Live News • 17h
OSL Group Stock in Focus as USDGO Stablecoin Circulating Supply Tops 500 Million OSL Group reported that the circulating supply of its enterprise stablecoin USDGO has reached more than US$500 million within four months of launch.
USDGO now supports a diversified set of use cases, including cross-border payments, fiat on/off-ramps and institutional fund flows.
Reserve assets backing USDGO have expanded to include JPMorgan’s tokenized fund alongside existing BlackRock and Goldman Sachs funds, which is intended to support security and liquidity.
The rapid scale of USDGO and its widening ecosystem suggests that OSL Group is leaning further into compliant digital-asset infrastructure aimed at institutional and enterprise users.
Investors may want to monitor regulatory developments around stablecoins and how OSL Group manages reserve quality, as both factors are central to the resilience of this business line. Announcement • Jun 04
OSL Group Limited, Annual General Meeting, Jun 26, 2026 OSL Group Limited, Annual General Meeting, Jun 26, 2026, at 10:30 China Standard Time. Location: 39/f, lee garden one, 33 hysan avenue, causeway bay, Hong Kong Major Estimate Revision • Apr 21
Consensus EPS estimates fall by 354%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from HK$707.7m to HK$740.9m. Forecast EPS reduced from -HK$0.066 to -HK$0.30 per share. Capital Markets industry in Hong Kong expected to see average net income growth of 22% next year. Consensus price target down from HK$20.76 to HK$20.09. Share price rose 5.6% to HK$13.93 over the past week. Reported Earnings • Apr 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: HK$0.57 loss per share (down from HK$0.091 profit in FY 2024). Revenue: HK$488.8m (up 30% from FY 2024). Net loss: HK$386.8m (down HK$442.7m from profit in FY 2024). Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 07
OSL Group Limited to Report Fiscal Year 2025 Results on Mar 31, 2026 OSL Group Limited announced that they will report fiscal year 2025 results at 12:30 PM, China Standard Time on Mar 31, 2026 Announcement • Feb 10
OSL Group Officially Launches Regulated Enterprise Stablecoin USDGO OSL Group announced the official launch of USDGO, a regulated enterprise compliant U.S. dollar stablecoin. As a cornerstone of OSL Group's global payment infrastructure, USDGO is positioned for institutional settlement and corporate payments, serving the cross-border business ecosystem of Asian enterprises. Leveraging its enterprise-level features and services, USDGO provides users with a compliant tool for liquidity management and settlement. It is dedicated to the long-term empowerment of the real economy, aiming to become a primary choice for global enterprises seeking on-chain cross-border payments. An initial batch of USDGO stablecoins has been minted and deployed on the public blockchain of Solana, with plans to expand to more chains in the future, creating further synergies with OSL Group's payment business. A federally regulated stablecoin, USDGO is 1:1 US dollar-backed and undergoes stringent third-party audits. It is issued by Anchorage Digital Bank N,A., the first federally chartered crypto bank in the United States, with OSL Group serving as the branding operator and distributor. Leveraging bank-grade treasury management experience and technical support for on-chain assets, USDGO -- federally regulated and accessible across multiple global jurisdictions -- can provide 24/7 liquidity support for various users, including corporations, institutions, and individuals. It offers a low-friction "stablecoin-to-fiat" trading and settlement experience, allowing for more effective capital management. For enterprise clients focused on compliance and technical assurance, USDGO is designed to address pain points around "viability, security, and scalability." It empowers enterprises with cross-chain, cross-platform, cross-market, and cross-currency transaction and payment capabilities to extract efficiencies and cost savings over traditional channels. USDGO will continue to expand its services and applications, providing compliant and secure on-chain payment solutions for high-frequency real-world business scenarios, including cross-border e-commerce, international trade, financial services, and interactive entertainment. New Risk • Feb 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 44% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 28% per year for the foreseeable future. High level of non-cash earnings (59% accrual ratio). Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Announcement • Feb 04
OSL Group Limited has completed a Follow-on Equity Offering in the amount of HKD 1.56 billion. OSL Group Limited has completed a Follow-on Equity Offering in the amount of HKD 1.56 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 104,698,000
Price\Range: HKD 14.9
Transaction Features: Subsequent Direct Listing Announcement • Jan 30
OSL Group Limited announced that it expects to receive $200 million in funding OSL Group Limited announced an equity financing private placement of Common Shares of the company to raise gross proceeds of $ 200,000,000 on January 28, 2026. Announcement • Jan 29
OSL Group Limited has filed a Follow-on Equity Offering in the amount of HKD 1.56 billion. OSL Group Limited has filed a Follow-on Equity Offering in the amount of HKD 1.56 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 104,698,000
Price\Range: HKD 14.9
Transaction Features: Subsequent Direct Listing Announcement • Jan 23
OSL Group Limited Provides consolidated Earnings Guidance for the Year Ended 31 December 2025 OSL Group Limited provided consolidated earnings guidance for the year ended 31 December 2025. For the year, the company expects to record net loss from continuing operations for FY2025 ranging from HKD 370 million to HKD 430 million, as compared to a profit from continuing operations of approximately HKD 55 million for the year ended 31 December 2024 (the ``FY2024''), as the Group made essential investment to lay a robust foundation for future growth. Despite the anticipated net loss, the Group's business continues to demonstrate robust momentum: (i) Income from digital assets and blockchain platform business (``IFRS income'') is expected to range from HKD 450 million to HKD 530 million for FY2025, representing an increase of 20.0% to 41.3% as compared to IFRS income of approximately HKD 375 million in FY2024; and (ii) Our adjusted income from digital assets and blockchain platform business (``adjusted non-IFRS income'')1 is expected to range from HKD 490 million to HKD 570 million for FY2025, representing a substantial increase of 129.0% to 166.4% as compared to adjusted non-IFRS income of approximately HKD 214 million in FY2024, reflecting sustained growth in the Group's core business activities.
