | HK$40.9m | HK$17.6m | HK$50.1m | HK$27.1m | HK$75.6m |
| Operating income | −HK$1.2m | −HK$57.7m | −HK$7.1m | −HK$74.7m | −HK$5.8m | −HK$32.3m | −HK$1.0m | −HK$24.5m |
| Net income | −HK$3.4m | −HK$62.7m | −HK$8.7m | −HK$77.8m | −HK$8.5m | −HK$36.9m | −HK$3.6m | −HK$30.5m |
| Diluted earnings per share | -0.01 | -0.22 | -0.03 | -0.34 | -0.04 | -0.17 | -0.02 | -0.12 |
| Cash from operations | −HK$1.0m | −HK$60.0m | — | −HK$3.0m | HK$6.0m | HK$14.0m | −HK$1.0m | HK$8.0m |
| Total assets | HK$77.4m | HK$54.6m | HK$103.9m | HK$104.6m | HK$191.1m | HK$190.3m | HK$225.6m | HK$231.8m |
| Cash and short-term investments | HK$50.0m | HK$7.5m | HK$628,000 | HK$308,000 | HK$517,000 | HK$507,000 | HK$537,000 | HK$1.1m |
| Debt | — | HK$100.6m | HK$45.6m | HK$47.7m | HK$54.5m | HK$60.1m | HK$88.7m | HK$99.7m |
| Shareholders' equity | HK$2.6m | −HK$113.7m | −HK$62.7m | −HK$54.1m | HK$26.6m | HK$35.2m | HK$62.0m | HK$53.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -27.0% | -21.5% | -13.4% |
| Operating income | 41.9% | 20.5% | — |
| Net income | 30.2% | 15.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -133.0% | -63.5% | -45.4% | -4.5% |
| Net margin | -144.5% | -72.8% | -53.8% | -10.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.2 | -0.2 | -0.9 | -3.8 | -4.6 | -1.3 | 44.8 | 4.3 |
| Price to sales | 0.2 | 0.3 | 0.5 | 0.9 | 2.3 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 3 Jun 2019.
| FY2019 | |
|---|---|
| Paid in the year | 0.10 |
- 10-to-1 reverse split · 24 Oct 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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