Asset Chain Limited reported a sharp narrowing in attributable loss for the year ended 31 March 2026, shrinking 80.00% year-on-year to HK$74.05 million. Revenue from continuing operations more than doubled to HK$96.75 million, driven by higher property sales and rental income.

Revenue and margins • Turnover climbed 115.70% to HK$96.75 million (FY2025: HK$44.86 million), comprising HK$53.34 million from property sales, HK$41.22 million from rentals and HK$0.77 million from loan financing. • Gross profit rose 16.47% to HK$31.26 million, while gross margin contracted to 32.3% (FY2025: 59.8%) following a larger contribution from lower-margin property sales. • Net loss margin improved markedly to 76.1% (FY2025: 797.6%).

Earnings drivers Key factors behind the narrower loss include: 1) HK$83.78 million reversal of write-downs on properties held for development (vs. HK$129.20 million write-down a year earlier). 2) HK$8.52 million net fair-value gain on financial assets at FVTPL (FY2025: HK$20.43 million loss). 3) Reduced loss on investment-property disposals and lower finance costs, down 37.10% to HK$58.20 million. 4) Partially offsetting factors included a HK$9.09 million impairment on other receivables and a HK$19.20 million fair-value loss on investment properties.

Segment performance • Property Investment: revenue HK$42.63 million; segment loss HK$23.91 million. • Property Development: revenue HK$53.34 million; segment loss HK$10.34 million. • Investment in Securities & Others: segment profit HK$11.97 million, buoyed by market gains. • Loan Financing: interest revenue fell 41.80% to HK$0.77 million; segment profit HK$0.55 million. Loss from a discontinued PRC operation was HK$0.41 million (FY2025: HK$7.52 million).

Balance-sheet highlights • Total assets rose 17.80% to HK$5.70 billion, lifted by the acquisition of Fa Yuen Plaza. • Cash and bank balances stood at HK$61.22 million. • Secured bank borrowings expanded to HK$2.33 billion; gearing (bank debt/ equity) reached 0.8 (FY2025: 0.7). • Convertible notes outstanding: HK$24.50 million (2023 CN, 5.0% coupon, HK$0.05 conversion price, maturity Feb 2028) and HK$286.80 million (2025 CN, 5.0% coupon, HK$0.169 conversion price, maturity Jan 2031).

Capital moves During the year the company: • Completed three share placings, raising a combined HK$62.55 million. • Issued HK$286.80 million in new convertible notes to acquire Fa Yuen Plaza. • Executed partial conversions of the 2023 convertible note, issuing 650 million new shares; year-end share count rose to 1.87 billion.

Operations update Major property projects include THE HEDON (Causeway Bay), One Two One (Kowloon), Kennedy Bay (Kennedy Town) and the Fung Wah redevelopment on Castle Peak Road, where development plans are under review. Rental assets in Hong Kong carried a book value of HK$1.70 billion.

Dividend and outlook The board recommended no final dividend (FY2025: nil). Management will continue to focus on its core property and investment businesses while exploring opportunities in cross-border finance and real-world asset tokenisation, amid cautious optimism toward the Hong Kong property and securities markets.