Winfull Group Holdings Limited Overview
Winfull Group is a micro-cap, founder-controlled Hong Kong property and investment holding company. It owns a concentrated portfolio of strata-titled commercial, industrial and specialist assets in Hong Kong, an office building in Cardiff (UK) and a ski-resort serviced apartment in Niseko (Japan). Alongside these direct holdings it runs a large treasury book of about HK$517m: unlisted real-estate private-equity funds, insurer- and bank-issued wealth products, bonds, listed equities and a small Bitcoin position, plus a HK$49m secured lending book. Operationally the business is tiny, with 17 staff and HK$82m of revenue in FY2026. Economically it behaves as a closed-end property and multi-asset holding vehicle, trading at about 7% of book value. The current strategic narrative, which management calls "exit and upgrade", is to sell under-performing Hong Kong office assets and recycle the proceeds into compliant "Basic Housing Units" (簡樸房), a rental platform created by the 2026 subdivided-flat reform. The target is 7–10% unlevered yields (S1, FY2026).
Company's own description
In its FY2026 results announcement the company describes its principal activity as investment holding. Its subsidiaries are principally engaged in property investment, trading and development, and in securities investment and trading. The four reportable segments, reduced from five, are Property Development, Property Investment and Trading, Securities Investment and Trading, and Loan Financing. The fifth segment, Renovation, which was dormant and generated no revenue in FY2022–FY2025, no longer appears as a segment in FY2026.
Management frames FY2026 around a structural split in Hong Kong real estate. Residential prices and volumes recovered strongly in the first half of calendar 2026, while office and retail values kept falling. Management argues that this divergence validates its strategy of exiting low-yield commercial assets and redeploying capital into higher-yield residential rental (the BHU platform), secured lending at 8–22.5% and diversified fund investments (S1, FY2026).
Independent characterisation
Winfull's financial reality differs from its segment presentation in three important ways.
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It is a balance-sheet vehicle, not an operating company. At 30 June 2026, total assets were HK$1,549.2m against revenue of HK$82.2m, an asset turnover of about 0.05x. Financial assets (FVTPL instruments, FVOCI equity and debt, loans and cash/deposits) amounted to roughly HK$935m, more than 60% of total assets. Investment property (HK$493.1m plus HK$57.1m held for sale) is the second pillar (S1, FY2026).
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Reported profit is dominated by mark-to-market items. Over FY2022–FY2026, fair-value losses on investment property alone totalled about HK$400m and cumulative net losses about HK$604m, while recurring rental revenue stayed flat at HK$21–23m a year.
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The core recurring earnings engine is small. Rental income (about HK$22.8m), loan interest (about HK$5.2m), securities income (about HK$5.3m) and bank interest (about HK$11.7m, booked as other income) total roughly HK$45m a year. Against this sit corporate employee costs of HK$16.9m, finance costs of HK$8.7m and professional, property-management and other overheads of about HK$25.7m (S1, FY2026).
Business model and revenue model mix
| Revenue type (FY2026) | HKD Mn | % of revenue | Nature | Source |
|---|---|---|---|---|
| Sale of properties held for trading | 48.85 | 59.4% | One-off, point-in-time (HK$38.0m Lime Stardom shops; HK$10.85m final Birmingham flats) | S1 |
| Rental income from investment properties | 22.81 | 27.8% | Recurring lease income | S1 |
| Interest income, loan financing | 5.19 | 6.3% | Recurring interest | S1 |
| Interest income from securities | 3.97 | 4.8% | Recurring coupon | S1 |
| Dividend income from securities | 1.37 | 1.7% | Recurring but variable | S1 |
| Total revenue | 82.19 | 100% | — | S1 |
| Memo: bank interest income (other income, not revenue) | 11.74 | — | Treasury | S1 |
There is no product, subscription or licensing revenue. Roughly 40% of FY2026 revenue was recurring and 60% came from one-off disposals. In FY2025 the recurring share was about 74%, since property sales were only HK$11.6m.
Value chain position, customers and end-markets
Value chain: a capital provider and asset owner (landlord, small-scale developer, LP investor and lender). The company does not construct, manage hotels or operate assets itself. Third parties provide property management, Niseko hospitality management and fund management.
Customer types: - Commercial and industrial tenants in Hong Kong. These include a church (Grand Scholar shops) and two companies wholly owned by the chairman, which are connected-party tenants.
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A UK law firm on a lease extended to 2031 (Cardiff east wing).
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Multi-let SME tenants (Cardiff west wing).
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Hotel guests via the Niseko rental pool.
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Corporate borrowers and one individual borrower (loan book).
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Purchasers of trading properties.
End-markets: Hong Kong commercial, industrial and residential property; UK regional office; Japanese resort hospitality; global private real-estate funds (Japan, Korea, Australia, Germany, UK, US, Cambodia, Mainland China); and Hong Kong private credit (S1, FY2026).
Customer concentration: no customer exceeded 10% of revenue in FY2026. In FY2024 one property-investment customer contributed HK$4.44m, about 10.8% of revenue.
Strategy
Stated strategy themes (paraphrased from the FY2026 results announcement)
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"Exit and upgrade" (退出與提升) capital recycling. Systematically sell vacant, under-performing or low-yield commercial assets, removing valuation downside and releasing trapped equity, and redeploy the proceeds into higher-yield uses.
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BHU residential rental platform. Position the Group as a quality-focused institutional supplier under the government's statutory Basic Housing Units regime. The plan is HK$80–100m of initial capital for 20–25 properties (80–100 rooms), at 7–10% unlevered yields, with phased income from April 2027 to January 2029.
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Yield harvesting in a high-rate environment. Deploy idle cash into secured lending at 8–22.5% p.a. and into structured private real-estate funds and principal-protected wealth products (4–6% p.a.), partly bank-funded for positive carry.
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Development pipeline rebuild. After the Birmingham exit, source small and mid-size residential, redevelopment and conversion projects in HK core urban districts, UK and Japanese metros; pursue JV and co-development with local developers.
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Disciplined investment criteria. Quantitative tests (yield, NOI, cap rate, IRR above funding cost, yield versus deposits and US Treasuries, LTV) combined with qualitative tests (location, building condition, tenant profile, zoning flexibility). Management reports detailed evaluation of about 24 opportunities in Hong Kong, the UK, Japan and Australia over five years.
