Great Harvest Maeta Holdings Limited Overview
| Field | Detail | Source |
|---|---|---|
| Current legal name | Great Harvest Maeta Holdings Limited | FY2026 results announcement (26 Jun 2026) |
| Former name | Great Harvest Maeta Group Holdings Limited | Interim results announcement, 26 Nov 2021 |
| Chinese name | 榮豐聯合控股有限公司 (market shorthand 榮豐控股 / "Rongfeng") | ACN Newswire releases 2016–2017 |
| Exact date of name change | — | — |
| Founding | Co-founded by Mr. Yan Kim Po and Ms. Lam Kwan. The FY2023/FY2024 CG statements say Ms. Lam has managed the Group "since 2010". | FY2023, FY2024 results announcements |
| Incorporation jurisdiction | Cayman Islands (limited liability) | All results announcements |
| Registered office | Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands | FY2026 results, Note 1 |
| Principal place of business (Hong Kong) | Hong Kong | — |
| Listing | Main Board, The Stock Exchange of Hong Kong | FY2026 results, Note 1 |
| Ticker | 3683 (3683.HK / 03683.HK) | All filings |
| IPO year | 2,010 | — |
| ISIN | — | — |
| CUSIP | Not applicable / not publicly disclosed | — |
| Fiscal year end | 31 March | All filings |
| Reporting currency | US$ (also the functional currency) | FY2026 results, Note 1 |
| Shares in issue | 952,614,000 (weighted average for FY2023–FY2026; unchanged) | FY2026 results, Note 8 |
| Immediate parent | Ablaze Rich Investments Limited (BVI) | FY2026 results, Note 1 |
| Ultimate controlling parties | Mr. Yan Kim Po and Ms. Lam Kwan | FY2026 results, Note 1 |
| Auditor (FY2026) | Rongcheng (Hong Kong) CPA Limited — Disclaimer of Opinion | FY2026 results |
| Auditor (FY2024) | CL Partners CPA Limited — Disclaimer of Opinion | FY2024 results |
| Auditor (FY2023) | SHINEWING (HK) CPA Limited — unmodified opinion with Material Uncertainty Related to Going Concern; resigned later in 2023 | FY2023 results; MT Newswires headline via moomoo |
| Auditor (FY2025) | The FY2025 annual report carried a disclaimer of opinion | Company update on disclaimer, Feb 2026 (via minichart.com.sg) |
| Market capitalisation | Last observed: about HK$91.45m (August 2025, TipRanks) | TipRanks, 26 Aug 2025 |
| Website | www.greatharvestmg.com | FY2026 results |
The identification details supplied ("Great Harvest Maeta Group Holdings Limited", 3683.HK, greatharvestmg.com) match the listed issuer that now trades as Great Harvest Maeta Holdings Limited. HKEX filings from November 2021 onwards describe the company as "formerly known as Great Harvest Maeta Group Holdings Limited" (Interim Results announcement, 26 November 2021). Its listing, ticker and website are unchanged.
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Employees at year end (number) | 88 | 103 | 79 | 54 | 35 |
| Total salaries and related costs incl. directors' fees (US$ M) | 4.8 | 6.0 | 5.6 | 3.6 | 2.4 |
Sources: FY2023 results (FY2022–FY2023), FY2024 results (FY2024), FY2026 results (FY2025–FY2026). The headcount includes seafarers, so it falls as vessels are sold.
Great Harvest Maeta Holdings is a Hong Kong-headquartered, Cayman-incorporated micro-cap. It has two segments: (i) chartering out owned dry bulk vessels on short-term time charters, and (ii) a dormant property investment and development project on about 200 mu of land in Haikou, Hainan, held through a 91%-owned PRC subsidiary. The shipping business was once a four-vessel Panamax/post-Panamax fleet of 319,923 dwt. It has been sold down to a single 16-year-old, 74,973-dwt vessel, and FY2026 revenue fell 72.9% to US$3.8m. The balance sheet is dominated by the Hainan land, carried at US$76.3m fair value, and by a defaulted US$54m convertible bond, now carried at US$60.2m including accrued interest. That liability is secured on the land and falls due in full by 31 December 2026. The equity story is a single binary question: can the controlling shareholders, the bondholder and the land asset produce a restructuring before the year-end deadline?
Company's own description
In its FY2026 results the company says the Group is "principally engaged in chartering of dry bulk vessels and property investment and development", and that the Company's own principal activity is investment holding (FY2026 results, Note 1). It reports two operating segments: Chartering of vessels and Property investment and development (Note 3).
Independent characterisation
In economic terms, the business today is a holding shell with three components:
-
One operating asset. A 74,973-dwt Panamax bulk carrier, 16 years old at 31 March 2026. It is chartered out on the spot and short-period time-charter market (3–12 months; FY2026 MD&A). In FY2026 it earned an average of US$8,870 per day at a 94% charter-out rate. This vessel generates all of the Group's revenue (US$3.806m in FY2026).
