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Quali-Smart Holdings Ltd.
(1348)
Quali-Smart Holdings Ltd. (1348) vs. iShares MSCI Hong Kong ETF (EWH)
Quali-Smart Holdings Ltd. Business Overview & Revenue Model
Quali-Smart Holdings Ltd. Financial Statement Overview
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.46M | 71.93M | 177.26M | 341.80M | 448.65M | 485.79M |
| Gross Profit | 15.78M | 23.48M | 28.00M | 44.93M | 54.44M | 71.59M |
| EBITDA | -7.09M | -5.55M | -59.61M | -50.01M | -75.13M | -7.62M |
| Net Income | -18.43M | -17.87M | -73.94M | -72.32M | -94.37M | -35.63M |
Balance Sheet | ||||||
| Total Assets | 67.65M | 164.65M | 176.55M | 243.88M | 381.51M | 438.84M |
| Cash, Cash Equivalents and Short-Term Investments | 44.19M | 84.03M | 78.02M | 61.95M | 60.48M | 98.55M |
| Total Debt | 27.41M | 43.55M | 38.86M | 45.26M | 74.70M | 58.48M |
| Total Liabilities | 40.20M | 126.36M | 120.38M | 117.41M | 182.80M | 145.76M |
| Stockholders Equity | 27.45M | 38.24M | 56.11M | 126.39M | 198.71M | 293.08M |
Cash Flow | ||||||
| Free Cash Flow | 18.36M | 11.93M | 23.47M | 29.42M | -48.28M | 12.08M |
| Operating Cash Flow | 18.40M | 11.95M | 23.68M | 35.10M | -42.12M | 13.41M |
| Investing Cash Flow | -13.76M | -36.00M | -19.86M | 13.39M | 13.20M | -16.02M |
| Financing Cash Flow | -19.16M | -7.92M | -8.23M | -47.02M | 10.21M | -40.55M |
Quali-Smart Holdings Ltd. Technical Analysis
Quali-Smart Holdings Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | HK$174.00M | 4.03 | -42.82% | ― | -6.48% | -38.10% | |
51 Neutral | HK$44.12M | -23.16 | -1.47% | ― | 0.47% | -195.45% | |
50 Neutral | HK$306.26M | -7.10 | -37.46% | 4.17% | -13.08% | -21.27% | |
49 Neutral | HK$266.84M | -5.54 | -50.25% | ― | -61.76% | 75.15% | |
42 Neutral | HK$133.78M | -2.22 | -18.16% | ― | 84.26% | 44.41% | |
40 Neutral | HK$122.11M | -8.78 | -36.17% | ― | -13.96% | 64.58% |
Quali-Smart Holdings Ltd. Corporate Events
Quali-Smart Holdings has disclosed that its public float currently stands at approximately 24.87%, below the 25% minimum required under Hong Kong Listing Rules, after Yael Capital Management Limited, Chairman Liu Chong and their concert parties accumulated about 75.13% of the company’s issued shares. The company has applied for a temporary waiver to restore compliance by 29 March 2026 and plans to support a placing of up to 5 million shares to independent investors, or alternatively disposals in the open market, while committing to monthly updates to keep shareholders informed of progress in rebuilding sufficient market float.
The proposed placing is expected to be agreed with an agent by the end of February and completed around 13 March 2026, which would marginally increase the public float and move the company closer to regulatory thresholds without significantly diluting the controlling shareholder’s position. Until the float is restored, trading in the shares remains under regulatory scrutiny, and the company’s plan signals an effort to balance compliance with maintaining control structure, a key concern for both minority investors and the market regulator.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.18 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Quali-Smart Holdings Limited has appointed solicitor Michael Ngai as joint company secretary, while retaining incumbent Irene Tang in the role, and has named Ngai as its authorised representative under Hong Kong listing rules and the Companies Ordinance, replacing Tang in those capacities. The company has also relocated its principal place of business in Hong Kong to Suite 3902, 39/F, Central Plaza in Wanchai, a move that may streamline corporate governance and regulatory liaison for investors and regulators.
These governance changes underscore the board’s focus on strengthening compliance through the addition of an experienced legal professional who already serves as company secretary to several other Hong Kong-listed firms. The shift in authorised representative responsibilities and office location is likely intended to support more efficient handling of regulatory matters and corporate communications, signalling ongoing refinement of the group’s Hong Kong operating base.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.18 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Quali-Smart Holdings Limited has announced a sweeping overhaul of its board and governance structure, with multiple resignations among executive and independent non-executive directors, including the chairman and various committee heads. The company has appointed Liu Chong as executive director, new board chairman, chair of the nomination and corporate governance committees, and authorised representative, alongside the addition of three new independent non-executive directors who will assume leadership and membership roles across the audit, remuneration, nomination and corporate governance committees, reshaping the company’s oversight framework following a recent mandatory unconditional cash offer for its shares and options by Yael Capital Management Limited’s vehicle.