Strategic initiatives register (last 24 months)
| Date | Initiative | Type | Detail / target | Source |
|---|---|---|---|---|
| 01-Aug-2024 | BentallGreenOak Asia IV commitment | Platform investment | US$10m; Asia-Pacific value-add real estate | S2, S1 |
| 11-Mar-2025 | Second Hang Seng wealth product | Treasury | Brings the combined Hang Seng products to about US$18.7m | S1 |
| Dec-2024 to Jul-2026 | Loan book expansion and extensions | Lending | Borrower B loan (Dec-2024); P L Technology limit to HK$50m to 2029 (Jul-2026) | S1 |
| Oct-2025 to Nov-2026 | Non-core disposal programme | Capital recycling | Lime Stardom HK$38m; Skye Niseko about HK$14.1m; UTC HK$31.5m; Sea View HK$26m: about HK$110m gross | S1 |
| 2,026 | BHU platform launch | New business | 9 units acquired; HK$80–100m initial budget | S1 |
| FY2026 | Internal audit function | Governance | Staff recruited | S1 |
| 09-Jun-2023, ongoing | Sustainability Committee | ESG | Oversight of ESG reporting | S2 |
Medium-term targets and guidance
| Target | Value | Source |
|---|---|---|
| BHU unlevered rental yield | 7–10% on total cost when fully operational | S1 |
| BHU initial deployment | HK$80–100m; 20–25 properties (later range of 20–40) | S1 |
| Loan financing yields | 8–22.5% p.a. | S1 |
| Fund hurdle (opportunistic/value-add) | 8–12% net IRR | S1 |
| Earnings, revenue or dividend guidance | None issued | S1 |
Management provides no quantitative group-level guidance, no NAV-discount target and no capital-return policy.
Products & Services
Winfull has no products in the conventional sense. Its "portfolio" is a set of individually identifiable real-estate assets, financial positions and loans, catalogued here asset by asset.
Property Investment and Trading — investment properties at 30 June 2026
| # | Asset | Type / specification | Occupancy at 30-Jun-2026 | Recent valuation / status | Source |
|---|---|---|---|---|---|
| 1 | Whole 6/F, 9 Queen's Road Central, Central, HK | Grade A office, about 13,700 sq ft GFA; part owner-occupied as group HQ, balance leased to third parties | Leased portion 100% | FY2026 fair-value loss about HK$14.58m plus HK$2.84m write-down on the owner-occupied portion. FY2024 fair-value loss HK$117.9m; FY2022 loss HK$67.1m. Refurbished | S1, S2, S3 |
| 2 | Grand Scholar, 419K Queen's Road West, HK | Two retail shops (G/F and LG1), about 10,300 sq ft GFA | 100% (historically leased to a church) | Stable income asset | S1, S2 |
| 3 | 4/F, Kenning Industrial Building, 19 Wang Hoi Road, Kowloon Bay | Flatted factory, about 16,500 sq ft, 3 units near Kowloon Bay MTR | About 65% (2 units, about 10,700 sq ft let) | FY2024 fair-value loss HK$21.7m; refurbished | S1, S2 |
| 4 | Atlantic House, Cardiff, UK | Two office wings, about 41,000 sq ft net. East wing let to a local law firm on a lease extended 20 years to 2031; west wing refurbished for multi-let | About 68% overall (west wing about 40% let) | About HK$20m cumulative refurbishment spend | S1, S2 |
| 5 | 30/F, Universal Trade Centre, 3 Arbuthnot Road, Central (3 offices plus 1 car-park space) | About 4,123 sq ft office | Offices vacant; car park 100% | FY2026 fair-value loss about HK$13.8m. Under provisional sale (HK$31.5m), completion due by 28-Oct-2026 | S1 |
| 6 | Office unit, Arion Commercial Centre, 2–12 Queen's Road West | About 1,650 sq ft | 100%: let to a translation company wholly owned by Mr. Pong at HK$38,800/month (connected transaction announced 11-Jun-2025) | Related-party tenancy | S1 |
| 7 | Whole 15/F, Far East Consortium Building, 121 Des Voeux Road Central | About 7,300 sq ft Grade B office | 100%: let to iOne Financial Press Ltd (owned by Mr. Pong). Rent HK$233k/month, cut to HK$224k from 21-Sep-2024, then HK$200k/month under the tenancy announced 11-Sep-2026 | FY2026 fair-value loss about HK$14.0m (FY2025: HK$18.0m) | S1, S2 |
| 8 | Front roof portion and billboard, Block C, Sea View Estate, North Point | Rooftop advertising signage of about 300 sq m facing Victoria Harbour | 100% | Subsidiary sale agreed 28-Sep-2026 for HK$26m (independent valuation HK$22.61m); completion due by 16-Nov-2026 | S1, S2 |
| 9 | Serviced apartment, Park Hyatt Niseko Hanazono, Hokkaido | Ski-in/ski-out branded residence in a hotel rental pool | About 38% average occupancy in FY2026 | Retained; sister unit at Skye Niseko sold | S1 |
Property Investment and Trading — disposed or held-for-trading assets (last 24 months)
| Asset | Specification | Exit | Source |
|---|---|---|---|
| Lime Stardom, Tai Kok Tsui | Two G/F retail shops and two signages held for trading | Sold Oct-2025 for about HK$38.0m, after a HK$24.18m write-down in FY2024 | S1, S2 |
| Skye Niseko A707–708, Upper Hirafu, Kutchan | Serviced apartment, about 127.56 sq m GFA | Sold for JPY280m (about HK$14.14m) to Lee Kok Kwan and Rosemary Yvonne Fong; agreed 04-Feb-2026, completed 31-Mar-2026 | S1 |
Basic Housing Units (簡樸房) platform — new flagship initiative
| Parameter | Disclosure | Source |
|---|---|---|
| Regulatory basis | Basic Housing Units Ordinance, in force 1-Mar-2026. Registration window 1-Mar-2026 to 28-Feb-2027; grace period to 28-Feb-2030; offence provisions from 1-Mar-2027 | S12 |
| Units acquired / committed | 9 residential properties: 6 in Mong Kok and Sham Shui Po, 3 in Happy Valley and Quarry Bay | S1 |
| Vacant-possession schedule | 3 delivered on schedule; 6 subject to existing tenancies expiring Oct-2026 to Jun-2028 | S1 |
| Renovation completion | Dec-2026 to Sep-2028, phased | S1 |
| BHU certification target | Jan-2027 to Oct-2028 | S1 |
| Rental launch | Apr-2027 to Jan-2029 | S1 |
| Average all-in capex per property | About HK$3.5–4.0m (acquisition, renovation and compliance) | S1 |
| Initial capital budget | HK$80–100m, described as a milestone rather than a cap | S1 |
| Target portfolio | 20–25 properties, about 80–100 compliant rooms; stated longer-term ambition of 20–40 properties | S1 |
| Target yield | 7–10% unlevered on total cost | S1 |
| Funding | Internal resources and disposal proceeds (Lime Stardom, Skye Niseko, UTC, Sea View); possible mortgage borrowing against BHU assets | S1 |
| Related capital commitment | Investment-property commitments contracted but not provided for: HK$18.17m at 30-Jun-2026 (nil at 30-Jun-2025) | S1 |
Property Development
| Project | Specification | Status | Source |
|---|---|---|---|
