New Risk • Jul 03
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 Less than 1 year of cash runway based on free cash flow trend (-HK$33m free cash flow). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$263.3m market cap, or US$33.6m). Annonce • May 28
Hanfort Development Holdings Limited, Annual General Meeting, Jun 25, 2026 Hanfort Development Holdings Limited, Annual General Meeting, Jun 25, 2026, at 15:00 China Standard Time. Location: r3, united conference centre, 10th floor, united centre, 95 queensway, admiralty, Hong Kong Reported Earnings • Mar 28
Full year 2025 earnings released: HK$0.005 loss per share (vs HK$0 in FY 2024) Full year 2025 results: HK$0.005 loss per share (further deteriorated from HK$0 in FY 2024). Revenue: HK$190.1m (down 28% from FY 2024). Net loss: HK$24.6m (loss widened HK$22.2m from FY 2024). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Annonce • Mar 13
Hanfort Development Holdings Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Hanfort Development Holdings Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent non-executive Director Haiyan Jiang was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Dec 25
Hans' Energy Group Co., Ltd. completed the acquisition of an additional 0.13% stake in Sino Golf Holdings Limited (SEHK:361) for HKD 0.02 million. Hans' Energy Group Co., Ltd. proposed to acquire remaining 44.43% stake in Sino Golf Holdings Limited (SEHK:361) for HKD 75.4 million on September 23, 2025. A cash consideration valued at HKD 0.029 per share will be paid by Hans' Energy Group Co., Ltd. Upon completion, Hans' Energy Group Co., Ltd. will own 100% stake in Sino Golf Holdings Limited. The Offeror intends to finance the Offer with the Offeror Group’s internal resources. The Offer is made to the Independent Shareholders. It is unconditional in all respects and is not conditional upon acceptances being received in respect of a minimum number of Shares or any other condition.
The expected completion of the transaction is December 24, 2025.
VBG Capital Limited acted as financial advisor for Sino Golf Holdings Limited. CCB International Capital Limited, Investment Banking Arm acted as financial advisor for Hans' Energy Group Co., Ltd. Tricor Investor Services Limited acted as registrar in the transaction.
Hans' Energy Group Co., Ltd. completed the acquisition of an additional 0.13% stake in Sino Golf Holdings Limited (SEHK:361) for HKD 0.02 million on December 3, 2025. Upon completion Hans' Energy Group Co., Ltd. holds 55.577% stake in Sino Golf Holdings Limited. Annonce • Sep 23
Hans' Energy Group Co., Ltd. entered into the Deed of Sale and Purchase agreement to acquire 50.01% stake in Sino Golf Holdings Limited (SEHK:361) for HKD 75.4 million. Hans' Energy Group Co., Ltd. entered into the Deed of Sale and Purchase agreement to acquire 50.01% stake in Sino Golf Holdings Limited (SEHK:361) for HKD 75.4 million on September 23, 2025. A cash consideration valued at HKD 0.029 per share will be paid by Hans' Energy Group Co., Ltd. The consideration shall be payable by the Offeror in full by way of transmission of immediately available fund. The Offeror having obtained all necessary PRC governmental and consents in connection with the transactions contemplated under the Deed of Sale and Purchase, including (i) all necessary approvals or filings from or with the Ministry of Commerce of the PRC, the National Development and Reform Commission of the PRC and other competent PRC authorities with respect to the purchase and holding of the Shares by the Offeror; and (ii) all necessary approvals or filings from or with the State Administration of Foreign Exchange of the PRC and other competent PRC authorities with respect to the payment of the consideration by the Offeror to the Receivers. It is expected that such approvals will be obtained in three months from the date of the Deed of Sale and Purchase. Upon satisfaction of the conditions precedent, Completion shall take place on the Completion Date. Long stop date will be on January 23, 2026. Buy Or Sell Opportunity • Sep 11
Now 34% overvalued Over the last 90 days, the stock has fallen 28% to HK$0.043. The fair value is estimated to be HK$0.032, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 31% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Aug 29
First half 2025 earnings released: EPS: HK$0.003 (vs HK$0 in 1H 2024) First half 2025 results: EPS: HK$0.003. Revenue: HK$89.0m (down 31% from 1H 2024). Net loss: HK$14.6m (loss widened HK$13.9m from 1H 2024). Annonce • Aug 12
Sino Golf Holdings Limited to Report First Half, 2025 Results on Aug 27, 2025 Sino Golf Holdings Limited announced that they will report first half, 2025 results on Aug 27, 2025 Annonce • Apr 29
Sino Golf Holdings Limited, Annual General Meeting, Jun 25, 2025 Sino Golf Holdings Limited, Annual General Meeting, Jun 25, 2025, at 15:00 China Standard Time. Location: r3, united conference centre, 10th floor, united centre, 95 queensway, admiralty, Hong Kong Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: HK$0 (vs HK$0.004 loss in FY 2023) Full year 2024 results: EPS: HK$0 (improved from HK$0.004 loss in FY 2023). Revenue: HK$262.8m (up 21% from FY 2023). Net loss: HK$2.36m (loss narrowed 87% from FY 2023). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Annonce • Mar 22
