Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SUNEVISION HOLDINGS LTD. 新意網集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 1686) FINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2026
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- 2 - CHAIRMAN’S STATEMENT FINANCIAL HIGHLIGHTS (in HK$ million, unless specified) For the year ended 30 June 2025 2026 % Change Recurring revenue from data centre and IT facilities 2,634 2,856 +8% Total revenue 2,938 3,117 +6% EBITDA 2,128 2,300 +8% Profit attributable to owners of the Company 979 1,146 +17% Net cash generated from operating activities1 2,063 2,240 +9% RESULTS The Group delivered a strong set of financial results during the year under review. Recurring revenue from data centre and IT facilities grew 8% to HK$2,856 million, supported by contributions from newly commissioned facilities and sustained organic growth from the established portfolio. Total revenue grew 6% year-on-year to HK$3,117 million, while EBITDA rose 8% to HK$2,300 million, with margins expanding from 72% to 74%. The lowering of borrowing costs arising from a more favourable interest rate environment further supported earnings growth. Combined with the benefits of operating leverage, this drove a 17% increase in profit attributable to shareholders to HK$1,146 million. The Group also continued to generate strong cash flows, with net cash generated from operating activities (excluding movement in working capital) increasing 9% to HK$2,240 million from the prior year. DIVIDEND The directors recommend the payment of a final dividend of HK14.00 cents per share for the year ended 30 June 2026. The dividend will be paid on 24 November 2026 following approval at the 2026 Annual General Meeting. BUSINESS REVIEW The past year has seen a significant improvement in demand for premium data centre infrastructure in Hong Kong. In particular, activity accelerated meaningfully over the second half of the financial year. Demand has been driven by both international and Chinese hyperscale customers, with the latter especially increasingly seeking large-scale deployments to support AI-driven workloads. As a result, substantial portions of available capacity have been absorbed across the market, leaving premium, high-specification capacity increasingly scarce. 1Excluding movement in working capital.
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- 3 - AI is a major catalyst behind this shift in demand. AI spurs new applications and new demand for computing capacity, and in turn also raise demand for cloud storage and applications. We are privileged to already serve basically all top US and Chinese cloud and AI companies, and these customers are happy to expand with us. During the year, we completed renewals with two of our largest customers with strong rental reversion. We also secured a major commitment from a major customer at MEGA IDC Phase One. They are in the process of moving in, and will increase our occupancy to over 70%. We are finalising negotiations with two hyperscale customers for the remaining two floors in Phase One. We have strong demand for Phase Two as well, as some of our customers are ready to pre-commit, and hence we are accelerating our build-out of Phase Two. Originally, we planned to stagger the development into a Phase 2a and Phase 2b, each roughly the same size. But because of the strong demand we will build out the entire Phase Two in one-go, and it will be ready in 2028. This will provide about 700,000 sq. ft. of premium, high density data centre space. While demand remains strong and highly visible, our commercial approach remains disciplined. We continue to prioritise premium, fungible deployments and long-life cycle customer requirements over simply maximising occupancy. In this cycle of strong demand, filling capacity is not a difficult task. We want to ensure our tenants are best-in-class, and we want to ensure we have sustainable rents that reflect the premium nature of our assets. We therefore continue to negotiate carefully, seeking contractual structures, escalation mechanisms and commercial terms that are win-win with our customers. This disciplined approach not only shapes the opportunities we pursue today, but also guides the planning and commercialisation of our future development pipeline. Our connectivity business also continued to perform well. MEGA-i remains the region’s leading connectivity hub, supported by an extensive ecosystem of cross-connects, cloud on-ramps, and subsea cable connections. As international traffic flows through Hong Kong, the strategic importance of our interconnection platform continues to enhance our value proposition. We will continue to be highly selective of our tenant partners with the objective of further strengthening our high quality connectivity ecosystem. However, maintaining global competitiveness is not solely about local compute capacity, but also how well-connected a city is to the rest of the world. This is similar to air traffic – the more connectivity (routes) a city has, the stronger the ecosystem. Hong Kong has long played a unique role as the gateway between China and the international economy, helping overseas capital, businesses and talent access China while enabling Chinese companies to expand globally. In today's digital economy, data connectivity is becoming just as important as the traditional flows of capital, goods and talent. Hong Kong's position as a leading data hub is therefore strategically important not only for Hong Kong, but also for China. Against this backdrop, we do start to worry that Hong Kong is losing its competitiveness. In 2019, Hong Kong had 11 major subsea cables and Singapore had 13. But now seven years later, Singapore has 21 and Hong Kong only has 12. 2 These subsea cables are not only important for Hong Kong but also for China, as over 50% of China’s overseas internet traffic goes through Hong Kong. To preserve Hong Kong’s edge, we are actively collaborating with the Government, industry participants, and other stakeholders to grow the city's subsea cable ecosystem. We need a much more proactive policy to attract more subsea cables to come. This is critical to Hong Kong and critical to Hong Kong as a data hub. These days there are many discussions regarding China selling “AI tokens overseas” as a promising future business. But this business also has to be supported by sufficient subsea cable capacity to the rest of the world. 2Excludes point-to-point cables that serve only two nearby markets (e.g. Singapore – Indonesia) rather than the broader region.
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- 4 - Financial discipline remains a core principle of our strategy. Whilst the current market backdrop presents compelling growth opportunities, we will continue to apply strict investment criteria and allocate capital selectively. Our objective is not simply to expand, but to do so in a manner that delivers attractive returns and creates enduring shareholder value. Supported by the strong backing of our parent group and a prudent approach to balance sheet management, we remain in a robust financial position. Our adjusted gearing ratio, excluding shareholder loans, was 26%3 at the end of June 2026. Combined with substantial liquidity and financial flexibility, this places us in a strong position to pursue attractive opportunities arising from the growth in AI-related demand while maintaining our focus on long-term value creation. The Group remains committed to advancing its Environmental, Social and Governance priorities as part of our long-term approach to sustainable growth. During the year, we continued to strengthen the environmental performance and resilience of our data centre portfolio, with MEGA IDC obtaining ISO 14001:2015 certification and further progress made in renewable energy procurement, including site-specific Renewable Energy Certificates from Hong Kong’s first privately funded landfill solar farm. Our sustainability commitments are also reflected in our financing strategy, with sustainability- linked loan facilities representing a significant portion of our banking facilities. Together with our ongoing efforts in energy efficiency, innovation, community engagement and responsible governance, these initiatives support our commitment to building resilient and sustainable digital infrastructure for Hong Kong’s future. Following our successful judicial review concerning the Court of Appeal’s findings that Hong Kong Science and Technology Parks Corporation (HKSTP) had misconstrued its policy when assessing lease compliance by its grantee data centre operators at the Tseung Kwan O InnoPark (the InnoPark), we have continued to call on HKSTP to take appropriate enforcement actions. We note that HKCOLO.NET Limited is currently the subject of ongoing enforcement proceedings commenced by HKSTP for repossession of its leased land at the InnoPark. Separately, HKCOLO.NET Limited has initiated defamation proceedings against the Group. The Group maintains that its statements were fair and accurate, categorically rejects HKCOLO’s allegations, and will defend the proceedings robustly. We believe transparency and proper enforcement are essential to maintaining a fair and competitive environment for technology investment in Hong Kong. PROSPECTS Looking ahead, we remain confident in the long-term outlook for Hong Kong as a premium data centre market. AI is continuing to reshape digital infrastructure requirements globally, and we are now seeing this translate into real demand for high-density capacity in Hong Kong. This demand extends beyond traditional cloud and enterprise requirements, and increasingly includes AI-related workloads that require substantial power, resilience and technical capability. 3Adjusted gearing ratios are calculated based on fair value of the major completed data centres as of 30 June 2026 and net deb t as of 30 June 2026. Adjusted gearing ratios are calculated as net debt divided by the sum of total equity and revaluation surplus. Total equity refers to historical cost of the Group’s data centres minus depreciation. Revaluation surplus refers to fair market value of the Group’s data centres in opera tion as assessed by an independent valuer minus their net book value. The adjusted gearing ratios are not defined under HKFRS Accounting Standards and are not presented in accordance with HKFRS Accounting Standards. Further, the adjusted gearing ratios may differ from the gearing ratios used b y other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s.
