W 
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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$145.6m
FY2016FY2025
Net income
−HK$22.0m
FY2016FY2025
Free cash flow
−HK$14.0m
FY2016FY2025
Shareholders' equity
HK$44.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$145.6m | HK$176.8m | HK$114.6m | HK$184.0m | HK$174.8m | HK$221.2m | HK$190.5m | HK$200.6m | HK$166.1m | HK$134.4m |
| Gross profit | HK$693,000 | HK$18.9m | HK$3.1m | HK$486,000 | −HK$7.2m | HK$41.7m | HK$45.2m | HK$38.3m | HK$32.6m | HK$24.6m |
| Operating income | −HK$22.5m | HK$4.6m | −HK$38.5m | −HK$12.1m | −HK$23.0m | HK$26.7m | HK$26.7m | HK$13.9m | HK$8.2m | HK$18.0m |
| Net income | −HK$22.0m | HK$1.1m | −HK$35.9m | −HK$11.2m | −HK$21.8m | HK$22.6m | HK$21.3m | HK$10.1m | HK$5.2m | HK$15.4m |
| Diluted earnings per share | -0.14 | 0.01 | -0.22 | -0.07 | -0.13 | 0.16 | 0.15 | 0.07 | 0.04 | 0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$104.8m | HK$126.1m | HK$130.8m | HK$186.2m | HK$188.1m | HK$216.6m | HK$140.7m | HK$130.6m | HK$74.0m | HK$91.1m |
| Cash and short-term investments | HK$4.1m | HK$16.6m | HK$6.0m | HK$12.0m | HK$10.7m | HK$18.7m | HK$28.1m | HK$28.2m | HK$17.3m | HK$15.0m |
| Total liabilities | HK$60.1m | HK$59.4m | HK$65.1m | HK$84.6m | HK$75.0m | HK$91.8m | HK$38.6m | HK$49.9m | HK$52.3m | HK$40.2m |
| Debt | HK$20.4m | HK$25.3m | HK$28.4m | HK$38.5m | HK$27.7m | HK$39.5m | HK$7.3m | HK$13.1m | HK$19.6m | HK$2.4m |
| Shareholders' equity | HK$44.7m | HK$66.7m | HK$65.7m | HK$101.6m | HK$113.1m | HK$124.8m | HK$102.1m | HK$80.7m | HK$21.7m | HK$50.8m |
| Shares outstanding | 162m | 162m | 162m | 162m | 162m | 144m | 144m | 144m | 144m | 162m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$14.0m | HK$12.6m | HK$7.6m | −HK$13.5m | −HK$9.2m | −HK$32.6m | HK$8.6m | −HK$20.7m | HK$4.8m | HK$13.0m |
| Capital spending | −HK$66,000 | −HK$221,000 | — | −HK$157,000 | −HK$18,000 | −HK$108,000 | −HK$230,000 | −HK$1.4m | −HK$134,000 | −HK$78,000 |
| Free cash flow | −HK$14.0m | HK$12.4m | HK$7.6m | −HK$13.6m | −HK$9.2m | −HK$32.7m | HK$8.4m | −HK$22.1m | HK$4.7m | HK$12.9m |
| Dividends paid | — | — | — | — | — | — | — | — | −HK$28.6m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$131.4m | HK$65.7m | HK$78.9m | HK$39.4m | HK$33.3m | HK$33.3m | HK$49.2m | HK$49.2m |
| Gross profit | HK$845,999 | HK$423,000 | −HK$4.7m | −HK$2.4m | HK$2.7m | HK$2.7m | HK$2.9m | HK$2.9m |
| Operating income | −HK$9.7m | −HK$4.8m | −HK$20.5m | −HK$10.3m | −HK$1.0m | −HK$1.0m | HK$103,500 | HK$103,500 |
| Net income | −HK$9.5m | −HK$4.8m | −HK$19.3m | −HK$9.7m | −HK$1.3m | −HK$1.3m | −HK$621,000 | −HK$621,000 |
| Diluted earnings per share | -0.06 | -0.03 | -0.12 | -0.06 | -0.01 | -0.01 | -0.00 | -0.00 |
| Cash from operations | HK$4.0m | HK$4.0m | −HK$3.0m | −HK$3.0m | −HK$3.0m | −HK$3.0m | HK$5.0m | HK$5.0m |
| Total assets | HK$108.6m | HK$108.6m | HK$104.8m | HK$104.8m | HK$110.4m | HK$110.4m | HK$126.1m | HK$126.1m |
| Cash and short-term investments | HK$16.6m | HK$16.6m | HK$4.1m | HK$4.1m | HK$10.8m | HK$10.8m | HK$16.6m | HK$16.6m |
| Debt | HK$21.9m | HK$21.9m | HK$20.4m | HK$20.4m | HK$19.5m | HK$19.5m | HK$25.3m | HK$25.3m |
| Shareholders' equity | HK$35.2m | HK$35.2m | HK$44.7m | HK$44.7m | HK$64.1m | HK$64.1m | HK$66.7m | HK$66.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.5% | -8.0% | 1.2% |
| Operating income | 22.9% | — | — |
| Net income | 25.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.1% | 3.7% | 5.7% | 12.0% |
| Operating margin | -5.6% | -11.0% | -6.4% | 1.1% |
| Net margin | -6.5% | -11.0% | -6.6% | 0.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.2 | 10.6 | -0.7 | -1.6 | -2.8 | 4.4 | 3.3 | 13.6 |
| Price to sales | 0.2 | 0.1 | 0.2 | 0.1 | 0.3 | 0.5 | 0.4 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-to-1 reverse split · 21 Jan 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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