| 50 School Road, Moseley, Birmingham, UK | 15,800 sq ft site; about 12,000 sq ft GFA; 14 residential units; 87.5% owned via Moseley No50 Ltd (JV partner Long Vere Property Group, linked to a Geneva/London family office) | Land acquired 26-Oct-2018; completed Nov-2021; 6 units sold by FY2024; all 14 sold by 24-Apr-2026. FY2026 segment revenue HK$10.85m (FY2025: HK$11.59m) | S1, S2, S3 |
| Pipeline | Small and mid-size residential, urban redevelopment and value-add conversions in HK core urban areas, UK and Japan; preliminary JV discussions with local developers | No project committed at cut-off | S1 |
Securities Investment and Trading — portfolio catalogue at 30 June 2026
| Holding category | Cost | Carrying value | % of total assets | FY2026 FV gain/(loss) | Income received | Source |
|---|---|---|---|---|---|---|
| Unlisted financial instruments (FVTPL), total | 542.69 | 403.27 | 26.0% | -42.30 | 0.87 | S1 |
| of which: real-estate-related fund instruments | 261.17 | 119.06 | 7.7% | -46.78 | 0.27 | S1 |
| of which: investment savings plans | 198.60 | 190.38 | 12.3% | 6.25 | 0 | S1 |
| of which: other financial instruments | 82.93 | 93.83 | 6.1% | -1.77 | 0.60 | S1 |
| Listed equities (FVOCI) | 44.19 | 56.63 | 3.7% | 8.85 (OCI) | 0.34 | S1 |
| Listed debt (FVOCI), non-current | 64.19 | 56.90 | 3.7% | 1.99 (OCI) | 3.85 | S1 |
| Listed debt (FVOCI), current | 3.90 | 0.04 | 0.0% | -0.21 | 0.29 | S1 |
| Intangible assets (cryptocurrency, Bitcoin) | 0.45 | 0.45 | 0.0% | 0 | 0 | S1 |
Note: the announcement shows percentages against a different denominator (for example, FVTPL at 77.96%), apparently segment-level. The percentages above are recomputed against consolidated total assets of HK$1,549.2m.
Named flagship positions:
BentallGreenOak Asia IV, L.P.: US$10m commitment (about 0.33% of the fund's target size). US$1.516m called; carrying value HK$9.63m (FY2025: HK$3.77m); FY2026 fair-value loss HK$2.05m. Value-add and opportunistic strategy across Japan and Korea logistics, multifamily and commercial assets; fund term 7–9 years.
Hang Seng principal-protected wealth products: two subscriptions totalling about US$18.7m (about HK$145.9m), including the US$9.2m Hang Seng Insurance "LegendPower" plan. Carrying value HK$138.06m (8.9% of total assets); contracted returns of about 4–6% p.a.; partly funded with secured bank loans to earn a positive carry.
Exposure map disclosed (strategies only, no names): - Private-equity real-estate funds in Japan, Korea, Australia, Hong Kong, Mainland China, Germany, the UK and the US. Underlying assets include student housing, hostels, Bay Area mixed-use, German land banks and UK land promotion.
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Co-investments in Shanghai and Glasgow offices and a Phnom Penh mixed-use scheme.
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Real-estate private-debt funds in Australia, Hong Kong and China.
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Discretionary global equity mandates, investment-grade/high-yield bank, financial and property bonds, mutual and alternative liquidity funds, and Bitcoin held via a licensed custodian.
Earlier named instruments: - Tianjin Zhongwei fund (RMB20m commitment, 2021).
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China Life Overseas WM product (US$4.83m, 2021).
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Elect Global Investments bonds (US$3.5m face, bought Nov-2023).
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Redeemed: Apeiron Global Opportunities Fund (Sep-2023), Optimas Global Alpha Fund (Oct-2023 and Apr-2024), Nomura Funds Ireland (Feb-2024), HSBC GIF Ultra Short Duration Bond (HK$6.75m, Oct-2025).
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Towngas (Finance) bond sold Oct-2023.
Commitments: outstanding fund commitments HK$81.81m (FY2025: HK$110.11m).
Board-set guardrails: single fund or issuer at most 10% of total assets at commitment; underlying fund LTV caps of 60–65%; 8–12% net-IRR hurdle for opportunistic and value-add funds; GP commitment of 1–5%; at least two prior fund vintages for managers. Prohibited: speculative derivatives, naked options, margin trading, ICOs and unregulated crypto derivatives.
Loan Financing — loan book at 30 June 2026
| Borrower | Type | Term | Rate | Security | Carrying amount (HKD Mn) | Share | Source |
|---|---|---|---|---|---|---|---|
| Borrower A: P L Technology Ltd (HK money lender) | Corporate revolving facility | 48 months; maturity extended to 03-May-2029 | 8% | Debenture, share mortgage, deed of assignment | 26.49 | 54% | S1 |
| Borrower B (BVI investment holding company) | Corporate | 24 months | 12% | Deed of assignment and guarantee | 7.57 | 15% | S1 |
| Borrower C (BVI SPV financing a PE fund) | Corporate | Repayable on asset realisations; expected Q4 calendar 2026 | 20% | Unsecured | 6.84 | 14% | S1 |
| Other borrowers (2 corporate and 1 individual) | Mixed | — | Up to 22.5% | Various | 8.33 | 17% | S1 |
| Total | 5 corporate and 1 individual account | — | 8%–22.5% | — | 49.22 | 100% | S1 |
The P L Technology facility limit was raised from HK$30m to HK$50m under a fourth supplemental agreement dated 16-Jul-2026 (circular 24-Aug-2026). A new HK$20m, 36-month, 5% vendor loan will be advanced to the Sea View purchaser at completion, secured by a first legal charge, an assignment of rents and a share charge; default interest is 20%.
Renovation / interior design
Aggregators still describe a renovation, interior design and art-installation service line. In the filings this segment generated no revenue in FY2021–FY2025 and is not reported as a segment in FY2026. It is economically dormant.
Financial Narrative
Basis: audited figures, HKD millions, fiscal years ended 30 June. FY2022 revenue is shown on the restated basis (HK$33.35m) used in FY2023 comparatives and by aggregators. The originally reported FY2022 figure was HK$26.45m, and the difference is reclassified securities and loan interest and dividends. "Core" metrics are analyst-derived from the by-nature income statement: they exclude fair-value movements, impairments, write-downs, ECL charges, disposal gains/losses and finance costs, and are labelled as such.
Income statement
Sources: S1 (FY2025–FY2026), S2 (FY2023–FY2024), S3/S4 (FY2022). The FY2022 core result is on the old by-function basis (gross profit HK$19.70m, other income HK$11.48m, administrative and other expenses HK$43.20m, including a HK$9.66m FX loss and HK$1.43m intangible impairment), so it is not strictly comparable.