Sino Golf Holdings Limited Announces the Appointment of Choi Sum Shing Samson as Non-Executive Director Sino Golf Holdings Limited received a letter regarding the Receivers' nomination of Mr. Choi Sum Shing Samson ("Mr. Choi") as a non-executive Director. Having considered the nomination by the Receivers and the potential benefits which Mr. Choi is expected to bring to the Company, the Board announces that Mr. Choi has been appointed by the Board as a non-executive Director with effect from 19 March 2025. Mr. CHOI Sum Shing Samson (), aged 46, was appointed as a non-executive Director on 19 March 2025. He also serves as a chief advisor of Baker Tilly Hong Kong on its financial advisory practice. He is currently: (i) an independent non-executive director at Platt Nera International Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (stock code: 1949); and (ii) a non-executive director at Greatview Aseptic Packaging Company Limited, a company listed on the Main Board of the Stock Exchange (stock code: 468). Mr. Choi joined Deloitte Touche Tohmatsu in 2001 and departed in May 2024 with his last position as an equity partner of M&A transaction services. He has extensive experience in accounting and corporate finance and has advised clients in numerous merger and acquisition transactions by providing financial due diligence, deal origination and execution and capital raising services in different industries including but not limited to consumers and retail, real estate, healthcare, media and entertainment and fintech. Mr. Choi obtained his bachelor's degree in business administration from Hong Kong University of Science and Technology in 2001. He is a fellow member of the Association of Chartered Certified Accountants. Annonce • Mar 14
Sino Golf Holdings Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 Sino Golf Holdings Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 Reported Earnings • Oct 02
First half 2024 earnings released: EPS: HK$0 (vs HK$0.002 loss in 1H 2023) First half 2024 results: EPS: HK$0 (improved from HK$0.002 loss in 1H 2023). Revenue: HK$129.1m (up 17% from 1H 2023). Net loss: HK$759.0k (loss narrowed 92% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. New Risk • Sep 11
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 13% 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 (13% average weekly change). Minor Risk Market cap is less than US$100m (HK$176.8m market cap, or US$22.7m). Reported Earnings • Aug 28
First half 2024 earnings released: EPS: HK$0 (vs HK$0.002 loss in 1H 2023) First half 2024 results: EPS: HK$0 (improved from HK$0.002 loss in 1H 2023). Revenue: HK$129.1m (up 17% from 1H 2023). Net loss: HK$759.0k (loss narrowed 92% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Annonce • Aug 14
Sino Golf Holdings Limited to Report Q2, 2024 Results on Aug 23, 2024 Sino Golf Holdings Limited announced that they will report Q2, 2024 results on Aug 23, 2024 Annonce • Apr 27
Sino Golf Holdings Limited, Annual General Meeting, Jun 18, 2024 Sino Golf Holdings Limited, Annual General Meeting, Jun 18, 2024, at 15:00 China Standard Time. Location: R3, United Conference Centre, 10th Floor, United Centre, 95 Queensway Admiralty Hong Kong Agenda: To receive and adopt the audited consolidated financial statements of the Company and its subsidiaries and the reports of the directors and of the auditor of the Company for the year ended 31 December 2023; to re-elect Mr. Wong Hin Shek as non-executive director; to re-elect Mr. Sheng Baojun as independent non-executive director; to authorise the board of directors of the Company to fix the Company's directors' remuneration; and to discuss other matters. Reported Earnings • Mar 27
Full year 2023 earnings released: HK$0.004 loss per share (vs HK$0.003 loss in FY 2022) Full year 2023 results: HK$0.004 loss per share (further deteriorated from HK$0.003 loss in FY 2022). Revenue: HK$216.6m (down 55% from FY 2022). Net loss: HK$18.5m (loss widened 16% from FY 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Annonce • Mar 15
Sino Golf Holdings Limited to Report Fiscal Year 2023 Results on Mar 26, 2024 Sino Golf Holdings Limited announced that they will report fiscal year 2023 results on Mar 26, 2024 New Risk • Feb 16
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 15% 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 (15% average weekly change). Minor Risk Market cap is less than US$100m (HK$254.9m market cap, or US$32.6m). Buying Opportunity • Sep 06
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be HK$0.075, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years, while earnings per share has been flat. Reported Earnings • Sep 01
