Announcement • Jun 10
Raffles Interior Limited, Annual General Meeting, Jun 30, 2026 Raffles Interior Limited, Annual General Meeting, Jun 30, 2026, at 09:00 Singapore Standard Time. Location: 5 sungei kadut street 2, 01-02/ 03, singapore 729227, Singapore New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). High level of non-cash earnings (103% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (HK$96.0m market cap, or US$12.3m). Board Change • Jan 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Alan Chan was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 23
Raffles Interior Limited Announces Resignation of Gay Soon Watt as Independent Non-Executive Director and Chairman of the Remuneration Committee and A Member of the Audit Committee and the Nomination Committee, with Effect from 22 January 2026 The board of directors of Raffles Interior Limited announced that Mr. Gay Soon Watt (``Mr. Gay'') has tendered his resignation and will cease to be an independent non-executive Director of the Company with effect from 22 January 2026 in order to devote more time to his personal endeavours. Following his resignation, Mr. Gay will cease to be the chairman of the remuneration committee of the Company (the ``Remuneration Committee'') and a member of the audit committee of the Company (the ``Audit Committee'') and the nomination committee of the Company (the ``Nomination Committee'') with effect from 22 January 2026. As the Board needs additional time to decide on the composition of the aforementioned committees, following Mr. Gay's resignation, the Company is in breach of the requirements under (i) Rule 3.10(1) that the board of directors of the Company must include at least three independent non-executive directors; (ii) Rule 3.21 of the Rules Governing the Listing of the Securities on The Stock Exchange of Hong Kong Limited (the ``Listing Rules'') that the Audit Committee must comprise a minimum of three members; and (iii) Rule 3.25 of the Listing Rules that the Remuneration Committee must be chaired by an independent non-executive Director. Announcement • Jan 02
Raffles Interior Limited Receives Originating Summons from Zheng Nenghuan The Board of Raffles Interior Limited received an originating summons delivered to the registered office of the Company in Cayman Islands. The originating summons was dated 22 December 2025 and issued by Zheng Nenghuan, the controlling shareholder of the Company, as plaintiff (the Plaintiff), against the Company (acting by the Board), as defendant. The Plaintiff is seeking the determination of the Grand Court of the Cayman Islands for, among other things: (i) an order to the Company to provide to the Plaintiff copies of, among others: a. all notices that were circulated, or should have been circulated, to the Board of all board meetings convened and/or held since 10 September 2024 (``Disclosure Date''); b. all Board resolutions passed, or purportedly passed, by the Board since the Disclosure Date; c. all minutes of the Board meetings held since the Disclosure Date; d. all draft versions of each of the announcements published by the Company since the Disclosure Date; e. all communications between the Board and its external advisers relating to the aforementioned announcements; f. the complaint letters (together with enclosures) purportedly received by the Board since the Disclosure Date; g. details of all pending or threatened legal actions, claims, administrative proceedings, government investigations and/or enquiries (Claims) against or involving the Company and its subsidiaries; as well as all Claims that have been resolved or settled since the Disclosure Date; h. complete accounting records and financial statements of the Company since the Disclosure Date; i. all contracts and agreements entered into by the Company with any entities, individuals, institutions or government bodies since the Disclosure Date; (ii) a declaration that the above disclosures are necessary to allow the Plaintiff to discharge his duties owed to the Company as a Director; and (iii) an order that the Company pay the Plaintiff's costs for the originating summons. The Board has yet to receive the affidavit from the Plaintiff which should set out the basis of the Plaintiff's requests. The Board acknowledges that the independent board committee that was formed on 15 December 2025 (the ``Independent Board Committee'') to conduct certain investigations on or against, among others, Mr. Zheng Nenghuan, included a list of enquiries and document requests which remain unanswered by Mr. Zheng Nenghuan. The originating summons appears to be Mr. Zheng Nenghuan's effort to divert the attention of the Board including the Independent Board Committee through making frivolous claims against the Company, especially where much of the documents requested under the originating summons are either already in Mr. Zheng Nenghuan's possession (with respect to documents dated on or after 10 September 2025, being the date of Mr. Zheng Nenghuan's appointment as a Director) or are readily accessible at the Company's offices. New Risk • Dec 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$77.0m (US$9.90m) This is considered a major 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: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). High level of non-cash earnings (103% accrual ratio). Market cap is less than US$10m (HK$77.0m market cap, or US$9.90m). Board Change • Dec 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Soon Gay was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Sep 09
Now 41% overvalued after recent price rise Over the last 90 days, the stock has risen 494% to HK$0.38. The fair value is estimated to be HK$0.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: S$0.004 (vs S$0 in 1H 2024) First half 2025 results: EPS: S$0.004 (up from S$0 in 1H 2024). Revenue: S$40.0m (up 65% from 1H 2024). Net income: S$3.49m (up S$3.10m from 1H 2024). Profit margin: 8.7% (up from 1.6% in 1H 2024). The increase in margin was driven by higher revenue. Announcement • Aug 18
Raffles Interior Limited to Report First Half, 2025 Results on Aug 29, 2025 Raffles Interior Limited announced that they will report first half, 2025 results on Aug 29, 2025 New Risk • Aug 08
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 26% 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 (26% average weekly change). Minor Risk Market cap is less than US$100m (HK$203.0m market cap, or US$25.9m). Announcement • Aug 08
Zheng Nenghuan and Tang Judi acquired 51% stake in Raffles Interior Limited (SEHK:1376) from Ultimate Global Enterprises Limited for HKD 33.6 million Zheng Nenghuan and Tang Judi agreed to acquire 51% stake in Raffles Interior Limited (SEHK:1376) from Ultimate Global Enterprises Limited for HKD 33.6 million on July 24, 2025. A cash consideration of HKD 33.6 million valued at HKD 0.066 per share will be paid by the buyer. As part of consideration, HKD 33.6 million is paid towards common equity of Raffles Interior Limited. The consideration for Sale Shares has been fully settled in cash by the Offeror to the Vendor on Completion, which was satisfied by a loan of HK$20 million obtained from Get Nice Securities and the remaining HK$13.6 million by the Offeror’s own resources.
