C 
1.68
-4.00%
Close of 5 Nov 2026, in HKD
At a glance
Figures in HKD, from our data supplier.
Revenue
HK$86.5m
FY2016FY2025
Net income
−HK$24.9m
FY2016FY2025
Free cash flow
HK$8.4m
FY2016FY2025
Shareholders' equity
HK$38.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$86.5m | HK$134.3m | HK$156.9m | HK$141.9m | HK$164.8m | HK$136.9m | HK$112.1m | HK$62.6m | HK$53.4m | HK$61.7m |
| Operating income | −HK$21.5m | −HK$34.5m | −HK$42.6m | −HK$27.8m | −HK$14.8m | −HK$22.5m | −HK$38.7m | −HK$23.4m | HK$11.0m | HK$780,000 |
| Net income | −HK$24.9m | −HK$38.4m | −HK$45.3m | −HK$18.8m | −HK$20.6m | −HK$26.1m | −HK$105.5m | −HK$40.5m | −HK$98.5m | −HK$17.7m |
| Diluted earnings per share | -0.18 | -0.04 | -0.06 | -0.03 | -0.03 | -0.10 | -0.69 | -0.17 | -0.64 | -0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$127.9m | HK$170.0m | HK$195.6m | HK$248.4m | HK$256.5m | HK$243.0m | HK$207.2m | HK$284.6m | HK$326.5m | HK$506.4m |
| Cash and short-term investments | HK$34.1m | HK$36.2m | HK$37.7m | HK$64.2m | HK$65.1m | HK$53.7m | HK$50.9m | HK$93.4m | HK$109.3m | HK$224.7m |
| Total liabilities | HK$89.8m | HK$121.2m | HK$113.1m | HK$119.0m | HK$122.7m | HK$132.9m | HK$68.7m | HK$38.1m | HK$37.9m | HK$107.1m |
| Debt | HK$35.0m | HK$59.0m | HK$61.3m | HK$51.1m | HK$59.0m | HK$73.0m | HK$38.7m | −HK$305,000 | HK$15.0m | HK$150.7m |
| Shareholders' equity | HK$38.3m | HK$49.0m | HK$82.6m | HK$128.5m | HK$132.9m | HK$108.8m | HK$136.7m | HK$243.4m | HK$277.7m | HK$361.4m |
| Shares outstanding | 136m | 985m | 753m | 753m | 612m | 248m | 153m | 240m | 153m | 153m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$8.5m | HK$12.7m | HK$30.4m | HK$18.2m | −HK$16.0m | HK$21.0m | −HK$3.8m | −HK$18.1m | HK$67.3m | −HK$64.5m |
| Capital spending | −HK$134,000 | −HK$5.7m | −HK$8.3m | −HK$4.8m | −HK$8.3m | −HK$4.0m | −HK$9.2m | −HK$8.2m | −HK$2.4m | −HK$915,000 |
| Free cash flow | HK$8.4m | HK$7.0m | HK$22.1m | HK$13.4m | −HK$24.4m | HK$17.0m | −HK$13.0m | −HK$26.3m | HK$64.9m | −HK$65.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$24.4m | HK$12.2m | HK$34.7m | HK$17.4m | HK$25.9m | HK$25.9m | HK$32.8m | HK$32.8m |
| Operating income | −HK$9.2m | HK$2.4m | −HK$3.4m | −HK$34.4m | −HK$8.5m | −HK$8.5m | −HK$8.5m | −HK$8.5m |
| Net income | −HK$10.6m | −HK$5.3m | −HK$7.3m | −HK$3.6m | −HK$8.8m | −HK$8.8m | −HK$13.2m | −HK$13.2m |
| Diluted earnings per share | -0.07 | -0.04 | -0.05 | -0.03 | -0.07 | -0.07 | -0.01 | -0.01 |
| Cash from operations | −HK$2.0m | −HK$2.0m | −HK$1.0m | — | HK$5.0m | HK$5.0m | −HK$3.0m | −HK$3.0m |
| Capital spending | — | — | −HK$1.0m | — | — | — | −HK$2.0m | −HK$2.0m |
| Free cash flow | — | — | −HK$2.0m | — | — | — | −HK$5.0m | −HK$5.0m |
| Total assets | HK$134.8m | HK$134.8m | HK$127.9m | HK$127.9m | HK$148.4m | HK$148.4m | HK$170.0m | HK$170.0m |
| Cash and short-term investments | HK$42.9m | HK$48.0m | HK$34.1m | HK$42.9m | HK$51.0m | HK$51.0m | HK$36.2m | HK$42.2m |
| Debt | HK$24.2m | HK$24.2m | HK$35.0m | HK$32.2m | HK$41.2m | HK$37.9m | HK$59.0m | HK$47.6m |
| Shareholders' equity | HK$43.1m | HK$43.1m | HK$38.3m | HK$38.3m | HK$45.8m | HK$45.8m | HK$49.0m | HK$49.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.2% | -8.8% | 4.1% |
| Operating income | -8.2% | -0.9% | — |
| Net income | 9.7% | -0.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -25.4% | -24.3% | -19.9% | -17.2% |
| Net margin | -28.7% | -24.5% | -21.2% | -36.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.8 | -11.3 | -23.8 | -54.3 | -37.2 | -14.1 | -2.4 | -13.7 | -8.4 | -49.0 |
| Price to sales | 0.8 | 3.2 | 6.9 | 7.2 | 4.6 | 2.7 | 2.3 | 8.9 | 15.5 | 14.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 15 Nov 2024
- 8-to-1 reverse split · 28 May 2019
- 5-to-1 reverse split · 4 Feb 2016
- 4-to-1 reverse split · 14 Jan 2014
- 40-to-1 reverse split · 20 Oct 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.