First half 2023 earnings released: HK$0.002 loss per share (vs HK$0.001 loss in 1H 2022) First half 2023 results: HK$0.002 loss per share (further deteriorated from HK$0.001 loss in 1H 2022). Revenue: HK$110.5m (down 59% from 1H 2022). Net loss: HK$9.49m (loss widened 94% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Aug 18
Sino Golf Holdings Limited to Report First Half, 2023 Results on Aug 29, 2023 Sino Golf Holdings Limited announced that they will report first half, 2023 results on Aug 29, 2023 Annonce • Jul 23
Sino Golf Holdings Limited, Annual General Meeting, Aug 17, 2023 Sino Golf Holdings Limited, Annual General Meeting, Aug 17, 2023, at 15:00 China Standard Time. Location: 9/F, Infinitus Plaza, 199 Des Voeux Road Cantral Hong Kong Agenda: To receive and adopt the audited consolidated financial statements of the Company and subsidiaries and the reports of the directors of the Company and of the auditor of the Company for the year ended 31 December 2022; to re-elect Mr. Ho Kwong Yu as independent non-executive Director; to re-elect Ms. Lin Lin as independent non-executive Director; to authorise the board of directors of the Company to fix the Directors remuneration; and to re-appoint Grant Thornton Hong Kong Limited as the Company's auditor and to authorise the Board to fix its remuneration. Board Change • Jul 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Lin Lin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Jun 20
Sino Golf Holdings Limited to Report Fiscal Year 2022 Results on Jun 30, 2023 Sino Golf Holdings Limited announced that they will report fiscal year 2022 results on Jun 30, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Lin Lin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Sep 20
Now 21% undervalued Over the last 90 days, the stock is up 252%. The fair value is estimated to be HK$0.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Aug 27
First half 2022 earnings released: HK$0.001 loss per share (vs HK$0.002 loss in 1H 2021) First half 2022 results: HK$0.001 loss per share (up from HK$0.002 loss in 1H 2021). Revenue: HK$269.1m (up 46% from 1H 2021). Net loss: HK$4.90m (loss narrowed 55% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Annonce • Aug 17
Sino Golf Holdings Limited to Report First Half, 2022 Results on Aug 26, 2022 Sino Golf Holdings Limited announced that they will report first half, 2022 results on Aug 26, 2022 Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Lin Lin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • May 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Lin Lin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Apr 26
Sino Golf Holdings Limited, Annual General Meeting, Jun 24, 2022 Sino Golf Holdings Limited, Annual General Meeting, Jun 24, 2022, at 15:00 China Standard Time. Location: Sino Golf Holdings Limited (the "Company") will be held at R3, United Conference Centre, 10th Floor, United Centre, 95 Queensway, Admiralty, Hong Kong Admiralty Hong Kong Agenda: To receive and adopt the audited consolidated financial statements of the Company and its subsidiaries and the reports of the directors of the Company (the "Director(s)") and of the auditor of the Company for the year ended 31 December 2021;To re-elect Mr. Huang Bangyin as executive Director;To re-elect Mr. Wong Hin Shek as non-executive Director;to authorize the board of directors of the Company (the "Board") to fix the Directors' remuneration;To re-appoint SHINEWING (HK) CPA Limited as the Company's auditor and to authorize the Board to fix its remuneration;and to discuss other matters. Buying Opportunity • Jan 25
Now 48% undervalued after recent price drop Over the last 90 days, the stock is down 68%. The fair value is estimated to be HK$0.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 31% per annum over the last 3 years. Reported Earnings • Sep 29
First half 2021 earnings released: HK$0.002 loss per share (vs HK$0.002 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: HK$184.3m (up 112% from 1H 2020). Net loss: HK$10.9m (loss narrowed 12% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 30
First half 2021 earnings released: HK$0.002 loss per share (vs HK$0.002 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: HK$184.3m (up 112% from 1H 2020). Net loss: HK$10.9m (loss narrowed 12% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: HK$0.004 loss per share (vs HK$0.004 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: HK$221.1m (down 19% from FY 2019). Net loss: HK$19.5m (loss narrowed 16% from FY 2019). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Annonce • Mar 16
Sino Golf Holdings Limited to Report Fiscal Year 2020 Results on Mar 25, 2021 Sino Golf Holdings Limited announced that they will report fiscal year 2020 results on Mar 25, 2021 Reported Earnings • Sep 25
First half earnings released Over the last 12 months the company has reported total losses of HK$18.8m, with losses narrowing by 45% from the prior year. Total revenue was HK$250.3m over the last 12 months, up 3.0% from the prior year. Annonce • Aug 19
Sino Golf Holdings Limited to Report First Half, 2020 Results on Aug 27, 2020 Sino Golf Holdings Limited announced that they will report first half, 2020 results on Aug 27, 2020 
