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S&T Holdings Ltd.
(3928)
S&T Holdings Ltd. (3928) vs. iShares MSCI Hong Kong ETF (EWH)
S&T Holdings Ltd. Business Overview & Revenue Model
S&T Holdings Ltd. Financial Statement Overview
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 61.66M | 55.97M | 56.06M | 67.09M | 47.43M |
| Gross Profit | 4.91M | 4.80M | 3.81M | 3.22M | -5.03M |
| EBITDA | 1.89M | 1.94M | 2.02M | -3.23M | -12.27M |
| Net Income | -880.91K | -784.15K | -1.04M | -1.49M | -11.19M |
Balance Sheet | |||||
| Total Assets | 59.48M | 69.65M | 63.61M | 73.44M | 75.74M |
| Cash, Cash Equivalents and Short-Term Investments | 3.26M | 6.14M | 9.15M | 8.96M | 9.31M |
| Total Debt | 15.65M | 18.56M | 19.50M | 25.41M | 28.91M |
| Total Liabilities | 33.14M | 42.47M | 35.65M | 44.44M | 45.25M |
| Stockholders Equity | 26.34M | 27.17M | 27.96M | 29.00M | 30.49M |
Cash Flow | |||||
| Free Cash Flow | -326.46K | 1.22M | 1.41M | 1.39M | 1.46M |
| Operating Cash Flow | 68.12K | 3.14M | 2.94M | 1.39M | 1.77M |
| Investing Cash Flow | 249.04K | -1.57M | 3.64M | 3.75M | 891.54K |
| Financing Cash Flow | -3.58M | -3.28M | -6.91M | -5.79M | -3.34M |
S&T Holdings Ltd. Technical Analysis
S&T Holdings Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | HK$678.13M | 1.65 | 2.37% | ― | -25.78% | -18.64% | |
60 Neutral | HK$1.16B | 5.99 | 5.28% | 13.24% | 11.24% | 64.66% | |
58 Neutral | HK$525.30M | 10.98 | 8.67% | ― | -16.13% | 5.48% | |
47 Neutral | HK$8.42B | -442.20 | -3.27% | ― | 34.69% | 41.09% | |
45 Neutral | HK$972.06M | 707.71 | -7.49% | ― | -16.73% | 65.63% | |
45 Neutral | HK$792.24M | 3.25 | 2.28% | 1.93% | 0.97% | ― |
S&T Holdings Ltd. Corporate Events
China Next-Gen Commerce and Supply Chain Limited has completed a placing of 16 million new shares under its general mandate, representing about 3.23% of its enlarged share capital. The shares were placed to at least six independent investors at HK$8.88 per share, raising net proceeds of approximately HK$140.75 million.
Following the transaction, total issued shares increased from 480 million to 496 million, while the controlling shareholder group linked to Ms. Wang saw its aggregate stake diluted slightly from 75% to about 72.58%. The new investors remain below the substantial shareholder threshold, preserving the company’s existing control structure while strengthening its capital base for future corporate needs.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.
China Next-Gen Commerce and Supply Chain Limited secured shareholder approval at an extraordinary general meeting for its Lease Service Framework Agreement with Shanghai Mitaki Culture Development Company Limited and Seazen Holdings Co., Ltd. The resolutions, covering the agreement and annual caps for the years ending 31 December 2025, 2026 and 2027, were passed unanimously by the independent shareholders present and voting.
Of the company’s 480,000,000 issued shares, 120,000,000 held by independent shareholders were eligible to vote after the abstention of a major shareholder, Ms. Wang, and her associates, who indirectly hold 360,000,000 shares. The approval authorizes directors or their delegates to execute documents and make immaterial amendments to implement the lease framework, providing regulatory clarity and continuity for the company’s connected leasing transactions.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.
China Next-Gen Commerce and Supply Chain Ltd. has mandated a placing agent to place up to 16,000,000 new shares with at least six independent investors at HK$8.88 per share under its existing general mandate. The placement shares will represent about 3.33% of current issued capital and 3.23% of the enlarged share base, with an application to be made for their listing on the Hong Kong Stock Exchange.
The offer price reflects a discount of roughly 19% to the last closing price and about 18.8% to the recent five-day average, implying a near-HK$140.75 million net fundraising if fully placed, at a net issue price of about HK$8.80 per share. The transaction, conducted on a best-effort basis and subject to conditions, is set to provide fresh equity capital while modestly diluting existing shareholders, and the company has cautioned investors that the placing may or may not proceed.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.
China Next-Gen Commerce and Supply Chain Limited has called an extraordinary general meeting for 24 February 2026 in Hong Kong to seek shareholder approval of a lease service framework agreement entered into on 15 December 2025 between its subsidiary Shanghai Mitaki Culture Development Company Limited and Seazen Holdings Co., Ltd. The resolutions to be considered include ratifying the agreement, approving the annual transaction caps for the years ending 31 December 2025, 2026 and 2027, and authorising directors or their delegates to execute related documents and make immaterial amendments, a step that will formalise a multi-year leasing arrangement likely to underpin the company’s operational collaboration with Seazen and provide greater visibility over future lease-related income and costs for stakeholders.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.
China Next-Gen Commerce and Supply Chain Limited has called its annual general meeting for 18 March 2026 in Hong Kong, where shareholders will vote on the adoption of the audited financial statements for the year ended 30 September 2025, the re-election of two executive directors and three independent non-executive directors, and the authorisation of the board to set directors’ remuneration. Investors will also be asked to approve the re-appointment of HLB Hodgson Impey Cheng Limited as auditor and a general mandate allowing the board to issue up to 20% of the company’s issued share capital (excluding treasury shares), a move that would give management greater flexibility for future equity fundraising, capital management and potential strategic transactions, while potentially diluting existing shareholders if fully exercised.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.
China Next-Gen Commerce and Supply Chain Limited reported a modest increase in total revenue to S$61.7 million for the year ended 30 September 2025, up from S$56.0 million a year earlier, driven mainly by growth in its services income and a slight rise in rental revenue. Despite the top-line expansion and a small improvement in gross profit, the group’s bottom line remained in the red, with its annual loss widening to S$880,913 from S$784,153 as higher expected credit loss allowances, reduced other income, and continued finance costs offset operating gains, underscoring ongoing profitability pressures that may concern investors and lenders monitoring its path to sustained earnings.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.
China Next-Gen Commerce and Supply Chain Limited announced the acquisition of Shanghai Mitaki through a connected transaction involving Ms. Wang, a director and controlling shareholder. The acquisition, valued at RMB1.5 million, is a fully exempt connected transaction under the Listing Rules. Additionally, Shanghai Mitaki has entered into a Lease Service Framework Agreement with Seazen Holdings, marking a shift in leasing and property management services. This agreement, subject to annual caps, is considered a continuing connected transaction requiring shareholder approval due to its scale.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.
China Next-Gen Commerce and Supply Chain Limited has announced a board meeting scheduled for December 30, 2025, to consider and approve the annual results for the fiscal year ending September 30, 2025, and to discuss the payment of a final dividend. This meeting is significant as it will provide insights into the company’s financial health and potential shareholder returns, impacting its market positioning and stakeholder interests.
The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.