Reported Earnings • Jun 30
Full year 2026 earnings released: EPS: HK$0.16 (vs HK$0.71 loss in FY 2025) Full year 2026 results: EPS: HK$0.16 (up from HK$0.71 loss in FY 2025). Revenue: HK$22.6m (down 86% from FY 2025). Net income: HK$9.36m (up HK$46.1m from FY 2025). Profit margin: 41% (up from net loss in FY 2025). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$5.43, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 13x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 144% over the past three years. Announcement • Jun 25
Austrax Holdings Limited, Annual General Meeting, Aug 07, 2026 Austrax Holdings Limited, Annual General Meeting, Aug 07, 2026, at 14:00 China Standard Time. Location: room 1201-1202 & 1212, 12/f, west tower, shun tak centre, 168-200 connaught road central, Hong Kong New Risk • Jun 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (HK$23m revenue, or US$2.9m). Market cap is less than US$100m (HK$414.0m market cap, or US$52.8m). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to HK$6.81, the stock trades at a trailing P/E ratio of 43.7x. Average trailing P/E is 12x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 169% over the past three years. Board Change • Jun 06
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Changqing Li was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • May 31
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: HK$23m (US$2.9m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Revenue is less than US$5m (HK$23m revenue, or US$2.9m). Market cap is less than US$100m (HK$492.0m market cap, or US$62.8m). Reported Earnings • May 31
Full year 2026 earnings released: EPS: HK$0.16 (vs HK$0.69 loss in FY 2025) Full year 2026 results: EPS: HK$0.16 (up from HK$0.69 loss in FY 2025). Revenue: HK$22.6m (down 87% from FY 2025). Net income: HK$9.36m (up HK$44.6m from FY 2025). Profit margin: 41% (up from net loss in FY 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • May 08
Innovax Holdings Limited to Report Fiscal Year 2026 Results on May 29, 2026 Innovax Holdings Limited announced that they will report fiscal year 2026 results on May 29, 2026 Announcement • Apr 30
Wang Tingfa acquired additional 0.07% stake in Innovax Holdings Limited (SEHK:2680) for HKD 0.24 million. Wang Tingfa made an Unconditional Mandatory Cash Offer to acquire remaining 25% stake in Innovax Holdings Limited (SEHK:2680) for HKD 90 million on April 8, 2026. A cash consideration valued at HKD 6 per share will be paid by the buyer. The Offer is unconditional in all respects. The Offeror intends to finance and satisfy the maximum consideration payable under the Offer by his own financial resources.
The Independent Board Committee comprising all the independent non-executive Directors, namely Wu Kwun Hing, Kwong Hon Nan, Eric and Chan Ka Lai, Vanessa, has been established and give a recommendation to the Offer Shareholders as to whether the Offer is fair and reasonable and as to the acceptance of the Offer. Offer opens for acceptance on April 8, 2026, and closed on April 19, 2026.
Alpha Financial Group Limited and Merdeka Corporate Finance Limited act as financial advisor to Wang Tingfa. AFG Securities Limited acted as agent to the Wang Tingfa. Union Registrars Limited acted as registrar to offeror.
Wang Tingfa completed the acquisition of additional 0.07% stake in Innovax Holdings Limited (SEHK:2680) for HKD 0.24 million on April 29, 2026. Upon completion of the transaction, Wang Tingfa holds a 75.07% stake in Innovax Holdings Limited. Announcement • Apr 09
Wang Tingfa made an Unconditional Mandatory Cash Offer to acquire remaining 25% stake in Innovax Holdings Limited (SEHK:2680) for HKD 90 million. Wang Tingfa made an Unconditional Mandatory Cash Offer to acquire remaining 25% stake in Innovax Holdings Limited (SEHK:2680) for HKD 90 million on April 8, 2026. A cash consideration valued at HKD 6 per share will be paid by the buyer. The Offer is unconditional in all respects. The Offeror intends to finance and satisfy the maximum consideration payable under the Offer by his own financial resources.
The Independent Board Committee comprising all the independent non-executive Directors, namely Wu Kwun Hing, Kwong Hon Nan, Eric and Chan Ka Lai, Vanessa, has been established and give a recommendation to the Offer Shareholders as to whether the Offer is fair and reasonable and as to the acceptance of the Offer. Offer opens for acceptance on April 8, 2026, and closed on April 19, 2026.