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- 5 - At the same time, not all demand is the same. Our priority is to focus on deployments with longer life cycles, clear links to cloud usage, connectivity requirements and real customer applications, and the ability to generate sustainable returns over time. This is where we believe Hong Kong, and SUNeVision in particular, has a clear advantage. While new supply from our peers is expected over the medium term, we believe our locations, power availability and connectivity will remain key differentiators. We are uniquely able to attract both multinational and Chinese tenants, which strengthen our ecosystem. We also have a proven track record of operational robustness, security, reliability and on-time delivery of sites, qualities that are highly appreciated by our customers. We will continue to develop capacity that is technically advanced, well connected and commercially sustainable. While the current market backdrop is encouraging, we will not chase growth for its own sake. We will continue to apply commercial and financial discipline, and to prioritise customers and projects that further strengthen our ecosystem. With the strong backing of our parent group, we are fully committed to investing in Hong Kong and enabling Hong Kong’s aspiration to be a major data hub. We will continue to invest for the future and contribute to the next generation of data centre technology and networks of Hong Kong. APPRECIATION I want to close by thanking all the Directors and management, and every member of our committed staff for their dedication and hard work to ensure we maintained the high levels of service demanded by our customers. I would also like to thank our shareholders for their continued confidence and support. Kwok Ping-luen, Raymond Chairman Hong Kong, 1 September 2026
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- 6 - MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW iAdvantage SUNeVision operates its data centre business under the iAdvantage brand, the largest, most connected, carrier-neutral, cloud-neutral and cable -neutral data centre ecosystem in Hong Kong. As a market leader, iAdvantage is supported by a diversified portfolio of established facilities – including MEGA- i, MEGA Two and MEGA Plus – and newer additions such as MEGA IDC, MEGA Gateway and MEGA Fanling, all forming the MEGA Campus. The Group’s ownership of the majority of its data centres provides a strategic advantage, enabling long- term service stability for major cloud and enterprise clients. Market demand for premium data centre infrastructure in Hong Kong improved significantly during the financial year, accelerating meaningfully in the second half as available capacity was rapidly absorbed by both international and Chinese hyperscale custome rs seeking large- scale AI -driven deployments. With market conditions tightening and high- specification capacity becoming increasingly scarce, the Group’s data centre business continued to perform strongly. MEGA-i maintains its status as the premier connectivity hub in Hong Kong and ranks among the top five globally. With an ecosystem supporting approximately 15,000 cross-connects, the facility serves as a critical convergence point for hundreds of global telecommunications carriers, ISPs, enterprises, cloud providers, and new economy players. Interconnection activity continues to trend upwards, supported by organic growth and ongoing engagement with industry stakeholders to support additional international subsea cable landings into Hong Kong. To reinforce this advantage and meet rising customer demand, strategic power upgrades and liquid- cooling solutions have been successfully deployed at the facility. Sustaining this subsea cable capacity and proactive infrastructure growth remains vital to supporting expanding global AI data flows and reinforcing Hong Kong’s position as the primary digital gateway for China and the region. MEGA Plus, the Group’s high- tier data centre in Tseung Kwan O, and MEGA Two, strategically located in Shatin – a strategic gateway for data flow between Mainland China and Hong Kong – both remain effectively fully occupied. MEGA Plus is basically fully occupied and channelling new demand to MEGA IDC . Meanwhile, at MEGA Two, the Group continues to deliver revitalisation projects that generate enhanced revenue yields. These active revitalisation efforts enable the Group to capture high- density demand from hyperscale and cloud service providers, reinfor cing the resilience and value of the established portfolio. MEGA Fanling, the single -user data centre project based on an asset -light model, remains fully operational and occupied, continuing to support the customer’s cloud business expansion. MEGA Gateway in Tsuen Wan has seen over 90% of its deployed capacity taken up by a diverse mix of cloud, telco and banking clients, with an increasing proportion of deployments driven by AI-related infrastructure needs. The Group continues to strategically position MEGA Gateway as a major connectivity extension of MEGA -i, attracting clients with sophisticated digital infrastructure needs and driving steady growth in interconnection revenue.
