Hong Kong-listed investment company CAI Corp (00080.HK) reported a net loss attributable to shareholders of HK$31.67 million for the year ended 31 December 2025, widening from HK$28.98 million in 2024. Basic and diluted loss per share remained unchanged at HK$0.021.

\n\nRevenue slipped to HK$0.02 million (2024: HK$0.76 million), while fair-value losses on financial assets at fair value through profit or loss increased to HK$18.70 million from HK$17.52 million a year earlier. Other operating expenses rose 7.19% to HK$12.93 million, driving an operating loss of HK$31.62 million.

\n\nDespite the wider loss, a rights issue completed in November 2025 markedly strengthened the balance sheet. Net assets surged 326.3% to HK$259.34 million (2024: HK$60.86 million), lifting net asset value per share to HK$0.13 from HK$0.054. The rights issue raised gross proceeds of HK$230.95 million; by year-end, HK$195.40 million (84.9% of net proceeds) had been deployed in investments, with HK$5.60 million allocated to working capital.

\n\nTotal assets climbed to HK$262.80 million (2024: HK$65.12 million), underpinned by a sharp increase in cash and cash equivalents to HK$29.15 million (2024: HK$13.01 million) and an expansion of the listed securities portfolio to HK$160.27 million (2024: HK$0.00 million). Key listed positions at year-end included stakes in Alibaba Group Holding, CSOP Hang Seng Tech Index ETF, CSOP Hang Seng Index Daily (2x) Leveraged Product, XPeng and Phoenix Media Investment, together accounting for 61.0% of gross assets.

\n\nUnlisted and other investments totalled HK$42.41 million (2024: HK$42.96 million), comprising holdings in entities such as Global Futures and Options Holdings, Gransing Finance, Gransing Financial Group, Goldstone 1 LPF and The Social Tooling Limited.

\n\nTotal liabilities fell 18.5% year-on-year to HK$3.47 million, keeping the Group effectively ungeared, with a nil gearing ratio at the reporting date.

\n\nThe Board did not recommend a final dividend for FY2025 (FY2024: nil). Post-year-end, CAI Corp completed two share-for-equity transactions on 16 February 2026, issuing a combined 198.78 million shares to acquire minority stakes in Forestheaven and EXIO for a total consideration of HK$71.56 million.

\n\nAs at 31 December 2025, the Group employed five full-time staff in Hong Kong, incurring staff costs of HK$3.74 million (2024: HK$2.74 million). The company confirmed compliance with Hong Kong’s Corporate Governance Code and reported no bank borrowings, asset pledges or contingent liabilities during the period.