Greater China Financial Holdings Limited (431) released its audited final results for the year ended 31 December 2024, reporting revenue of HK$19.02 million, a decline from HK$49.41 million in 2023. The Group posted a loss attributable to owners of the Company amounting to HK$113.48 million, versus a loss of HK$472.49 million in 2023. Basic and diluted loss per share were HK(1.46) cent, compared with HK(6.08) cents a year earlier.

As of 31 December 2024, the Group recorded net liabilities of HK$841.69 million. It also reported net current liabilities of HK$837.63 million, with cash and cash equivalents of HK$30.07 million. Total borrowing amounted to HK$285.46 million, of which HK$222.14 million is due within one year. Additionally, liabilities related to defaulted guarantees stood at HK$504.01 million.

The auditor issued a disclaimer of opinion primarily due to the unavailability of certain accounting books and records from nine subsidiaries based in Beijing, as well as material uncertainties related to going-concern issues. The Group noted it has taken legal action against relevant parties to recover missing records. Management also highlighted various measures to improve liquidity, including potential disposals of certain loss-making businesses in Beijing.

Following the reporting period, the Group disposed of its insurance brokerage business and its asset management business in 2025 to streamline operations. It also acquired a company in the PRC engaged in producing and selling flavours and fragrances. Trading in the shares of Greater China Financial (431) on the Stock Exchange remains suspended until further notice.