-
One non-operating asset. Two parcels of land totalling about 200 mu (about 13.3 hectares, at 666.7 m² per mu) at Meidian Slope, Hongqi Town, Qiongshan District, Haikou, Hainan. They are held as investment properties at a fair value of US$76.272m. The land is vacant and earns nothing. Management has described a "cultural and tourism real estate" concept of about 130,000 m² (villas, apartments, offices) that depends on government re-planning of the area (FY2023 MD&A). No construction on the Group's land has been disclosed.
-
One dominant liability. The Top Build Convertible Bonds. US$54m principal was issued on 10 May 2016 to buy Top Build Group Ltd., the owner of the Hainan land. The bonds matured unpaid on 10 May 2021 and have been rolled through three settlement agreements. They were carried at US$60.230m at 31 March 2026, all current.
Business model and revenue model
| Dimension | Characterisation |
|---|---|
| Revenue model | 100% service revenue: time-charter hire, plus voyage freight in some years. No product, subscription or licensing revenue |
| Contract tenor | All unsatisfied charter contracts are shorter than one year (FY2026 Note 3(c)). Typical period charters run 3–12 months (FY2026 MD&A) |
| Payment terms | Time-charter hire is paid 15 days in advance (FY2026 Note 10) |
| Revenue recognition | Over time, based on daily hire or freight rate (FY2026 Note 3(c)) |
| Value-chain position | Tonnage provider (shipowner) chartering to operators, traders and charterers. Does not own cargo. Ship management is outsourced (FY2023 MD&A mentions a change of ship manager in FY2023) |
| FY2025 anomaly | FY2025 included about US$6.6m of "freight revenue" from vessel sub-leasing, with about US$6.5m of matching freight cost (FY2026 MD&A). This did not recur in FY2026 |
| Customer concentration | Very high. In FY2026, Customer C (US$2.740m) and Customer A (US$1.060m) made up 99.8% of revenue. In FY2025, Customers B and C made up US$6.917m, or 49% (FY2026 Note 3(e)) |
| Property segment revenue | Nil in every year FY2022–FY2026 |
Customer types and end-markets
The charterers are not named. They are labelled "Customer A–F" in the filings. The vessel class (Panamax) is typically used for coal, grain (South American soybean and corn), bauxite and other minor bulks. The FY2026 MD&A links Panamax rates to grain and bauxite flows. The end-market is the global seaborne dry bulk trade, which management put at 5.944 billion tonnes in the year to March 2026, up 4.5% (FY2026 MD&A).
Strategy
Stated strategy (themes from FY2026 MD&A and Prospects)
Prudent, stable operations: Charter the vessel to reputable charterers and maintain a high utilisation rate.
Fleet structure: Management says it will "optimise its fleet structure with a focus on Capesize vessel-related business" to reduce exposure to oversupply in smaller vessel classes. This is aspirational: the Group owns no Capesize vessel and has no capex plans ("no future plans for material investments or capital assets").
Cost control and compliance: Refined vessel management, energy-saving technology, green fuels and compliance with IMO CII and EEXI rules.
Diversification: "Remain prudent in exploring any potential investment or business opportunities to diversify its revenue streams."
Financial survival plan: (Note 2.1.1):
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(i) Negotiate alternative settlements with the Bondholder, including restructuring and partial settlement by assets, and extensions.
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(ii) Draw on the shareholder funding deed of up to US$30m.
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(iii) Raise capital through placements or corporate bonds, and refinance with banks.
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(iv) Improve chartering cash flow.
Initiatives in the last 24 months (Oct 2024 – Oct 2026)
| Date | Initiative | Target / status |
|---|---|---|
| 21 Jan 2025 | Second Supplemental Settlement Agreement | Rescheduled about US$57.8m of CB principal and interest to 31 Dec 2026; added security over a 103.4-mu parcel and 41% of the PRC subsidiary's equity; release of the vessel mortgage (50% of any later vessel sale proceeds to go to the Bondholder) |
| Jun 2025 | GH Fortune disposal | Completed; loss on disposal US$0.776m in FY2026 |
| 30 Sep 2025 | Shareholder funding deed (up to US$30m) | Undrawn at 25 Jun 2026; expires 30 Sep 2027 |
| 19 Sep 2025 | Governance: chair/CEO split | Completed |
| FY2026 | Headcount cut (54 → 35) | Completed |
| Ongoing | Capital-market fundraising feasibility study | "Negotiation … ongoing" with no outcome disclosed |
| Feb 2026 | Periodic update on resolving the disclaimer | Restated the plans; no new financing (via minichart.com.sg) |
Medium-term financial targets
None published. The company gives no revenue, margin or leverage guidance.
