H 
0.46
+6.98%
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.
Net income
−HK$46.7m
FY2016FY2025
Free cash flow
−HK$46.0m
FY2016FY2025
Shareholders' equity
HK$4.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | HK$9.4m | — | HK$20.1m | HK$21.6m | HK$18.8m | HK$16.8m | HK$13.5m | HK$59.0m | HK$36.1m | HK$17.8m |
| Operating income | −HK$58.3m | −HK$613.1m | −HK$62.5m | −HK$252.6m | HK$93.1m | HK$1.80bn | HK$89.1m | −HK$178.6m | HK$1.04bn | HK$563.3m |
| Net income | −HK$46.7m | −HK$412.9m | −HK$106.5m | −HK$199.2m | HK$88.5m | HK$1.16bn | HK$307.0m | HK$974.5m | HK$656.0m | HK$700.0m |
| Diluted earnings per share | -0.00 | -0.04 | -0.01 | -0.02 | 0.01 | 0.12 | 0.03 | 0.10 | 0.07 | 0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$6.77bn | HK$5.69bn | HK$7.96bn | HK$7.53bn | HK$7.31bn | HK$7.80bn | HK$7.92bn | HK$7.69bn | HK$6.18bn | HK$4.85bn |
| Cash and short-term investments | HK$435.8m | HK$136.5m | HK$242.1m | HK$284.7m | HK$551.3m | HK$462.3m | HK$491.3m | HK$577.3m | HK$585.5m | HK$671.0m |
| Total liabilities | HK$2.49bn | HK$2.17bn | HK$2.98bn | HK$2.82bn | HK$2.62bn | HK$3.00bn | HK$3.15bn | HK$3.00bn | HK$1.91bn | HK$2.04bn |
| Debt | HK$94.1m | HK$122.5m | HK$152.6m | HK$164.8m | HK$292.1m | HK$426.2m | HK$335.5m | HK$569.2m | HK$360.2m | HK$746.7m |
| Shareholders' equity | HK$4.35bn | HK$3.56bn | HK$4.99bn | HK$4.67bn | HK$4.65bn | HK$4.87bn | HK$4.70bn | HK$4.52bn | HK$3.97bn | HK$2.59bn |
| Shares outstanding | 16,360m | 9,773m | 9,738m | 9,737m | 9,737m | 9,855m | 9,938m | 9,938m | 9,938m | 9,938m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$43.2m | −HK$80.2m | HK$14.8m | −HK$39.8m | HK$129.5m | HK$167.8m | −HK$365.7m | −HK$66.9m | −HK$64.4m | −HK$43.5m |
| Capital spending | −HK$2.9m | −HK$7.3m | −HK$7.4m | −HK$20.2m | −HK$29.9m | −HK$13.8m | −HK$57.3m | −HK$197.6m | −HK$345.1m | −HK$80.2m |
| Free cash flow | −HK$46.0m | −HK$87.5m | HK$7.4m | −HK$60.0m | HK$99.6m | HK$154.0m | −HK$423.0m | −HK$264.5m | −HK$409.5m | −HK$123.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | −HK$15.1m | −HK$7.5m | −HK$14.2m | −HK$14.2m | −HK$14.0m | −HK$14.0m | −HK$12.3m | −HK$12.3m |
| Net income | −HK$8.5m | −HK$4.3m | −HK$7.1m | −HK$7.1m | −HK$16.3m | −HK$16.3m | −HK$185.2m | −HK$185.2m |
| Diluted earnings per share | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.02 | -0.02 |
| Cash from operations | HK$33.0m | HK$15.0m | −HK$32.0m | — | −HK$4.0m | −HK$4.0m | −HK$30.0m | −HK$30.0m |
| Capital spending | — | −HK$3.0m | −HK$2.0m | — | −HK$4.0m | −HK$4.0m | −HK$2.0m | −HK$2.0m |
| Free cash flow | — | HK$12.0m | −HK$34.0m | — | −HK$8.0m | −HK$8.0m | −HK$32.0m | −HK$32.0m |
| Total assets | HK$7.04bn | HK$7.04bn | HK$6.77bn | HK$6.77bn | HK$6.78bn | HK$6.78bn | HK$5.69bn | HK$5.69bn |
| Cash and short-term investments | HK$458.9m | HK$458.9m | HK$435.8m | HK$423.0m | HK$468.9m | HK$468.9m | HK$136.5m | HK$146.1m |
| Debt | HK$96.4m | HK$34.9m | HK$94.1m | HK$24.6m | HK$102.9m | HK$21.5m | HK$122.5m | HK$24.9m |
| Shareholders' equity | HK$4.59bn | HK$4.59bn | HK$4.35bn | HK$4.35bn | HK$4.44bn | HK$4.44bn | HK$3.56bn | HK$3.56bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -16.6% | -486.0% | -65.6% | -193.6% | 21.4% | 622.7% | — |
| Net margin | -20.2% | -327.4% | -46.9% | -152.6% | 18.5% | 389.3% | — |
| Return on equity | -1.1% | -11.6% | -2.1% | -4.3% | 1.9% | 23.7% | — |
| Return on assets | -0.7% | -7.3% | -1.3% | -2.6% | 1.2% | 14.8% | — |
| Free cash flow yield | -0.5% | -1.4% | 0.4% | -0.4% | 3.1% | 3.5% | — |
| Revenue growth | 83.2% | -44.4% | 73.9% | -72.8% | 61.2% | -13.0% | — |
| Earnings growth | -88.7% | 287.6% | -46.5% | -325.0% | -92.3% | 178.3% | — |
| Current ratio | 2.02x | 1.44x | 1.15x | 2.39x | 2.59x | 1.63x | — |
| Debt to equity | 0.02x | 0.03x | 0.03x | 0.03x | 0.06x | 0.09x | — |
| Equity ratio | 64.2% | 62.6% | 62.7% | 62.0% | 63.7% | 62.4% | — |
| Interest coverage | -5.85x | -60.89x | -15.75x | -28.90x | 11.65x | 110.21x | — |
| R&D as a share of sales | 4.1% | — | 8.9% | 16.6% | 3.9% | 5.6% | 4.0% |
| Buybacks as a share of market value | -67.4% | -0.4% | -0.0% | 0.0% | 1.2% | 0.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.0% | -4.9% | 7.2% |
| Operating income | -38.7% | — | -2.5% |
| Net income | -38.3% | — | -31.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -188.0% | -138.1% | 60.8% | 104.9% |
| Net margin | -128.7% | -107.1% | 32.2% | 50.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -150.5 | -13.5 | -32.9 | -16.9 | 39.6 | 3.9 | 16.2 | 10.0 | 26.4 | 9.2 |
| Price to sales | 30.4 | 44.2 | 15.4 | 25.7 | 7.3 | 15.3 | 14.6 | 40.8 | — | 189.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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