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- 7 - As the Group’s flagship greenfield development, MEGA IDC represents a critical infrastructure asset designed for high-density, AI-era workloads. Phase One of MEGA IDC, comprising approximately 500,000 square feet of GFA and 50MW of power capacity, experienced strong commercial momentum during the year, highlighted by securing a major commitment from a single customer that is expected to increase facility occupancy from approximately 30% to around 70% upon full implementation. The Group is finalising negotia tions with two hyperscale customers for the remaining two floors in Phase One. In view of the strong demand, the Group is accelerating the build- out of the remaining phases as an integrated development with a target ready-for-service date of 2028. Planning these phases together provides greater flexibility in design, powe r provision, and commercial structuring to accommodate larger-block customer mandates requiring liquid cooling and ultra-high power densities. The integrated development of the remaining phases of MEGA IDC will increase the total GFA of the Group’s data centres in Hong Kong from 2.3 million square feet as at 30 June 2026 to almost 3 million square feet, and its power capacity will increase from 150MW to 280MW. Demand from both Chinese and international technology customers continues to accelerate, particularly for large -scale, high- density AI -related deployments requiring advanced technical specifications and mission- critical reliability. While market demand remains robust and highly visible, the Group maintains a disciplined commercial approach. Priority is given to long- life cycle, fungible deployments that are deeply integrated with the Group’s cloud and connectivity ecosystem, ensuring sustainable pricing, at tractive margins, and long- term value creation rather than simply chasing short-term occupancy gains. Financial discipline remains a core cornerstone of the Group’s strategy. The Group maintains strict oversight across capital and operating expenditures, aligning capital deployment with committed customer demand to optimise cash flows and return on capital. Supported by a strong balance sheet, substantial liquidity, and the backing of its parent group, the Group’s gearing ratio stood at a healthy level as at the end of the reporting year, positioning it well to capture emerging growth opportunities. During the year, the Group further integrated sustainability into its core operations and enterprise governance. Aligned with its goal to achieve carbon neutrality by 2050, the Group advanced its energy management strategy by expanding clean energy procurement—highlighted by a six-year agreement with CLP Power for 100% site -specific Renewable Energy Certificates (RECs) sourced from Hong Kong’s first landfill solar farm—and optimising facility efficiency across its MEGA Campus through targeted Power Usage Ef fectiveness (PUE) and Coefficient of Performance (COP) targets. Major facilities continue to maintain high environmental standards, including BEAM Plus and LEED certifications, helping customers achieve their sustainability targets while driving resilient infrastructure growth for Hong Kong. Operational resilience was further reinforced by expanding ISO 14001 environmental management certification to MEGA IDC, alongside existing ISO 27001 information security and ISO 10002 quality management standards. Demonstrating a commitment to aligning financial strategy with sustainability objectives, over 65% of the Group’s total banking facilities are structured as Sustainability -Linked Loans (SLLs), totalling HK$9 billion. The Group continues to maintain an MSCI ESG Rating of Grade A and remains a constituent of the Hang Seng Corporate Sustainability Benchmark Index. Super e-Technology and Super e-Network Super e -Technology secured contracts for the installation of Extra Low V oltage (“ELV”) and IT systems totaling HK$107 million during the year under review. Super e -Technology is seeking new opportunities to enhance its service offerings and maintains a positive outlook for the ELV sector.
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- 8 - Super e-Network continued to work with broadband and network service providers to expand its service offerings. It has been actively pursuing new opportunities to expand its broadband and WiFi solutions to different sectors. FINANCIAL REVIEW Review of operating results During the year under review, recurring revenue from data centre and IT facilities rose 8% to HK$2,856 million, fuelled by contributions from new data centres and solid organic growth from established sites. Total revenue grew 6% year-on-year to HK$3,117 million. Revenue from the ELV and IT systems business increased by 5% year-on-year to HK$229 million as a result of an increased installation fee income. The Group’s total operating costs4 increased by 3% year-on-year to HK$1,497 million, primarily due to higher depreciation costs from data centres and the expansion of the Group’s data centre businesses. The Group’s operating expenditure to sales ratio maintained steady at approximately 7% compared to the previous year. Driven by higher revenue from the data centre and IT facilities business, operating profit of the Group rose by 9% year-on-year to HK$1,631 million. This growth was achieved despite higher operating expenses and depreciation charges tied to the ongoing expansion of the Group's portfolio. EBITDA of the Group increased by 8% year-on-year to HK$2,300 million (excluding decrease in fair value of investment property amounted to HK$2 million for the year under review), driven mainly by EBITDA growth from the data centre business. EBITDA margin r ose to 74% due to improved operating leverage with improved rental and more efficient economies of scale. Profit attributable to owners of the Company increased 17% year -on-year to HK$1,146 million due to lower borrowing costs as a result of the interest rate downtrend during the year under review. Finance costs decreased by 24% year-on-year to HK$256 million. Net cash generated from operating activities excluding movement in working capital of the Group increased by 9% year-on-year to HK$2,240 million, driven by healthy growth of underlying business foundation. Capital Investment The Group manages its capital expenditure using an agile, demand -driven approach. With the operational capability to deliver space within four to six months of order confirmation, the Group can rapidly meet urgent customer demands while optimising capital deployment on a just -in-time basis. The Group remains committed to regularly monitoring and adjusting its investment strategy to align with market dynamics and evolving client requirements. 4Total operating costs including cost of sales and operating expenditure.
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- 9 - Other financial discussion and analysis The Group had HK$427 million bank balances and deposits as of 30 June 2026, while bank borrowings were HK$10,998 million. Total net bank borrowings decreased by 10% to HK$10,571 million compared to HK$11,693 million as at 31 December 2025. The shareholder’ s loans were HK$5,000 million as at 30 June 2026. All the borrowings of the Group were on a floating-rate basis, by which the Group would benefit upon future potential drop in market interest rate. SHKP Group will continue to support the Group’s development in the long term. As at 30 June 2026, the Group maintained a robust liquidity position with undrawn facilities amounting to approximately HK$3,550 million. At the end of June 2026, the Group’s total equity based on the historical cost of the Group’s data centres minus depreciation was HK$6.5 billion. If the total equity were based on the fair market value of the Group’s data centres in operation of HK$51.5 bi llion, as assessed by an independent valuer, the Group’s total equity would be HK$40.8 billion. Based on this market-based valuation, the Group’s gearing ratio would be 26% 5 without shareholder’s loans (or 38%5 including shareholder’s loans). The Group has the capacity to fund its growth plans in the medium term, taking into account the financial resources available including internally generated funds and available unutilised facilities from financial institutions and its shareholder. The Board will continue its current dividend policy of maintaining a stable dividend payout to the shareholders. As of 30 June 2026, the Group had no contingent liability while the Company had an aggregate of HK$11,100 million contingent liabilities in respect of guarantees for general banking facilities utilised by the Group’s subsidiaries and other guarantees. The Group’s core operations are based in Hong Kong and its assets are primarily in Hong Kong or US dollars. It had no significant exposure to foreign exchange rate fluctuations. The Group had not pledged any of its assets as of 30 June 2026. EMPLOYEES The Group employed 494 full -time employees as of 30 June 2026. During the year under review, SUNeVision continued to promote and protect the health and safety of its employees. The Group has implemented various measures to safeguard the wellbeing of its em ployees whilst maintaining the highest service standards for customers. To remain an employer of choice and attract new talent in an increasingly competitive labour market, SUNeVision has introduced a range of programmes to support the development and retention of its people. Training workshops are organised regularly whereby employees can develop skills to enhance their career. In addition, the Group offers a competitive remuneration package to employees. Share options are granted to selected Directors and employees based on performance and as part of the package to retain talents. 5Adjusted gearing ratios are calculated based on fair value of the major completed data centres as of 30 June 2026 and net deb t as of 30 June 2026. Adjusted gearing ratios are calculated as net debt divided by the sum of total equity and revaluation surplus. Total equity refers to historical cost of the Group’s data centres minus depreciation. Revaluation surplus refers to fair market value of the Group’s data centres in opera tion as assessed by an independent valuer minus their net book value. The adjusted gearing ratios are not defined under HKFRS Accounting Standards and are not presented in accordance with HKFRS Accounting Standards. Further, the adjusted gearing ratios may differ from the gearing ratios used b y other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s.
