IDT International posts HK$219.85 million interim revenue, shifts control to Horizon Heights and accelerates AI infrastructure push

IDT International Limited reported interim revenue of HK$219.85 million for the six months ended 30 June 2026, a 3.64-fold increase from HK$47.39 million a year earlier. Gross profit reached HK$26.49 million versus HK$5.86 million in the previous period, while operating expenses rose to HK$20.88 million from HK$7.86 million.

The period closed with a net loss of HK$56.79 million, driven primarily by a HK$59.79 million one-off loss on deconsolidation of non-core subsidiaries and the absence of HK$64.67 million debt-restructuring gains booked in 1H 2025. Excluding these one-off items, management recorded an adjusted profit of roughly HK$3.00 million versus an adjusted loss of HK$2.10 million a year earlier.

Cash and bank balances stood at HK$289.19 million at end-June, underpinned by HK$160.70 million net proceeds from a March 2026 share placing of 86.65 million new shares at HK$1.88 each. Net current assets improved to HK$141.38 million, up from HK$22.52 million at end-2025.

Capital expenditure on property, plant and equipment and intangible assets totalled HK$87.37 million, including HK$38.12 million for 18 AI servers purchased in May to support the group’s new AI infrastructure computing-power services.

On 13 June 2026 Horizon Heights Limited, wholly owned by AI Victory Ltd. and ultimately controlled by Ms. Shen Jingwei, completed the acquisition of an 89.39 % stake in Hong Kong Hunglap Technology and assumed shareholder loans. As a result, Horizon Heights lifted its direct and indirect shareholding in IDT International to 60.12 %, becoming the company’s new controlling shareholder.

Board changes accompanied the ownership transition: on 18 May 2026 Liu Kun was appointed chairman, chief executive officer and executive director; Zhu Guoqiang and Shen Yuejie joined as executive directors; and Li Bo became an independent non-executive director and remuneration committee chairman. Several former directors resigned on the same date.

Looking ahead, the group will continue integrating AI capabilities into its consumer electronics, battery and communications portfolio while scaling newly launched AI infrastructure computing-power services.