Long Inv Corp (stock code: 02312) reported a HK$14.67 million attributable loss for the year ended 31 December 2025, widening sharply from the HK$2.04 million deficit in 2024. The downturn was driven by a HK$3.39 million fair-value loss on listed investments and a HK$4.35 million revaluation markdown on Ether holdings, together reversing the prior-year gains.
\n\nRevenue fell 31.2 % to HK$0.79 million, reflecting lower dividend receipts and a smaller contribution from interest income. Administrative and professional fees more than doubled to HK$7.69 million, further pressuring the bottom line.
\n\nDespite the earnings decline, net assets almost doubled to HK$149.40 million, or 35.89 HK cents per share (2024: 23.48 HK cents), buoyed by an October 2025 share subscription that raised net proceeds of HK$86.40 million. The company allocated HK$81.40 million of the funds to listed and unlisted investments—primarily within Web3 and AI sectors—and HK$2.60 million to working capital, leaving HK$2.40 million unutilised at year-end.
\n\nPortfolio composition at 31 December 2025 comprised HK$113.48 million in listed equities and funds, HK$23.34 million in unlisted stakes, and HK$8.81 million in Ether. The seven largest listed positions—spanning ETFs linked to the Hang Seng indices, crypto-asset funds, and individual tech names such as Alibaba Group and Nasdaq-listed Solowin Holdings—each accounted for more than 5 % of total assets. Unlisted exposures included a 1.62 % stake in UK-based digital-asset derivatives platform GFO-X and an investment in a Hong Kong event-space bidding vehicle.
\n\nCash and cash equivalents stood at HK$2.92 million, with no interest-bearing borrowings; lease liabilities totalled HK$1.97 million, putting the debt-to-equity ratio at 1.32 %. No dividend was proposed for 2025.
\n\nPost-year-end, heightened market volatility triggered additional unrealised losses of HK$16.79 million on listed securities and HK$2.44 million on Ether, according to management’s update. Shareholders also approved a fresh general mandate in February 2026, enabling the board to issue up to 83.26 million new shares and adopt a 2026 share-option scheme.