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- 10 - Audited Consolidated Statement of Profit or Loss For the year ended 30 June 2026 2026 2025 Notes HK$'000 HK$'000 Revenue 3 3,117,174 2,938,114 Cost of sales (1,289,597) (1,273,030) -------------- -------------- Gross profit 1,827,577 1,665,084 Other income 5 10,267 16,980 Selling expenses (49,319) (46,033) Administrative expenses (157,855) (133,963) -------------- -------------- Profit from operations 1,630,670 1,502,068 Other gain and loss 6 (2,000) (2,675) Finance costs 8 (255,650) (337,330) -------------- -------------- Profit before taxation 1,373,020 1,162,063 Income tax expense 7 (227,450) (182,648) -------------- -------------- Profit for the year attributable to owners of the Company 8 1,145,570 979,415 ========= ========= Earnings per share based on profit attributable to owners of the Company (reported earnings per share) 10 - Basic (Remark (i)) 28.07 cents 24.09 cents ========= ========= - Diluted (Remark (i)) 28.05 cents 24.09 cents ========= ========= Remarks: (i) Upon completion of the bonus issue of shares (with a convertible note ("Convertible Note(s)", which were constituted by the deed poll dated 25 November 2010) alternative) on 25 November 2010, SUNeVision Holdings Ltd. (the "Company") had 2,342,675,478 ordinary shares in issue and outstanding Convertible Notes which could be converted into 1,720,292,188 fully paid ordinary shares, representing a total of 4,062,967,666 ordinary shares which form the basis f or the calculation of basic and diluted earnings per share. Adjustments are made in respect of shares repurchased and share options exercised. (ii) Details of earnings per share calculation and the Company's share capital are set out in notes 10 and 15 respectively.
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- 11 - Audited Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026 2026 2025 HK$'000 HK$'000 Profit for the year 1,145,570 979,415 ------------- -------------- Other comprehensive expense for the year Items that will not be reclassified subsequently to the consolidated statement of profit or loss: Change in fair value of equity investment at fair value through other comprehensive income ("FVTOCI") (510) - Deferred tax related to change in carrying amount arising from revaluation of property, plant and equipment (3,818) - ------------- ------------- (4,328) - ------------- ------------- Total comprehensive income for the year attributable to owners of the Company 1,141,242 979,415 ======== ========
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- 12 - Audited Consolidated Statement of Financial Position At 30 June 2026 2026 2025 Notes HK$'000 HK$'000 Non-current assets Investment property - 54,000 Property, plant and equipment 23,807,360 23,464,023 Equity instruments at fair value through other comprehensive income 4,525 5,035 -------------- -------------- 23,811,885 23,523,058 -------------- -------------- Current assets Inventories 3,959 4,013 Trade and other receivables 11 957,341 907,068 Contract assets 36,358 37,533 Cash and cash equivalents 426,564 423,602 -------------- -------------- 1,424,222 1,372,216 -------------- -------------- Current liabilities Trade and other payables 12 1,289,857 1,407,705 Contract liabilities 137,895 100,890 Lease liabilities 18,482 21,686 Bank borrowings 13 994,000 2,297,500 Tax payables 197,159 98,116 -------------- -------------- 2,637,393 3,925,897 -------------- -------------- Net current liabilities (1,213,171) (2,553,681) -------------- -------------- Total assets less current liabilities 22,598,714 20,969,377 -------------- -------------- Non-current liabilities Contract liabilities 443,013 2,939 Lease liabilities 150,627 168,965 Deferred tax liability 540,207 489,626 Bank borrowings 13 10,003,966 9,529,416 Shareholder’s loans 14 5,000,000 5,000,000 -------------- -------------- 16,137,813 15,190,946 -------------- -------------- Net assets 6,460,901 5,778,431 ======== ======== Capital and reserves Share capital 15 236,303 236,051 Reserve arising from issuance of convertible notes 15 172,002 172,002 Other reserves 6,050,568 5,368,350 -------------- -------------- Equity attributable to owners of the Company 6,458,873 5,776,403 Non-controlling interests 2,028 2,028 -------------- -------------- Total equity 6,460,901 5,778,431 ======== ========
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- 13 - Audited Consolidated Statement of Changes in Equity For the year ended 30 June 2026 Attributable to owners of the Company Share capital Share premium Reserve arising from issuance of convertible notes Share option reserve Investment revaluation reserve Property revaluation reserve Retained profits Total Non- controlling interests Total equity HK$'000 HK$'000 HK$'000 HK$'000 HK$’000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 (Note) At 1 July 2024 233,906 2,377,540 172,002 56,732 - 48,639 2,227,106 5,115,925 2,028 5,117,953 ---------- ------------ ------------ ------------ ------------ ------------ -------------- ------------- ----------- ------------ Profit and total comprehensive income for the year Exercise of share options (note 15) - 2,145 - 154,773 - - - (31,916) - - - - 979,415 - 979,415 125,002 - - 979,415 125,002 Recognition of equity-settled share-based payments - - - 8,182 - - - 8,182 - 8,182 Lapse of share options Unclaimed dividend forfeited - - - - - - (502) - - - - - 502 2,495 - 2,495 - - - 2,495 Final dividend and distribution paid (note 9) - - - - - - (454,616) (454,616) - (454,616) ---------- ------------ ------------ ------------ ------------ ------------ -------------- ------------- ----------- ------------ At 30 June 2025 236,051 2,532,313 172,002 32,496 - 48,639 2,754,902 5,776,403 2,028 5,778,431 ---------- ------------ ------------ ------------ ------------ ------------ -------------- ------------- ----------- ------------ Profit for the year Change in fair value of equity investment at FVTOCI Deferred tax related to change in carrying amount arising from revaluation of property, plant and equipment Total comprehensive (expenses) income for the year - - - ---------- - - - - ------------ - - - - ------------ - - - - ------------ - - (510) - ------------ (510) - - (3,818) ------------ (3,818) 1,145,570 - - -------------- 1,145,570 1,145,570 (510) (3,818) ------------- 1,141,242 - - - ----------- - 1,145,570 (510) (3,818) ------------ 1,141,242 Exercise of share options (note 15) 252 13,646 - (2,658) - - - 11,240 - 11,240 Recognition of equity-settled share-based payments - - - 19,433 - - - 19,433 - 19,433 Lapse of share options - - - (12,647) - - 12,647 - - - Unclaimed dividend forfeited - - - - - - 247 247 - 247 Final dividend and distribution paid (note 9) - - - - - - (489,692) (489,692) - (489,692) ---------- ------------ ------------ ------------ ------------ ------------ -------------- ------------- ---------- ------------ At 30 June 2026 236,303 2,545,959 172,002 36,624 (510) 44,821 3,423,674 6,458,873 2,028 6,460,901 ====== ======= ======= ======= ======= ======= ======== ======== ====== ======= Note: Pursuant to an ordinary resolution in relation to the bonus issue of shares (with a Convertible Note alternative) passed at the extraordinary general meeting of the Company held on 1 November 2010, 311,191,645 bonus shares of HK$0.1 each were issued on 25 November 2010 on the basis of one bonus share for every existing share held by the shareholders of the Company whose names appeared on the register of members of the Company on 1 November 2010. Reserve arising from issuance of convertible notes was then capitalised from the Company's share premium account for the purpose of issue of new shares upon conversion of the Convertible Notes. This reserve balance represented the aggregate amount of the Convertible Notes outstanding at the year end. No Convertible Notes were exercised and converted into ordinary shares by not eholders during the years ended 30 June 2026 and 2025. As a result, the Convertible Notes in the amount of HK$172,001,633.30 remained outstanding as at 30 June 2026 and 2025. The Convertible Notes are unlisted, non-transferable and irredeemable but have conversion rights entitling the noteholders to convert into an equivalent number of shares as the number of bonus shares which the noteholders would otherwise be entitled to receive under the bonus issue had the shareholder not elected for the Convertible Notes. The Convertible Notes do not carry voting rights at any general meeting of shareholders of the Company. The noteholders have the same right as the shareholders to receive dividend. The noteholders can exercise the conversion rights at any time after the issue of the Convertible Notes, subject to the terms and conditions of the deed poll constituting the Convertible Notes. The Convertible Notes were recognised as equity and are presented in reserves as "reserve arising from issuance of convertible notes".
