New Risk • Dec 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risk Market cap is less than US$100m (HK$522.8m market cap, or US$67.3m). Reported Earnings • Dec 01
First half 2026 earnings released: EPS: CN¥0.69 (vs CN¥0.47 loss in 1H 2025) First half 2026 results: EPS: CN¥0.69 (up from CN¥0.47 loss in 1H 2025). Revenue: CN¥806.6m (up 8.0% from 1H 2025). Net income: CN¥1.88b (up CN¥3.14b from 1H 2025). New Risk • Nov 24
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: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (HK$602.2m market cap, or US$77.4m). Announcement • Nov 14
Peking University Resources (Holdings) Company Limited to Report First Half, 2026 Results on Nov 28, 2025 Peking University Resources (Holdings) Company Limited announced that they will report first half, 2026 results on Nov 28, 2025 Announcement • Jul 24
Peking University Resources (Holdings) Company Limited, Annual General Meeting, Aug 27, 2025 Peking University Resources (Holdings) Company Limited, Annual General Meeting, Aug 27, 2025, at 10:00 China Standard Time. Location: room 2303, 23/f, cofco tower, 262 gloucester road, causeway bay, Hong Kong Reported Earnings • Jul 01
Full year 2025 earnings released: CN¥0.86 loss per share (vs CN¥0.33 loss in FY 2024) Full year 2025 results: CN¥0.86 loss per share (further deteriorated from CN¥0.33 loss in FY 2024). Revenue: CN¥1.62b (up 12% from FY 2024). Net loss: CN¥2.34b (loss widened 198% from FY 2024). Announcement • Jun 21
Peking University Resources (Holdings) Company Limited Provides Earnings Guidance for the Year Ended 31 March 2025 Peking University Resources (Holdings) Company Limited provided earnings guidance for the year ended 31 March 2025. For the period, the it is expected that the Group will record a loss of between approximately RMB 2,400 million and RMB 2,600 million for the Period, as compared to the loss of approximately RMB 750 million recorded for the year ended 31 March 2024. The expected loss of the Group for the Period was mainly due to (i) the decrease in gross profit of the property development business arising from the decline in property sales prices; (ii) the increase in the provision for expected guarantee liabilities and litigation resulting from guarantees provided by the Group to subsidiaries of Hong Kong Huzi Limited which had been disposed of by the Group on 25 March 2022 with the guarantees continuing to be in effect, as well as the related litigations; and (iii) the impairment of properties for sale due to the decline in property market conditions. Announcement • Jun 13
Peking University Resources (Holdings) Company Limited to Report Fiscal Year 2025 Results on Jun 30, 2025 Peking University Resources (Holdings) Company Limited announced that they will report fiscal year 2025 results on Jun 30, 2025 New Risk • Jan 05
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 16% 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 (16% average weekly change). Minor Risks Shareholders have been diluted in the past year (5.8% increase in shares outstanding). Market cap is less than US$100m (HK$539.3m market cap, or US$69.3m). Reported Earnings • Dec 01
First half 2025 earnings released: CN¥0.47 loss per share (vs CN¥0.068 profit in 1H 2024) First half 2025 results: CN¥0.47 loss per share (down from CN¥0.068 profit in 1H 2024). Revenue: CN¥746.5m (down 41% from 1H 2024). Net loss: CN¥1.27b (down CN¥1.42b from profit in 1H 2024). Announcement • Nov 29
Peking University Resources (Holdings) Company Limited Provides Unaudited Consolidated Earnings Guidance for the Six Months Ended 30 September 2024 Peking University Resources (Holdings) Company Limited provided earnings guidance for the six months ended 30 September 2024. Based on the information currently available to the Board and the preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 September 2024, it is expected that the Group will record a loss of between approximately RMB 1,200 million and RMB 1,500 million for the Period, as compared to the profit of approximately RMB 166 million recorded for the six months ended 30 September 2023. The expected loss of the Group for the Period was mainly due to the decrease in gross profit of the property development business arising from the decline in areas delivered of property development projects; the significant provision made for the impairment of inventories during the current Period as necessitated by the continued sluggish property market; and the provision for expected guarantee liabilities and litigation resulting from guarantees provided by the Group to subsidiaries of Hong Kong Huzi Limited which had been disposed of by the Group on 25 March 2022 with the guarantees continuing to be in effect, as well as the related litigations. Announcement • Nov 15
