C 
0.65
+2.38%
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$788.6m
FY2015FY2024
Net income
−HK$42.0m
FY2015FY2024
Free cash flow
−HK$87.5m
FY2015FY2024
Shareholders' equity
HK$209.5m
FY2015FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$788.6m | HK$194.1m | HK$202.1m | HK$127.7m | HK$106.7m | HK$154.1m | HK$185.9m | HK$176.8m | HK$166.3m | HK$166.2m |
| Gross profit | HK$51.9m | HK$29.0m | HK$35.9m | HK$18.7m | HK$13.2m | HK$19.2m | HK$44.0m | HK$44.6m | HK$35.1m | HK$25.8m |
| Operating income | −HK$50.1m | −HK$35.1m | −HK$19.6m | −HK$10.3m | −HK$11.5m | −HK$2.8m | HK$20.8m | HK$27.7m | HK$7.7m | HK$14.3m |
| Net income | −HK$42.0m | −HK$45.6m | −HK$27.7m | −HK$11.0m | −HK$8.2m | −HK$4.7m | HK$16.1m | HK$22.9m | HK$3.4m | HK$11.1m |
| Diluted earnings per share | -0.02 | -0.02 | -0.02 | -0.01 | -0.01 | -0.00 | 0.01 | 0.02 | 0.00 | 0.01 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$290.0m | HK$237.8m | HK$216.3m | HK$155.4m | HK$145.6m | HK$160.5m | HK$150.7m | HK$130.7m | HK$112.9m | HK$72.7m |
| Cash and short-term investments | HK$72.5m | HK$79.2m | HK$30.4m | HK$45.0m | HK$37.4m | HK$32.8m | HK$24.7m | HK$16.1m | HK$68.9m | HK$9.5m |
| Total liabilities | HK$80.5m | HK$41.1m | HK$104.6m | HK$35.4m | HK$52.3m | HK$59.0m | HK$39.7m | HK$35.7m | HK$40.7m | HK$51.3m |
| Debt | HK$46.4m | HK$24.5m | HK$36.1m | HK$28.1m | HK$43.4m | HK$48.5m | HK$26.6m | HK$17.9m | HK$18.8m | HK$19.0m |
| Shareholders' equity | HK$209.5m | HK$196.7m | HK$111.7m | HK$120.0m | HK$93.3m | HK$101.5m | HK$111.1m | HK$95.0m | HK$72.2m | HK$21.4m |
| Shares outstanding | 1,938m | 1,837m | 1,739m | 1,490m | 1,325m | 1,336m | 1,280m | 1,280m | 1,109m | 960m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$68.7m | −HK$30.6m | −HK$10.5m | −HK$7.3m | HK$12.5m | −HK$5.4m | HK$10.8m | HK$4.2m | −HK$132,000 | HK$3.5m |
| Capital spending | −HK$18.9m | −HK$8.6m | −HK$12.1m | −HK$2.4m | −HK$2.3m | −HK$3.7m | −HK$11.1m | −HK$43.8m | −HK$105,000 | −HK$43,000 |
| Free cash flow | −HK$87.5m | −HK$39.2m | −HK$22.7m | −HK$9.7m | HK$10.2m | −HK$9.1m | −HK$283,000 | −HK$39.6m | −HK$237,000 | HK$3.4m |
| Dividends paid | — | — | — | — | — | — | — | — | −HK$1.0m | — |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$614.9m | HK$536.9m | HK$251.8m | HK$65.4m | HK$128.7m | HK$64.4m | HK$133.4m | HK$66.7m |
| Gross profit | HK$25.3m | HK$18.1m | HK$33.8m | HK$8.3m | HK$20.7m | HK$10.3m | HK$21.0m | HK$12.4m |
| Operating income | −HK$45.7m | −HK$33.7m | −HK$16.4m | −HK$19.8m | −HK$15.3m | −HK$8.1m | −HK$11.1m | −HK$5.9m |
| Net income | −HK$46.7m | −HK$24.8m | −HK$17.2m | −HK$29.4m | −HK$16.3m | −HK$8.1m | −HK$19.6m | −HK$9.8m |
| Diluted earnings per share | -0.02 | -0.01 | -0.01 | -0.02 | -0.01 | -0.01 | -0.01 | -0.01 |
| Total assets | HK$241.1m | HK$290.0m | HK$255.0m | HK$237.8m | HK$287.9m | HK$287.9m | HK$216.3m | HK$216.3m |
| Cash and short-term investments | HK$20.6m | HK$72.5m | HK$40.0m | HK$79.2m | HK$93.3m | HK$109.1m | HK$30.4m | HK$37.8m |
| Debt | HK$21.3m | HK$26.9m | HK$10.4m | HK$8.3m | HK$16.3m | HK$16.3m | HK$22.1m | HK$33.2m |
| Shareholders' equity | HK$165.2m | HK$209.5m | HK$193.2m | HK$196.7m | HK$223.3m | HK$223.3m | HK$111.7m | HK$111.7m |
Financial ratios
Data as of 28 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.5% | 6.6% | 14.9% | 17.8% | 14.7% | 12.4% |
| Operating margin | -11.4% | -10.4% | -18.9% | -11.5% | -7.9% | -6.6% |
| Net margin | -12.2% | -5.3% | -23.5% | -13.7% | -8.6% | -7.7% |
| Return on equity | -204.5% | -20.0% | -30.9% | -24.8% | -9.1% | -8.8% |
| Return on assets | -71.7% | -14.5% | -25.6% | -12.8% | -7.0% | -5.7% |
| Free cash flow yield | -2.2% | -3.7% | -1.7% | 0.1% | -0.5% | 1.6% |
| Revenue growth | 47.7% | 204.7% | 28.0% | 58.3% | 19.7% | -30.7% |
| Earnings growth | 238.1% | -31.0% | 119.4% | 153.1% | 32.9% | 73.9% |
| Current ratio | 2.17x | 3.00x | 4.05x | 1.24x | 2.43x | 1.30x |
| Debt to equity | 1.02x | 0.11x | 0.11x | 0.27x | 0.21x | 0.47x |
| Equity ratio | 35.1% | 72.5% | 82.7% | 51.6% | 77.2% | 64.1% |
| Interest coverage | -52.00x | -49.16x | -29.16x | -20.42x | -15.80x | -6.58x |
| Buybacks as a share of market value | 0.1% | -0.2% | -10.8% | -20.8% | -9.4% | -4.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 83.5% | 38.6% | 17.9% |
| Operating income | 69.3% | 77.8% | — |
| Net income | 56.5% | 54.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.2% | 10.3% | 10.7% | 14.0% |
| Operating margin | -8.7% | -8.8% | -8.2% | -2.0% |
| Net margin | -8.9% | -9.6% | -8.9% | -3.2% |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -67.4 | -45.9 | -38.8 | -42.7 | -15.4 | -48.5 | 19.3 | 11.0 | 56.9 |
| Price to sales | 3.6 | 10.8 | 5.3 | 3.7 | 1.2 | 1.5 | 1.7 | 1.4 | 1.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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