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- 14 - Notes to the Consolidated Financial Statements 1. BASIS OF PREPARATION The consolidated financial statements hav e been prep ared in accordance with HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA" ). For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decisions made by primary users. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange and by the Hong Kong Companies Ordinance. In preparing the consolidated financial statements, the directors of the Company have given careful consideration to the future liquidity of the Group in light of the fact that the Group's current liabilities exceeded its current assets by HK$1.2 billion as at 30 June 2026. As at 30 June 2026, the Group has a number of sources of finance available to fund its operations, including but not limited to internal resources and available unutilised facilities of HK$3.6 billion from financial institutions and its shareholder. As such, in the opinion of the directors of the Company, the Group has adequate financial resources to support its operations and prepared the cashflow forecast for the future twelve months. Accordingly, the consolidated financial statements have been prepared on a going concern basis. The Group's total equity is HK$6.5 billion as at 30 June 2026. For illustrative purposes, had the Group's data centres in operation (which is stated at cost net of accumulated depreciation) been stated at fair value at 30 June 2026, total equity of the Gr oup at 30 June 2026 would be HK$40.8 billion. The fair value, which was determined based on the income approach, has been arrived at with the assistance of an independent valuer not connected with the Group. Such information is for illustrative purposes only and is not necessarily an indication of total equity of the Group that actually would have been achieved had the Group's data centres in operation been stated at fair value at 30 June 2026, nor is it intended to be a projection of future results. 2. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS AND CHANGES IN OTHER ACCOUNTING POLICIES Amendments to an HKFRS Accounting Standard that are mandatorily effective for the current year In the current year, the Group has applied the following amendments to an HKFRS Accounting Standard as issued by the HKICPA for the first time, which are mandatorily effective for the Group's annual period beginning on 1 July 2025 for the preparation of the consolidated financial statements: Amendments to HKAS 21 Lack of Exchangeability The application of the amendments to an HKFRS Accounting Standard in the current year has had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.
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- 15 - Notes to the Consolidated Financial Statements 2. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS AND CHANGES IN OTHER ACCOUNTING POLICIES (continued) New and amendments to HKFRS Accounting Standards in issue but not yet effective The Group has not early applied the following new and amendments to HKFRS Accounting Standards that have been issued but are not yet effective: Amendments to HKAS 21 Translation to a Hyperinflationary Presentation Currency3 Amendments to HKFRS 9 Amendments to the Classification and Measurement of and HKFRS 7 Financial Instruments2 Amendments to HKFRS 9 Contracts Reference Nature-dependent Electricity2 and HKFRS 7 Amendments to HKFRS 10 Sale or Contribution of Assets between an Investor and HKAS 28 and its Associate or Joint Venture1 Amendments to HKFRS Annual Improvements to HKFRS Accounting Accounting Standards Standards – Volume 112 HKFRS 18 Presentation and Disclosure in Financial Statements3 1 Effective for annual periods beginning on or after a date to be determined 2 Effective for annual periods beginning on or after 1 January 2026. 3 Effective for annual periods beginning on or after 1 January 2027. Except for the new and amendments to HKFRS Accounting Standards mentioned below, the directors of the Company anticipate that the application of all other new and amendments to HKFRS Accounting Standards will have no material impact on the consolidated financial statements in the foreseeable future. HKFRS 18 "Presentation and Disclosure in Financial Statements" HKFRS 18 "Presentation and Disclosure in Financial Statements", which sets out requirements on presentation and disclosures in financial statements, will replace HKAS 1 "Presentation of Financial Statements". This new HKFRS Accounting Standard, while carrying forward many of the requirements in HKAS 1, introduces new requirements to present specified categories and defined subtotals in the statement of profit or loss; provide disclosures on management -defined performance measures in the notes to the financ ial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements. In addition, some HKAS 1 paragraphs have been moved to HKAS 8 and HKFRS 7. Minor amendments to HKAS 7 "Statement of Cash Flows" and HKAS 33 "Earnings per Share" are also made. HKFRS 18, and amendments to other standards, will be effective for annual periods beginning on or after 1 January 2027, with early application permitted. The application of the new standard is not expected to have significant impact on the financial performance and positions of the Group in terms of recognition and measurement. However, it is expected to affect the structure and presentation of the consolidated statement of profit or loss.
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- 16 - Notes to the Consolidated Financial Statements 3. REVENUE Disaggregation of revenue For the year ended 30 June 2026 Data centre and ELV and IT facilities IT systems Total HK$’000 HK$’000 HK$’000 Types of services recognised over time Income from data centre and IT facilities technology ("IT") facilities colocation services and interconnection services (including income of HK$33,031,000 from other managed services) 2,888,356 - 2,888,356 Installation and maintenance fee of extra-low voltage ("ELV") and IT systems (including installation fee of HK$164,196,000) - 228,818 228,818 --------------- ------------ -------------- Revenue from contracts with customers 2,888,356 228,818 3,117,174 ========= ======= ======== For the year ended 30 June 2025 Data centre and ELV and IT facilities IT systems Total HK$’000 HK$’000 HK$’000 Types of services recognised over time Income from data centre and IT facilities colocation services and interconnection services (including income of HK$35,566,000 from other managed services) 2,720,472 - 2,720,472 Installation and maintenance fee of ELV and IT systems (including installation fee of HK$152,696,000) - 217,642 217,642 --------------- ------------ -------------- Revenue from contracts with customers 2,720,472 217,642 2,938,114 ========= ======= ======== The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at 30 June 2026 and the expecting timing of recognising revenue are as follows: (i) The aggregate amount of installation services is HK$204,480,000 (2025: HK$259,793,000), of which HK$113,796,000 (2025: HK$132,540,000) is expected to be recognised as revenue within one year. HK$90,684,000 (2025: HK$127,253,000) are expected to be recogni sed as revenue in the second to fifth year inclusive. (ii) The aggregate amount of use of data centre and IT facilities colocation services is HK$10,921,134,000 (2025: HK$9,031,862,000), of which HK$1,888,924,000 (2025: HK$1,557,236,000) is expected to be recognised as revenue within one year. HK$5,182,753,000 (2025: HK$3,351,499,000) and HK$3,849,457,000 (2025: HK$4,123,127,000) are expected to be recognised as revenue in the second to fifth year inclusive and over five years, respectively. For the contracts from interconnection services, other managed services and maintenance services that have an original expected duration of one year or less or the Group has a right to consideration from the customers in an amount that corresponds directly with the value to the customers of the Group's performance completed to date, as permitted under HKFRS 15 "Revenue from Contracts with Customers", the transaction price allocated to these unsatisfied contracts is not disclosed.