Peking University Resources (Holdings) Company Limited to Report First Half, 2025 Results on Nov 29, 2024 Peking University Resources (Holdings) Company Limited announced that they will report first half, 2025 results on Nov 29, 2024 Announcement • Aug 30
Peking University Resources (Holdings) Company Limited Announces Director and Committee Changes The Board of Peking University Resources (Holdings) Company Limited announced that Mr. Wang Guiwu retired from his position as an executive Director with effect from the conclusion of the AGM in order to devote more time on his other personal engagements. The Board announced that Mr. Hua Yichun resigned from his position as an independent non-executive Director with effect from the conclusion of the AGM in order to devote more time on his other personal engagements. Following the retirement of Mr. Hua Yichun as an independent non-executive Director, he has ceased to be a member of each of the audit committee and nomination committee of the Company. The Board announced that Mr. Xia Ding ("Mr. Xia") has been appointed as an executive Director with effect from the conclusion of the AGM. The Company entered into a service agreement with Mr. Xia for a period of two (2) years from the date of appointment. Mr. Xia, aged 56, is the co-chief executive officer of the Company since 4 July 2023, the executive vice president of the Company since 8 October 2021 and the president of Chongqing Peking University Resources Investment Company Limited. He possesses 33 years of knowledge and experience in real estate development, operation and investment. Before joining the Group in May 2012, Mr. Xia worked in a number of property development companies from February 1990 to February 2006, including Chongqing Jundu Property Development Co. Ltd., and held various positions, including manager of engineering department, deputy general manager and general manager. From February 2006 to April 2012, Mr. Xia held positions as general manager and vice president with Hevol Real Estate Group Co. Ltd. Mr. Xia obtained a bachelor degree in Industrial and Civil Construction from Chongqing Construction Engineering University (now merged into Chongqing University) in July 1989. The Board announced that Ms. Xu Nan ("Ms. Xu") has been appointed as an independent non-executive Director with effect from the conclusion of the AGM. Ms. Xu, aged 50, has over 25 years in corporate management. Ms. Xu worked from April 1996 to September 2009 as director of overseas planning department at Sanseido Bookstore Ltd., Japan. She was the general manager of Marco Polo (Tianjin) International Trading Co. Ltd. from January 2011 to November 2015. Since December 2015, she is the chief representative and legal representative of the Japan liaison office of Beijing Poly International Auction Co. Ltd. Ms. Xu obtained a bachelor's degree in Japanese and Japanese literature from Gakushuin University, Japan in 1996. She obtained a master's degree in business administration from the Tasmac London School of Business in 2011. The Board further announced that following the resignation of Mr. Hua Yichun and the appointment of Ms. Xu as an independent non-executive Director, Ms. Xu has been appointed as a member of each of the audit committee and nomination committee from the conclusion of the AGM. Reported Earnings • Aug 04
Full year 2024 earnings released: CN¥0.33 loss per share (vs CN¥0.55 profit in FY 2023) Full year 2024 results: CN¥0.33 loss per share (down from CN¥0.55 profit in FY 2023). Revenue: CN¥1.44b (down 72% from FY 2023). Net loss: CN¥785.6m (down 181% from profit in FY 2023). Announcement • Jul 30
Peking University Resources (Holdings) Company Limited, Annual General Meeting, Aug 30, 2024 Peking University Resources (Holdings) Company Limited, Annual General Meeting, Aug 30, 2024, at 10:00 China Standard Time. Location: room 2303, 23/f, cofco tower, 262 gloucester road, causeway bay, Hong Kong Reported Earnings • Jun 30
Full year 2024 earnings released: CN¥0.082 loss per share (vs CN¥0.55 profit in FY 2023) Full year 2024 results: CN¥0.082 loss per share (down from CN¥0.55 profit in FY 2023). Revenue: CN¥1.44b (down 72% from FY 2023). Net loss: CN¥785.6m (down 181% from profit in FY 2023). New Risk • Jun 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$739.1m (US$94.7m) 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 (24% accrual ratio). 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$739.1m market cap, or US$94.7m). Announcement • Jun 15