The Board considers that relative to the profit recorded in FY2024, the Group's financial performance in FY2025 was primarily impacted by the following factors: (i) Continued investment in strategic global expansion, including staff hiring, IT infrastructure build-out, and other operating expenditures to establish and scale global operational capabilities. While the incremental costs from these investments are expected to be approximately HKD 400 million to HKD 440 million higher than FY2024, these outlays have delivered tangible results, which materially expanding global footprint and product offering and driving the Group's year-on-year growth of over 100% in adjusted non-IFRS income; (ii) Driven by the prevailing downward trend in digital asset prices during the fourth quarter of 2025, a non-cash net fair value loss from remeasurement of digital assets held for trading purposes by the Group is expected to be approximately HKD 40 million to HKD 50 million in FY2025, as compared to a net fair value gain of HKD161 million in FY2024; In addition, a non-cash net fair value loss from revaluation of digital assets held for long-term capital appreciation is also expected to be approximately HKD 40 million to HKD 0 million in FY2025.
(iii) One-off professional service fees and related expenses incurred for strategic M&A activities and global license applications, are expected to be approximately HKD 30 million to HKD 40 million in FY2025. New Risk • Jan 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 28% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 28% per year for the foreseeable future. High level of non-cash earnings (59% accrual ratio). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Announcement • Jan 15
OSL Group Limited Announces Appointment and Resignation of Independent Non-Executive Director and Changes in Board Committee Composition, Effective January 15, 2026 OSL Group Limited has appointed Ms. Ko Kit Man Liza as an independent non-executive director of the Company with effect from January 15, 2026. Ms. Ko, aged 46, brings extensive experience in global capital markets, financial management, and listing compliance. She currently serves as the Chief Financial Officer of MingMed Biotechnology Co. Ltd. Prior to this role, Ms. Ko was the Vice President of the Listing Division at The Stock Exchange of Hong Kong Limited, where she served from 2012 to 2021. Earlier in her career, she worked at KPMG LLP from 2002 to 2012. Ms. Ko obtained a bachelor’s degree in accounting from Nanyang Technological University in Singapore in 2002. She is a certified public accountant in Singapore since 2006 and in Hong Kong since 2015. Additionally, Ms. Ko has been an independent non-executive director of Brockman Mining Limited since October 2024. Ms. Ko has been appointed as a member of the Audit Committee, Nomination Committee, and Remuneration Committee with effect from January 15, 2026. The Board hereby announces that Mr. Yang Huan has tendered his resignation as the independent non-executive Director with effect from January 15, 2026, in order to devote more time to his personal commitments. With effect from January 15, 2026, Mr. Yang has ceased to be a member of Audit Committee, Nomination Committee and Remuneration Committee. Major Estimate Revision • Dec 02
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$650.5m to HK$643.7m. Now expected to report a loss of HK$0.04 per share instead of HK$0.033 per share profit previously forecast. Capital Markets industry in Hong Kong expected to see average net income growth of 16% next year. Consensus price target down from HK$20.75 to HK$20.32. Share price rose 7.4% to HK$16.50 over the past week. Announcement • Oct 04
OSL Group Limited has completed a Follow-on Equity Offering in the amount of HKD 708.0182 million. OSL Group Limited has completed a Follow-on Equity Offering in the amount of HKD 708.0182 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,518,000
Price\Range: HKD 14.9
Transaction Features: Subsequent Direct Listing New Risk • Sep 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 59% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (59% accrual ratio). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Significant insider selling over the past 3 months (HK$5.1m sold). Announcement • Sep 09
OSL Group Limited has filed a Follow-on Equity Offering in the amount of HKD 708.0182 million. OSL Group Limited has filed a Follow-on Equity Offering in the amount of HKD 708.0182 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,518,000
Price\Range: HKD 14.9
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • Sep 05
Independent Non-Executive Director recently sold HK$5.1m worth of stock On the 29th of August, Shing Yim Chau sold around 300k shares on-market at roughly HK$17.11 per share. This transaction amounted to 94% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought HK$38m more than they sold in the last 12 months. Reported Earnings • Aug 31
First half 2025 earnings released: HK$0.033 loss per share (vs HK$0.016 loss in 1H 2024) First half 2025 results: HK$0.033 loss per share (further deteriorated from HK$0.016 loss in 1H 2024). Revenue: HK$195.4m (up 58% from 1H 2024). Net loss: HK$20.2m (loss widened 108% from 1H 2024). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Aug 23