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- 17 - Notes to the Consolidated Financial Statements 4. SEGMENT INFORMATION Segment profit represents the profit earned by each segment without allocation of central administrative costs, directors' emoluments, interest income, other gain and loss, rental income and finance costs. This is the measure reported to the Group's management, being the chief operating decision maker, for the purposes of resource allocation and performance assessment. The principal activities of the operating segments and reportable segments of the Group are as follows: (a) Data centre and IT facilities cover the provision of 1) data centre and IT facilities colocation services to allow customers to house their IT infrastructure or equipment, 2) interconnection services to provide customers with high-speed and reliable interconnectivity, and 3) other managed services. (b) ELV and IT systems comprise installation and maintenance services for the respective systems.
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- 18 - Notes to the Consolidated Financial Statements 4. SEGMENT INFORMATION (continued) Segment revenue and results An analysis of the Group' s revenue and results , substantially derived from Hong Kong, by reportable segment is as follows: For the year ended 30 June 2026 Data centre and IT facilities ELV and IT systems Elimination Consolidated total HK$'000 HK$'000 HK$'000 HK$'000 REVENUE External 2,888,356 228,818 - 3,117,174 Inter-segment - 190 (190) - ------------- ------------ ------------ -------------- Total 2,888,356 229,008 (190) 3,117,174 ======== ======= ======= ======== RESULTS Segment results 1,643,953 44,659 - 1,688,612 ======== ======= ======= Unallocated corporate expenses (66,669) Interest income 7,898 Other gain and loss (2,000) Rental income 829 Finance costs (255,650) ------------- Profit before taxation 1,373,020 ======== For the year ended 30 June 2025 Data centre and IT facilities ELV and IT systems Elimination Consolidated total HK$'000 HK$'000 HK$'000 HK$'000 REVENUE External 2,720,472 217,642 - 2,938,114 Inter-segment - 190 (190) - ------------- ------------ ------------ -------------- Total 2,720,472 217,832 (190) 2,938,114 ======== ======= ======= ======== RESULTS Segment results 1,506,643 41,399 - 1,548,042 ======== ======= ======= Unallocated corporate expenses (60,900) Interest income Other gain and loss 13,353 (2,675) Rental income 1,573 Finance costs (337,330) ------------- Profit before taxation 1,162,063 ======== Inter-segment sales are charged at prevailing market rates. The Group does not report regularly segment assets and liabilities to the chief operating decision maker and therefore no analysis of segment assets and liabilities is presented.
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- 19 - Notes to the Consolidated Financial Statements 4. SEGMENT INFORMATION (continued) Other segment information For the year ended 30 June 2026 Data centre and IT facilities ELV and IT systems Consolidated total HK$'000 HK$'000 HK$'000 Amount included in the measure of segment results: Depreciation of property, plant and equipment 675,833 1,718 677,551 Addition to property, plant and equipment 987,047 113 987,160 Gain on disposal of property, plant and equipment, net (76) - (76) Provision for allowance for credit losses, on trade receivables, net of reversal 2,170 - 2,170 ======== ======= ======= For the year ended 30 June 2025 Data centre and IT facilities ELV and IT systems Consolidated total HK$'000 HK$'000 HK$'000 Amount included in the measure of segment results: Depreciation of property, plant and equipment 636,502 1,718 638,220 Addition to property, plant and equipment 1,340,496 951 1,341,447 Loss on write-off/disposal of property, plant and equipment, net 302 - 302 Provision for allowance for credit losses, on trade and other receivables, net of reversal 1,807 - 1,807 ======== ======= ======= Geographical information The Group's revenue is derived from Hong Kong and the Group' s non-current assets are substantially located in Hong Kong. Accordingly, no analysis by geographical location is presented. Information about major customers For the year ended 30 June 2026, the largest two customers (2025: the largest two customers), which come from the segment of data centre and IT facilities, accounted for about 19% and 14% (2025: 18% and 14%) of the total revenue, respectively. 5. OTHER INCOME 2026 2025 HK$'000 HK$'000 Interest income 7,898 13,353 Rental income 829 1,573 Miscellaneous 1,540 2,054 ---------- ---------- 10,267 16,980 ====== ======
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- 20 - Notes to the Consolidated Financial Statements 6. OTHER GAIN AND LOSS 2026 2025 HK$'000 HK$'000 Decrease in fair value of investment property (2,000) (4,000) Reversal of impairment loss on equity investment at FVTOCI - 1,325 ---------- ---------- (2,000) (2,675) ====== ====== 7. INCOME TAX EXPENSE 2026 2025 HK$'000 HK$'000 Current tax - Hong Kong Profits Tax 181,955 95,259 - Over provision in prior years (1,268) (22) ------------ ------------ 180,687 95,237 Deferred tax charge 46,763 87,411 ------------ ------------ 227,450 182,648 ======= ======= Hong Kong Profits Tax is calculated at 16.5% on the estimated assessable profits for both years. 8. PROFIT FOR THE YEAR 2026 2025 HK$'000 HK$'000 Profit for the year has been arrived at after charging (crediting): Staff costs 342,581 314,052 Retirement benefit scheme contributions 8,384 9,617 Share-based payments Less: amounts capitalised 19,433 (14,078) 8,182 (792) ------------ ------------ Total staff costs including directors’ emoluments 356,320 331,059 ======= ======= Auditor's remuneration - Audit services - Non-audit services 1,651 1,260 1,629 652 Depreciation of property, plant and equipment 684,081 646,056 Less: amounts capitalised (6,530) (7,836) ------------ ------------ 677,551 638,220 ======= =======
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- 21 - Notes to the Consolidated Financial Statements 8. PROFIT FOR THE YEAR (continued) 2026 2025 HK$'000 HK$'000 Profit for the year has been arrived at after charging (crediting): (continued) (Gain) loss on write-off/disposal of property, plant and equipment, net (76) 302 Provision for allowance for credit losses on trade and other receivables, net of reversal 2,170 1,807 ======= ======= Interest on bank borrowings 371,159 533,592 Interest on shareholder’s loans 171,407 185,630 Interest on lease liabilities 5,396 5,919 Other finance costs 35,747 35,354 Less: amounts capitalised (328,059) (423,165) ------------ ------------ Total finance costs 255,650 337,330 ======= ======= 9. DIVIDENDS 2026 2025 HK$'000 HK$'000 Dividend paid and recognised as distribution during the year - Final dividend to ordinary shareholders in respect of the immediately preceding financial year of HK12.00 cents (2025: HK11.20 cents) per share 283,290 261,974 - Payments to convertible noteholders in respect of the immediately preceding financial year of HK12.00 cents (2025: HK11.20 cents) for each share which such registered noteholders would have become holders of, had such registered noteholders' Convertible Notes then outstanding been converted on 6 November 2025 (2025: 7 November 2024) 206,402 ------------ 489,692 ======= 192,642 ------------ 454,616 ======= Dividend proposed - Final dividend to ordinary shareholders in respect of the current financial year of HK14.00 cents (2025: HK12.00 cents) per share 330,846 283,262 - Payments to convertible noteholders in respect of the current financial year of HK14.00 cents (2025: HK12.00 cents) for each share which such registered noteholders would have become holders of, had such registered noteholders' Convertible Notes then outstanding been converted on 10 November 2026 (2025: 6 November 2025) 240,802 ------------ 571,648 ======= 206,402 ------------ 489,664 ======= At a meeting held on 1 September 2026, the directors recommend the declaration of a final dividend of HK14.00 cents per share for the year ended 30 June 2026. This proposed dividend is not included as a dividend payable in the consolidated statement of financial position as at 30 June 2026.
