RUIXIN INTERNATIONAL HOLDINGS LIMITED (RUIXIN INT'L, 00724) released its audited results for the year ended 31 December 2025, marking its first top-line recovery since 2023 suspension and a sharp reduction in losses.
Revenue and Profitability • Revenue rebounded to HK$39.77 million (2024: nil) on the back of revived trading in electronic parts, components and finished electronic products. • Gross profit reached HK$1.85 million versus a HK$0.08 million loss a year earlier, yielding a gross margin of 4.7%. • Net loss narrowed 74.1% to HK$10.82 million (2024: loss of HK$41.75 million). • Excluding non-cash imputed interest on convertible notes and shareholder loans, the underlying loss fell to HK$5.07 million (2024: HK$18.14 million).
Cost Structure • Administrative expenses dropped 58.9% to HK$7.12 million. • Finance costs declined 75.6% to HK$5.79 million, as imputed interest on convertible notes decreased to HK$1.82 million (2024: HK$20.04 million).
Balance-Sheet Snapshot • Cash and bank balances stood at HK$1.49 million. • Net current liabilities totalled HK$203.73 million; total net liabilities were HK$216.32 million. • Outstanding zero-coupon convertible notes amounted to HK$158.40 million, originally due 31 January 2025. • Shareholder loans from major shareholder Mr Li Weimin were HK$32.77 million, unsecured and non-interest-bearing. • Current ratio remained weak at 0.06 times; no bank borrowings were recorded.
Capital Actions and Going-Concern Measures To address liquidity pressure and achieve trading resumption, the Board outlined a multi-step Resumption Plan: 1. Share Subscription & Debt Settlement: On 16 February 2026 the Company signed a Subscription and Settlement Deed with Mr Li to inject HK$34 million in new equity, using proceeds to retire c.HK$24.1 million of other debts. Mr Li will simultaneously waive all liabilities on the HK$158.40 million convertible notes and HK shareholder loans. 2. Convertible Bond Issue: A HK$19 million CB Subscription agreement with an independent investor, subject to shareholder and Stock Exchange approval, will provide additional working capital. 3. Third-Party Loan Facility: A HK$25 million, 16-month facility from an independent lender has been secured, backed by Mr Li’s guarantee. 4. Ongoing Shareholder Support: Mr Li has undertaken not to demand repayment of convertible notes or shareholder loans before 30 June 2027 or completion of the Resumption Plan, whichever is earlier. 5. Cost-Containment: The Chairlady and external advisers have agreed to defer or reduce HK$11.7 million of remuneration and professional fees until at least mid-2027.
Operational Update During 2025 the Group rebuilt its PRC trading platform via subsidiaries in Hainan and Guangdong, secured HK$39.77 million of orders, and began leasing e-commerce stores to sell branded consumer electronics. Orders of HK$46.80 million were booked in 1Q 2026.
Dividend No final dividend was recommended (2024: nil).
Regulatory Status Trading in RUIXIN INT'L shares has been suspended since 2 September 2024 pending fulfilment of Stock Exchange resumption guidance. Although the Company asserts that all guidance items have now been met, the Stock Exchange issued a delisting notice on 20 March 2026. The Board has applied for a review of this decision.
Outlook Management expects continued recovery, underpinned by the new capital injection, debt restructuring and expansion into e-commerce channels and proprietary branded products. The success of the Resumption Plan remains critical to restoring balance-sheet health and lifting the prolonged trading suspension.
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