Reported Earnings • Mar 27
Full year 2025 earnings released: CN¥3.43 loss per share (vs CN¥0.48 loss in FY 2024) Full year 2025 results: CN¥3.43 loss per share (further deteriorated from CN¥0.48 loss in FY 2024). Revenue: CN¥783.9m (down 21% from FY 2024). Net loss: CN¥367.1m (loss widened CN¥323.4m from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Announcement • Mar 26
Flowing Cloud Technology Ltd, Annual General Meeting, Jun 09, 2026 Flowing Cloud Technology Ltd, Annual General Meeting, Jun 09, 2026. Announcement • Mar 13
Flowing Cloud Technology Ltd to Report Fiscal Year 2025 Results on Mar 25, 2026 Flowing Cloud Technology Ltd announced that they will report fiscal year 2025 results on Mar 25, 2026 New Risk • Dec 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$15.5m (US$1.99m) 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 Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Market cap is less than US$10m (HK$15.5m market cap, or US$1.99m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Oct 11
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 have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$538.3m market cap, or US$69.2m). Announcement • Oct 02
Flowing Cloud Technology Ltd has completed a Follow-on Equity Offering in the amount of HKD 75.416681 million. Flowing Cloud Technology Ltd has completed a Follow-on Equity Offering in the amount of HKD 75.416681 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 433,429,200
Price\Range: HKD 0.174
Discount Per Security: HKD 0.00174
Transaction Features: Subsequent Direct Listing Announcement • Sep 10
Flowing Cloud Technology Ltd has filed a Follow-on Equity Offering in the amount of HKD 75.416681 million. Flowing Cloud Technology Ltd has filed a Follow-on Equity Offering in the amount of HKD 75.416681 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 433,429,200
Price\Range: HKD 0.174
Discount Per Security: HKD 0.00174
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 02
First half 2025 earnings released: CN¥0.065 loss per share (vs CN¥0.035 profit in 1H 2024) First half 2025 results: CN¥0.065 loss per share (down from CN¥0.035 profit in 1H 2024). Revenue: CN¥381.3m (down 15% from 1H 2024). Net loss: CN¥123.5m (down 295% from profit in 1H 2024). New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings have declined by 25% 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 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (HK$502.8m market cap, or US$64.5m). Announcement • Aug 19
Flowing Cloud Technology Ltd to Report First Half, 2025 Results on Aug 29, 2025 Flowing Cloud Technology Ltd announced that they will report first half, 2025 results on Aug 29, 2025 Board Change • Jun 12
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 Yuelin Chen was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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: Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (HK$520.1m market cap, or US$66.5m). Announcement • May 20
Flowing Cloud Technology Ltd has completed a Follow-on Equity Offering in the amount of HKD 72.561 million. Flowing Cloud Technology Ltd has completed a Follow-on Equity Offering in the amount of HKD 72.561 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 361,000,000
Price\Range: HKD 0.201
Discount Per Security: HKD 0.00201
Transaction Features: Subsequent Direct Listing Announcement • May 01
Flowing Cloud Technology Ltd has filed a Follow-on Equity Offering in the amount of HKD 72.561 million. Flowing Cloud Technology Ltd has filed a Follow-on Equity Offering in the amount of HKD 72.561 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 361,000,000
Price\Range: HKD 0.201
Discount Per Security: HKD 0.00201
Transaction Features: Subsequent Direct Listing Reported Earnings • Apr 01
Full year 2024 earnings released: CN¥0.024 loss per share (vs CN¥0.15 profit in FY 2023) Full year 2024 results: CN¥0.024 loss per share (down from CN¥0.15 profit in FY 2023). Revenue: CN¥995.3m (down 20% from FY 2023). Net loss: CN¥43.7m (down 117% from profit in FY 2023). Announcement • Mar 31
Flowing Cloud Technology Ltd, Annual General Meeting, May 28, 2025 Flowing Cloud Technology Ltd, Annual General Meeting, May 28, 2025. Announcement • Mar 20
Flowing Cloud Technology Ltd to Report Fiscal Year 2024 Results on Mar 31, 2025 Flowing Cloud Technology Ltd announced that they will report fiscal year 2024 results on Mar 31, 2025 Announcement • Mar 03
Flowing Cloud Technology Ltd Announces Board and Committees Changes The board (the "Board") of directors (the "Directors") of Flowing Cloud Technology Ltd. announced the following changes in the composition of the Board. Ms. Wang Beili ("Ms. Wang") has resigned as an independent non-executive Director and ceased to be the chairlady of the audit committee of the Board (the "Audit Committee"), a member of the remuneration committee of the Board (the "Remuneration Committee") and a member of the nomination committee of the Board (the "Nomination Committee") with effect from 3 March 2025, in order to devote more time to her other commitments. Ms. Wang has confirmed that she has no disagreement with the Board and there are no matters relating to her resignation that need to be brought to the attention of the shareholders of the Company (the "Shareholders") and the Stock Exchange. The Board announced that Ms. Chen Yuelin ("Ms. Chen") has been appointed as an independent non-executive Director, the chairlady of the Audit Committee, a member of the Remuneration Committee and a member of the Nomination Committee with effect from 3 March 2025. Ms. Chen Yuelin, aged 41, has over 17 years of experience in taxation, accounting and management. Ms. Chen served as an officer at the Beijing Municipal Tax Bureau from July 2008 to December 2016; a senior consultant at the Beijing TMT (technology, media & telecommunications) team of the taxation and legal department of Deloitte China from December 2016 to August 2018; the tax officer at Beijing Zhangzhong Financial Information Service Co. Ltd. from August 2018 to March 2020, where she was responsible for the tax work of the group's domestic and overseas companies; and the tax director at Zhongjia Xinchen Group Co. Ltd. from May 2020 to present, where she is responsible for the overall tax management of more than 300 companies under the group, providing professional support for the group's strategic decisions. Ms. Chen has been a Certified Public Accountant in China since December 2016. Ms. Chen obtained a bachelor's degree in management from Beihang University in June 2008. Recent Insider Transactions • Feb 08
Senior VP & CTO recently sold HK$2.7m worth of stock On the 4th of February, Yanhao Li sold around 9m shares on-market at roughly HK$0.29 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Feb 04
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: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (HK$568.9m market cap, or US$73.1m). Reported Earnings • Sep 29
First half 2024 earnings released: EPS: CN¥0.035 (vs CN¥0.064 in 1H 2023) First half 2024 results: EPS: CN¥0.035 (down from CN¥0.064 in 1H 2023). Revenue: CN¥448.0m (down 25% from 1H 2023). Net income: CN¥63.5m (down 45% from 1H 2023). Profit margin: 14% (down from 19% in 1H 2023). The decrease in margin was driven by lower revenue. New Risk • Sep 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 9.4% 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 (9.4% average weekly change). Market cap is less than US$100m (HK$587.0m market cap, or US$75.3m). Announcement • Aug 20
Flowing Cloud Technology Ltd to Report First Half, 2024 Results on Aug 30, 2024 Flowing Cloud Technology Ltd announced that they will report first half, 2024 results on Aug 30, 2024 New Risk • Jul 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$767.6m (US$98.3m) 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: Major Risk High level of non-cash earnings (36% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$767.6m market cap, or US$98.3m). Announcement • Mar 29
Flowing Cloud Technology Ltd, Annual General Meeting, May 28, 2024 Flowing Cloud Technology Ltd, Annual General Meeting, May 28, 2024. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.15 in FY 2022) Full year 2023 results: EPS: CN¥0.15. Revenue: CN¥1.24b (up 17% from FY 2022). Net income: CN¥263.9m (up 12% from FY 2022). Profit margin: 21% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Media industry in Hong Kong. Announcement • Mar 19
Flowing Cloud Technology Ltd to Report Fiscal Year 2023 Final Results on Mar 28, 2024 Flowing Cloud Technology Ltd announced that they will report fiscal year 2023 final results on Mar 28, 2024 New Risk • Feb 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 12% 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 High level of non-cash earnings (60% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$1.17, the stock trades at a trailing P/E ratio of 7.2x. Average forward P/E is 15x in the Media industry in Hong Kong. Total loss to shareholders of 71% over the past year. Announcement • Nov 25
Flowing Cloud Technology Ltd (SEHK:6610) commences an Equity Buyback Plan for 181,000,000 shares, representing 10% of its issued share capital, under the authorization approved on June 6, 2023. Flowing Cloud Technology Ltd (SEHK:6610) commences share repurchases on November 23, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 6, 2023. As per the mandate, the company is authorized to repurchase up to 181,000,000 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of June 6, 2023, the company had 1,810,000,000 shares in issue.
On November 14, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 54,300,000 shares, representing 3% of its issued share capital for HKD 70 million. The company will subsequently cancel the bought shares. The program will be financed by internal cash resources. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.76, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Media industry in Asia. Total loss to shareholders of 46% over the past year. Recent Insider Transactions • Nov 14
Senior VP recently bought HK$145k worth of stock On the 10th of November, Yanhao Li bought around 100k shares on-market at roughly HK$1.45 per share. This transaction amounted to 5.0% 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$420k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 29
Senior VP recently bought HK$135k worth of stock On the 26th of October, Yanhao Li bought around 100k shares on-market at roughly HK$1.35 per share. This trade did not impact their existing holding. 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. New Risk • Sep 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 60% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$1.68, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Media industry in Asia. Reported Earnings • Aug 29
First half 2023 earnings released: EPS: CN¥0.064 (vs CN¥0.05 in 1H 2022) First half 2023 results: EPS: CN¥0.064 (up from CN¥0.05 in 1H 2022). Revenue: CN¥599.0m (up 31% from 1H 2022). Net income: CN¥116.3m (up 52% from 1H 2022). Profit margin: 19% (up from 17% in 1H 2022). The increase in margin was driven by higher revenue. Announcement • Aug 18
Flowing Cloud Technology Ltd to Report First Half, 2023 Results on Aug 28, 2023 Flowing Cloud Technology Ltd announced that they will report first half, 2023 results on Aug 28, 2023 Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$1.38, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 11x in the Media industry in Hong Kong. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$1.72, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 13x in the Media industry in Hong Kong. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to HK$2.07, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 12x in the Media industry in Hong Kong. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to HK$1.66, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 13x in the Media industry in Hong Kong. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Beili Wang was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
Flowing Cloud Technology Ltd has completed an IPO in the amount of HKD 600.015 million. Flowing Cloud Technology Ltd has completed an IPO in the amount of HKD 600.015 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 161,969,000
Price\Range: HKD 2.21
Discount Per Security: HKD 0.05525
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 82,381,000
Price\Range: HKD 2.21
Discount Per Security: HKD 0.05525
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,150,000
Price\Range: HKD 2.21
Discount Per Security: HKD 0.05525
Transaction Features: Regulation S