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- 22 - Notes to the Consolidated Financial Statements 10. EARNINGS PER SHARE Reported earnings per share The calculation of the basic and diluted earnings per share attributable to owners of the Company is based on the following data: 2026 2025 HK$'000 HK$'000 Earnings for the purposes of basic and diluted earnings per share 1,145,570 979,415 ======== ======== 2026 2025 Number of shares Number of shares Weighted average number of ordinary shares for the purpose of basic earnings per share 4,081,407,743 4,065,449,767 Effect of dilutive potential ordinary shares: Share options 2,192,448 276,439 ------------------ ------------------ Weighted average number of ordinary shares for the purpose of diluted earnings per share 4,083,600,191 4,065,726,206 =========== =========== For the purposes of basic and diluted earnings per share, the weighted average number of ordinary shares is calculated after taking into account the effect of the issuance of bonus shares (with a Convertible Note alternative) in November 2010. Details of the issuance of bonus shares are set out in note 15. The computation of diluted earnings per share does not assume the exercise of certain (2025: certain) Company's share options because the exercise price of those share options was higher than the average market price for shares for the years ended 30 June 2026 and 2025. Save as the share options mentioned above, there were no other dilutive potential ordinary shares in existence during the years ended 30 June 2026 and 2025.
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- 23 - Notes to the Consolidated Financial Statements 11. TRADE AND OTHER RECEIVABLES The Group allows an average credit period of 30 days to its trade customers. The following is an ageing analysis of trade receivables based on the invoice date s, net of allowance for credit losses at the end of the reporting period: 2026 2025 HK$'000 HK$'000 0 - 60 days 441,822 281,610 61 - 90 days 21,570 3,250 > 90 days 58,827 25,170 ----------- ----------- 522,219 310,030 Unbilled revenue for use of data centre and IT facilities 257,465 347,549 Other receivables 82,104 76,120 Prepayments 83,575 123,609 Deposits paid 11,978 49,760 ----------- ----------- 957,341 907,068 ======= ======= 12. TRADE AND OTHER PAYABLES The following sets out an ageing analysis of trade payables based on invoice dates at the end of the reporting period: 2026 2025 HK$'000 HK$'000 Trade payables aged within 60 days 14,539 14,891 Trade payables aged over 60 days 1,830 3,172 Other payables and accruals 1,095,303 1,212,694 Deposits received 178,185 176,948 ------------- ------------- 1,289,857 1,407,705 ======== ======== 13. BANK BORROWINGS At the end of the reporting period, the Group's unsecured bank loans were denominated in HK$ with the carrying amount of HK$10,997,966,000 (2025: HK$11,826,916,000). The loans carry interest at the Hong Kong Interbank Offered Rate plus a margin. The loans were used to fund various existing data centre projects.
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- 24 - Notes to the Consolidated Financial Statements 13. BANK BORROWINGS (continued) During the year, the Group obtained another long- term banking facilities of HK$6,000,000,000 (2025: nil) to refinance its existing short -term bank loans and to fund various exiting data centre projects and raised unsecured bank loans of HK$5,100,000,000 (2025: HK$1,000,000,000) from its unutilised banking facilities and repaid the bank loans with a principal amount of HK$5,950,000,000 (2025: HK$1,100,000,000). As at 30 June 2026, the Group has available unutilised banking facilities of HK$2,750,000,000 (2025: HK$1,900,000,000). Borrowing costs capitalised during the year arose on the general borrowing pool and are calculated by applying a capitalisation rate of 3.47% (2025: 4.51%) per annum and specific borrowings to expenditure on qualifying assets. The carrying amounts of the above borrowings are repayable* 2026 2025 HK$'000 HK$'000 Within one year 994,000 2,297,500 Within a period of more than one year but less than two years - 4,275,250 Within a period of more than two years but less than five years Within a period of more than five years 7,007,716 2,996,250 5,254,166 - --------------- --------------- Total 10,997,966 11,826,916 ========= ========= * The amounts due are based on scheduled repayment dates set out in the loan agreements. The above bank borrowings carry interest at effective rate per annum of 3.40% (2025: 4.62%). 14. SHAREHOLDER’S LOANS On 28 December 2018, the Group and SHKP Group entered into a loan agreement pursuant to which SHKP Group had agreed to make available unsecured term loan facility in an aggregate amount of HK$3,800,000,000 to the Group for a term of 72 months at a fixed interest rate of 4% per annum. The fixed interest rate of 4% per annum was then amended to 3% per annum effective from 1 August 2020. On 17 June 2024, SHKP Group had agreed to extend the loan to a further 24 months and the fixed interest rate shall amend to a Hong Kong Interbank Offered Rate plus a premium with effect from 3 January 2025. On 17 June 2026, SHKP Group had agreed to extend the loan to a further 36 months. On 17 June 2024, the Group and SHKP Group entered into another loan agreement pursuant to which SHKP Group had agreed to take available unsecured term loan facility in an aggregate amount of HK$2,000,000,000 to the Group for a term of 36 months at a Hong Kong Interbank Offered Rate plus a premium. On 29 June 2026, SHKP Group committed to extend the loan to a further 37 months and a formal amendment to the loan agreement shall be executed on or before 31 March 2027. At the end of the reporting period, HK$5,000,000,000 (2025: HK$5,000,000,000) was drawn down from the facilities which were used to fund various existing data centre projects and for working capital requirements.
