Z 
2.66
-3.97%
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$451.2m
FY2016FY2025
Net income
−HK$314.0m
FY2016FY2025
Free cash flow
−HK$746.5m
FY2016FY2025
Shareholders' equity
HK$363.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$451.2m | HK$275.2m | HK$217.1m | HK$220.9m | HK$165.0m | HK$231.5m | HK$210.4m | HK$208.0m | HK$172.9m | HK$169.3m |
| Gross profit | −HK$443.4m | −HK$295.3m | −HK$234.0m | −HK$309.9m | −HK$339.0m | −HK$302.7m | −HK$259.9m | −HK$323.6m | −HK$147.6m | −HK$110.2m |
| Research and development | HK$27.1m | — | — | — | — | — | — | — | — | — |
| Operating income | −HK$562.6m | −HK$291.4m | −HK$65.7m | −HK$345.3m | −HK$389.1m | −HK$356.0m | −HK$395.1m | −HK$446.2m | −HK$198.5m | −HK$53.1m |
| Net income | −HK$314.0m | −HK$182.8m | −HK$25.7m | −HK$40.7m | −HK$74.2m | −HK$260.5m | −HK$360.9m | −HK$425.0m | −HK$177.7m | −HK$58.6m |
| Diluted earnings per share | -0.34 | -0.22 | -0.03 | -0.00 | -0.10 | -0.01 | -0.51 | -0.96 | -0.66 | -0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$1.99bn | HK$1.26bn | HK$959.6m | HK$1.02bn | HK$1.08bn | HK$1.06bn | HK$1.03bn | HK$949.8m | HK$525.7m | HK$374.5m |
| Cash and short-term investments | HK$242.3m | HK$145.3m | HK$14.7m | HK$35.7m | HK$44.8m | HK$38.8m | HK$89.4m | HK$78.8m | HK$141.8m | HK$51.7m |
| Total liabilities | HK$2.08bn | HK$1.05bn | HK$439.5m | HK$795.0m | HK$771.9m | HK$748.4m | HK$459.0m | HK$383.8m | HK$229.6m | HK$308.6m |
| Debt | HK$1.20bn | HK$627.8m | HK$340.8m | HK$432.9m | HK$398.0m | HK$516.8m | HK$214.5m | HK$166.0m | HK$39.3m | HK$150.8m |
| Shareholders' equity | HK$363.3m | HK$458.3m | HK$520.1m | HK$488.0m | HK$535.3m | HK$326.7m | HK$596.9m | HK$583.2m | HK$300.8m | HK$65.5m |
| Shares outstanding | 923m | 815m | 772m | 19,289m | 772m | 18,226m | 708m | 442m | 269m | 4,927m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$461.9m | −HK$332.1m | −HK$242.0m | −HK$222.8m | −HK$327.0m | −HK$267.7m | −HK$241.2m | −HK$365.8m | −HK$116.0m | −HK$122.4m |
| Capital spending | −HK$284.6m | −HK$226.3m | −HK$43.4m | −HK$36.0m | −HK$61.6m | −HK$91.0m | −HK$4.8m | −HK$20.6m | −HK$10.5m | −HK$3.0m |
| Free cash flow | −HK$746.5m | −HK$558.4m | −HK$285.5m | −HK$258.7m | −HK$388.6m | −HK$358.7m | −HK$246.0m | −HK$386.3m | −HK$126.5m | −HK$125.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$5.3m | HK$5.3m | HK$56.6m | HK$5.3m | HK$278.5m | HK$172.6m | HK$130.9m | HK$144.3m |
| Gross profit | HK$2.1m | HK$2.1m | HK$22.3m | HK$2.1m | −HK$229.9m | −HK$180.1m | −HK$180.3m | −HK$115.0m |
| Operating income | −HK$8.6m | −HK$8.6m | −HK$32.5m | −HK$8.6m | −HK$278.9m | −HK$180.1m | −HK$180.3m | −HK$115.0m |
| Net income | −HK$45.8m | −HK$45.8m | HK$179.8m | −HK$45.8m | −HK$196.9m | −HK$117.1m | −HK$145.9m | −HK$36.9m |
