Shanghai International Shanghai Growth Investment Limited (Shanghai Growth) released audited results for the year ended 31 December 2025, highlighting a deeper loss, compressed net assets and weaker liquidity.
Financial highlights • Net loss attributable to shareholders widened to US$0.86 million, compared with a US$0.36 million loss in 2024. • Net loss on financial assets at fair value through profit or loss swung to US$0.35 million from a US$0.05 million gain a year earlier, dragged by a US$0.35 million unrealised loss on listed equities. • Administrative expenses rose 15.1 % to US$0.50 million. • Finance costs of US$0.01 million were incurred on new margin financing; there were no finance costs in 2024. • Basic loss per share increased to US6.07 cents from US2.77 cents.
Balance-sheet snapshot • Net assets fell 38.2 % to US$0.74 million. • NAV per share declined to US$0.06, versus US$0.11 at end-2024. • Cash and cash equivalents contracted to US$0.19 million (2024: US$1.06 million). • Borrowings of US$0.32 million were recorded, lifting the liabilities-to-assets ratio to 33 % from 4 %. • Placement of 2.14 million new shares on 4 July 2025 raised gross proceeds of US$0.42 million, bolstering share capital to US$1.28 million.
Investment profile • Listed equity holdings—primarily Canopy SkyFire Group, Talent Property Group, Metallurgical Corporation of China and Lenovo Group—were valued at US$0.37 million, versus US$0.14 million in 2024. • One unlisted position was carried at US$0.07 million. • Realised gains for the year totalled US$0.00 million, while dividend income from the portfolio slipped to US$0.01 million.
Liquidity and gearing • Current ratio diminished to 2.92 from 24.77. • No charges on assets, material capital commitments or contingent liabilities were noted. • Currency exposure remains limited as assets and liabilities are denominated in Hong Kong or US dollars.
Post-balance-sheet event On 23 March 2026, Shanghai Growth completed a rights issue of 4.81 million shares at US$0.12 per share, executed on a 3-for-8 basis.
Dividend No dividend was declared for 2025.
Annual general meeting The AGM is scheduled for 26 June 2026 in Hong Kong.