Alpha Financial Group Limited and Merdeka Corporate Finance Limited act as financial advisor to Wang Tingfa. AFG Securities Limited acted as agent to the Wang Tingfa. Union Registrars Limited acted as registrar to offeror. Announcement • Apr 01
Wang Tingfa completed the acquisition of 75% stake in Innovax Holdings Limited (SEHK:2680) from Chung Chi Man. Wang Tingfa signed sale and purchase agreement to acquire 75% stake in Innovax Holdings Limited (SEHK:2680) from Chung Chi Man for approximately HKD 270 million on September 25, 2025. A cash consideration of HKD 270 million will be paid by the buyer. As part of consideration, HKD 270 million is paid towards common equity of Innovax Holdings Limited. The tender offer to acquire remaining 25% stake will be triggered upon completion of share and purchase agreement. The transaction will be funded by own funds.
The independent board committee of the Company comprising Wu Kwun Hing, Kwong Hon Nan, Eric and Chan Ka Lai, Vanessa advised Innovax Holdings Limited on the transaction. The transaction is subject to approval by Securities and Futures Commission of Hong Kong. As of March 24, 2026, all conditions have been fulfilled and 24 March 2026, the Offeror received the Securities and Futures Commission’s approval. The completion is expected to take place on or before 31 March 2026.
Alpha Financial Group Limited and Merdeka Corporate Finance Limited act as financial advisor to Wang Tingfa. AFG Securities Limited acted as agent to the Wang Tingfa
Wang Tingfa completed the acquisition of 75% stake in Innovax Holdings Limited (SEHK:2680) from Chung Chi Man on March 31, 2026. New Risk • Nov 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 66% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). High level of non-cash earnings (66% accrual ratio). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$676.8m market cap, or US$87.0m). Reported Earnings • Nov 03
First half 2026 earnings released: EPS: HK$0.30 (vs HK$0.57 loss in 1H 2025) First half 2026 results: EPS: HK$0.30 (up from HK$0.57 loss in 1H 2025). Revenue: HK$11.8m (down 87% from 1H 2025). Net income: HK$18.3m (up HK$41.2m from 1H 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 86% per year, which means it is well ahead of earnings. New Risk • Oct 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 36% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$480.0m market cap, or US$61.7m). Announcement • Oct 03
Innovax Holdings Limited to Report First Half, 2026 Results on Oct 28, 2025 Innovax Holdings Limited announced that they will report first half, 2026 results on Oct 28, 2025 Announcement • Jun 26
Innovax Holdings Limited, Annual General Meeting, Aug 08, 2025 Innovax Holdings Limited, Annual General Meeting, Aug 08, 2025, at 14:00 China Standard Time. Location: unit a to c, 20/floor, neich tower, 128 gloucester road, wanchai Hong Kong Reported Earnings • Jun 02
Full year 2025 earnings released: HK$0.69 loss per share (vs HK$0.044 profit in FY 2024) Full year 2025 results: HK$0.69 loss per share (down from HK$0.044 profit in FY 2024). Revenue: HK$167.7m (up 413% from FY 2024). Net loss: HK$35.3m (down HK$37.1m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • May 09
Innovax Holdings Limited to Report Fiscal Year 2025 Results on May 30, 2025 Innovax Holdings Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on May 30, 2025 New Risk • Apr 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$138.0m market cap, or US$17.8m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Market cap is less than US$10m (HK$69.6m market cap, or US$8.94m). New Risk • Dec 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 50% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (HK$72.0m market cap, or US$9.26m). Minor Risk Shareholders have been diluted in the past year (50% increase in shares outstanding). Board Change • Nov 15
High number of new directors Independent Non-Executive Director Hon Kwong was the last director to join the board, commencing their role in 2024. Reported Earnings • Nov 03
First half 2025 earnings released: HK$0.57 loss per share (vs HK$0.23 profit in 1H 2024) First half 2025 results: HK$0.57 loss per share (down from HK$0.23 profit in 1H 2024). Revenue: HK$93.5m (up HK$81.6m from 1H 2024). Net loss: HK$22.9m (down 345% from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings.