1. Hong Kong Stocks

  2. •

    Finance

  3. •

    Real estate development
Top Spring International Holdings Limited

Top Spring International Holdings Limited

HHKEX:3688
0.16
HKD
+0.00
(-1.80%)
699.30MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
4.09
4.95
7.44
3.91
1.28
0.41
0.47
0.38
0.42
2.4
0.62
0.9
0.89
- -
Basic EPS, GAAP
0.91
0.65
0.55
0.61
3.23
0.07
-0.38
-0.19
0.02
-0.12
-0.57
-1.2
-1.9
- -
Free Cash Flow per Basic Share
-0.5
2.2
-0.01
-1.63
-3.84
-2.11
-0.82
-0.32
0.14
0.16
0.23
0.35
0.07
- -
Dividend per Share
0.22
0.22
0.11
0.22
0.22
0.26
0.06
0.02
0.07
0.01
0.01
- -
- -
- -
Book Value per Share
4.89
5.27
5.27
4.98
8.28
7.64
6.85
7.13
7.29
6.53
5.73
4.3
2.33
4.3
Tangible Book Value per Share
4.89
5.27
5.27
4.98
8.28
7.61
6.82
7.1
7.26
6.5
5.7
4.26
2.3
4.26
Basic Weighted Avg Shares
1,405
1,408
1,414
1,421
1,438
1,529
1,529
1,529
1,529
1,529
1,529
1,529
1,529
1,471
Sales/Revenue/Turnover
5,747
6,971
10,520
5,559
1,837
620
719
575
639
3,667
954
1,369
1,360
- -
Operating Margin (%)
26.69
29.88
22.19
2.68
-33.7
-1.23
-6.06
-21.89
-14.84
4.97
-43.49
-41.71
-78.67
- -
Depreciation Expense
59
48
56
46
38
13
38
39
35
25
20
19
11
- -
Net Income, GAAP
1,284
922
773
866
4,642
103
-583
-283
33
-185
-877
-1,833
-2,905
- -
Effective Tax Rate (%)
45.15
50.6
54.12
- -
25.68
68.84
- -
- -
75.1
- -
- -
- -
- -
- -
Profit Margin (%)
22.35
13.22
7.35
15.59
252.75
16.56
-81.05
-49.26
5.23
-5.05
-91.89
-133.84
-213.68
- -
Working Capital
2,788
3,856
4,152
6,524
7,697
9,033
7,517
6,328
3,442
5,272
3,342
3,101
1,310
3,101
LT Debt
7,213
6,654
4,106
5,909
3,963
5,404
5,168
4,536
3,688
5,133
3,977
3,850
3,510
3,850
Total Equity
6,275
6,958
7,303
6,835
11,613
10,696
9,840
10,154
10,370
9,282
8,123
6,025
3,096
6,025
Return on Invested Capital (%)
7.63
4.92
5.33
- -
22.44
1.28
- -
- -
0.58
- -
- -
- -
- -
- -
Return on Capital (%)
8.57
5.19
3.62
- -
27.97
1.11
- -
- -
0.44
- -
- -
- -
- -
- -
Return on Common Equity (%)
25.43
15.67
12.53
14.29
53.51
0.93
-5.75
-2.87
0.33
-1.9
-10.13
-25.88
-62.04
- -

Capital Structure

HKD

•

in mil. unless spec.
Dec'23
Jun'24
Dec'24
ST Debt
3,312
3,220
2,665
LT Borrowings
3,948
4,194
3,821
LT Finance Leases
29
24
29
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,413
1,413
1,413
Market Capitalization
763
523
699

Working Capital

HKD

•

in mil. unless spec.
Dec'23
Jun'24
Dec'24
Total Current Assets
8,961
9,967
7,843
Cash, Cash Equivalents & STI
668
513
380
Accounts Receivable, Net
1,467
62
51
Inventories
5,298
5,855
4,108
Total Current Liabilities
5,619
6,433
4,743
Payables & Accruals
- -
- -
- -
ST Debt
3,312
3,220
2,665
Deferred Revenue
- -
- -
- -

Growth Rates

HKD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-4.45%
-19.06%
-48.61%
Free Cash Flow
2,828.04%
-22.28%
-80.89%
Net Income, GAAP
-59.37%
-44.84%
58.54%
Sales/Revenue/Turnover
26.95%
90.77%
-0.7%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
954
2024
- -
- -
1,369
2025
- -
- -
1,360

Semi-annual Earnings Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
-0.57
2024
- -
- -
-1.2
2025
- -
- -
-1.9

Semi-annual Dividends Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.01
2024
- -
- -
- -
2025
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Chun Hong Wong
Full Time Employees
713
Sector
Finance
Industry
Real estate development
Address
Shui On Centre Hong Kong Hong Kong
IPO Date
Mar 23, 2011
Website
topspring.com.hk
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Business
Top Spring International Holdings Limited is an investment holding company principally engaged in property development, property investment, property management and related services, and education-related services primarily in the People's Republic of China. The company develops and sells residential and commercial properties, including boutique residences, urban mixed-use communities, and car park units; leases investment properties such as shopping malls, community commercial centres, retail shops, offices, club houses, serviced apartments, and car park units located mainly in Mainland China and Hong Kong; provides property management and related services, including decoration services, to purchasers and tenants of its self-developed properties; and offers education-related services and products to students. Founded in 1993 and listed on the Hong Kong Stock Exchange in 2011, Top Spring International Holdings Limited is headquartered in Wan Chai, Hong Kong, with operations spanning core cities in Mainland China including Shenzhen, Shanghai, Changzhou, Tianjin, Chengdu, Dongguan, Hangzhou, and Kunming, as well as Hong Kong and Sydney, Australia, targeting upscale residential, retail, and industrial markets in the Greater Bay Area, Yangtze River Delta, and other regions. Recent developments include recording pre-sales of properties and car park units totaling approximately HK$451.1 million for the six months ended 30 June 2025, an 8.4% increase from the prior year, with key contributions from projects such as Shenzhen Upper Residence, Shenzhen Jianshang Commercial Building, and Hong Kong 128 Waterloo; revenue growth of 62.6% to HK$737.3 million in the same period driven by property sales recognition of HK$493.5 million; ongoing negotiations for renewal of bank facilities and shareholder loans, including extension of a USD84 million shareholder loan to November 2025; and maintenance of a land bank comprising 16 projects with approximately 397,015 sq.m. of estimated net saleable/leasable gross floor area as at 30 June 2025.