Independent Non-Executive Director exercised options to buy HK$5.0m worth of stock. On the 20th of August, Shing Yim Chau exercised options to buy 300k shares at a strike price of around HK$7.99, costing a total of HK$2.4m. This transaction amounted to 1,500% of their direct individual holding at the time of the trade. Shing Yim currently holds less than 1% of total shares outstanding. Company insiders have collectively bought HK$46m more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Aug 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (89% accrual ratio). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Aug 09
OSL Group Limited to Report First Half, 2025 Results on Aug 28, 2025 OSL Group Limited announced that they will report first half, 2025 results on Aug 28, 2025 Recent Insider Transactions • Aug 08
Independent Non-Executive Director recently bought HK$4.3m worth of stock On the 1st of August, Hang Jia bought around 250k shares on-market at roughly HK$17.04 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$43m more in shares than they have sold in the last 12 months. Announcement • Aug 07
OSL Group Limited has completed a Follow-on Equity Offering in the amount of HKD 1.507791 billion. OSL Group Limited has completed a Follow-on Equity Offering in the amount of HKD 1.507791 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 101,194,000
Price\Range: HKD 14.9
Transaction Features: Subsequent Direct Listing Announcement • Jun 28
OSL Group Limited (SEHK:863) entered into arrangement agreement to acquire Banxa Holdings Inc. (TSXV:BNXA) from Carosa Corporation B.V., Dominet Digital Investments Pty Ltd, Thorney Omega Pty Ltd ,Thorney Technologies Ltd and others for $81.7 million. OSL Group Limited (SEHK:863) entered into arrangement agreement to acquire Banxa Holdings Inc. (TSXV:BNXA) from Carosa Corporation B.V., Dominet Digital Investments Pty Ltd, Thorney Omega Pty Ltd ,Thorney Technologies Ltd and others for $81.7 million on June 27, 2025. A cash consideration of CAD 1.6 million and of CAD 1.9 million will be paid by OSL Group Limited. As part of consideration, CAD 81.7 million is paid towards common equity, CAD 1.9 million is paid towards options and CAD 1.6 million is paid towards warrants of Banxa Holdings Inc. In case of termination of transaction, OSL Group Limited will pay a termination fee of CAD 4.25 million and NGC Ventures, Thorney Investment Group Australia Pty. Ltd., Dominet Digital Corporation Pty. Ltd., Tembusu Partners Pte Ltd., Carosa Corporation B.V., Dominet Digital Investments Pty Ltd., Thorney Omega Pty Ltd and Thorney Technologies Ltd will pay a termination fee of CAD 4.25 million.
The transaction is subject to approval by regulatory board / committee and subject to shareholder approval.
Architect Partners acted as financial advisor for Banxa Holdings Inc. Evans & Evans, Inc. acted as financial advisor for Banxa Holdings Inc. Cassels Brock & Blackwell LLP acted as legal advisor for Banxa Holdings Inc. Kirkland & Ellis acted as legal advisor for Banxa Holdings Inc. Stikeman Elliott LLP acted as legal advisor for OSL Group Limited. Han Kun Law Offices LLP acted as legal advisor for OSL Group Limited. Announcement • Jun 05
OSL Group Limited, Annual General Meeting, Jun 27, 2025 OSL Group Limited, Annual General Meeting, Jun 27, 2025, at 10:30 China Standard Time. Location: 39/f, lee garden one, 33 hysan avenue, causeway bay, Hong Kong Announcement • Apr 03
OSL Launches Wealth Management Platform for Crypto Assets in Hong Kong OSL Group announced the launch of OSL Wealth, a wealth management platform tailored for traditional investors managing crypto assets. OSL Wealth is now available on OSL in Hong Kong, enabling the Group to capitalise on the city's strategic benefits as a global financial hub, and furthering its commitment to global expansion and innovation. OSL Wealth is a crucial new offering of OSL in Hong Kong, a key division of the Group. It empowers traditional professional investors to explore diversified investment strategies within the digital asset market. Leveraging the company's prime brokerage, OTC trading, crypto exchange platform, and custody services, OSL Wealth delivers a comprehensive suite of wealth management solutions, providing professional users with access to tokenised treasury assets, RWA solutions, crypto-structured products and quantitative crypto investment funds, all within an enhanced customer experience. OSL, the first insured and SFC-licensed digital asset platform in Hong Kong, upholds the highest standards of security and regulatory compliance. OSL Wealth offers expert-driven, secure, and compliant wealth management solutions, crafted to address the sophisticated needs of VIP and institutional investors and strategically designed to capitalize on opportunities in the burgeoning digital assets market. Reported Earnings • Mar 25
Full year 2024 earnings released: EPS: HK$0.094 (vs HK$0.58 loss in FY 2023) Full year 2024 results: EPS: HK$0.094 (up from HK$0.58 loss in FY 2023). Revenue: HK$374.7m (up 79% from FY 2023). Net income: HK$55.9m (up HK$305.5m from FY 2023). Profit margin: 15% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 24
OSL Group Limited Appoints Cui Song as Alternate Member of Remuneration Committee OSL Group Limited announces that Mr. Cui Song, the Executive Director and Chief Executive Officer of the Company, was appointed as an alternate to Mr. Yang Chao, the Executive Director of the Company, as a member of the Remuneration Committee with effect from 25 March 2025. Announcement • Mar 10
OSL Group Limited to Report Fiscal Year 2024 Results on Mar 24, 2025 OSL Group Limited announced that they will report fiscal year 2024 results on Mar 24, 2025 Announcement • Jan 23