Products & Services
Chartering of vessels — vessel-by-vessel register
| Vessel | Type | DWT | Built | Status | Notes / source |
|---|---|---|---|---|---|
| GH Harmony | Post-Panamax dry bulk | about 93,315 (see note) | 2,010 | Sold Jan 2024 to Fu Bang Shipping, US$11.0m | Fleet-mix reconciliation: 319,923 − 226,608 = 93,315 dwt, matching the 2014 Seatrade purchase. 50,697 GT per MT Newswires |
| GH Power | Panamax dry bulk | — | — | Sold Jul 2024 | FY2026 MD&A |
| GH Fortune | Panamax dry bulk | — | — | Sold Jun 2025 (announcement 19 Jun 2025) | FY2026 MD&A |
| GH Glory (inferred) | Panamax dry bulk | 74,973 | c.2010 (16 years old at 31 Mar 2026) | Operating — sole vessel | The FY2026 MD&A gives dwt and age but not the name. GH Glory is the only original fleet member not reported as sold |
| GH Resources | Mini-Capesize | 123,500 | 1,990 | Scrapped (Bangladesh), about US$7.15m | TradeWinds |
| Attribute | FY2026 value | Source |
|---|---|---|
| Capacity | 74,973 dwt | FY2026 MD&A |
| Age | 16 years | FY2026 MD&A |
| Charter-out rate | 94% | FY2026 MD&A |
| Average daily charter hire | US$8,870 (down 4.1% YoY) | FY2026 MD&A |
| Dry-dock | 18 Nov–15 Dec 2025 (27 days) | FY2026 MD&A |
| Fair value less costs of disposal | US$16.3m | FY2026 MD&A |
| Typical contract | 3–12 month period charters, spot market | FY2026 MD&A |
| Safety record | No major safety incident | FY2026 MD&A |
A related unconfirmed item: TipRanks reported a sale of "a vessel" by a subsidiary to Migo Shipping Co., Limited for US$6.0m. It was treated as a major transaction approved by a controlling shareholder's written consent. The vessel was not named in the excerpt reviewed; it is believed to be GH Power or GH Fortune.
Service characteristics of the remaining vessel (FY2026)
Fleet operating KPIs
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Vessels owned at year end (number) | 4 | 4 | 3 | 2 | 1 |
| Fleet capacity at year end (thousand dwt) | 319.9 | 319.9 | 226.6 | — | 75.0 |
| Average fleet age at year end (years) | — | 17 | 18 | — | 16 |
| Average daily charter hire per vessel (US$) | 15,194 | 13,160 | 10,269 | 9,245 | 8,870 |
| Charter-out percentage (%) | 95.15 | 95.91 | 97.06 | 93.82 | 94 |
| Depreciation of PP&E (US$'000) | 4,475 | 6,765 | 4,944 | 3,899 | 1,180 |
| Crew expenses (US$'000) | 3,526 | 4,560 | 3,765 | 2,221 | 1,111 |
Sources: FY2023, FY2024 and FY2026 results MD&A and Note 5.
-
FY2025 fleet dwt and average age were not stated in the documents reviewed.
-
The FY2025 charter-out figure (93.82%) is read from the historical chart in the FY2026 MD&A.
Property investment and development
| Item | Detail | Source |
|---|---|---|
| Asset | Two parcels of land at Meidian Slope, Hongqi Town, Qiongshan District, Haikou, Hainan, PRC | FY2026 results |
| Area | "Near 200 mu" in total, including one parcel of about 95.9 mu and another of about 103.4 mu (both mortgaged to the Bondholder) | FY2024/FY2026 Note 13 |
| Holding entity | Hainan Huachu Industrial Co., Ltd (海南華儲實業有限公司), held through Top Build Group Ltd | FY2023 MD&A |
| Attributable interest | 91% | FY2026 results |
| Tenure | Medium-term | FY2026 results |
| Existing use | Vacant | FY2026 results |
| Carrying value (fair value) | US$76.272m at 31 Mar 2026 | FY2026 balance sheet |
| Development concept | "Cultural and tourism real estate" under Hainan Free Trade Port policy: villas, high/low-density apartments and integrated offices, about 130,000 m² | FY2023 MD&A |
| Status | Awaiting government re-planning of the area. Management said it was negotiating with "two world's top 500 companies" (FY2023). No construction contract disclosed. Capital commitments only US$259k (FY2026) | FY2023 MD&A; FY2026 Note 2.1.1 |
| Pricing context (management) | Nearby commercial and non-commercial residential transactions at about RMB14,000–16,000/m² (FY2023 MD&A) | FY2023 MD&A |
Announced but unreported businesses
Hong Kong Dedao International Group Limited: (renamed 9 November 2022). Intended for trading, barter exchange, e-commerce, investment and logistics (HKEX announcements of 30 October and 9 November 2022). No revenue has been reported from it. Its general manager, Zhao Lihong, left on 28 April 2023.
Hainan online hospitality / travel / real estate agency MOU: (11 October 2018). Still under feasibility study as of June 2023, with no later disclosure.
Pricing models: not publicly disclosed beyond the daily hire rates above.
Financial Narrative
Income statement
Sources: FY2023 results (FY2022 comparatives), FY2024 results (FY2023–FY2024), FY2026 results (FY2025–FY2026).
Source conflict. FY2023 EBITDA is given as US$8.9m in the FY2023 announcement and US$8.8m in the FY2024 announcement's comparative. The table uses the later figure.
Definition note. Company "EBITDA" excludes impairment but includes non-recurring CB modification gains (US$2.6m in FY2023; US$3.2m plus US$4.0m in FY2025). It is therefore not a clean cash proxy.
Margins and growth
Revenue CAGR FY2022→FY2026: -35.2% a year (21,562 → 3,806 over four years). Analyst computation from reported figures.
Commentary. Revenue has collapsed because of two forces working together.
Charter rates fell: Average daily hire per vessel fell 42% from US$15,194 (FY2022, the post-COVID dry bulk peak) to US$8,870 (FY2026).
The fleet was sold down: from four vessels to one to service debt.
FY2025's 4.4% revenue rise was cosmetic. About US$6.6m of pass-through sub-leasing freight revenue came with US$6.5m of cost, so on a like-for-like owned-fleet basis FY2025 revenue was about US$7.4m, down 45%.
The gross margin is structurally thin. An ageing Panamax earning about US$8,900 a day against crew, management and depreciation leaves little room. The FY2026 recovery to 10.2% reflects lower depreciation after impairments and the sale of the sub-leasing business, not stronger pricing.
Below the line, the Group has not had a clean year since FY2022. Its FY2022 profit of US$24.7m was almost entirely a US$19.2m non-cash impairment reversal. Net results since then have swung on impairments, disposal losses, CB modification gains and default-related finance charges (US$4.1m "other finance charge" plus about US$2.1m deferral cost in FY2023). FY2026's US$5.5m CB interest accrual alone is about 1.5× revenue.
Balance sheet
Sources: FY2023, FY2024 and FY2026 statements of financial position and MD&A. Total debt is the analyst's sum of borrowings, loans and CBs. No goodwill or intangibles appear on the face of the balance sheets reviewed.
Commentary.
Owners' equity: has fallen 93% in four years, from US$47.1m to US$3.3m. At the FY2026 market cap last observed (about HK$91m, roughly US$11.7m), the stock trades at a multiple of book.
Working capital: has been deeply negative in every year except FY2025. That year was a classification effect: the Second Supplemental Settlement pushed most of the CB to non-current. By 31 March 2026 the CB was back within 12 months.
Deferred tax: The US$18.2m deferred tax liability largely relates to the revaluation of the Hainan land. On a realisation, it would reduce net proceeds.
Asset cover: The land (US$76.3m) exceeds the CB (US$60.2m) on paper. Management uses this point repeatedly to support the going-concern basis.
Cash flow
CB redemptions are taken from the CB movement tables (FY2023 and FY2026 Note 12). No buybacks occurred in FY2023–FY2026 ("Purchase, sale or redemption of listed securities" disclosures).
Ratios
Notes:
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All ratios are analyst computations from reported figures.
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FY2026 net debt/EBITDA is not meaningful because EBITDA is negative.
ROIC: cannot be computed reliably (no tax-normalised NOPAT; non-recurring items dominate) and is not reported.
- The cash conversion cycle is not meaningful for a shipowner paid 15 days in advance. Trade receivables were only US$12k at FY2026.
Interpretation. Every solvency metric has deteriorated. A current ratio of 0.03x and EBITDA below zero mean the Group cannot service its CB from operations. The shareholders' US$30m funding deed is effectively the only bridge.
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Segment Overview
| Segment | Contents | Products / services | Status |
|---|---|---|---|
Chartering of vessels | Ship-owning subsidiaries (historically United Edge Holdings Ltd, Way Ocean Shipping Ltd, Bryance Group Ltd and others) | Time and voyage charters of dry bulk carriers | Operating; one vessel |
Property investment and development | Top Build Group Ltd → Great Harvest Realty Investment Co. Ltd (HK) → Hainan Huachu Industrial Co., Ltd (PRC, 91% attributable) | Holding and planned development of about 200 mu in Haikou | Pre-development; vacant land; zero revenue |
Unallocated | Corporate centre | — | Central G&A and some finance costs |
Revenue by Segment and Revenue by Segment (%)
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Chartering of vessels revenue (USD K) | 21,562 | 18,233 | 13,452 | 14,038 | 3,806 |
Property investment and development revenue (USD K) | 0 | 0 | 0 | 0 | 0 |
Total revenue (USD K) | 21,562 | 18,233 | 13,452 | 14,038 | 3,806 |
Chartering share of total revenue (%) | 100 | 100 | 100 | 100 | 100 |
Chartering revenue YoY growth (%) | — | -15.4 | -26.2 | 4.4 | -72.9 |
Results by Segment and Segment Margins & Growth (%)