Peking University Resources (Holdings) Company Limited to Report Fiscal Year 2024 Results on Jun 28, 2024 Peking University Resources (Holdings) Company Limited announced that they will report fiscal year 2024 results on Jun 28, 2024 New Risk • May 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$217.3m (US$27.8m) 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: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (HK$217.3m market cap, or US$27.8m). New Risk • Jan 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$755.5m (US$96.6m) 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 (24% accrual ratio). Minor Risks Shareholders have been diluted in the past year (32% increase in shares outstanding). Market cap is less than US$100m (HK$755.5m market cap, or US$96.6m). New Risk • Dec 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 (24% accrual ratio). Minor Risk Shareholders have been diluted in the past year (32% increase in shares outstanding). Reported Earnings • Dec 02
First half 2024 earnings released: EPS: CN¥0.017 (vs CN¥0.12 in 1H 2023) First half 2024 results: EPS: CN¥0.017 (down from CN¥0.12 in 1H 2023). Revenue: CN¥1.27b (down 4.2% from 1H 2023). Net income: CN¥155.8m (down 82% from 1H 2023). Profit margin: 12% (down from 66% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Nov 17
Peking University Resources (Holdings) Company Limited to Report First Half, 2024 Results on Nov 30, 2023 Peking University Resources (Holdings) Company Limited announced that they will report first half, 2024 results on Nov 30, 2023 Announcement • Aug 29
Peking University Resources (Holdings) Company Limited Announces Board Changes Peking University Resources (Holdings) Company Limited announced the appointment of Mr. Hou Ruilin as an executive director of the Company. The Board announces that Mr. Guo Langhua retired from his position as an executiveDirector with effect from the conclusion of the AGM in order to devote more time on his other personal engagements. Mr. Guo Langhua has confirmed that he has no disagreement with the Board, and there is no other matter relating to his retirement that needs to be brought to the attention of the Shareholders or the Stock Exchange. The Board would like to express its gratitude to Mr. Guo Langhua for his valuable contribution to the Company during his tenure of services. Mr. Hou, aged 61, has over 25 years of experience in corporate management. Mr. Hou worked at Chinese People's Armed Police Force Gold Command from August 1984 to May 1997, and his last position was the director of computer centre of Gold Research Institute. He joined Beijing Xinlei Mining Company as the deputy general manager in May 1997 and left the company in October 2002 with his last position as the chairman. He worked as the secretary of the board and office manager of CITIC Guoan Mengguli Power Co. Ltd. from January to October 2000. Mr. Hou served as the director and deputy general manager of Shandong Guoan Information Industry Co. Ltd. from October 2000 to October 2002, and as the director and general manager of the company from November 2002 until March 2022. He was also the deputy general manager of CITIC Guoan Technology Co. Ltd. from August 2007 to March 2012, and the deputy general manager of Beijing Honglian Nine Five Information Industry Co. Ltd. from May 2015 to March 2022. Mr. Hou obtained a bachelor's degree in mechanization from the College of Mining Engineering of Taiyuan University of Technology in 1984. New Risk • Jul 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (23% accrual ratio). Minor Risks Shareholders have been diluted in the past year (42% increase in shares outstanding). Significant insider selling over the past 3 months (HK$1.6m sold). Reported Earnings • Jul 28
Full year 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.19 in FY 2022) Full year 2023 results: EPS: CN¥0.14 (down from CN¥0.19 in FY 2022). Revenue: CN¥5.17b (down 45% from FY 2022). Net income: CN¥966.7m (down 20% from FY 2022). Profit margin: 19% (up from 13% in FY 2022). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
Peking University Resources (Holdings) Company Limited, Annual General Meeting, Aug 28, 2023 Peking University Resources (Holdings) Company Limited, Annual General Meeting, Aug 28, 2023, at 10:00 China Standard Time. Location: 22/F., Euro Trade Centre, 1314 Connaught Road Central Central Hong Kong Agenda: To consider proposed re-election of directors; to consider proposed appointment of executive directors; to consider proposed re-appointment of auditor; to consider proposed general mandates to issue shares and to repurchase shares; and to consider proposed adoption of the 2023 share scheme. Announcement • Jul 06