OSL Group Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2024 OSL Group Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2024. For the period, the Group expects to record revenue for the Year ranging from approximately HKD 337 million to HKD 375 million, representing an increase of approximately 60% to 79% as compared to revenue of approximately HKD 210 million for the corresponding period in 2023. In addition, the Group anticipates a profit from continuing operations for the Year ranging from approximately HKD 47 million to HKD 52 million, as compared to a loss from continuing operations of approximately HKD 250 million for the corresponding period in 2023, marking a turnaround from loss to profit. The expected growth in revenue and turnaround from loss to profit for the Year are mainly attributable to a number of factors, including: (i) the surge in digital asset prices and the launch of digital asset Exchange Traded Funds (ETF) which significantly increased institutional investor participation and demand for digital asset trading and institutional services; (ii) the continued expansion of the Group's management team to drive strategic business development and accelerate business plan execution; (iii) implementation of initiatives to enhance and optimise operational efficiency; and (iv) the appreciation in value of digital assets held by the Group to facilitate its trading business. Moreover, the Group expects to record a total comprehensive income for the Year ranging from approximately HKD 148 million to HKD 165 million, as compared to a total comprehensive loss of approximately HKD 266 million for the corresponding period in 2023. The expected turnaround from loss to profit is mainly attributed to the expected increase in the fair value of digital assets held by the Group as long-term investments. New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (43% increase in shares outstanding). Announcement • Jan 02
OSL Group Limited Announces Board Changes, Effective January 1, 2025 The board of directors of OSL Group Limited announced that, in order to align with the Group's business expansion needs, the appointment of Mr. Cui Song, the Chief Executive Officer of the Group, as an Executive Director of the Company with effect from 1 January 2025, and Ms. Jia Ruixin, the Executive Director of the Company and Head of Human Resources of the Group, will cease to serve as an Executive Director of the Company with effect from 1 January 2025. Mr. Cui Song, aged 46, was appointed as the Chief Executive Officer of the Group in August 2024. Mr. Cui is a seasoned leader with over 20 years of experience in the Web 2.0 and Web 3.0 sectors. He has held senior leadership roles at Bybit, FangDuoDuo, Google and other firms, managing and leading engineering, product management and operations initiatives and innovations. Throughout his career, Mr. Cui has successfully managed early-stage financing and led companies through IPOs. As a forward-thinking leader in the digital asset space, he is adept at navigating the ever-changing regulatory environment, and ensuring compliance while driving innovation proactively. His vision and commitment to industry progress make him a key leader in the future of digital assets. Mr. Cui holds both Bachelor's and Master's degrees in Engineering from Shanghai Jiao Tong University. Announcement • Nov 21
OSL Group Limited Announces Change of Chief Financial Officer The board of directors of OSL Group Limited announced that Mr. Wu Chun Pong has tendered his resignation as the Group's Chief Financial Officer, with effect from 15 November 2024. Mr. Wu has confirmed that he has no disagreement with the Board, and there are no matters in relation to his resignation from the above position that need to be brought to the attention of the shareholders of the Company. The Board further announced that Mr. Wong Kwun Man, the Chief Investment Officer of the Group, has been re-assigned to the position of Group's Chief Financial Officer, with effect from 15 November 2024. The biographical details of Mr. Wong are as follows: Mr. Wong has over sixteen years of extensive experience in capital markets, strategic investment and management consulting. He joined the Group in September 2024 as the Chief Investment Officer. Prior to joining the Group, Mr. Wong held key positions in various leading global investment banking, technology, and consulting firms, including Morgan Stanley, Ant Group and Boston Consulting Group. Mr. Wong received his master's degree in financial engineering from Columbia University and bachelor's degree in quantitative finance from the Hong Kong University of Science and Technology. New Risk • Nov 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (43% increase in shares outstanding). Announcement • Oct 22
OSL Group Limited Announces Executive Changes The board of directors of OSL Group Limited announced that Ms. Kuo Yuen Fan will succeed Mr. Wu Chun Pong as the company secretary of the Company with effect from 22 October 2024. Ms. Kuo has over ten years of experience in the financial industry. Prior to joining the Group, she served as company secretary at a bank in Hong Kong and was responsible for investor relations at another listed company. Ms. Kuo is a member of the Hong Kong Institute of Corporate Governance and holds a bachelor's degree in Business Administration from The Chinese University of Hong Kong. Announcement • Sep 28