Memo — FY2021 (last profitable year, S3): revenue HK$26.76m (unrestated); pre-tax profit HK$31.99m; net profit HK$36.09m; EPS 6.46 HK cents; investment-property revaluation gain HK$55.13m.
Margins and growth
Derived from S1–S4. The FY2022 growth figure compares restated FY2022 (33.35) with unrestated FY2021 (26.76), so it overstates true growth. The FY2026 gross margin falls because low-margin property sales dominate the revenue mix.
Revenue CAGR: FY2022–FY2026 (restated base) about 25.3% a year. FY2022–FY2025 about 10.0% a year, which better reflects underlying recurring growth before the one-off FY2026 disposals.
Trend commentary.
Revenue: Recurring revenue (rent, loan interest and securities income) moved in a narrow band of HK$29.5–33.4m between FY2023 and FY2026. Headline growth has come from property-sale proceeds: HK$8.5m in FY2023, HK$7.7m in FY2024, HK$11.6m in FY2025 and HK$48.9m in FY2026. Rental revenue is effectively flat at HK$21.6–22.8m over five years, despite the Cardiff re-letting, because Hong Kong office rents have softened and Pong-related leases have been re-priced lower (FECB rent cut from HK$233k to HK$200k a month across two renewals; Arion from HK$42k to HK$38.8k).
Core profitability: Core operating profit peaked at HK$14.6m in FY2025, but HK$7.6m of that was an FX gain. In FY2026 it collapsed to about breakeven. The drivers were: FX gains disappearing (HK$0.2m against HK$7.6m); professional and consulting fees rising to HK$10.4m from HK$4.1m, probably reflecting the circulars, valuations, BHU legal and compliance work and the new internal audit hire; bank interest falling to HK$11.7m from HK$13.2m; and a small loss on property sales (HK$48.85m of proceeds against HK$49.22m cost).
Statutory losses: Every year since FY2022 has been loss-making. The inflection was FY2024, which combined a HK$163.6m investment-property revaluation loss (9QRC alone −HK$117.9m), a HK$36.2m PPE impairment of the owner-occupied floor and a HK$25.2m trading-property write-down. FY2025 and FY2026 losses were smaller but still material. In FY2026 the composition shifted from property marks toward fund marks (FVTPL −HK$42.3m).
Tax line quality: The FY2025 and FY2026 tax credits (HK$12.3m and HK$11.4m) are largely releases of over-provisions for prior-year Hong Kong tax (HK$13.66m and HK$10.68m respectively). They are non-recurring and flatter the net loss.
Half-year phasing in FY2026: H1 revenue was HK$54.44m and the H1 loss HK$35.50m. H2 revenue was therefore about HK$27.75m and the H2 loss about HK$49.79m. H2 deteriorated mainly because roughly HK$39.4m of the full-year FVTPL loss was recognised after December 2025, against H1 FVTPL losses of HK$2.87m.
Balance sheet
Sources: S1–S4. FY2025 FVOCI includes current debt of HK$36.14m. Borrowings are classified as current because of repayment-on-demand clauses. On contractual schedules, FY2026 borrowings fall due HK$262.08m within five years and HK$29.71m beyond five years (FY2025: HK$297.48m and HK$32.91m). Goodwill is nil; intangibles are the cryptocurrency holdings. Book value per share uses about 566.91m shares for FY2023–FY2026 and 560.81m for FY2022.
Balance sheet commentary.
Steady equity erosion: Owners' equity fell from HK$1,845.8m at 30-Jun-2021 to HK$1,244.7m at 30-Jun-2026, a 32.6% decline, with no dividends or buybacks. All of the decline reflects losses and OCI.
Investment property down 49%: It fell from HK$976.9m (FY2021) to HK$493.1m, through revaluations and reclassification to held-for-sale.
Liquidity: It is adequate on a gross basis: HK$319.2m of cash and pledged deposits against HK$291.8m of borrowings. However, HK$129.5m of the deposits are pledged, and HK$467.3m of investment property, HK$75.4m of leasehold property and HK$33.9m of held-for-sale assets are also charged to lenders.
Working capital: It recovered to HK$101.4m in FY2026 from a thin HK$35.3m in FY2025, as the Lime Stardom and Niseko proceeds were banked and borrowings fell by HK$38.6m.
Cash flow
The disclosed items are below.
Sources: S1–S3. No shares were repurchased in any year. The FY2022 borrowing change is measured against secured borrowings of HK$234.71m at 30-Jun-2021.
Sources: S6, S7, S5.
Commentary. Operating cash generation is close to zero. Recurring cash income (rent, interest and dividends of about HK$45m including bank interest) roughly offsets cash overheads and interest. Disposals and the treasury book drive cash movements, not operations. The H1 FY2026 operating outflow of HK$9.2m coincided with higher professional fees (HK$3.9m against HK$1.66m).
Ratios
Derived from S1–S4. Company-reported gearing is from S1–S3.
Ratio commentary.
Returns: have been negative in all five years, and ROE has never been better than about −4%.
Interest coverage: on core earnings is effectively zero in FY2026. The company covers interest from bank interest income (HK$11.7m) and the positive carry on wealth products rather than from operating profit.
Leverage: is modest in absolute terms (gearing about 19%), but nearly all debt is short-dated or callable on demand. That makes refinancing and covenant risk the key balance-sheet sensitivity, mitigated by pledged deposits roughly equal to 44% of borrowings.
