Board Change • Jul 15
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Ying Ha Wu is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 19
Courage Investment Group Limited, Annual General Meeting, Jun 12, 2026 Courage Investment Group Limited, Annual General Meeting, Jun 12, 2026, at 14:00 China Standard Time. Location: plaza 1-2, basement 3, novotel century hong kong, 238 jaffe road, wanchai, Hong Kong Board Change • Apr 07
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: US$0 (vs US$0.002 in FY 2024) Full year 2025 results: EPS: US$0 (down from US$0.002 in FY 2024). Revenue: US$18.6m (up 103% from FY 2024). Net loss: US$357.0k (down 121% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Mar 24
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 Shares are highly illiquid. Earnings have declined by 13% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$18m). Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (S$25.2m market cap, or US$19.8m). Board Change • Mar 18
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Mar 17
Courage Investment Group Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Courage Investment Group Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Board Change • Feb 24
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jan 06
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 04
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 06
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 06
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 11
First half 2025 earnings released: US$0.002 loss per share (vs US$0.001 profit in 1H 2024) First half 2025 results: US$0.002 loss per share (down from US$0.001 profit in 1H 2024). Revenue: US$4.38m (down 14% from 1H 2024). Net loss: US$1.71m (down 234% from profit in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Board Change • Sep 09
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 21
First half 2025 earnings released: US$0.002 loss per share (vs US$0.001 profit in 1H 2024) First half 2025 results: US$0.002 loss per share (down from US$0.001 profit in 1H 2024). Revenue: US$4.38m (down 14% from 1H 2024). Net loss: US$1.71m (down 234% from profit in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Board Change • Aug 21
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Aug 06
Courage Investment Group Limited to Report First Half, 2025 Results on Aug 20, 2025 Courage Investment Group Limited announced that they will report first half, 2025 results on Aug 20, 2025 Board Change • Jul 22
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jun 20
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 21
Courage Investment Group Limited, Annual General Meeting, Jun 17, 2025 Courage Investment Group Limited, Annual General Meeting, Jun 17, 2025, at 11:00 China Standard Time. Location: plaza 1-2, basement 3, novotel century hong kong, 238 jaffe road., wanchai Hong Kong Board Change • Apr 28
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Director Catherine Lee is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: US$0.002 (vs US$0.004 loss in FY 2023) Full year 2024 results: EPS: US$0.002 (up from US$0.004 loss in FY 2023). Revenue: US$9.18m (up 7.9% from FY 2023). Net income: US$1.71m (up US$5.68m from FY 2023). Profit margin: 19% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Board Change • Apr 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Yiyong Qiu 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. Announcement • Mar 31
Courage Investment Group Limited Announces Board and Committees Changes The board of directors of Courage Investment Group Limited (the "Company") announced that with effect from 31 March 2025, Mr. Zhou Qijin ("Mr. Zhou"), Mr. Pau Shiu Ming ("Mr. Pau") and Mr. Tsao Hoi Ho ("Mr. Tsao") have resigned as independent non-executive Directors as they need to devote more time to their other business engagements. The Board further announces that with effect from 31 March 2025, the composition of the committees of the Board be changed as follows: Mr. Zhou ceased to be the Chairman of the nomination committee of the Company (the "Nomination Committee") and a member of the audit committee of the Company (the "Audit Committee") and the remuneration committee of the Company (the "Remuneration Committee"); Mr. Pau ceased to be the Chairman of the Remuneration Committee and a member of the Nomination Committee and Audit Committee; Mr. Tsao ceased to be the Chairman of the Audit Committee and a member of the Nomination Committee and Remuneration Committee; Ms. Liu Sainan ("Ms. Liu"), the Chairlady of the Board and executive Director of the Company has been appointed as the chairlady of the Nomination Committee; Mr. Zhu Gaoming ("Mr. Zhu"), an independent non-executive Director of the Company, has been appointed as the chairman of the Audit Committee; and Mr. Qiu Yiyong ("Mr. Qiu"), an independent non-executive Director of the Company, has been appointed as the chairman of the Remuneration Committee. Reported Earnings • Mar 08
Full year 2024 earnings released: EPS: US$0.002 (vs US$0.004 loss in FY 2023) Full year 2024 results: EPS: US$0.002 (up from US$0.004 loss in FY 2023). Revenue: US$9.18m (up 7.9% from FY 2023). Net income: US$1.71m (up US$5.68m from FY 2023). Profit margin: 19% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Feb 20
Liu Sainan completed the acquisition of an additional 22.89% stake in Courage Investment Group Limited (SEHK:1145) in a management buyout transaction for approximately HKD 27.49 million. Liu Sainan proposed to acquire an additional 71.08% stake in Courage Investment Group Limited (SEHK:1145) for HKD 85.4 million on December 4, 2024. The offer is made at an offer price of HKD 0.1094 per share. The offeror already holds 28.79% of the total issued share capital of Courage Investment Group. The Offeror intends to finance the consideration payable under the Offer with its own internal cash resources of HKD 26.5 million and the facility of HKD 60 million provided by Get Nice. The Board of Directors of Courage Investment Group Limited formed a special committee for the transaction. The tender offer is expected to close on February 21, 2025. The Offer, which is conditional, is made on January 17, 2025, and is capable of acceptance on and from that date for the whole of the Offer Period. In accordance with the Takeovers Code, except with the consent of the Executive, the Offer may not become or be declared unconditional as to acceptances after the 60th day after the day this Composite Document is posted. Accordingly, unless the Offer has previously become unconditional as to acceptances, the Offer will lapse on 18 March 2025 unless extended with the consent of the Executive. As per the announcement dated February 4, 2025 the offer has become unconditional. Nuada Limited acted as financial advisor for Courage Investment Group Limited. GET NICE SECURITIES LIMITED is acting as the financial adviser to the offeror. Boardroom Corporate & Advisory Services Pte. Ltd acted as registrar to the offer.