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- 25 - Notes to the Consolidated Financial Statements 15. SHARE CAPITAL AND OTHER RESERVES The Company and its subsidiaries did not purchase, sell or redeem any of the listed securities of the Company during the years ended 30 June 2026 and 2025. Notes: (i) Pursuant to an ordinary resolution in relation to the bonus issue of shares (with a Convertible Note alternative) passed at the extraordinary general meeting of the Company held on 1 November 2010, 311,191,645 bonus shares of HK$0.1 each were issued on 25 November 2010 to the shareholders of the Company who were entitled to those bonus shares and did not elect to receive the Convertible Notes. Convertible Notes in the amount of HK$172,029,218.80 were issued to shareholders of the Company who elected for the convertible note alternative, and the same amount was capitalised from the Company's share premium account as "reserve arising from issuance of convertible notes". Holders of the Convertible Notes are entitled to convert into an equivalent number of shares as the number of bonus shares which the noteholders would otherwise be entitled to receive under the bonus issue. Accordingly, Convertible Notes can be converted into ordinary shares of HK$0.1 each on a one-to-one basis. During the years ended 30 June 2026 and 2025, no Convertible Notes were exercised and converted into ordinary shares of the Company. Number of fully paid ordinary shares to be issued (issued) upon conversion Amount HK$'000 At 1 July 2024, 30 June 2025 and 30 June 2026 1,720,016,333 172,002 =========== ======= Upon conversion of all the outstanding Convertible Notes, the issued share capital of the Company would be 4,083,050,666 (2025: 4,080,530,666) fully paid ordinary shares of HK$0.1 each. Details of the bonus issue of shares (with a Convertible Note alternative) are set out in the circular of the Company dated 29 September 2010. (ii) During the year ended 30 June 2026, 2,520,000 (2025: 21,457,000) shares were issued upon the exercise of share options. Number of ordinary shares Amount HK$'000 Ordinary shares of HK$0.1 each Authorised: At 1 July 2024, 30 June 2025 and 30 June 2026 10,000,000,000 1,000,000 ============ ======== Issued and fully paid: At 1 July 2024 2,339,057,333 233,906 Exercise of share options (Note (ii)) 21,457,000 2,145 At 30 June 2025 -------------------- 2,360,514,333 ------------- 236,051 Exercise of share options (Note (ii)) 2,520,000 252 -------------------- ------------- At 30 June 2026 2,363,034,333 236,303 ============ ========
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- 26 - DIVIDEND The board of Directors (the “Board”) recommended the payment of a final dividend of HK14.00 cents per share for the year ended 30 June 2026 (2025: HK12.00 cents per share) to the shareholders of the Company (the “Shareholders”) whose names appear on the register of members of the Company (the “Register of Members”) on Tuesday, 10 November 2026, making a total dividend of HK14.00 cents per share for the full year ended 30 June 2026 (2025: HK12.00 cents per share). The proposed final dividend will be paid on Tuesday, 24 November 2026 following the approval at the forthcoming annual general meeting of the Company (the “2026 AGM”). Shares of the Company (the “Shares”) will be traded ex-dividend as from Friday, 6 November 2026. In addition, subject to the resolution for declaring the aforesaid final dividend being duly passed at the 2026 AGM, pursuant to the deed poll constituting the convertible notes dated 25 November 2010 (the “Convertible Notes”), the Company will, on Tuesday, 24 November 2026, pay to the noteholders of the Company (the “Noteholders”) whose names appear on the register of Noteholders (the “Register of Noteholders”) on Tuesday, 10 November 2026, HK 14.00 cents for each share which such Noteholders would have become holders of, had such Noteholders’ Convertible Notes then outstanding been converted on Tuesday, 10 November 2026. ANNUAL GENERAL MEETING The 2026 AGM will be held on Wednesday, 4 November 2026 and the notice of the 2026 AGM will be published and dispatched to the Shareholders and, for information only, the Noteholders accordingly. CLOSURE OF REGISTER OF MEMBERS The record date for determining S hareholders’ entitlements to attend and vote at the 2026 AGM is Wednesday, 4 November 2026. The Register of Members will be closed from Friday, 30 October 2026 to Wednesday, 4 November 2026, both dates inclusive, during which no transfer of Shares will be effected. (i) In the case of the Shares, all transfer documents accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar and transfer office, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong not later than 4:30 p.m. on Thursday, 29 October 2026; and (ii) In the case of the Convertible Notes, in order to be entitled to attend and vote at the 2026 AGM, the notice of conversion accompanied by the relevant note certificate and payment of the necessary amount should have been surrendered to and deposited with the Company’s registrar in respect of the Convertible Notes, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for conversion into Shares not later than 4:30 p.m. on Tuesday, 15 September 2026.
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- 27 - In addition, the Register of Members will be closed on Tuesday , 10 November 2026. The record date for determining S hareholders’ entitlements to the proposed final dividend is Tuesday, 10 November 2026. On the assumption that the resolution for declaring the final dividend is duly passed at the 2026 AGM: (i) in the case of the Shares, in order to determine entitlement to the final dividend, all transfer documents accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar and transfer offic e, Computershare Hong Kong Investor Services Limited, at Shops 1712- 1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong not later than 4:30 p.m. on Monday, 9 November 2026; and (ii) in the case of Convertible Notes, in order to determine entitlement to receive the relevant payments under the Convertible Notes, the Noteholders shall remain to be registered on the Register of Noteholders on Tuesday, 10 November 2026. PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES During the year ended 30 June 2026, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the listed securities (including sale of treasury shares, if any) of the Company. The Company did not hold any treasury shares as at 30 June 2026. AUDIT COMMITTEE The Audit Committee has reviewed the final results for the year ended 30 June 2026 and has provided advice and comments thereon. The Group’s consolidated financial statements have been audited by the Company’s auditor, Messrs. Deloitte Touche Tohmatsu, and it has issued an unmodified opinion. CORPORATE GOVERNANCE CODE During the year ended 30 June 2026, the Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. By order of the Board SUNEVISION HOLDINGS LTD. LOK Wai, Noel Company Secretary Hong Kong, 1 September 2026 As at the date of this announcement, the Board comprises four Executive Directors, being Kwok Ping -luen, Raymond, Fung Yuk-lun, Allen, Tung Chi -ho, Eric and Lo Ngai, Helen; six Non-Executive Directors, being Cheung Wing-yui, Kwok Kai-wang, Christopher, David Norman Prince, Jack Lau, Siu Hon-wah, Thomas and Chan Hong- ki, Robert; and six Independent Non- Executive Directors, being Li On -kwok, Victor, King Yeo-chi, Ambrose, Wong Kai -man, Lee Wai -kwong, Sunny , Chan Chun- kwong, Jane and Lam Kwok-fung, Kenny.