P 
0.31
-1.61%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$769.5m
FY2016FY2025
Net income
−HK$238.5m
FY2016FY2025
Free cash flow
HK$17.5m
FY2016FY2025
Shareholders' equity
HK$378.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$769.5m | HK$675.2m | HK$427.8m | HK$727.3m | HK$2.15bn | HK$3.00bn | HK$1.47bn | HK$1.36bn | HK$751.5m | HK$221.8m |
| Gross profit | HK$51.2m | HK$34.5m | HK$37.4m | HK$37.5m | HK$77.3m | HK$92.1m | HK$54.8m | HK$49.9m | HK$23.9m | HK$20.8m |
| Research and development | — | — | — | — | — | — | — | — | HK$474,000 | HK$474,000 |
| Operating income | −HK$140.9m | −HK$19.3m | −HK$174.4m | HK$15.0m | HK$47.7m | HK$70.9m | HK$47.3m | HK$10.2m | HK$65.5m | −HK$27.9m |
| Net income | −HK$238.5m | −HK$229.2m | −HK$201.7m | −HK$14.3m | −HK$5.6m | HK$21.3m | HK$31.5m | −HK$9.0m | HK$39.2m | −HK$28.9m |
| Diluted earnings per share | -0.04 | -0.05 | -0.05 | -0.00 | -0.00 | 0.01 | 0.01 | -0.00 | 0.02 | -0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$1.74bn | HK$1.82bn | HK$948.2m | HK$1.33bn | HK$1.55bn | HK$1.86bn | HK$1.07bn | HK$868.2m | HK$1.03bn | HK$459.8m |
| Cash and short-term investments | HK$18.6m | HK$28.7m | HK$85.4m | HK$38.1m | HK$197.9m | HK$392.6m | HK$105.3m | HK$138.6m | HK$562.2m | HK$114.9m |
| Total liabilities | HK$1.35bn | HK$1.21bn | HK$581.0m | HK$758.9m | HK$905.4m | HK$1.33bn | HK$577.7m | HK$410.4m | HK$512.5m | HK$257.7m |
| Debt | HK$771.7m | HK$759.4m | HK$381.6m | HK$470.9m | HK$527.6m | HK$665.8m | HK$461.6m | HK$323.9m | HK$426.1m | HK$173.3m |
| Shareholders' equity | HK$378.6m | HK$593.8m | HK$367.3m | HK$568.9m | HK$646.4m | HK$530.8m | HK$494.5m | HK$457.8m | HK$514.1m | HK$107.1m |
| Shares outstanding | 5,630m | 4,685m | 4,006m | 3,900m | 3,900m | 2,900m | 2,900m | 2,900m | 2,161m | 1,415m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$70.0m | −HK$55.8m | HK$44.8m | −HK$53.7m | −HK$240.9m | HK$146.2m | −HK$217.2m | HK$38.1m | −HK$64.8m | −HK$53.3m |
| Capital spending | −HK$52.5m | −HK$3.1m | −HK$1.3m | −HK$3.0m | −HK$25,000 | −HK$28,000 | −HK$3.0m | −HK$4.6m | −HK$4.4m | −HK$3.9m |
| Free cash flow | HK$17.5m | −HK$58.8m | HK$43.5m | −HK$56.7m | −HK$241.0m | HK$146.2m | −HK$220.2m | HK$33.5m | −HK$69.2m | −HK$57.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$172.2m | HK$85.4m | HK$162.3m | HK$162.3m | HK$222.4m | HK$222.4m | HK$148.2m | HK$148.2m |
| Gross profit | HK$28.3m | HK$13.5m | HK$14.0m | HK$14.0m | HK$11.6m | HK$11.6m | HK$8.6m | HK$8.6m |
| Operating income | −HK$60.2m | −HK$30.7m | −HK$56.7m | HK$4.7m | −HK$52.8m | −HK$41.4m | −HK$90.7m | −HK$90.7m |
| Net income | −HK$92.6m | −HK$46.3m | −HK$124.7m | −HK$62.4m | −HK$56.9m | −HK$56.9m | −HK$96.2m | −HK$96.2m |
| Diluted earnings per share | -0.02 | -0.01 | -0.02 | -0.01 | -0.01 | -0.01 | -0.02 | -0.02 |