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Chartering of vessels segment result (USD K) | 26,927 | -8,532 | -5,759 | -13,098 | -37 |
Property investment and development segment result (USD K) | -1,142 | -7,293 | 880 | 3,210 | -5,587 |
Unallocated (USD K) | -1,082 | -1,275 | -667 | -486 | -418 |
Group loss/profit before tax (USD K) | 24,703 | -17,100 | -5,546 | -10,374 | -6,042 |
Chartering segment margin (% of chartering revenue) | 124.9 | -46.8 | -42.8 | -93.3 | -1.0 |
Segment Assets & Liabilities and Segment Assets & Liabilities (%)
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Chartering of vessels segment assets (USD K) | 75,314 | 61,690 | 41,143 | 20,516 | 17,950 |
Property investment and development segment assets (USD K) | 77,104 | 71,221 | 74,007 | 72,118 | 76,792 |
Unallocated assets (USD K) | 1,313 | 81 | 63 | 105 | 154 |
Total assets (USD K) | 153,731 | 132,992 | 115,213 | 92,739 | 94,896 |
Property segment share of total assets (%) | 50.2 | 53.6 | 64.2 | 77.8 | 80.9 |
Income Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (USD K) | 21,562 | 18,233 | 13,452 | 14,038 | 3,806 |
Cost of services (USD K) | -10,988 | -16,187 | -12,942 | -15,134 | -3,416 |
Gross profit (USD K) | 10,574 | 2,046 | 510 | -1,096 | 390 |
Other gains/(losses), net (USD K) | 0 | 2,634 | 600 | 3,972 | -776 |
Other income (USD K) | 17 | 116 | 173 | 86 | 106 |
General and administrative expenses (USD K) | -2,752 | -2,827 | -2,685 | -2,405 | -2,320 |
Impairment reversal/(provision) on PP&E (USD K) | 19,169 | -8,218 | 872 | -6,944 | 2,106 |
Operating profit/(loss) (USD K) | 27,008 | -6,249 | -530 | -6,387 | -494 |
Finance income (USD K) | 1 | 45 | 37 | 9 | 36 |
Finance costs (USD K) | -2,306 | -10,896 | -5,053 | -3,996 | -5,584 |
Pre-tax profit/(loss) (USD K) | 24,703 | -17,100 | -5,546 | -10,374 | -6,042 |
Income tax expense (USD K) | -7 | -9 | -1,256 | -9 | -8 |
Net profit/(loss) (USD K) | 24,696 | -17,109 | -6,802 | -10,383 | -6,050 |
Net profit/(loss) attributable to owners (USD K) | 24,722 | -17,093 | -7,126 | -10,375 | -6,047 |
EBITDA, company-defined, before impairment (USD Mn) | 12.3 | 8.8 | 3.1 | 7.9 | -0.4 |
Basic EPS (US cents) | 2.60 | -1.79 | -0.75 | -1.09 | -0.63 |
Diluted EPS (US cents) | 1.92 | -1.79 | -0.75 | -1.09 | -0.63 |
Dividends per share (US cents) | 0 | 0 | 0 | 0 | 0 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) | 49.0 | 11.2 | 3.8 | -7.8 | 10.2 |
Operating margin (%) | 125.3 | -34.3 | -3.9 | -45.5 | -13.0 |
EBITDA margin, company-defined (%) | 57.0 | 48.3 | 23.0 | 56.3 | -10.5 |
Net margin (%) | 114.5 | -93.8 | -50.6 | -74.0 | -159.0 |
Revenue YoY growth (%) | — | -15.4 | -26.2 | 4.4 | -72.9 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Property, plant and equipment (USD K) | 68,515 | 55,175 | 37,273 | 19,192 | 16,279 |
Investment properties (USD K) | 76,482 | 70,655 | 73,474 | 71,629 | 76,272 |
Total assets (USD K) | 153,731 | 132,992 | 115,213 | 92,739 | 94,896 |
Cash and cash equivalents (USD K) | 2,688 | 2,041 | 1,058 | 167 | 1,394 |
Current assets (USD K) | 8,233 | 6,361 | 4,138 | 1,836 | 2,117 |
Current liabilities (USD K) | 74,262 | 76,744 | 68,360 | 10,422 | 68,618 |
Short-term debt incl. current CBs (USD K) | 65,019 | 63,652 | 56,005 | 2,609 | 60,343 |
Long-term debt incl. non-current CBs (USD K) | 9,492 | 8,533 | 6,730 | 54,384 | 192 |
Total debt excl. leases (USD K) | 74,511 | 72,185 | 62,735 | 56,993 | 60,535 |
Of which convertible bonds (USD K) | 51,230 | 52,739 | 55,900 | 55,588 | 60,230 |
Net debt (USD K) | 71,823 | 70,144 | 61,677 | 56,826 | 59,141 |
Deferred tax liabilities (USD K) | 18,241 | 16,851 | 17,571 | 17,116 | 18,226 |
Equity attributable to owners (USD K) | 47,142 | 26,510 | 18,049 | 6,520 | 3,288 |
Total equity incl. NCI (USD K) | 51,736 | 30,737 | 22,468 | 10,817 | 7,860 |
Goodwill and intangibles (USD K) | 0 | 0 | 0 | 0 | 0 |
Working capital (USD K) | -66,029 | -70,383 | -64,222 | -8,586 | -66,501 |
Company gearing ratio, debt/total assets (%) | 48.5 | 54.3 | 54.5 | 61.5 | 63.8 |
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| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
CB principal repaid in cash (USD K) | 2,770 | 1,500 | 800 | 1,000 | 900 |
Vessel disposal gross consideration, where disclosed (USD K) | 0 | 0 | 11,000 | — | — |
Dividends paid (USD K) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (USD K) | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE on year-end owners' equity (%) | 52.4 | -64.5 | -39.5 | -159.1 | -183.9 |