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Segment Overview
| Segment | Contents | Key assets / activities at 30-Jun-2026 | Source |
|---|---|---|---|
Property Investment and Trading (物業投資及買賣) | Investment properties held for rental and capital appreciation; trading properties; the new BHU residential acquisitions | 9 investment properties (8 HK/UK commercial and industrial plus 1 Niseko serviced apartment), including assets held for sale | S1 |
Property Development (物業發展) | Ground-up or redevelopment residential projects | Birmingham (Moseley) 14-unit scheme fully sold. The segment is now a pipeline-search activity with no active project | S1 |
Securities Investment and Trading (證券投資及買賣) | Unlisted real-estate PE funds, co-investments, wealth/savings products, listed equities and bonds, alternative funds, Bitcoin | Carrying value HK$517.3m; outstanding commitments HK$81.8m | S1 |
Loan Financing (貸款融資) | Licensed money lending: secured corporate and mezzanine loans | Loan book HK$49.2m at 8–22.5% p.a. | S1 |
Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Property Investment and Trading revenue (HKD Mn) | 21.73 | 21.64 | 22.61 | 60.81 |
Property Development revenue (HKD Mn) | 8.55 | 7.66 | 11.59 | 10.85 |
Securities Investment and Trading revenue (HKD Mn) | 4.23 | 6.81 | 5.29 | 5.34 |
Loan Financing revenue (HKD Mn) | 3.53 | 5.00 | 4.94 | 5.19 |
Renovation revenue (HKD Mn) | 0 | 0 | 0 | 0 |
Total revenue (HKD Mn) | 38.03 | 41.12 | 44.42 | 82.19 |
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View Subscription PlansResults by Segment
| Segment | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Property Investment and Trading result (HKD Mn) | 3.05 | -171.03 | -55.64 | -32.99 |
Property Development result (HKD Mn) | 3.71 | -0.69 | -1.17 | -1.02 |
Securities Investment and Trading result (HKD Mn) | -59.38 | -10.35 | -8.86 | -47.49 |
Loan Financing result (HKD Mn) | 1.27 | -2.70 | 4.29 | 5.83 |
Renovation result (HKD Mn) | -0.01 | -0.01 | 0 | 0 |
Total reportable segment result (HKD Mn) | -51.36 | -184.77 | -61.37 | -75.68 |
Segment Revenue
| Segment | FY2026 revenue YoY | FY2026 % of revenue | FY2025 % of revenue | FY2026 segment margin | FY2025 segment margin |
|---|---|---|---|---|---|
Property Investment and Trading | +169.0% | 74.0% | 50.9% | -54.3% | -246.1% |
Property Development | -6.4% | 13.2% | 26.1% | -9.4% | -10.1% |
Securities Investment and Trading | +1.0% | 6.5% | 11.9% | -889.9% | -167.6% |
Loan Financing | +5.2% | 6.3% | 11.1% | +112.3% | +86.9% |
Segment assets
| Segment assets | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Property Investment and Trading assets (HKD Mn) | 914.26 | 733.03 | 662.25 | 580.00 |
Property Development assets (HKD Mn) | 31.57 | 25.03 | 14.64 | 0.31 |
Securities Investment and Trading assets (HKD Mn) | 486.65 | 505.96 | 602.04 | 524.27 |
Loan Financing assets (HKD Mn) | 35.50 | 37.30 | 36.43 | 49.30 |
Group Entities
| Subsidiary | Role | Source |
|---|---|---|
August Ally Limited | Securities/fund investment vehicle (BGO Asia IV, Hang Seng products, bond trades) | S1, S2 |
瑞智投資有限公司 (BVI) | Lender to P L Technology Ltd | S1 |
Wealthy View Limited | Lender of the HK$20m vendor loan to the Sea View purchaser | S1 |
Alpha Easy Limited | Holding company (vendor) of the Sea View rooftop target company; earlier acquired 49% of Brilliant Icon | S1, S3 |
Wealth Tool Limited | Owner/vendor of the Skye Niseko apartment | S1 |
Celestial Tower Ltd, Just Central Ltd, Coastal Talent Ltd, Double Achiever Ltd | Owners/vendors of the UTC offices and car park | S1 |
Monilea Limited | Landlord of Far East Consortium Building 15/F | S2 |
Moseley No50 Ltd (87.5%) | Birmingham development SPV; 12.5% held by Long Vere Property Group Ltd | S1 |
Luck Wise Investment Limited | LP in Tianjin Zhongwei fund | S3 |
Baronesa Limited | Former owner of the UTC 13/F unit | S3 |
World Fair Global Limited | Former holder of the Universal Honor stake | S3 |
Income Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (HKD Mn) | 33.35 | 38.03 | 41.12 | 44.42 | 82.19 |
Other income (HKD Mn) | 4.58 | 15.92 | 16.88 | 16.02 | 14.39 |
Analyst gross profit: revenue less cost of property sold and IP direct opex (HKD Mn) | 26.60 | 25.48 | 27.66 | 26.83 | 27.53 |
Core operating result before FV items and finance costs (HKD Mn) | -12.02 | 6.49 | 8.88 | 14.56 | 0.23 |
Core EBITDA (HKD Mn) | -7.40 | 10.80 | 13.10 | 18.50 | 4.95 |
Fair value loss on investment properties (HKD Mn) | -110.50 | -11.41 | -163.55 | -67.64 | -46.86 |
Fair value loss on FVTPL financial instruments (HKD Mn) | -26.24 | -52.23 | -6.46 | -5.75 | -42.30 |
Statutory EBIT: PBT plus finance costs (HKD Mn) | -141.16 | -63.30 | -233.48 | -70.13 | -87.93 |
Statutory EBITDA: EBIT plus depreciation (HKD Mn) | -136.54 | -58.99 | -229.26 | -66.19 | -83.21 |
Finance costs (HKD Mn) | -2.36 | -6.05 | -8.47 | -8.93 | -8.73 |
Pre-tax income (HKD Mn) | -143.52 | -69.35 | -241.95 | -79.06 | -96.66 |
Income tax credit or expense (HKD Mn) | 0.99 | 1.85 | -0.22 | 12.32 | 11.37 |
Net income (HKD Mn) | -142.53 | -67.50 | -242.16 | -66.74 | -85.29 |
Net income attributable to owners (HKD Mn) | -144.05 | -67.61 | -241.95 | -66.56 | -85.10 |
EPS basic (HK cents) | -25.69 | -11.93 | -42.68 | -11.74 | -15.01 |
EPS diluted (HK cents) | -25.69 | -11.93 | -42.68 | -11.74 | -15.01 |
Dividend per share (HK cents) | 0 | 0 | 0 | 0 | 0 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Analyst gross margin (%) | 79.8 | 67.0 | 67.3 | 60.4 | 33.5 |
Core operating margin (%) | -36.0 | 17.1 | 21.6 | 32.8 | 0.3 |
Core EBITDA margin (%) | -22.2 | 28.4 | 31.9 | 41.6 | 6.0 |
Statutory EBITDA margin (%) | -409.4 | -155.1 | -557.5 | -149.0 | -101.2 |
Net margin (%) | -427.4 | -177.5 | -588.9 | -150.2 | -103.8 |
Revenue growth YoY (%) | 24.6 | 14.0 | 8.1 | 8.0 | 85.0 |
Balance Sheet and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (HKD Mn) | 1,959.07 | 1,839.24 | 1,717.07 | 1,685.09 | 1,549.24 |
Investment properties (HKD Mn) | 865.87 | 837.36 | 670.73 | 613.43 | 493.12 |
Assets held for sale (HKD Mn) | 0 | 0 | 0 | 0 | 57.12 |
Property plant and equipment (HKD Mn) | 140.84 | 138.47 | 99.39 | 99.02 | 97.32 |
Properties held for trading or under development (HKD Mn) | 106.49 | 96.98 | 63.91 | 49.14 | 0 |
FVTPL financial instruments (HKD Mn) | 402.37 | 350.57 | 364.22 | 448.24 | 403.27 |
FVOCI equity and debt instruments (HKD Mn) | 42.80 | 119.86 | 128.98 | 140.91 | 113.56 |
Loan receivables (HKD Mn) | 6.57 | 33.51 | 37.19 | 36.34 | 49.22 |
Cash and bank balances (HKD Mn) | 212.56 | 144.33 | 230.14 | 144.14 | 189.78 |
Pledged bank deposits (HKD Mn) | 164.48 | 108.21 | 106.08 | 144.20 | 129.45 |
Goodwill and intangibles (HKD Mn) | 2.39 | 1.34 | 2.31 | 0.76 | 0.45 |