Peking University Resources (Holdings) Company Limited Appoints Mr. Xia Ding as the Co-Chief Executive Officer Peking University Resources (Holdings) Company Limited announced that Mr. Xia Ding has been appointed as the co-chief executive officer of the Company with effect from 4 July 2023. Mr. Xia, aged 55, has been the chief operational officer of the Company since 8 October 2021 and the president of several subsidiaries of the Company in Chongqing since April 2013. He obtained a bachelor's degree in Industrial and Civil Construction from Chongqing Construction Engineering University (Zhong Qing Jian Zhu Gong Cheng Da Xue) (now merged into Chongqing University (Zhong Qing Da Xue)) in 1989. Before joining the Group, he worked in a number of property development companies, including Chongqing Jundu Property Development Co. Ltd. (Zhong Qing Jun Du Wu Ye Fa Zhan You Xian Gong Si) and Hevol Real Estate Group Co. Ltd. (He Hong Zhi Di Ji Tuan You Xian Gong Si). He possesses 32 years of knowledge and experience in engineering management and real estate development and operation. Mr. Xia has entered into an employment contract with the Company in connection with his appointment as the chief operational officer of the company for a term of one year commencing from 8 October 2021. The term of the employment contract was subsequently extended to December 2025. Save as supplemented to reflect his appointment as the co-chief executive Officer, such employment contract remains effective. Mr. Xia is entitled to an annual remuneration of RMB 1,580,000 (com comprising basic salary of RMB 790,000 and standard bonus of RMB 790,000) as well as a full year bonus, the amounts of which are to be determined by the Company on a discretionary basis and shall not exceed three times of his standard bonus. Such remuneration was determined with reference to Mr. Xia's duties, responsibilities and prevailing market conditions and may be reviewed from time to time at the discretion of the Board. New Risk • Jun 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 130% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (42% increase in shares outstanding). Significant insider selling over the past 3 months (HK$1.6m sold). Recent Insider Transactions • Jun 27
Insider recently sold HK$458k worth of stock On the 26th of June, Fu Shuang Zheng sold around 4m shares on-market at roughly HK$0.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth HK$515k. Insiders have been net sellers, collectively disposing of HK$1.6m more than they bought in the last 12 months. New Risk • Jun 23
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$1.1m 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (20% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported March 2022 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (42% increase in shares outstanding). Significant insider selling over the past 3 months (HK$1.1m sold). New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2022. 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (20% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported March 2022 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (42% increase in shares outstanding). Announcement • Jun 14
Peking University Resources (Holdings) Company Limited to Report Fiscal Year 2023 Results on Jun 26, 2023 Peking University Resources (Holdings) Company Limited announced that they will report fiscal year 2023 results on Jun 26, 2023 Recent Insider Transactions • May 25
Insider recently sold HK$515k worth of stock On the 23rd of May, Fu Shuang Zheng sold around 4m shares on-market at roughly HK$0.14 per share. This transaction amounted to less than 1% 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. Announcement • May 12
Kang Wei acquired Tianhe Property Development Limited from Peking University Resources (Holdings) Company Limited (SEHK:618) and Wuhan Zhengxin State-owned Assets Management Co., Ltd. Kang Wei agreed to acquire Tianhe Property Development Limited from Peking University Resources (Holdings) Company Limited (SEHK:618) and Wuhan Zhengxin State-owned Assets Management Co., Ltd. for HKD 1 million on May 11, 2023. As per agreement, Kang Wei shall pay consideration amount of HKD 1 million within 90 days from the date of Equity Transfer Agreement. The net proceeds from the Disposals will be used as general working capital of the Group. The completion of the sale and purchase of Tianhe Property Development shall be taken place on the date of Equity Transfer Agreement.
Kang Wei completed the acquisition of Tianhe Property Development Limited from Peking University Resources (Holdings) Company Limited (SEHK:618) and Wuhan Zhengxin State-owned Assets Management Co., Ltd. on May 11, 2023. Recent Insider Transactions Derivative • Dec 04
Executive Chairman exercised options to buy HK$770k worth of stock. On the 1st of December, Kai Ho Wong exercised options to buy 6m shares at a strike price of around HK$0.12, costing a total of HK$802k. As of today, Kai Ho currently holds no shares directly. This was the only transaction from an insider over the last 12 months. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Executive Chairman Kai Ho Wong is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Yichun Hua was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Aug 12
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Executive Chairman Kai Ho Wong is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