| Cash from operations | — | — | HK$10.0m | HK$13.0m | HK$59.0m | HK$36.0m | HK$2.0m | HK$1.0m |
| Capital spending | — | — | −HK$24.0m | −HK$12.0m | −HK$28.0m | −HK$14.0m | — | — |
| Free cash flow | — | — | −HK$14.0m | HK$1.0m | HK$31.0m | HK$22.0m | — | — |
| Total assets | HK$1.74bn | HK$1.74bn | HK$1.74bn | HK$1.74bn | HK$1.83bn | HK$1.83bn | HK$1.82bn | HK$1.82bn |
| Cash and short-term investments | HK$33.0m | HK$20.8m | HK$18.6m | HK$32.9m | HK$96.2m | HK$96.2m | HK$28.7m | HK$76.5m |
| Debt | HK$433.6m | HK$433.6m | HK$771.7m | HK$749.3m | HK$760.7m | HK$740.6m | HK$759.4m | HK$493.3m |
| Shareholders' equity | HK$301.8m | HK$301.8m | HK$378.6m | HK$378.6m | HK$506.4m | HK$506.4m | HK$593.8m | HK$593.8m |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 6.7% | 5.1% | 8.7% | 5.2% | 3.6% | 3.1% | — | — | — | — | — |
| Operating margin | -18.3% | -2.9% | -40.8% | 2.1% | 2.2% | 2.4% | — | — | — | — | — |
| Net margin | -31.0% | -33.9% | -47.2% | -2.0% | -0.3% | 0.7% | — | — | — | — | — |
| Return on equity | -63.0% | -38.6% | -54.9% | -2.5% | -0.9% | 4.0% | — | — | — | — | — |
| Return on assets | -13.7% | -12.6% | -21.3% | -1.1% | -0.4% | 1.1% | — | — | — | — | — |
| Free cash flow yield | 6.0% | -3.1% | 3.2% | -3.6% | -16.9% | 13.8% | — | — | — | — | — |
| Revenue growth | 14.0% | 57.8% | -41.2% | -66.1% | -28.4% | 104.3% | — | — | — | — | — |
| Earnings growth | 4.1% | 13.6% | 1314.7% | 152.5% | -126.5% | -32.4% | — | — | — | — | — |
| Current ratio | 0.40x | 0.75x | 1.25x | 1.29x | 1.30x | 1.04x | — | — | — | — | — |
| Debt to equity | 2.02x | 1.26x | 1.01x | 0.79x | 0.81x | 1.25x | — | — | — | — | — |
| Equity ratio | 21.8% | 32.7% | 38.7% | 42.8% | 41.7% | 28.5% | — | — | — | — | — |
| Interest coverage | -2.40x | -0.62x | -6.96x | 0.47x | 0.99x | 1.92x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% |
| Buybacks as a share of market value | -20.2% | -17.0% | -2.7% | 0.0% | -34.5% | 0.0% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.9% | -23.8% | 9.6% |
| Operating income | — | — | 12.6% |
| Net income | 155.7% | — | 19.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.9% | 6.2% | 4.3% | 4.2% |
| Operating margin | -11.1% | -12.3% | -2.6% | -1.3% |
| Net margin | -32.4% | -26.3% | -8.6% | -5.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.5 | -10.0 | -2.3 | -18.4 | -94.5 | 17.5 | 14.2 | -57.7 | 13.8 | -22.0 |
| Price to sales | 1.4 | 3.4 | 1.1 | 0.4 | 0.3 | 0.1 | 0.3 | 0.4 | 0.7 | 2.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 14 Aug 2002.
| FY2002 | |
|---|---|
| Paid in the year | 0.009 |
- 5-for-1 split · 7 Apr 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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