Short-term borrowings (HKD Mn) | 219.28 | 183.31 | 292.12 | 330.39 | 291.79 |
Long-term borrowings (HKD Mn) | 1.36 | 0.94 | 0.47 | 0 | 0 |
Total borrowings (HKD Mn) | 220.63 | 184.25 | 292.59 | 330.39 | 291.79 |
Net debt incl. pledged deposits as cash (HKD Mn) | -156.41 | -68.29 | -43.63 | 42.05 | -27.44 |
Net debt excl. pledged deposits (HKD Mn) | 8.07 | 39.92 | 62.45 | 186.25 | 102.01 |
Total liabilities (HKD Mn) | 273.48 | 222.29 | 331.15 | 358.48 | 305.55 |
Total equity (HKD Mn) | 1,685.59 | 1,616.94 | 1,385.92 | 1,326.62 | 1,243.69 |
Equity attributable to owners (HKD Mn) | 1,686.13 | 1,617.37 | 1,386.55 | 1,327.43 | 1,244.70 |
Working capital: net current assets (HKD Mn) | 238.40 | 148.32 | 120.60 | 35.35 | 101.42 |
Book value per share (HKD) | 2.97 | 2.85 | 2.45 | 2.34 | 2.20 |
Cash Flow
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Additions to segment non-current assets, capex proxy (HKD Mn) | 18.94 | 1.93 | 9.19 | 0.76 | 0.29 |
Dividends paid (HKD Mn) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (HKD Mn) | 0 | 0 | 0 | 0 | 0 |
Net change in borrowings (HKD Mn) | -14.08 | -36.38 | 108.34 | 37.80 | -38.60 |
Half-year cash flow (HKD Mn)
| Half-year cash flow (HKD Mn) | H1 FY2024 | H1 FY2025 | H1 FY2026 |
|---|---|---|---|
Net cash from/(used in) operating activities | 1.97 | 6.75 | -9.24 |
Net cash from/(used in) investing activities | -36.20 | 137.11 | not disclosed in sources retrieved |
Net cash used in financing activities | -11.82 | -39.54 | not disclosed in sources retrieved |
Financial Analysis
| Item | Status |
|---|---|
Free cash flow FY2022–FY2026 | TipRanks cites EV/FCF of about 220x for FY2024, implying marginally positive FCF (aggregator) |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE on average total equity (%) | -8.1 | -4.1 | -16.1 | -4.9 | -6.6 |
ROA on average total assets (%) | -7.0 | -3.6 | -13.6 | -3.9 | -5.3 |
ROIC: pre-tax EBIT over year-end equity plus debt (%) | -7.4 | -3.5 | -13.9 | -4.2 | -5.7 |
Current ratio (x) | 1.90 | 1.69 | 1.37 | 1.10 | 1.34 |
Debt to equity (%) | 13.1 | 11.4 | 21.1 | 24.9 | 23.5 |
Company gearing: borrowings over total assets (%) | 11 | 10 | 17 | 20 | 19 |
Interest coverage: core EBIT over finance costs (x) | -5.09 | 1.07 | 1.05 | 1.63 | 0.03 |
Asset turnover: revenue over average assets (x) | 0.016 | 0.020 | 0.023 | 0.026 | 0.051 |
Financial Analysis — Net debt / EBITDA
| Ratio | Status |
|---|---|
Net debt / EBITDA | Not meaningful: EBITDA negative on a statutory basis; net cash when pledged deposits are counted |
Cash conversion cycle | Not applicable or disclosed: no inventory or receivables cycle of significance (trade receivables HK$2.5m) |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Hong Kong revenue (HKD Mn) | 23.93 | 27.40 | 25.49 | 62.40 |
United Kingdom revenue (HKD Mn) | 11.93 | 10.54 | 15.75 | 16.11 |
Japan revenue (HKD Mn) | 2.17 | 3.18 | 3.19 | 3.68 |
Total revenue (HKD Mn) | 38.03 | 41.12 | 44.42 | 82.19 |
Region Margins & Growth (%)
| Region | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Hong Kong revenue growth (%) | 14.5 | -7.0 | 144.8 |
United Kingdom revenue growth (%) | -11.7 | 49.5 | 2.3 |
Japan revenue growth (%) | 46.8 | 0.2 | 15.5 |
Region Assets & Liabilities
| Region | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Hong Kong non-current assets (HKD Mn) | 890.71 | 694.77 | 618.18 | 513.62 |
United Kingdom non-current assets (HKD Mn) | 54.37 | 54.37 | 57.13 | 54.98 |
Japan non-current assets (HKD Mn) | 32.09 | 31.06 | 37.89 | 25.84 |
Segment Overview — Property Investment and Trading
| Segment | Hong Kong | United Kingdom | Japan | Other / global |
|---|---|---|---|---|
Property Investment and Trading | 7 assets (9QRC, Grand Scholar, Kenning, UTC, Arion, FECB, Sea View) plus the BHU platform; Lime Stardom sale (HK$38m) | Atlantic House, Cardiff | Park Hyatt Niseko unit; Skye Niseko (sold) | — |
Property Development | Pipeline only | Birmingham project (HK$10.85m FY2026 sales) | Pipeline only | — |
Securities Investment | HK-listed bonds and equities; Hang Seng wealth products | Fund look-through exposure | Fund look-through exposure (BGO Asia IV) | US, Germany, Korea, Australia, China, Cambodia via funds |
Loan Financing | HK and BVI corporate borrowers | — | — | — |
Share Price History
| Date | Price | Source |
|---|---|---|
28-Oct-2025 | About 0.16 (market cap about HK$98.1m) | S11 (TipRanks) |
27-Mar-2026 | 0.141 | S9 |
05-May-2026 | 0.166 | S9 |
Early Jun-2026 | About 0.13 | S11 (Google Finance) |
31-Jul-2026 | 0.138 | S9 |
04-Aug-2026 | 0.140 | S9 |
09-Oct-2026 | 0.144 | S9 |
Performance metric | Value | Basis |
About 1-year change | About -10% (0.16 to 0.144, Oct-2025 to Oct-2026) | S9, S11 |
3-year and 5-year total return | Aggregator (Lixinger) cites an annualised return since listing of about -9.6% | S11 |
Valuation Multiples
| Multiple | Winfull | Calculation |
|---|---|---|
Market cap | HK$81.6m | 566.91m × 0.144 |
P/E (trailing) | Not meaningful (EPS −15.01c) | — |
P/B | 0.066x | 81.6 / 1,244.7 |
EV (market cap + borrowings − cash − pledged deposits) | About −HK$45.8m | 81.6 + 291.8 − 189.8 − 129.5 |
EV/EBITDA | Not meaningful (negative EV and EBITDA) | — |
EV/Sales | Not meaningful (negative EV) | — |
Price / sales | 0.99x | 81.6 / 82.2 |
Discount to NAV | About 93% | 1 − 0.144/2.196 |
Share Count (millions)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividend per share (HK cents) | 0 | 0 | 0 | 0 | 0 |
Shares repurchased (millions) | 0 | 0 | 0 | 0 | 0 |
Weighted average shares (millions) | 560.81 | 566.81 | 566.91 | 566.91 | 566.91 |
Capital Markets
| Item | Status | Source |
|---|---|---|
Sell-side coverage | 0 analysts (Simply Wall St). TipRanks shows a "Hold, HK$0.50 target" algorithmic or AI rating, not a broker estimate | S11 |
Credit ratings (Moody's / S&P / Fitch) | None; unrated | — |
Debt maturity profile (contractual, FY2026) | HK$262.08m within 5 years; HK$29.71m beyond 5 years. All secured bank loans; all presented as current owing to on-demand clauses | S1 |
Debt maturity profile (FY2025) | HK$297.48m within 5 years; HK$32.91m beyond 5 years | S1 |
Analyst Conclusions
Management guidance
Management issues no numeric earnings guidance. Its qualitative outlook (S1, FY2026):
-
complete the UTC (by 28-Oct-2026) and Sea View (by 16-Nov-2026) disposals;
-
deploy HK$80–100m into BHU, with renovations from December 2026, certification from January 2027 and first BHU rents from April 2027;
-
continue lending at 8–22.5% and investing through funds;
-
rebuild a development pipeline through JVs;
-
maintain a cautiously positive long-term view of Hong Kong property while acknowledging persistent commercial weakness.
