Silver Grant International Holdings Group reported a HK$945.68 million net loss attributable to shareholders for the year ended 31 December 2025, widening 25.0% from HK$756.74 million in 2024. Basic loss per share rose to 41.03 HK cents from 32.83 HK cents.

\n\nRevenue increased 7.9% to HK$96.46 million, driven by a 4.0% uptick in rental income to HK$92.98 million from Beijing’s East Gate Plaza and first-time contributions of HK$3.48 million from distributed photovoltaic power generation projects.

\n\nNet finance costs eased 9.6% to HK$396.92 million, but this improvement was offset by a surge in impairment losses on financial assets to HK$360.40 million (2024: HK$102.26 million). Fair-value losses on investment properties doubled to HK$144.14 million, while losses from financial assets at fair value through profit or loss narrowed to HK$56.98 million.

\n\nSegment performance • Property leasing recorded segment loss of HK$80.08 million (2024: HK$12.93 million). • New energy investment and operation generated its first HK$3.48 million in revenue and a segment profit of HK$2.30 million. • Investment segment booked a HK$392.01 million loss, reflecting heightened impairments and fair-value adjustments.

\n\nBalance-sheet pressures persisted: net current liabilities stood at HK$1.79 billion (2024: HK$1.39 billion) and total borrowings rose slightly to HK$3.53 billion, of which HK$3.15 billion mature within 12 months. Cash and bank balances were HK$10.27 million. The gearing ratio increased to 253% from 148%, while the current ratio slipped to 0.58x (2024: 0.67x).

\n\nGoing-concern and audit matters The company’s auditor, ZHONGHUI ANDA CPA Limited, issued a disclaimer of opinion, citing material uncertainties related to the group’s ability to continue as a going concern. Key concerns include consecutive annual losses, significant short-term borrowings—HK$2.28 billion of which were already overdue—and litigation that led to asset freezes over a HK$196 million borrowing. The auditor also highlighted scope limitations regarding large loan and interest receivables (carrying amount HK$2.06 billion) under forensic investigation.

\n\nManagement’s liquidity plan To address funding pressure, Silver Grant plans to: 1) dispose of outstanding loan and interest receivables; 2) accelerate the sale of equity investments and non-performing asset portfolios; 3) seek refinancing or repayment extensions on existing borrowings; and 4) secure new credit facilities.

The board believes these measures will provide sufficient liquidity for at least 12 months, though success depends on timely execution and lender support.

\n\nCapex and commitments Capital commitments total HK$9.85 million for property, plant and equipment and HK$0.06 million for unlisted equity securities. Investment properties and certain plant and machinery with a combined carrying amount of HK$1.86 billion remain pledged for financing facilities.

\n\nDividend Given the loss and liquidity constraints, the board will not recommend a final dividend for FY2025, unchanged from the prior year.

\n\nOutlook Management expects China’s supportive fiscal and monetary policies and the shift toward “photovoltaics, storage and charging” projects to underpin its strategic focus on new energy. However, the company cautions that successful execution of asset disposals, refinancing negotiations and additional financing will be critical to alleviating balance-sheet stress in 2026.