M 
0.22
-59.81%
Close of 4 Nov 2026, in HKD
At a glance
Figures in HKD, from our data supplier.
Revenue
HK$57.9m
FY2017FY2026
Net income
−HK$17.5m
FY2017FY2026
Free cash flow
−HK$13.4m
FY2017FY2026
Shareholders' equity
−HK$124.9m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$57.9m | HK$71.1m | HK$68.1m | HK$97.2m | HK$130.5m | HK$106.9m | HK$196.5m | HK$310.4m | HK$269.6m | HK$139.9m |
| Operating income | −HK$26.7m | HK$14.2m | −HK$22.6m | −HK$4.4m | −HK$13.9m | −HK$10.9m | −HK$111.7m | −HK$43.3m | HK$5.6m | −HK$17.9m |
| Net income | −HK$17.5m | −HK$15.2m | −HK$16.2m | −HK$2.2m | −HK$16.6m | −HK$35.0m | −HK$278.9m | −HK$369.2m | −HK$124.0m | −HK$15.6m |
| Diluted earnings per share | -0.20 | -0.24 | -2.60 | -0.35 | -2.67 | -5.61 | -52.57 | -71.11 | -28.94 | -3.91 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$343.8m | HK$337.0m | HK$350.8m | HK$432.3m | HK$618.5m | HK$649.4m | HK$863.5m | HK$1.54bn | HK$292.2m | HK$162.4m |
| Cash and short-term investments | HK$23.1m | HK$22.3m | HK$34.4m | HK$72.9m | HK$49.7m | HK$19.7m | HK$83.2m | HK$134.0m | HK$115.4m | HK$52.2m |
| Total liabilities | HK$197.0m | HK$188.1m | HK$237.5m | HK$282.7m | HK$442.3m | HK$410.3m | HK$665.6m | HK$1.07bn | HK$144.6m | HK$8.7m |
| Debt | HK$80.0m | HK$96.0m | HK$107.2m | HK$135.9m | HK$369.9m | HK$349.2m | HK$167.7m | HK$838.6m | HK$163.5m | HK$30.1m |
| Shareholders' equity | −HK$124.9m | −HK$114.1m | −HK$38.9m | −HK$12.4m | HK$3.5m | HK$11.2m | HK$32.0m | HK$275.8m | HK$309.3m | HK$148.3m |
| Shares outstanding | 89m | 62m | 6m | 6m | 6m | 6m | 5m | 5m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$13.4m | −HK$5.3m | −HK$9.5m | HK$30.8m | HK$46.5m | HK$16.5m | HK$160.8m | −HK$153.0m | −HK$82.2m | −HK$27.4m |
| Capital spending | −HK$26,000 | −HK$95,000 | −HK$129,000 | −HK$135,000 | −HK$796,000 | −HK$44,000 | −HK$1.1m | −HK$5.9m | −HK$5.0m | −HK$5.4m |
| Free cash flow | −HK$13.4m | −HK$5.4m | −HK$9.6m | HK$30.7m | HK$45.7m | HK$16.4m | HK$159.7m | −HK$158.9m | −HK$87.2m | −HK$32.8m |
Latest quarters
By quarter end
| Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$12.2m | HK$12.2m | HK$16.7m | HK$16.7m | HK$36.7m | HK$18.3m | HK$17.2m | HK$17.2m |
| Operating income | −HK$13.3m | −HK$11.6m | −HK$887,000 | −HK$887,000 | −HK$11.3m | −HK$4.8m | HK$512,000 | HK$512,000 |
| Net income | −HK$7.9m | −HK$4.0m | −HK$4.8m | −HK$4.8m | −HK$8.3m | −HK$4.2m | −HK$3.4m | −HK$3.4m |
| Diluted earnings per share | -0.09 | -0.06 | -0.08 | -0.08 | -0.13 | -0.67 | -0.55 | -0.55 |
| Cash from operations | −HK$22.0m | −HK$22.0m | HK$18.0m | HK$18.0m | HK$5.0m | HK$5.0m | −HK$8.0m | −HK$8.0m |
| Total assets | HK$343.8m | HK$343.8m | HK$345.7m | HK$345.7m | HK$337.0m | HK$337.0m | HK$360.5m | HK$360.5m |
| Cash and short-term investments | HK$23.1m | HK$31.9m | HK$55.8m | HK$64.9m | HK$22.3m | HK$31.8m | HK$13.3m | HK$27.6m |
| Debt | HK$80.0m | HK$167.1m | HK$88.9m | HK$171.0m | HK$96.0m | HK$158.4m | HK$163.0m | HK$163.0m |
| Shareholders' equity | −HK$124.9m | −HK$124.9m | −HK$121.4m | −HK$121.4m | −HK$114.1m | −HK$114.1m | −HK$101.3m | −HK$101.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.9% | -11.5% | -7.5% |
| Operating income | 81.8% | 19.5% | 15.7% |
| Net income | 99.5% | -12.9% | 6.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -9.7% | -13.4% | -12.1% | -15.1% |
| Net margin | -25.4% | -17.4% | -19.3% | -57.2% |
Valuation history
At each fiscal year end
| FY2026 | |
|---|---|
| Price to earnings | -1.1 |
| Price to sales | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 20 Jan 2022
- 10-for-1 split · 8 Nov 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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