Liu Sainan completed the acquisition of an additional 22.89% stake in Courage Investment Group Limited (SEHK:1145) for HKD 27.7 million on February 18, 2025. The offeror already holds 28.79% of the total issued share capital of Courage Investment Group. Taking into account the Acceptance Shares, and the aforementioned 317,432,132 Shares already owned by the Offeror and parties acting in concert with it, representing approximately 28.92% of the total issued share capital of Company, the Offeror and parties acting in concert with it will hold an aggregate of 568,768,963 Shares, representing approximately 51.81% of the total issued share capital of the Company as at the date of this joint announcement. All the 1,442,000 Shares held by Hung immediately before the commencement of the Offer Period had been validly tendered for acceptance under the Offer and Hung is not interested in any Shares. The Offeror and the Company jointly announce that the Offer closed on 18 February 2025 and was not revised or extended by the Offeror. The latest date for posting remittances for the amounts due in respect of valid acceptances received under the Offer will be on 27 February 2025. Announcement • Feb 19
Courage Investment Group Limited to Report Fiscal Year 2024 Results on Mar 07, 2025 Courage Investment Group Limited announced that they will report fiscal year 2024 results on Mar 07, 2025 Announcement • Dec 05
Liu Sainan completed the acquisition of 28.79% stake in Courage Investment Group Limited (SEHK:1145). Liu Sainan agreed to acquire 28.79% stake in Courage Investment Group Limited (SEHK:1145) for HKD 34.5 million on November 26, 2024. The total consideration for the purchase of the sales shares was paid by the offeror from its internal resources.
Liu Sainan completed the acquisition of 28.79% stake in Courage Investment Group Limited (SEHK:1145) on November 28, 2024. Announcement • Nov 23
Courage Investment Group Limited Announces Director Changes The Board of Directors of Courage Investment Group Limited announced that with effect from 22 November 2024, Mr. Sue Ka Lok has resigned as Executive Director and Chairman of the Board of the Company, and ceased to be a member of the Nomination Committee of the Company as he needs to devote more time to his other business engagements. Mr. Sue will remain as a director of various subsidiaries of the Company to ensure a smooth transition of his duties. Ms. Lee Chun Yeung, Catherine, an Executive Director and the Chief Executive Officer of the Company, has been appointed as the Authorised Representative with effect from 22 November 2024 in replacement of Mr. Sue. Board Change • Oct 17
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 Terry Tsao was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 08
Courage Investment Group Limited Appoints Wu Ying Ha as Executive Director Courage Investment Group Limited announced that with effect from 8 October 2024, Mr. Wu Ying Ha ("Mr. Wu") has been appointed as Executive Director of the Company. Aged 61, holds a Master of Business Administration in Management degree from Southeastern University in Washington D.C., United States. Before joining the Group, Mr. Wu had held senior positions in several member companies of CITIC Group for over 20 years, including the positions of chief corporate officer and senior corporate director in liaison and project management of Dah Chong Hong Holdings Limited ("DCH"), a company previously listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"); a director of Dah Chong Hong Macau Total Supply Chain Management Company Limited; the chairman and general manager of DCH China Consumer Goods; a vice president of CITIC Resources Holdings Limited, a company listed on the Main Board of the Stock Exchange; and an assistant general manager and the general manager of the personnel & administration department of CITIC United Asia Investments Limited. Mr. Wu had also served as an assistant general manager of the international tour department of China Travel Service (Hong Kong) Limited. Mr. Wu has over 20 years of corporate management experience in tourism, consumer goods trading, supply chain management and resources businesses. Mr. Wu was an executive director and the chief executive officer of China Ecotourism Group Limited, a company listed on the Main Board of the Stock Exchange, until January 2022. Reported Earnings • Oct 02
First half 2024 earnings released: EPS: US$0.001 (vs US$0.001 loss in 1H 2023) First half 2024 results: EPS: US$0.001 (up from US$0.001 loss in 1H 2023). Revenue: US$5.07m (up 27% from 1H 2023). Net income: US$1.28m (up US$2.26m from 1H 2023). Profit margin: 25% (up from net loss in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Sep 12