ROA on year-end total assets (%) | 16.1 | -12.9 | -5.9 | -11.2 | -6.4 |
Current ratio (x) | 0.11 | 0.08 | 0.06 | 0.18 | 0.03 |
Total debt / total equity (x) | 1.44 | 2.35 | 2.79 | 5.27 | 7.70 |
Net debt / company EBITDA (x) | 5.8 | 8.0 | 19.9 | 7.2 | — |
EBITDA / finance costs (x) | 5.33 | 0.81 | 0.61 | 1.98 | -0.07 |
Asset turnover (x) | 0.14 | 0.14 | 0.12 | 0.15 | 0.04 |
Region Assets & Liabilities
| Region | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
PRC non-current assets excl. vessels (USD K) | 76,488 | 70,656 | 73,474 | 71,629 | 76,272 |
Hong Kong non-current assets excl. vessels (USD K) | — | — | — | 83 | 229 |
Capital Markets
| Item | Value | Source / note |
|---|---|---|
Shares in issue | 952,614,000 | FY2026 Note 8 |
Market cap (last observed) | About HK$91.45m (26 Aug 2025), implying about HK$0.096 per share | TipRanks |
Notable move | About +57% in one month (Simply Wall St, c. March 2024 headline) | moomoo |
P/E | Not meaningful (losses FY2023–FY2026) | — |
P/B (Aug-2025 cap vs FY2026 owners' equity of US$3.3m ≈ HK$25.7m) | About 3.6x (analyst estimate; mixes dates) | Indicative only |
EV/Sales (Aug-2025 cap of about US$11.7m + FY2026 net debt of US$59.1m ≈ US$70.8m EV ÷ FY2026 revenue of US$3.8m) | About 18.6x (analyst estimate; mixes dates) | Indicative only |
EV/EBITDA | Not meaningful (negative EBITDA) | — |
Analyst coverage / consensus | None identified | — |
Capital Markets (Annual)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividend per share (US cents) | 0 | 0 | 0 | 0 | 0 |
Shares repurchased (number) | 0 | 0 | 0 | 0 | 0 |
Capital Instruments
| Instrument | Amount (USD K) | Rate | Maturity | Security |
|---|---|---|---|---|
Top Build CB settlement obligation | 60,230 | 8% p.a. on outstanding principal (from Jul 2022) | Quarterly minimums; balance on or before 31 Dec 2026 | Mortgage over about 200 mu of Hainan land; pledge over PRC subsidiary equity; corporate guarantees; guaranteed by Yan Kim Po, Lam Kwan and Ablaze Rich |
HK SME Financing Guarantee Scheme loan | 305 (113 current; 116 due in 1–2 years; 76 due in 2–5 years) | Prime − 2.25% (2.87–3.0%) | To about FY2029 | Guarantees by founders and HKSAR Government |
Ablaze Rich loans | 0 | 4% | Repaid | — |
Lease liabilities | 230 | — | Current | — |
Analyst Conclusions
Management guidance
No numerical guidance is given. Management expects the dry bulk market to "remain stable in 2026" with freight rates "sustained at relatively elevated levels", softening in 2027 (FY2026 MD&A). The Group will "closely monitor market developments" and pursue its four going-concern measures.
Consensus
None. The stock has no sell-side coverage.
Bull case
-
The land covers the debt. At book, US$76.3m of land against a US$60.2m CB leaves about US$16m of headroom, before deferred tax of US$18.2m and any forced-sale discount. An asset-for-debt swap could, in principle, extinguish the CB and leave a debt-free listed shell with one vessel.
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Aligned stakeholders. The Bondholder's ultimate owner holds about 7.8% of the equity (FY2026 Audit Committee statement). It has an incentive to extend rather than liquidate, and it has extended five times since 2022.
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Stronger Panamax market. The BPI averaged 1,717 in FY2026 (+15.5%), and management expects firm 2026 rates. Each US$1,000 a day of extra hire adds about US$0.34m of annual revenue at a 94% charter-out rate (analyst computation).
Bear case
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The cash gap is too large. The Group must find about US$60m by 31 Dec 2026, with US$1.4m of cash and negative EBITDA. The US$30m shareholder deed covers only half and has never been drawn.
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The land may not realise its book value. It is vacant, policy-dependent land in a weak PRC property market. It has had no development activity in ten years and its valuation is not disclosed. A distressed sale or a valuation-driven swap could wipe out the remaining US$3.3m of equity.
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Listing and audit risk. Three consecutive disclaimers and minimal operations expose the company to HKEX sufficiency-of-operations scrutiny. The operating business is shrinking toward nothing.
Catalysts and monitorables (next 12 months)
| Expected timing | Item |
|---|---|
| Ongoing | Payment of the overdue US$1.6m instalments and the Q2/Q3 2026 US$0.5m instalments |
| By end Nov 2026 | Interim results (6M to 30 Sep 2026): vessel earnings, CB balance, cash, any restructuring terms |
| Any time | Announcement of an asset-for-debt agreement or a further extension with the Bondholder |
| Any time | Any drawdown under the US$30m shareholder deed |
| 31 Dec 2026 | Final CB settlement date |
| Any time | HKEX correspondence on disclaimers or listing status; trading halts |
| Any time | Hainan area re-planning approvals or partner agreements |
| Any time | Sale of the last vessel (50% of proceeds to the Bondholder), which would leave no operating business |
| Jun 2027 | FY2027 results and whether a fourth disclaimer is issued |
Concluding analyst verdict
Great Harvest Maeta Holdings is no longer best analysed as a shipping company. The shipping arm generated US$3.8m of revenue in FY2026 from one 16-year-old Panamax. Its value is now a residual on a single negotiation: whether a US$60.2m defaulted convertible bond can be settled, rescheduled or swapped against roughly 200 mu of vacant land in Haikou. That land is carried at US$76.3m.
The numbers leave little room for an operating solution. Company EBITDA was negative in FY2026. Finance costs were about 1.5 times revenue. Owners' equity has fallen from US$47.1m to US$3.3m in four years. The Group missed part of its Q4 2025 instalment and all of its Q1 2026 instalment. Three successive auditors, from three different firms, have either qualified their opinion or disclaimed one on going concern.
The case for survival rests on two relationships rather than on cash generation. The first is a Bondholder that has forborne five times and whose ultimate owner holds equity. The second is a founding family that has repeatedly lent money and has pledged up to US$30m more.
The most likely path, in this analyst's view, is a further extension or a "partial settlement by assets". Under that outcome, part or all of the Hainan land passes to the Bondholder, leaving a much smaller listed entity with little or no debt and little or no operating business. Whether any equity value survives depends on undisclosed terms: the realisable value of the land net of its US$18.2m deferred tax liability, and any dilution.
A disorderly outcome cannot be excluded. That would mean a renewed winding-up petition after 31 December 2026, as in February 2022, or HKEX action on the continuing disclaimers.
Verdict: Speculative, event-driven, binary. The single most important data points are the interim results due by November 2026 and any Bondholder announcement before 31 December 2026.
APPENDIX A — Top Build Convertible Bond: liability roll-forward
| Item | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Opening liability (US$'000) | 53,154 | 51,230 | 52,739 | 55,900 | 55,588 |
| Interest expense, non-cash (US$'000) | 846 | 5,597 | 3,961 | 3,868 | 5,542 |
| Gain on modification (US$'000) | 0 | -2,588 | 0 | -3,180 | 0 |
| Cash redemption (US$'000) | -2,770 | -1,500 | -800 | -1,000 | -900 |
| Closing liability (US$'000) | 51,230 | 52,739 | 55,900 | 55,588 | 60,230 |
Sources: FY2023, FY2024 and FY2026 Note 12. The FY2025 opening equals the FY2024 closing.
APPENDIX B — Major customers
| Year | Customers and amounts | Total >10% customers | Share of revenue (%) |
|---|---|---|---|
| FY2022 | A 7,741; B 7,045; C 6,707 | 21,493 | 99.7 |
| FY2023 | B 2,649; C 3,800; D 5,090; E 3,256 | 14,795 | 81.1 |
| FY2024 | D 3,053; E 3,746; F 2,500 | 9,299 | 69.1 |
| FY2025 | B 3,648; C 3,269 | 6,917 | 49.3 |
| FY2026 | A 1,060; C 2,740 | 3,800 | 99.8 |
Customer letters are relabelled in each filing and are not comparable across years. Sources: FY2023, FY2024 and FY2026 Note 3(e).
APPENDIX C — Sources consulted
-
Great Harvest Maeta Holdings Ltd — Audited Final Results for the year ended 31 March 2026 (HKEXnews, 26 Jun 2026).
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Great Harvest Maeta Holdings Ltd — Audited Final Results for the year ended 31 March 2024 (HKEXnews, 26 Jun 2024).
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Great Harvest Maeta Holdings Ltd — Audited Final Results for the year ended 31 March 2023 (HKEXnews, 30 Jun 2023).
-
Interim Results for the six months ended 30 Sep 2021 (HKEXnews, 26 Nov 2021).
-
HKEX announcements: 31 Dec 2021 (US$50m bond subscription); 4 Jul 2022 (validation order); 15 Jul 2022 (petition withdrawn); 30 Oct 2022 and 9 Nov 2022 (new businesses / Dedao); 14 Jun 2024 and 12 Jun 2026 (board meeting notices).
-
Reuters brief via iTiger: FY2025 results (26 Jun 2025).
-
TipRanks: vessel sale to Migo Shipping (US$6m); disclaimer measures (26 Aug 2025).
-
minichart.com.sg: periodic disclaimer update (Feb 2026); board meeting notice (Jun 2026).
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moomoo / MT Newswires / Gelonghui: GH Harmony sale (Jan 2024); auditor resignation; Adex Mining loan headline (Mar 2024).
-
ACN Newswire: clarification on press article (8 Jun 2017), with fleet composition at 30 Sep 2016.
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Seatrade Maritime: Panamax purchase for US$22.8m (2014); diversification intent (2015).
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Splash247: reported containership acquisition (2017; denied by the company).
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TradeWinds: GH Resources demolition sale.
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sustainabilityreports.com: summaries of the FY2019, FY2022 and FY2023 annual reports.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed / tenure | Source |
|---|---|---|---|
Mr. Yan Yui Ham | Chairperson; Non-executive Director | Chair since 19 Sep 2025 | FY2026 results |
Mr. Pan Zhongshan | Executive Director | Since 28 Apr 2023 | FY2023 results |
Mr. Sze Wing Kin Pierre | Executive Director | — | FY2026 results |
Mr. Cheung Kwan Hung | Independent Non-executive Director; Audit Committee member | Long-serving (on board since at least FY2023) | FY2023–FY2026 results |
Ms. Wong Tsui Yue Lucy | INED; Audit Committee member | On board since at least FY2023 | FY2023–FY2026 results |
Mr. Liu Yongshun | INED; Audit Committee member | Chan Chung Bun, Bunny on the Audit Committee between Jun 2024 and Jun 2026) | FY2026 results |
Executive Leadership Team
| Name | Role | Notes |
|---|---|---|
Ms. Lam Kwan | Chief Executive Officer | Co-founder and ultimate controlling party. Was Chairperson and CEO until 19 Sep 2025; resigned as chair and executive director but remains CEO (FY2026 CG statement) |
Mr. Yan Kim Po | Co-founder; ultimate controlling party | Left the board 16 Jan 2023 (FY2023 results); remains a guarantor of the CB settlement |
Governance Overview
| Attribute | Status |
|---|---|
Board size | 6 (2 ED, 1 NED, 3 INED) |
Independence | 50% INEDs, above the HKEX one-third minimum |
Chair/CEO separation | Separated from 19 Sep 2025 (non-compliant with CG Code C.2.1 before that date) |
Audit Committee | Cheung Kwan Hung, Wong Tsui Yue Lucy, Liu Yongshun |
Controlling shareholder | Ablaze Rich (Yan Kim Po and Lam Kwan) |
Related-party financing | Six Ablaze Rich loan facilities (US$14.5m; 4%, unsecured), all repaid by June 2026. Annual funding deeds (latest up to US$30m, to Sep 2027). Founders personally guarantee the SME bank loan and the CB settlement |
Audit opinions | Unmodified with MUGC (FY2023), then disclaimers (FY2024, FY2025, FY2026) |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
Ultimate shareholder of the Bondholder | About 7.8% (indirect) | FY2026 Audit Committee's view |
Public float | More than 25% | FY2026 results |
Institutional holders (top 10) | Not publicly disclosed / not meaningful for a micro-cap of this size | — |
Board & Management Changes
| Date | Change |
|---|---|
30 Sep 2022 | Lam Kwan becomes joint chairperson |
16 Jan 2023 | Yan Kim Po leaves the board |
28 Apr 2023 | Pan Zhongshan appointed ED; Zhao Lihong leaves |
H2 2023 | Auditor SHINEWING resigns |
Between Jun 2024 and Jun 2026 | Dr. |
19 Sep 2025 | Lam Kwan steps down as chair and director (stays CEO); Yan Yui Ham becomes chair |
Competitive Landscape
Key Competitors
| Competitor | Listing | Fleet focus | Relative position vs 3683 |
|---|---|---|---|
Pacific Basin Shipping | HKEX: 2343 | Handysize/Supramax, 250+ vessels incl. chartered | Hong Kong's largest listed dry bulk operator; orders of magnitude larger |
Jinhui Shipping and Transportation / Jinhui Holdings | Oslo: JIN; HKEX: 137 | Supramax/Ultramax/Capesize | HK-based owner; far larger fleet and balance sheet |
COSCO SHIPPING Bulk (part of COSCO SHIPPING) | Parent listed (HKEX: 1919) | All dry bulk sizes | State-backed; dominant China player |
Star Bulk Carriers | NASDAQ: SBLK | Diversified fleet of about 150 vessels | Global consolidator |
Golden Ocean Group | NASDAQ/OSE: GOGL | Capesize/Panamax | Large, modern Panamax/Capesize fleet |
Genco Shipping & Trading | NYSE: GNK | Capesize/Ultramax | US-listed, low-leverage model |
Safe Bulkers | NYSE: SB | Panamax/Kamsarmax/Capesize | Direct Panamax-class competitor |
Diana Shipping | NYSE: DSX | Panamax to Capesize, period-charter model | Direct Panamax-class competitor |
Seanergy Maritime | NASDAQ: SHIP | Capesize | Small-cap peer |
Unlisted Greek, Chinese and Japanese private owners | — | Panamax | The real price-setters for an older Panamax |
Peer Comparison FY2026
| Metric | Great Harvest Maeta (FY2026) | Pacific Basin | Safe Bulkers | Diana Shipping |
|---|---|---|---|---|
Revenue (USD Mn) | 3.8 | — | — | — |
Revenue growth (%) | -72.9 | — | — | — |
Gross margin (%) | 10.2 | — | — | — |
Net margin (%) | -159.0 | — | — | — |
R&D intensity (%) | 0 | 0 (no R&D line typical) | 0 | 0 |
Vessels owned | 1 | — | — | — |
Recent Developments
Users should check hkexnews.hk for announcements after June 2026.
