Investment Holding
The Group’s investment strategy for its investment holding business is mainly to diversify its investments in unlisted investment funds, listed equity securities and listed debt instruments. For FY2025, the Group recorded interest and dividend income from financial assets at FVPL of HK$779,000 (2024: HK$6,448,000), net gain on disposal of financial assets at FVPL of HK$15,093,000 (2024: HK$738,000) and a net decrease in fair value of financial assets at FVPL of HK$19,920,000 (2024: HK$14,636,000). Details of the significant investments held by the Group for FY2025 are set out as follows:
Zall Smart Commerce Group Limited (“Zall Smart”)
As at 30 June 2025, the Group held 94,401,000 ordinary shares of Zall Smart, representing approximately 0.8% of the total issued share capital of Zall Smart. The shares of Zall Smart are listed on the Main Board of the Stock Exchange (stock code: 2098). Zall Smart and its subsidiaries are principally engaged in developing and operating large-scale consumer product-focused wholesale shopping malls, and providing supply chain management and trading business, e-commerce services, financial services, warehousing and logistics services for online and offline customers in the PRC. The acquisition cost of Zall Smart’s shares held by the Group as at 30 June 2025 was HK$1.28 per share. As at 30 June 2025, the fair value of the investment in Zall Smart was approximately HK$18,408,000, which represented approximately 1.5% of the Group’s total assets. During FY2025, the Group disposed of 8,246,000 shares of Zall Smart and recognised a loss on disposal of HK$508,000, while the fair value of the Group’s investment in Zall Smart decreased by HK$23,128,000. Apart from that, the Group had not received or recognised any dividends or other investment income from its holding of Zall Smart’s shares.
Jinshan Portfolios – Horizon Robotics
As at 30 June 2024, the Group held 5,000,000 participating and non-voting shares of Jinshan Portfolio (the “Jinshan Portfolios”) at a total subscription amount of US$5,000,000, which represented approximately 16.67% of the Jinshan Portfolios under Huangpu River Capital SPC (the “Huangpu River Fund”).
The investment objective of the Huangpu River Fund is capital appreciation by investing in the series C preferred stock of Horizon Robotics, which is principally engaged in the provision of providing automotive solutions for passenger vehicles with proprietary software and hardware and also providing non-automotive solutions to enable device manufacturers to design and manufacture devices and appliances with enhanced levels of intelligence. Horizon Robotics was listed on the Main Board of the Stock Exchange on 24 October 2024, with stock code 9660.HK.
During FY2025, through the Huangpu River Fund, the Group disposed of 10,690,660 shares in Horizon Robotics under the Jinshan Portfolios, recognizing a redeemed consideration of approximately HK$52,809,000, resulting in a net disposal gain of HK$2,097,000. Based on the investment cost of HK$38,750,000, the disposal of the Jinshan Portfolios resulted in a net gain of HK$11,187,000. Additionally, the Group did not receive or recognize any dividends or other investment income from its holdings in the Jinshan Portfolios.
The remaining investments held by the Group mainly included unlisted investment funds, listed equity securities and listed debt instruments, each of which represented less than 5% of the Group’s total assets as at 30 June 2025.