Pan Asia Data Holdings Inc. reported FY2025 revenue of HK$79.19 million from continuing operations, down 52.8% year-on-year after a major licence contract was not renewed. Gross profit fell to HK$8.26 million, cutting gross margin to 10.4% from 60.4% in 2024.
\n\nImpairment charges on non-financial assets declined sharply to HK$21.74 million (2024: HK$357.61 million), driving a reduction in loss from continuing operations to HK$27.50 million versus HK$355.82 million a year earlier. After including a HK$4.90 million profit from discontinued third-party payment operations, the Group’s total loss narrowed to HK$22.60 million (2024: HK$496.37 million). Loss attributable to shareholders was HK$2.10 million, equating to basic loss per share of HK0.2 cents; continuing-only loss per share was HK1.9 cents.
\n\nCost containment measures contributed to lower expenses: distribution and selling costs fell 69.6% to HK$11.80 million, administrative expenses dropped 69.2% to HK$15.92 million, and R&D spending declined 51.3% to HK$17.05 million. Other gains rose to HK$37.44 million, buoyed by a HK$37.04 million waiver of trade payables.
\n\nNet borrowings contracted to HK$13.60 million from HK$80.68 million, yet total indebtedness remained high at HK$80.08 million, including HK$65.40 million of convertible bonds in default. Cash and bank balances stood at HK$32.11 million, leaving the Group with net current liabilities of HK$49.16 million and net liabilities of HK$48.51 million at year-end.
\n\nThe auditor flagged a material uncertainty over going-concern status, citing convertible-bond defaults and a HK$6.18 million winding-up petition filed in January 2026. Management is pursuing a debt restructuring, potential fund-raising, asset redemptions and creditor negotiations while relying on financial support from the largest shareholder.
\n\nDuring the year, Pan Asia Data disposed of its loss-making third-party payment business for HK$1, recognising a HK$33.87 million gain within discontinued operations. The Group’s sole remaining segment is big-data services, which generated all FY2025 revenue.
\n\nNo dividend was declared for FY2025.