OSL Group Limited Announces Board and Committee Changes OSL Group Limited announced that, Mr. Lee Kam Hung Lawrence, BBS, JP has been appointed as the Chairman of the Board and non-executive Director of the Company with effect from 27 September 2024. The biographical details of Mr. Lee are set out as follows: Lee Kam Hung Lawrence, 69, has been practicing with Baker McKenzie, an international law firm since 1979. He served as the Chairman of the Firm's Hong Kong and PRC offices from 1996 to June 2024 and being a member of the Firm's Capital Markets Practice Group, where he mainly focused on corporate finance, including mergers and acquisitions of public companies, corporate reorganization, securities-related practices, and assisting companies with their compliance issues and challenges. In the last 15 years, he also began focusing on substantial dispute resolution work and represented clients in several high-profile cases. Mr. Lee also served as Chairman of the Asia Pacific Regional Council and was a former Executive Committee member of the Firm. He retired on 26 September 2024 after practicing for 46 years with the Firm. While attending to his private practice, Mr. Lee has devoted significant time to serving the community in various capacities. He is currently the Chairman of the Process Review Panel for the Securities and Futures Commission (SFC) and the Staff Appeal Committee of the Hospital Authority. He also served as a member of the SFC's Takeovers and Mergers Panel and the Takeovers Appeal Committee (20202024), as well as the Hong Kong Housing Society. In addition, he is a Senior Fellow of the Hong Kong Securities and Investment Institute. In the past, Mr. Lee served as Chairman of the Hospital Governing Committee of Pamela Youde Nethersole Eastern Hospital from April 2007 to March 2017. He was also a non- executive director of the SFC from November 2009 to November 2015. Furthermore, he was a board member of the Hospital Authority from April 2005 to March 2013 and a member of the Mainland Business Advisory Committee of the Hong Kong Trade Development Council from 2015 to 2019. Mr. Lee graduated from the University of Hong Kong with a Bachelor's degree in Laws in 1978 and a Postgraduate Certificate in Laws in 1979. He is admitted as a solicitor in Hong Kong, New South Wales and Victoria, and as a solicitor (non-practising) in England and Wales. The Board announced that Mr. Pan Zhiyong, has tendered his resignation as the Chairman and Executive Director with effect from 27 September 2024, in order to devote more time to his personal commitments. Mr. Pan confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. The Board announced that, with effect from 27 September 2024: (1) Mr. Pan Zhiyong has ceased to be the chairman of each of the Nomination Committee and the Risk Management Committee and a member of the Remuneration Committee; (2) Mr. Lee has been appointed as the chairman of each of the Nomination Committee and the Risk Management Committee and a member of the Remuneration Committee. Reported Earnings • Sep 27
First half 2024 earnings released: HK$0.016 loss per share (vs HK$0.23 loss in 1H 2023) First half 2024 results: HK$0.016 loss per share (improved from HK$0.23 loss in 1H 2023). Revenue: HK$123.8m (up 18% from 1H 2023). Net loss: HK$9.72m (loss narrowed 90% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Sep 18
OSL Group Limited Appoints Eugene Cheung as Chief Institutional Business Officer OSL announced the appointment of Eugene Cheung as Chief Institutional Business Officer (CIBO). This strategic hire is a part of OSL's expansion of its institutional offerings and market presence in the rapidly evolving digital asset landscape. Eugene Cheung brings a wealth of experience to OSL, with a career spanning over 20 years in traditional finance and digital assets. His expertise in institutional trading, market development, and strategic growth aligns perfectly with OSL's vision for the future. Before joining OSL, Eugene served as Vice President and Head of Institution at Bybit, where he played a pivotal role in establishing the company as one of the top three global digital asset exchanges. His experience also includes leadership positions at Tradeweb, where he spearheaded initiatives such as Bond Connect, and CME Group, significantly expanding the company's presence in China. With Eugene's extensive background in financial markets, including roles at Cantor Fitzgerald and experience in private equity, Eugene is well-equipped to navigate the complex landscape of institutional digital asset adoption. As the company continues expanding its global footprint, Eugene's insights and leadership will play a crucial role in shaping OSL's future and reinforcing its position as a regulated digital asset industry leader. New Risk • Sep 07
New major risk - Revenue and earnings growth Earnings have declined by 2.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (43% increase in shares outstanding). Announcement • Aug 30
OSL Group Limited Announces Board Changes The Board of Directors of OSL Group Limited announced that, Ms. Jia Ruixin (``Ms. Jia''), who is currently the Head of Human Resources of the Group, has been appointed as the Executive Director of the Company with effect from 30 August 2024. Jia Ruixin, 40, joined the Group in January 2024 and currently serves as the Head of Human Resources of the Group. Ms. Jia has over 16 years of extensive experience in organizational development, learning development, talent development, and sales management. She previously worked at the globally renowned multinational corporation IBM in various roles, including Incentive Analysis for the Asia Pacific region, Sales Management Business Advisory of Digital Sales Center in Greater China, and Learning and Talent Development for both Greater China and ASEAN regions. Ms. Jia later joined the global leading enterprise