Zheng Nenghuan and Tang Judi completed the acquisition of 51% stake in Raffles Interior Limited (SEHK:1376) from Ultimate Global Enterprises Limited on July 29, 2025. Reported Earnings • May 01
Full year 2024 earnings released: EPS: S$0.001 (vs S$0.001 in FY 2023) Full year 2024 results: EPS: S$0.001 (in line with FY 2023). Revenue: S$47.1m (down 48% from FY 2023). Net income: S$599.0k (down 57% from FY 2023). Profit margin: 1.3% (down from 1.5% in FY 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: S$0.001 (vs S$0.001 in FY 2023) Full year 2024 results: EPS: S$0.001 (in line with FY 2023). Revenue: S$47.1m (down 48% from FY 2023). Net income: S$599.0k (down 57% from FY 2023). Profit margin: 1.3% (down from 1.5% in FY 2023). Announcement • Mar 29
Raffles Interior Limited, Annual General Meeting, May 23, 2025 Raffles Interior Limited, Annual General Meeting, May 23, 2025. Announcement • Mar 18
Raffles Interior Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Raffles Interior Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Announcement • Feb 12
Raffles Interior Limited Announces Termination of the Appointment of Peng Shangfeng as Non-Executive Director Raffles Interior Limited announced Termination of the Appointment of Peng Shangfeng as the Non-Executive Director. Further to the 23 December Announcement, the Company would like to supplement that, as a director of the Company, Peng Shangfeng owed fiduciary duty to the Company and its shareholders. Since her Appointment, Peng Shangfeng had been responsible for supervising the operation of (``Previous Subsidiary''). However, the Company identified significant lapses in the discharge of her duties, including but not limited to her general lack of cooperation. Peng Shangfeng's uncooperative attitude began to show in July and August 2024 when the Company started preparing the interim review of the Group for the six months ended 30 June 2024, where the Company enquired about (i) the financial information on the Previous Subsidiary, including an unauthorised loan in the amount of RMB 5 million that was obtained by the Previous Subsidiary prior to the Company's acquisition of equity interests in the Previous Subsidiary; such loan remains unsettled and such funds remain not recoverable according to the latest financial information made available to the Company, and (ii) the updated status regarding the registration of the ``'' trademark by the Previous Subsidiary. Despite numerous requests for Peng Shangfeng to, among others, (i) understand and provide details of the unauthorised loan, and (ii) retrieve a repayment plan etc., Peng Shangfeng had failed to take any steps. Her response to those requests showed a lack of concern and standard of care, which the Company believes are critical and essential to her role as a director of the Company. Her consistent disinterest in handling matters assigned to her resulted in unnecessary delay in the Company's decision-making process. From the perspective of the Company, Peng Shangfeng failed to discharge her duties as director from the moment she became non-responsive to the Company's comprehensive questions and requests regarding the Previous Subsidiary. The Board considers that Peng Shangfeng had wilfully neglected her duties owed to, and disregarded the interests of, the Company and its shareholders in her role as per the Appointment. Peng Shangfeng disagrees with the Company's assessment regarding her lapses in the discharge of her duties and therefore disagreed with the decision of the Company to terminate her appointment as Director of the Company. Nonetheless, the termination of the Appointment remains effective from 23 December 2024. New Risk • Feb 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$77.0m (US$9.88m) This is considered a major 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: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Market cap is less than US$10m (HK$77.0m market cap, or US$9.88m). Announcement • Dec 26
Raffles Interior Limited Announces Change of Company Secretary Raffles Interior Limited hereby announced that Mr. Chu Pui Ki Dickson has tendered his resignation as the company secretary of the Company under Rule 3.28 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, an authorised representative of the Company under Rule 3.05 of the Listing Rules and the authorised representative of the Company for accepting service of process and notices on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance respectively, with effect from 24 December 2024. The Board announced that Mr. Yu Cheeric James (``Mr. Yu'') has been appointed as the Company Secretary, an Authorised Representative and the Process Agent with effect from 24 December 2024. Mr. Yu has over 25 years of experience in auditing, accounting and corporate finance. Mr. Yu is currently the Financial Controller, the Company Secretary and the Authorised Representative of Wisdom Education International Holdings Company Limited and had worked for a number of listed companies in Hong Kong responsible for the role of company secretary and financial management, including Greentown Management Holdings Company Limited and China New City Group Limited; and more previously for an international accounting firm providing assurance services. Mr. Yu is also the independent non-executive directors of MBV International Limited and Modern Living Investments Holdings Limited; whose shares are listed on the main board and GEM of the Stock Exchange, respectively. Mr. Yu holds a bachelor's degree in Accountancy from California State University and is a member of the American Institute of Certified Public Accountants. New Risk • Dec 16