Consensus expectations
There is no sell-side consensus. TipRanks displays a generic revenue-growth forecast of about 11.4%.
Analyst forward view (indicative, not guidance)
FY2027 revenue: It should fall sharply from HK$82.2m because the FY2026 total included HK$48.9m of property sales. The UTC and Sea View disposals are investment-property sales, so the gain or loss goes through the income statement rather than revenue. Recurring revenue (rent, interest and securities income) should be roughly HK$30–33m, with the loss of UTC car-park and Sea View billboard rent partly offset by vendor-loan interest (about HK$1m a year at 5% on HK$20m).
BHU income: is unlikely to be material before FY2028.
The FY2027 bottom line: remains hostage to office revaluations and fund marks.
Bull case (three arguments)
-
Asset backing provides a deep margin of safety. Cash and pledged deposits alone (HK$319.2m, about HK$0.56 a share) are about 3.9x the share price, and NAV is HK$2.20 a share. Even a 50% haircut to all non-cash assets leaves value far above HK$0.144.
-
The capital-recycling pivot is real and largely executed. About HK$110m of disposals agreed in 12 months, Birmingham fully exited, and borrowings cut by HK$38.6m in FY2026. Moving from vacant Central office (UTC yielding nil) to BHU at a targeted 7–10% could double the yield on recycled capital.
-
Mark-to-market drag is fading on the property side. Investment-property revaluation losses fell from HK$163.6m (FY2024) to HK$67.6m (FY2025) to HK$46.9m (FY2026). Since the most office-exposed assets (UTC) are now being sold, further large property write-downs require a renewed downturn.
Bear case (three arguments)
-
The discount is structural, not cyclical. A 68% controller, no dividends for at least six years, no buybacks despite trading at 7% of book, connected-party tenancies re-priced lower three times, and executive pay that is large relative to the business all suggest minorities may never realise NAV.
-
The fund book is a value sink. Property-related fund instruments are carried at HK$119.1m against HK$261.2m of cost, and HK$81.8m of commitments remain to be called. FY2026's HK$42.3m FVTPL loss shows the risk has migrated from direct property into opaque Level-3-type marks.
-
Core profitability is absent. With the core operating result at about HK$0.2m, interest coverage near zero on core earnings and overheads exceeding rent, every year starts at a structural loss before marks. BHU at full scale (HK$5.6–10m of rent) only narrows this gap.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable | What to watch |
|---|---|---|
| By 28-Oct-2026 | UTC sale completion | Cash receipt of HK$26.1m balance plus HK$2.25m car park; realised loss versus the about HK$10.45m estimate |
| Late Oct-2026 | 2025/26 annual report | Full cash-flow statement, directors' remuneration, valuer details, ESG data |
| By 16-Nov-2026 | Sea View sale completion | Satisfaction of conditions; HK$20m vendor loan drawdown and performance |
| Nov/Dec-2026 | AGM | Repurchase mandate; any capital-return proposal; board refresh (NED vacancy) |
| Q4 calendar 2026 | Borrower C repayment | Recovery of the unsecured HK$6.84m at 20% |
| Dec-2026 to Mar-2027 | First BHU renovations and certification | Capex per unit versus the HK$3.5–4.0m budget; certification timing |
| Feb-2027 | H1 FY2027 interim results | Recurring revenue run-rate; office revaluation trend; FVTPL marks |
| 28-Feb-2027 / 1-Mar-2027 | BHU registration window closes; offence provisions start | Market supply response; rent levels for certified units |
| Apr-2027 onward | First BHU rental income | Achieved yield versus the 7–10% target |
| Ongoing | Further disposals (9QRC, FECB, Kenning) | Whether "exit and upgrade" extends to core Central office |
| Ongoing | Fund capital calls and distributions | Net cash flow from the HK$81.8m of outstanding commitments |
Analyst verdict
Winfull Group Holdings is best understood as a family-controlled, closed-end property and multi-asset vehicle. It has the cost structure of a listed company and the earnings profile of a private holding company. The numbers are stark. Over five years the group has lost about HK$604m, owners' equity has fallen a third to HK$1.24bn, and the market values the whole enterprise at about HK$82m, less than its cash and pledged deposits net of debt plus a fraction of its securities. On a pure asset basis the shares are among the cheapest listed property holdings in Hong Kong, at about 0.07x book.
The FY2026 results show genuine strategic movement. Disposals were executed, the Birmingham project was exited, borrowings were reduced, and a coherent if small redeployment thesis has emerged in compliant Basic Housing Units. That thesis is timely: the BHU Ordinance has created a regulated, supply-constrained segment exactly as Hong Kong residential demand recovers.
However, the investment case rests less on what Winfull owns than on whether minority shareholders can ever access it. Core operating earnings were roughly zero in FY2026. Overheads exceed rental income. The opaque fund portfolio has destroyed more than half its cost base and still carries HK$82m of unfunded commitments. Governance features (a 68% controller, recurring related-party tenancies re-priced in the controller's favour, and no dividends or buybacks despite an extreme discount) explain why the market treats book value as largely notional.