software company SAP, where she was responsible for sales training and talent development in Greater China. Additionally, she worked at Sensors Data, a Chinese Unicorn startup, successfully building the department and team from the ground up. Ms. Jia graduated from Northwestern Polytechnical University with a Bachelor's degree in Management and also holds a postgraduate degree from the University of Chinese Academy of Sciences in Managerial Psychological Capital Development and Training. She is also a Certified Erickson International Coach. The Board hereby announces that Mr. Ko Chun Shun, Johnson (``Mr. Ko''), has tendered his resignation as an Executive Director with effect from 30 August 2024, in order to devote more time to his personal commitments. Mr. Ko confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. Reported Earnings • Aug 16
First half 2024 earnings released: HK$0.016 loss per share (vs HK$0.22 loss in 1H 2023) First half 2024 results: HK$0.016 loss per share (improved from HK$0.22 loss in 1H 2023). Revenue: HK$123.8m (down 2.1% from 1H 2023). Net loss: HK$9.72m (loss narrowed 90% from 1H 2023). Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Aug 09
OSL, Subsidiary of OSL Group, Appoints Kevin Cui as New CEO OSL, the subsidiary of OSL Group, announced the appointment of Kevin Cui as the new CEO. Following the initial announcement, Kevin's extensive experience and visionary leadership will drive OSL's direction in regulatory compliance, security, and user experience. Kevin Cui joins OSL following impactful leadership roles at Bybit, where he significantly increased trading volumes among different products and positioned Bybit among the top exchanges. His achievements in the Web3 space and his user-centric approach, emphasising transparency and client-focused product development, highlight his commitment to enhancing user experience. New Risk • Jul 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-HK$686m). Currently unprofitable and not forecast to become profitable over next 2 years (HK$38m net loss in 2 years). Shareholders have been diluted in the past year (43% increase in shares outstanding). Recent Insider Transactions • May 19
Board Member recently bought HK$229k worth of stock On the 13th of May, Ka Chun Tiu bought around 35k shares on-market at roughly HK$6.55 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$215m more in shares than they have sold in the last 12 months. Announcement • Apr 20
OSL Group Limited Announces the Resignation of Yang Yu as Independent Non-Executive Director The board of directors of OSL Group Limited announced that Dr. Yang Yu (‘‘Dr. Yang’’) has tendered his resignations as independent non-executive Director with effect from 19 April 2024 in order to devote more time to his personal commitments. The Board further announced that following Dr. Yang’s resignation as an independent nonexecutive Director, Dr. Yang also ceased to be a member of each of the audit committee, nomination committee and remuneration committee of the Company. New Risk • Mar 28
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -HK$416m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-HK$416m). Currently unprofitable and not forecast to become profitable over next 2 years (HK$38m net loss in 2 years). Shareholders have been diluted in the past year (43% increase in shares outstanding). Significant insider selling over the past 3 months (HK$34m sold). Reported Earnings • Mar 28
Full year 2023 earnings released: HK$0.58 loss per share (vs HK$1.28 loss in FY 2022) Full year 2023 results: HK$0.58 loss per share (improved from HK$1.28 loss in FY 2022). Revenue: HK$209.8m (up 81% from FY 2022). Net loss: HK$249.6m (loss narrowed 54% from FY 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Mar 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: HK$34m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (HK$83m net loss in 2 years). Shareholders have been diluted in the past year (43% increase in shares outstanding). Significant insider selling over the past 3 months (HK$34m sold). Announcement • Mar 14
OSL Group Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 OSL Group Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Announcement • Jan 05
Bc Technology Group Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2023 BC Technology Group Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2023. For the year, the Group expected that the Group is likely to record a significant reduction of approximately 50% in the unaudited consolidated net loss for the year ended 31 December 2023, compared with the audited consolidated net loss of the Group for the year ended 31 December 2022 of HKD 550 million. Major Estimate Revision • Nov 16
Consensus EPS estimates upgraded to HK$0.31 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from HK$232.0m to HK$209.7m. 2023 losses expected to reduce from -HK$0.372 to -HK$0.307 per share. Capital Markets industry in Hong Kong expected to see average net income growth of 36% next year. Consensus price target up from HK$7.50 to HK$7.73. Share price rose 23% to HK$4.88 over the past week. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 20% per year over the past 5 years. Announcement • Oct 19
