Ruixin International Holdings Limited (Stock Code: 724) released its audited financial results for the year ended 31 December 2024. The Group recorded no revenue in 2024, compared to HK$74.03 million in 2023, primarily attributed to loss of orders amid intensified competition in electronic products.

For 2024, the Group’s gross loss was HK$0.08 million versus HK$10.32 million in 2023. Net loss for the year decreased to HK$41.75 million from HK$74.92 million. According to the announcement, this was mainly due to lower operating expenses for the electronic products business, partly offset by higher imputed interest expenses on convertible notes and shareholder loans, which amounted to HK$20.04 million and HK$3.57 million respectively. Excluding imputed interest charges, the loss narrowed to HK$18.14 million in 2024 from HK$55.03 million in 2023. No final dividend was declared.

As of 31 December 2024, Ruixin International continued to face net current liabilities of HK$201.84 million and net liabilities of HK$213.64 million. The auditor issued a disclaimer of opinion, highlighting material uncertainties over going concern. The management outlined remediation measures, including possible share subscription and convertible bonds issuance to raise additional capital. Trading in Ruixin International’s shares remains suspended pending fulfillment of certain resumption guidance issued by the Stock Exchange.