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: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (HK$162.0m market cap, or US$20.8m). Announcement • Aug 20
Raffles Interior Limited to Report First Half, 2024 Results on Aug 30, 2024 Raffles Interior Limited announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Apr 25
Raffles Interior Limited, Annual General Meeting, May 24, 2024 Raffles Interior Limited, Annual General Meeting, May 24, 2024, at 15:00 China Standard Time. Location: 59 Sungei Kadut Loop, Singapore 729490 Singapore Singapore Agenda: To receive the audited consolidated financial statements and the reports of the directors and auditor of the Company for the year ended 31 December 2023; To re-elect the directors of the Company; To re-appoint Moore CPA Limited as auditor of the Company and to authorise the board of directors of the Company to fix their remuneration; and to consider other matters if any. New Risk • Mar 29
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 10% 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: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (HK$315.0m market cap, or US$40.3m). Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: S$0.001 (vs S$0.001 loss in FY 2022) Full year 2023 results: EPS: S$0.001 (up from S$0.001 loss in FY 2022). Revenue: S$91.2m (up 37% from FY 2022). Net income: S$1.40m (up S$2.77m from FY 2022). Profit margin: 1.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Raffles Interior Limited to Report Fiscal Year 2023 Results on Mar 22, 2024 Raffles Interior Limited announced that they will report fiscal year 2023 results on Mar 22, 2024 Announcement • Oct 19
Raffles Interior Limited Announces Management Changes The Board announced that Ms. Xiang Ying has been appointed as an executive Director with effect from 18 October 2023. Ms. Xiang, aged 35, is a graduate of Wuhan University with a major in Journalism and has over 13 years of working experience in media, marketing, and administration. From 2010 to 2015, she served as a director and host at Hubei TV, contributing to the creative and editorial aspects of television programming. Transitioning to the corporate realm, she assumed the role of Marketing Director at Wuhan Tourism World Co. Ltd. from 2015 to 2017, where she applied strategic insights to enhance the company's market presence. In the subsequent years, she took on the responsibilities of Administrative Director at Asia International Business School, overseeing administrative functions. Since May 2022, she has been contributing her skills as the Marketing Director at Wuhan Dongxing Online E-commerce Co. Ltd., where she plays a pivotal role in steering the company's marketing initiatives. The Board also announced that Ms. Peng Shangfeng has been appointed as an non-executive Director with effect from 18 October 2023. Ms. Peng, aged 37, is a graduate from Hubei University of Economics majoring in economic management. From 2002 to 2009, she dedicated seven years to Wuhan Dongxing International Travel Agency Co. Ltd., where she transitioned through various roles, including Tour Guide, Department Head, and Manager. In 2009, she transitioned into the corporate landscape, contributing administrative acumen to the smooth functioning of China Dongxing Group Co. Ltd. From September 2010 to March 2022, Ms. Peng assumed the pivotal role of General Manager at Hubei Friendship International Travel Agency Co. Ltd., leading the company through diverse market dynamics and steering it to success through effective management and strategic decision-making in the travel industry. Since March 2022, she has been serving as an Assistant in the Administrative Department at China Dongxing Group Co. Ltd., contributing administrative expertise and showcasing adaptability by applying skills acquired in diverse industries. The Board hereby announces that Mr. Chia Kok Seng has submitted his resignation to the Board on 18 October 2023, resigning from his positions as independent non-executive Director, chairman of the nomination committee (the Nomination Committee) and member of each of the audit committee and the remuneration committee of the Board in order to devote more time to his personal engagements with effect from 17 November 2023. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: S$0.002 (vs S$0 in 1H 2022) First half 2023 results: EPS: S$0.002 (up from S$0 in 1H 2022). Revenue: S$52.9m (up 72% from 1H 2022). Net income: S$2.20m (up S$2.50m from 1H 2022). Profit margin: 4.2% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 12
Raffles Interior Limited to Report First Half, 2023 Results on Aug 23, 2023 Raffles Interior Limited announced that they will report first half, 2023 results on Aug 23, 2023 Reported Earnings • Mar 21
Full year 2022 earnings released: S$0.001 loss per share (vs S$0.001 loss in FY 2021) Full year 2022 results: S$0.001 loss per share (in line with FY 2021). Revenue: S$66.5m (down 16% from FY 2021). Net loss: S$1.36m (loss widened 22% from FY 2021). 