OSL Reportedly Weighs Sale At HKD 1 Billion Valuation BC Technology Group Limited (SEHK:863) is exploring the sale of its crypto platform OSL, one of only two exchanges licensed under digital-asset rules the city introduced in June, people familiar with the matter said. BC Technology has gauged interest in OSL from possible buyers such as industry players and funds, and a HKD 1 billion ($128 million) valuation has been mooted, the people said, asking not to be identified discussing private information. Shares of BC Technology slumped as much as 16.7% in early Tuesday trading in Hong Kong, the biggest decline since June 12, following the Bloomberg News report. OSL's platform spans prime brokerage, exchange and custody services for crypto markets as well as a business providing infrastructure to financial institutions so that they can offer virtual-asset trading. BC Technology may decide to sell parts of OSL rather than the whole business, the people said. Deliberations are ongoing and there's no guarantee they will result in a deal, the people said. "We are a highly transparent and regulated company," a representative of BC Technology said in response to a Bloomberg News query. "We do not comment on market rumors and speculations." Hong Kong rolled out a digital-asset rulebook on June 1 that aims to foster a hub for the sector and allows retail investors to trade larger tokens on licensed exchanges. But crypto demand remains weak after last year's market rout and ensuing bankruptcies, while the city's strict framework may entail higher costs. Hong Kong is also grappling with the fallout of the blowup at the unlicensed JPEX exchange, a scandal that further tarnished the digital-asset industry. Reported Earnings • Sep 20
First half 2023 earnings released: HK$0.22 loss per share (vs HK$0.72 loss in 1H 2022) First half 2023 results: HK$0.22 loss per share (improved from HK$0.72 loss in 1H 2022). Revenue: HK$126.4m (up 347% from 1H 2022). Net loss: HK$95.0m (loss narrowed 69% from 1H 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from HK$256.4m to HK$233.8m. Losses expected to increase from HK$0.34 per share to HK$0.37. Capital Markets industry in Hong Kong expected to see average net income growth of 35% next year. Consensus price target broadly unchanged at HK$7.12. Share price rose 25% to HK$2.32 over the past week. Reported Earnings • Aug 23
First half 2023 earnings released: HK$0.002 loss per share (vs HK$0.73 loss in 1H 2022) First half 2023 results: HK$0.002 loss per share (improved from HK$0.73 loss in 1H 2022). Revenue: HK$126.4m (up 248% from 1H 2022). Net loss: HK$95.0m (loss narrowed 69% from 1H 2022). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Announcement • Aug 11
BC Technology Group Limited to Report First Half, 2023 Results on Aug 22, 2023 BC Technology Group Limited announced that they will report first half, 2023 results on Aug 22, 2023 New Risk • Jun 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$710.3m (US$90.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (HK$4.0m net loss in 3 years). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Market cap is less than US$100m (HK$710.3m market cap, or US$90.8m). Announcement • May 30
BC Technology Group Limited, Annual General Meeting, Jun 29, 2023 BC Technology Group Limited, Annual General Meeting, Jun 29, 2023, at 10:00 China Standard Time. Location: 39/F, Lee Garden One, 33 Hysan Avenue Cause Way Bay Hong Kong Agenda: To receive and adopt the audited financial statements of the Company and its subsidiaries and the reports of the directors of the Company and the auditors of the Company for the year ended 31 December 2022; to re-appoint PricewaterhouseCoopers as the independent auditor of the Company and to authorize the board of directors of the Company to fix their remuneration; to re-elect Mr. Madden Hugh Douglas as an executive Director; and to discuss other matters. Major Estimate Revision • May 13
Consensus revenue estimates decrease by 48% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from HK$631.4m to HK$331.4m. EPS estimate unchanged from -HK$0.34 per share at last update. Capital Markets industry in Hong Kong expected to see average net income growth of 23% next year. Consensus price target down from HK$8.44 to HK$6.91. Share price fell 3.0% to HK$2.62 over the past week. Announcement • May 10
OSL Asset Management Limited Receives Licence by the Securities and Futures Commission to Conduct Types 1, 4 and 9 Regulated Activities in Hong Kong The board of directors of BC Technology Group Limited announced that OSL Asset Management Limited, a wholly owned subsidiary of the Company, has been granted a licence by the Securities and Futures Commission to conduct Types 1, 4 and 9 regulated activities in Hong Kong, and intends to launch its first fund in the coming months. OSLASM's inaugural product offering will concentrate on unlocking new opportunities in the rapidly growing sectors of blockchain solutions, artificial intelligence, and Web 3.0 technologies. As the first virtual asset trading service platform licensed by SFC in Hong Kong, OSL, the digital asset business segment of the Group, has access to unique deal flow and brings extensive experience in operating a digital asset business. OSLASM leverages OSL's unique capabilities in digital asset and global connectivity to evaluate potential investments and generate long-term sustainable value by investing in private equity of emerging companies where blockchain and AI capabilities enhance investment returns. OSL is in a unique position to employ innovative deal-making, product structuring and distribution as it is one of only two entities currently licensed in Hong Kong to facilitate security token offerings, trading and dealing. Recent Insider Transactions • Apr 25
Deputy Chairman recently bought HK$149k worth of stock On the 18th of April, Ken Bon Lo bought around 45k shares on-market at roughly HK$3.32 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$547k. Ken Bon has been a buyer over the last 12 months, purchasing a net total of HK$725k worth in shares. Major Estimate Revision • Apr 13
