P 
0.18
+7.14%
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$278.8m
FY2016FY2025
Net income
−HK$303.8m
FY2016FY2025
Free cash flow
−HK$184.5m
FY2016FY2025
Shareholders' equity
HK$1.47bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$278.8m | HK$543.6m | HK$567.5m | HK$138.3m | HK$90.0m | HK$243.5m | HK$168.0m | HK$123.4m | HK$76.8m | HK$110.8m |
| Gross profit | HK$64.0m | HK$82.2m | HK$115.9m | HK$41.2m | HK$10.5m | HK$37.9m | HK$74.7m | HK$32.2m | −HK$3.1m | HK$4.5m |
| Research and development | HK$113.3m | HK$154.0m | HK$69.7m | HK$4.7m | HK$15.6m | HK$2.9m | HK$2.0m | HK$1.3m | HK$19.2m | — |
| Operating income | −HK$200.7m | −HK$298.7m | −HK$140.1m | −HK$460.6m | −HK$364.6m | −HK$305.8m | −HK$9.3m | −HK$51.2m | −HK$73.0m | −HK$25.9m |
| Net income | −HK$303.8m | −HK$347.5m | −HK$222.5m | −HK$403.8m | −HK$386.7m | −HK$276.8m | HK$27.4m | HK$14.5m | −HK$462.4m | −HK$38.9m |
| Diluted earnings per share | -0.04 | -0.05 | -0.03 | -0.07 | -0.05 | -0.04 | 0.00 | 0.00 | -0.33 | -0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$2.32bn | HK$2.62bn | HK$2.91bn | HK$2.87bn | HK$3.61bn | HK$3.91bn | HK$3.90bn | HK$4.26bn | HK$2.84bn | HK$780.0m |
| Cash and short-term investments | HK$408.7m | HK$531.4m | HK$602.9m | HK$1.78bn | HK$1.06bn | HK$1.13bn | HK$1.21bn | HK$1.81bn | HK$1.13bn | HK$15.3m |
| Total liabilities | HK$846.8m | HK$850.8m | HK$705.6m | HK$279.7m | HK$701.3m | HK$684.3m | HK$355.4m | HK$673.9m | HK$762.0m | HK$466.4m |
| Debt | HK$351.4m | HK$286.3m | HK$98.2m | HK$17.2m | HK$69.2m | HK$141.2m | HK$45.7m | HK$301.3m | HK$440.5m | HK$108.0m |
| Shareholders' equity | HK$1.47bn | HK$1.77bn | HK$2.21bn | HK$2.59bn | HK$2.90bn | HK$3.23bn | HK$3.54bn | HK$3.59bn | HK$2.08bn | HK$313.6m |
| Shares outstanding | 7,401m | 7,410m | 7,607m | 6,926m | 6,611m | 6,596m | 7,507m | 4,935m | 1,403m | 974m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$132.3m | −HK$202.5m | −HK$264.5m | −HK$93.9m | HK$82.9m | HK$43.4m | HK$47.0m | HK$47.0m | −HK$9.1m | −HK$35.0m |
| Capital spending | −HK$52.2m | −HK$32.0m | −HK$30.1m | −HK$7.9m | −HK$47.1m | −HK$63.2m | −HK$106.9m | −HK$103.3m | −HK$54.2m | −HK$45.3m |
| Free cash flow | −HK$184.5m | −HK$234.5m | −HK$294.7m | −HK$101.8m | HK$35.8m | −HK$19.8m | −HK$59.9m | −HK$56.3m | −HK$63.2m | −HK$80.4m |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$77.6m | HK$116.8m | HK$162.0m | HK$207.4m | HK$336.3m | HK$134.8m | HK$432.7m | HK$73.1m |
| Gross profit | HK$9.7m | HK$34.2m | HK$29.8m | HK$27.5m | HK$54.7m | HK$55.1m | HK$60.8m | HK$25.4m |
| Operating income | −HK$100.8m | −HK$78.4m | −HK$122.4m | −HK$189.0m | −HK$109.8m | −HK$195.6m | −HK$20.8m | −HK$200.0m |
| Net income | −HK$87.7m | −HK$143.1m | −HK$160.7m | −HK$205.8m | −HK$141.7m | −HK$179.5m | −HK$43.0m | −HK$204.0m |
| Diluted earnings per share | -0.01 | -0.02 | -0.02 | -0.03 | -0.02 | -0.02 | -0.01 | -0.03 |
| Cash from operations | −HK$118.0m | −HK$96.0m | −HK$35.0m | −HK$188.0m | −HK$14.0m | −HK$202.0m | −HK$61.0m | −HK$33.0m |
| Capital spending | −HK$27.0m | −HK$20.0m | −HK$31.0m | −HK$8.0m | −HK$23.0m | −HK$1.0m | −HK$28.0m | −HK$3.0m |
| Free cash flow | −HK$145.0m | −HK$116.0m | −HK$66.0m | −HK$196.0m | −HK$37.0m | −HK$203.0m | −HK$89.0m | −HK$36.0m |
| Total assets | HK$2.33bn | HK$2.32bn | HK$2.57bn | HK$2.62bn | — | HK$2.91bn | HK$3.04bn | HK$2.87bn |
| Cash and short-term investments | HK$369.3m | HK$408.7m | HK$479.1m | HK$531.4m | — | HK$602.9m | HK$963.1m | HK$1.78bn |
| Debt | HK$444.1m | HK$343.5m | HK$304.4m | HK$275.1m | — | HK$87.3m | HK$33.4m | HK$12.3m |
| Shareholders' equity | HK$1.40bn | HK$1.47bn | HK$1.63bn | HK$1.77bn | — | HK$2.21bn | HK$2.50bn | HK$2.59bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.3% | 2.7% | 6.9% |
| Operating income | -24.2% | -8.1% | 34.2% |
| Net income | -9.0% | 1.9% | 2.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.8% | 19.8% | 18.9% | 19.6% |
| Operating margin | -60.7% | -72.0% | -95.1% | -78.1% |
| Net margin | -79.2% | -83.6% | -104.3% | -106.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.6 | -4.7 | -15.7 | -17.1 | -21.7 | -23.8 | 276.9 | 391.6 | -4.3 | -54.8 |
| Price to sales | 5.0 | 3.0 | 6.2 | 50.1 | 93.3 | 27.1 | 45.1 | 46.0 | 25.9 | 19.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 4 Sept 2000.
| FY2001 | FY2000 | FY1999 | FY1998 | |
|---|---|---|---|---|
| Paid in the year | 0.07 | 0.06 | 0.04 | 0.04 |
- 4-to-1 reverse split · 17 Sept 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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