| Diluted earnings per share | -16.07 | -16.07 | 0.19 | -0.05 | -0.21 | -0.14 | -0.18 | -0.05 |
| Cash from operations | −HK$8.0m | −HK$8.0m | −HK$199.0m | −HK$8.0m | −HK$321.0m | −HK$140.0m | −HK$218.0m | −HK$113.0m |
| Capital spending | — | — | — | — | −HK$321.0m | — | −HK$183.0m | — |
| Free cash flow | — | — | — | — | −HK$642.0m | — | −HK$401.0m | — |
| Total assets | — | — | HK$791.4m | — | HK$1.99bn | HK$1.66bn | HK$1.26bn | HK$1.06bn |
| Cash and short-term investments | — | — | HK$43.7m | — | HK$242.3m | HK$222.5m | HK$145.3m | HK$80.0m |
| Debt | — | — | HK$103.6m | — | HK$1.20bn | HK$1.01bn | HK$627.8m | HK$409.4m |
| Shareholders' equity | — | — | HK$638.0m | — | HK$363.3m | HK$364.8m | HK$458.3m | HK$486.7m |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 31.5% | -98.3% | -107.3% | -107.8% | -140.3% | -205.4% |
| Operating margin | -42.0% | -81.5% | -100.8% | -28.9% | -37.3% | -49.5% |
| Net margin | 68.2% | -69.6% | -66.4% | -11.8% | -18.4% | -45.0% |
| Return on equity | 19.6% | -86.4% | -39.9% | -4.9% | -8.3% | -13.9% |
| Return on assets | 14.5% | -15.8% | -14.5% | -2.7% | -4.0% | -6.9% |
| Free cash flow yield | -2121.8% | -7.6% | -5.2% | -10.2% | -0.4% | -13.7% |
| Revenue growth | -63.8% | 63.9% | 26.8% | -1.7% | 33.9% | -28.7% |
| Earnings growth | -135.5% | 71.8% | 612.4% | -36.9% | -45.2% | -71.5% |
| Current ratio | 1.01x | 0.76x | 1.30x | 0.44x | 0.80x | 0.51x |
| Debt to equity | 0.21x | 3.02x | 1.20x | 0.50x | 0.73x | 0.57x |
| Equity ratio | 73.8% | 18.3% | 36.4% | 54.2% | 47.9% | 49.7% |
| Interest coverage | -7.35x | -3.17x | -7.54x | -2.85x | -3.25x | -2.66x |
| R&D as a share of sales | 5.5% | 6.0% | — | — | — | — |
| Buybacks as a share of market value | 99.7% | -13.2% | -5.7% | 96.0% | -2400.0% | 95.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.9% | 14.3% | 5.9% |
| Operating income | 17.7% | 9.6% | 19.4% |
| Net income | 97.7% | 3.8% | 54.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -101.7% | -110.1% | -123.3% | -108.1% |
| Operating margin | -117.6% | -108.6% | -128.8% | -124.2% |
| Net margin | -68.4% | -48.4% | -57.5% | -74.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.9 | -6.6 | -41.9 | -350.0 | -15.0 | -165.9 | -5.0 | -1.3 | -3.8 | -292.3 |
| Price to sales | 2.7 | 4.4 | 5.0 | 64.4 | 6.8 | 186.6 | 8.6 | 2.7 | 3.9 | 101.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 6 Feb 2003.
| FY2003 | |
|---|---|
| Paid in the year | 4.625 |
- 25-to-1 reverse split · 6 Feb 2023
- 20-to-1 reverse split · 7 Sept 2016
- 4-for-3 split · 11 Mar 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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