Silk Road Logistics Holdings Limited
0988.HK
Hong Kong Stock Exchange0.19
HKD
-0.01
- -
Silk Road Logistics Holdings Limited
0988.HK
(Hong Kong Stock Exchange)
Recent
price
0.19
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Similar Companies
- Business
- Silk Road Logistics Holdings Limited, an investment holding company incorporated in 1993 and headquartered in Causeway Bay, Hong Kong, primarily engages in commodities trading, oil exploration and production, and logistics services in the People's Republic of China, the United States, and internationally. The company operates through three main segments: Commodities Trading, which involves the trading of various commodities; Oil, encompassing the exploration, refining, production, and sale of oil along with oil well services; and Logistics, providing transportation, warehousing, and related services. Its subsidiaries focus on these core activities, including property, plant, and equipment for warehousing in the PRC and oil properties in the United States. In recent developments, the company, whose shares have been suspended on the Hong Kong Stock Exchange since May 2022, reported revenue of HK$55.3 million for the year ended December 31, 2023, primarily from goods sales and logistics services, amid significant impairments on oil properties, property, plant and equipment, right-of-use assets, and receivables totaling over HK$97 million. As part of its restructuring efforts announced in November 2023 to address net current liabilities of HK$731.6 million and net liabilities of HK$583.3 million, the company proposed a comprehensive scheme of arrangement approved by creditors in January 2024 and shareholders in March 2024, involving capital reorganisation, a HK$50 million subscription for new shares, issuance of creditors' shares, and transfer of key assets like its logistics business in Dongguan, oil operations in the US, and investments in Inner Mongolia to special purpose vehicles for realization proceeds. This scheme, pending court sanction adjourned to April 2024, aims to discharge creditor claims, offset accumulated losses exceeding HK$1.5 billion via capital reduction and share premium cancellation, and restore going concern status with projected positive cash flows in 2024 from enhanced logistics operations. The independent auditor issued a disclaimer of opinion on the 2023 financial statements due to going concern uncertainties and impairment assessment limitations.