Consensus revenue estimates increase by 91% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from HK$334.9m to HK$638.1m. EPS estimate unchanged from -HK$0.34 at last update. Capital Markets industry in Hong Kong expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at HK$8.53. Share price rose 22% to HK$2.64 over the past week. Reported Earnings • Mar 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: HK$1.28 loss per share (further deteriorated from HK$0.95 loss in FY 2021). Revenue: HK$115.8m (down 67% from FY 2021). Net loss: HK$541.2m (loss widened 44% from FY 2021). Revenue missed analyst estimates by 74%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Benedict Tai was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from HK$486.0m to HK$437.5m. Losses expected to increase from HK$0.68 per share to HK$0.94. Capital Markets industry in Hong Kong expected to see average net income growth of 9.9% next year. Consensus price target down from HK$10.01 to HK$9.55. Share price was steady at HK$3.53 over the past week. Reported Earnings • Aug 27
First half 2022 earnings released: HK$0.73 loss per share (vs HK$0.44 loss in 1H 2021) First half 2022 results: HK$0.73 loss per share (down from HK$0.44 loss in 1H 2021). Revenue: HK$36.3m (down 76% from 1H 2021). Net loss: HK$306.6m (loss widened 94% from 1H 2021). Over the next year, revenue is forecast to grow 141%, compared to a 17% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 03
Full year 2021 earnings released: HK$0.95 loss per share (vs HK$0.80 loss in FY 2020) Full year 2021 results: HK$0.95 loss per share (down from HK$0.80 loss in FY 2020). Revenue: HK$352.0m (up 63% from FY 2020). Net loss: HK$375.7m (loss widened 50% from FY 2020). Over the next year, revenue is forecast to grow 39%, compared to a 22% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Benedict Tai was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released: HK$0.95 loss per share (vs HK$0.94 loss in FY 2020) Full year 2021 results: HK$0.95 loss per share (down from HK$0.94 loss in FY 2020). Revenue: HK$352.0m (up 37% from FY 2020). Net loss: HK$375.7m (loss widened 27% from FY 2020). Over the next year, revenue is forecast to grow 68%, compared to a 11% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 5% per year. Recent Insider Transactions • Dec 30
Executive Director recently bought HK$217k worth of stock On the 28th of December, David Chapman bought around 26k shares on-market at roughly HK$8.51 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Sep 26
First half 2021 earnings released: HK$0.44 loss per share (vs HK$0.34 loss in 1H 2020) The company reported a solid first half result with improved revenues and control over costs, although losses increased. First half 2021 results: Revenue: HK$152.8m (up 54% from 1H 2020). Net loss: HK$158.1m (loss widened 51% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Sep 11
Independent Non-Executive Director exercised options to buy HK$2.5m worth of stock. On the 9th of September, Kee Loong Chia exercised options to buy 167k shares at a strike price of around HK$8.35, costing a total of HK$1.4m. This transaction amounted to 125% of their direct individual holding at the time of the trade. Since December 2020, Kee Loong has owned 133.33k shares directly. Company insiders have collectively bought HK$2.8m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 19
First half 2021 earnings released: HK$0.44 loss per share (vs HK$0.34 loss in 1H 2020) The company reported a mediocre first half result with increased losses and weaker control over costs, although revenues improved. First half 2021 results: Revenue: HK$152.8m (up 55% from 1H 2020). Net loss: HK$158.1m (loss widened 55% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Aug 13
Executive Director exercised options to buy HK$1.5m worth of stock. On the 11th of August, Ka Chun Tiu exercised options to buy 100k shares at a strike price of around HK$7.45, costing a total of HK$745k. As of today, Ka Chun currently holds no shares directly. Company insiders have collectively bought HK$3.0m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Jul 14
Independent Non-Executive Director exercised options to buy HK$177k worth of stock. On the 9th of July, Benedict Tai exercised options to buy 10k shares at a strike price of around HK$8.88, costing a total of HK$89k. This transaction amounted to 33% of their direct individual holding at the time of the trade. Since December 2020, Benedict's direct individual holding has increased from 10.00k shares to 30.00k. Company insiders have collectively bought HK$2.2m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • May 18
Independent Non-Executive Director exercised options to buy HK$194k worth of stock. On the 11th of May, Benedict Tai exercised options to buy 10k shares at a strike price of around HK$8.88, costing a total of HK$89k. This transaction amounted to 50% of their direct individual holding at the time of the trade. Since December 2020, Benedict's direct individual holding has increased from 10.00k shares to 20.00k. Company insiders have collectively bought HK$2.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 30
Full year 2020 earnings released: CN¥0.80 loss per share (vs CN¥0.92 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: CN¥216.5m (up 32% from FY 2019). Net loss: CN¥249.7m (loss widened 2.5% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. 