The most recent analyst rating on (HK:1348) stock is a Sell with a HK$0.17 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Quali-Smart Holdings Limited, listed on the Hong Kong Stock Exchange (stock code: 1348), has announced an updated composition of its board of directors and board committees effective 30 January 2026.
The company has confirmed a streamlined two-member executive team led by Chairman Liu Chong alongside executive director Poon Pak Ki, Eric, supported by three independent non-executive directors, with clearly defined roles across the Audit, Remuneration, Nomination and Corporate Governance Committees. The reshaped governance structure, with independent directors chairing key oversight committees such as audit and remuneration, signals an emphasis on regulatory compliance, board independence and strengthened corporate governance for shareholders and other stakeholders.
The most recent analyst rating on (HK:1348) stock is a Sell with a HK$0.17 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Yael Capital Management Limited has closed its mandatory unconditional cash offers for all issued shares and outstanding options of Quali-Smart Holdings Limited that it did not already own or had agreed to acquire, with the offers expiring at 4:00 p.m. on 29 January 2026 without revision or extension. Upon close, the offeror received valid acceptances for 220,110,000 shares, or about 14.93% of Quali-Smart’s issued share capital, and all 20,300,000 outstanding options, resulting in Yael Capital, Mr. Liu and their concert parties controlling approximately 75.13% of the company and paying total consideration of HK$23.77 million, a development that consolidates control of the listed group and may have implications for its public float and future governance.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.21 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Yael Capital Management Limited and Quali-Smart Holdings Limited have jointly announced the despatch of a composite document detailing mandatory unconditional cash offers for all issued shares of Quali-Smart and for the cancellation of all outstanding options not already controlled by the offeror and its concert parties. The composite document, sent to independent shareholders and optionholders on 8 January 2026 and also available online, sets out the offer timetable, the recommendations of the independent board committee, and advice from the independent financial adviser, with the offers open for acceptance from 8 January until 4:00 p.m. on 29 January 2026, subject to possible revision or extension under the Takeovers Code.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.15 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Yael Capital Management Limited has acquired approximately 60.2% of Quali-Smart Holdings Limited’s issued share capital, purchasing 887,418,000 shares from selling shareholders for HK$95.84 million at HK$0.108 per share, with completion occurring on 12 December 2025. Following the change of control, Yael Capital is required under the Hong Kong Takeovers Code to make mandatory unconditional cash offers for all remaining Quali-Smart shares it does not own and to cancel all outstanding share options, while no comparable offer will be made for the company’s convertible notes due to an existing irrevocable undertaking, marking a significant shift in ownership structure and triggering formal takeover procedures for minority shareholders.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.17 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Quali-Smart Holdings Ltd., a company incorporated in the Cayman Islands with limited liability, has announced a trading halt on its shares on the Hong Kong Stock Exchange. This halt, effective from December 15, 2025, is pending the release of an announcement related to the Hong Kong Code on Takeovers and Mergers, which contains inside information. The announcement could have significant implications for the company’s operations and stakeholders.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.17 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Quali-Smart Holdings Limited, a company listed on the Hong Kong Stock Exchange, is currently engaged in negotiations regarding a potential transaction involving the sale of shares. The company has announced an extension of the exclusive negotiation period with the potential purchaser, extending the deadline by 10 days to December 19, 2025. While the memorandum of understanding remains non-binding, the extension allows for further due diligence. Stakeholders are advised to exercise caution as there is no guarantee that the transaction will be finalized.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.17 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Quali-Smart Holdings Ltd. has announced a potential transaction involving the sale of a majority stake in the company. The company’s chairman, along with other major shareholders, has entered into a memorandum of understanding with Yael Capital Management Limited, an independent third party, for the possible sale of approximately 51.70% of the company’s issued share capital. This transaction could significantly impact the company’s ownership structure and market positioning, depending on the outcome of further negotiations and due diligence.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.17 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.
Quali-Smart Holdings Ltd. reported a significant decline in revenue for the six months ended September 30, 2025, with a 52.3% decrease compared to the previous year. The Toys Division saw a major drop in orders from key customers, while the Financial Services Division experienced reduced income from investment advisory and brokerage activities. The company recorded a net loss of approximately HK$10.9 million, with notable decreases in revenue and gross profit from both divisions. Despite cost-cutting measures, including reduced administrative and finance costs, the Board decided not to distribute an interim dividend.
The most recent analyst rating on (HK:1348) stock is a Hold with a HK$0.14 price target. To see the full list of analyst forecasts on Quali-Smart Holdings Ltd. stock, see the HK:1348 Stock Forecast page.