Now 39% undervalued Over the last 90 days, the stock has risen 50% to S$0.015. The fair value is estimated to be S$0.025, 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 declined by 81%. Reported Earnings • Aug 31
First half 2024 earnings released: EPS: US$0.001 (vs US$0.001 loss in 1H 2023) First half 2024 results: EPS: US$0.001 (up from US$0.001 loss in 1H 2023). Revenue: US$5.07m (up 27% from 1H 2023). Net income: US$1.28m (up US$2.26m from 1H 2023). Profit margin: 25% (up from net loss in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 7.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 7.8% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$33.4m market cap, or US$25.6m). Buy Or Sell Opportunity • Aug 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 138% to S$0.019. The fair value is estimated to be S$0.016, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 14
Courage Investment Group Limited to Report First Half, 2024 Results on Aug 26, 2024 Courage Investment Group Limited announced that they will report first half, 2024 results on Aug 26, 2024 New Risk • Jul 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: S$13.3m (US$9.84m) 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 Shares are highly illiquid. Market cap is less than US$10m (S$13.3m market cap, or US$9.84m). Announcement • Jun 06
Courage Investment Group Limited, Annual General Meeting, Jun 28, 2024 Courage Investment Group Limited, Annual General Meeting, Jun 28, 2024, at 11:00 China Standard Time. Location: plaza 3, basement 3, novotel century hong kong, 238 jaffe road, wanchai, Hong Kong Reported Earnings • Mar 30
Full year 2023 earnings released: US$0.004 loss per share (vs US$0.001 profit in FY 2022) Full year 2023 results: US$0.004 loss per share (down from US$0.001 profit in FY 2022). Revenue: US$8.51m (down 31% from FY 2022). Net loss: US$3.97m (down 454% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Announcement • Mar 19
Courage Investment Group Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 Courage Investment Group Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Reported Earnings • Oct 02
First half 2023 earnings released: US$0.001 loss per share (vs US$0.001 profit in 1H 2022) First half 2023 results: US$0.001 loss per share (down from US$0.001 profit in 1H 2022). Revenue: US$3.99m (down 46% from 1H 2022). Net loss: US$983.0k (down 162% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 27
First half 2023 earnings released: US$0.001 loss per share (vs US$0.001 profit in 1H 2022) First half 2023 results: US$0.001 loss per share (down from US$0.001 profit in 1H 2022). Revenue: US$3.99m (down 46% from 1H 2022). Net loss: US$983.0k (down 162% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Courage Investment Group Limited to Report First Half, 2023 Results on Aug 25, 2023 Courage Investment Group Limited announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • May 23
Courage Investment Group Limited, Annual General Meeting, Jun 30, 2023 Courage Investment Group Limited, Annual General Meeting, Jun 30, 2023. Agenda: To amend the existing Bye-laws of the Company; and to consider adoption of the New Bye-laws. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: US$0.001 (vs US$0.01 in FY 2021) Full year 2022 results: EPS: US$0.001 (down from US$0.01 in FY 2021). Revenue: US$12.4m (up 27% from FY 2021). Net income: US$1.12m (down 89% from FY 2021). Profit margin: 9.1% (down from 108% in FY 2021). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: US$0.001 (vs US$0.01 in FY 2021) Full year 2022 results: EPS: US$0.001 (down from US$0.01 in FY 2021). Revenue: US$12.4m (up 27% from FY 2021). Net income: US$1.12m (down 89% from FY 2021). Profit margin: 9.1% (down from 108% in FY 2021). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jan 03
Courage Investment Group Limited Announces Resignation of Feng Xiaogang as Non-Executive Director The Board of Directors of Courage Investment Group Limited announced that Dr. Feng Xiaogang resigned as Non-executive Director of the Company with effect from 31 December 2022 due to his other personal engagement which requires more of his dedications. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: US$0.001 (vs US$0.001 in 1H 2021) First half 2022 results: EPS: US$0.001 (in line with 1H 2021). Revenue: US$7.41m (up 80% from 1H 2021). Net income: US$1.58m (up 124% from 1H 2021). Profit margin: 21% (up from 17% in 1H 2021). 