Verdict: deep-value but governance-constrained; suitable only as a special-situation holding. A re-rating requires at least one of three things: a formal capital-return programme (buyback or special dividend funded from disposal proceeds), demonstrable BHU yields at or above 7% from 2027, or an end to fair-value bleeding in the fund book. Absent these, the NAV discount is likely to persist irrespective of Hong Kong's property cycle.
End of dossier. All figures are in HKD unless stated otherwise. FY = fiscal year ended 30 June.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Tenure / committees | Background | Age / birth year | Source |
|---|---|---|---|---|---|
Mr. Pong Wilson Wai San (龐維新) | Chairman, Executive Director | Long-standing chairman (on the board since at least 2009); member of the Remuneration, Nomination and Sustainability Committees; authorised representative | Controlling shareholder (about 68.3%); owns iOne Financial Press Ltd and a translation company, both tenants of the Group | Born 1969 (aggregator) | S1, S9, S11, S14 |
Mr. Lee Wing Yin (李永賢) | Executive Director, CEO, Company Secretary, Compliance Officer | CEO since 04-Nov-2011; chairs the Sustainability Committee | FCCA, CPA; previously Company Secretary and Qualified Accountant | Born 1970 (aggregator) | S1, S11 |
Mr. Koo Fook Sun Louis (顧福身) | Independent Non-Executive Director | Audit Committee chair (meets the Rule 3.10(2) accounting-expertise requirement); Remuneration and Nomination Committee member | — | Not disclosed in sources retrieved | S1, S2 |
Ms. Yeung Wing Yan Wendy (楊穎欣) | Independent Non-Executive Director | Nomination Committee chair; Audit and Remuneration Committee member | — | Not disclosed in sources retrieved | S1, S2 |
Mr. Liu Tsee Ming (劉紀明) | Independent Non-Executive Director | Appointed 27-Sep-2023; Remuneration Committee chair; Audit and Nomination Committee member | — | Not disclosed in sources retrieved | S1, S14 |
Directors' Remuneration
| Executive | Total compensation | Year basis | Source |
|---|---|---|---|
Pong Wilson Wai San | About HK$7.44m | — | S11 (Yahoo Finance) |
Lee Wing Yin | About HK$1.36–1.4m | Latest reported year per aggregator | S11 (Yahoo, Simply Wall St) |
Salary/bonus/share split | Not publicly disclosed in sources retrieved | — | — |
Total staff costs incl. directors | HK$16.91m (FY2026), HK$18.85m (FY2025) | FY2026/FY2025 | S1 |
Directors' Remuneration by Attribute
| Attribute | Status | Source |
|---|---|---|
Board size | 5 (2 executive, 3 INEDs) | S1 |
Independence | 60% INEDs, meeting the one-third and minimum-of-three rules | S1, S2 |
Gender diversity | 1 of 5 directors female (20%) | S1 |
Chair/CEO separation | Yes in form (Pong chairman, Lee CEO). Economically, control is concentrated in the chairman as 68% owner | S1, S9 |
Audit Committee | 3 INEDs; chair Koo; established 02-May-2002; met 4 times in FY2026 and met the auditor 3 times | S1 |
Remuneration Committee | Chair Liu; members Pong, Koo, Yeung; established 23-Mar-2007 | S2 |
Nomination Committee | Chair Yeung; members Pong, Koo, Liu; established 12-Nov-2007 | S2 |
Sustainability Committee | Chair Lee; established 09-Jun-2023 | S2 |
Internal audit | Staff recruited for the internal audit function in FY2026. Previously the committee only "reviewed the necessity" of the function | S1, S2 |
CG Code compliance | Board states full compliance with the CG Code (Appendix C1) in FY2026 | S1 |
Major Shareholders
| Holder | Shares | % of issued | Date | Source |
|---|---|---|---|---|
Mr. Pong Wilson Wai San (direct and via Virtue Partner Group Ltd, BVI) | 387,193,566 | 68.30% | 30-Jun-2025 | S9 |
Public float (residual) | About 179.7m | About 31.7% | 30-Jun-2025 | Derived |
Top 10 institutional holders | Not publicly disclosed. No institutional or hedge-fund holders are identified; TipRanks reports no hedge-fund holdings | — | S11 | — |
CEO Lee Wing Yin | About 0.2% | Latest per aggregator | S11 | — |
Board & Management Changes
| Date | Change | Source |
|---|---|---|
27-Sep-2023 | Lung Hung Cheuk (INED) resigned; Liu Tsee Ming appointed | S14 |
FY2026 | Internal audit staff hired | S1 |
Competitive Landscape
Competitors by Segment
| Segment | Peer / competitor | Relevance | Source of identification |
|---|---|---|---|
HK property investment (small cap) | Winfair Investment Co. (0287) | HK property investment small cap; listed as a TipRanks peer | S11 |
HK property investment (small cap) | Eminence Enterprise Ltd (0616) | HK property investment and money lending; listed as a TipRanks peer | S11 |
HK property holding / development | Sino Harbour Property Group (1663) | Listed as a TipRanks peer | S11 |
HK property investment (mid cap) | Chinese Estates Holdings (0127) | HK commercial landlord with securities investments (similar hybrid model) | Analyst selection |
HK property investment (mid cap) | Asia Standard International (0129) | HK property, hotels and large securities/bond book | Analyst selection |
HK property investment | Wing Tai Properties (0369) | HK commercial/residential landlord | Analyst selection |
HK property / hotels | Century City International (0355) / Paliburg (0617) | HK property-and-hotel holding companies at deep NAV discounts | Analyst selection |
HK property / hospitality | Emperor International Holdings (0163) | HK commercial/retail landlord and developer | Analyst selection |
HK property investment | Tai Sang Land Development (0089) | Family-controlled HK landlord | Analyst selection |
HK money lending (segment) | Hong Kong licensed money lenders and private-credit funds (fragmented) | Competes for secured mid-market borrowers | Analyst |
BHU / compliant subdivided housing | Private landlords, NGO social-housing operators, co-living operators | Fragmented; no listed pure-play identified | S12, analyst |
UK regional office (Cardiff) | Institutional and local landlords competing for Cardiff occupiers | Market polarised toward refurbished central stock | S2 |
Competitor Detail
| Metric | Winfull (FY2026) |
|---|---|
Revenue (HKD Mn) | 82.19 |
Revenue growth YoY | +85.0% (one-off sales); recurring about flat |
Net margin | -103.8% |
Core EBITDA margin | 6.0% |
R&D intensity | 0% |
Price / book | About 0.07x |
Gearing (borrowings / total assets) | 19% |
Recent Developments
Share price context: * about HK$0.166 (05-May-2026), HK$0.138 (31-Jul-2026), HK$0.140 (04-Aug-2026), HK$0.144 (09-Oct-2026).
