Webb-site bubble warning: Qi-House (8395)
29 October 2023

Just flipping through the detritus of HKEX's so-called "Growth Enterprise Market" on a Sunday afternoon, we spot a bubble, Qi-House Holdings Ltd (8395), a furniture retailer and more recently, a money-lender. Listed on 25-Jan-2018 after an IPO at HK$0.156, the stock closed on Friday 27-Oct-2023 at $0.78, valuing the company at $1,236m, the 6th-largest company on GEM. For the year to 31-Mar-2023, it made a loss of $11.05m, or a profit of $3.68m ($0.0023 per share) if you exclude a goodwill impairment charge. Turnover was $78.19m. Net tangible assets at year-end were $42.99m, or about $0.027 per share. So the stock trades on 28.8x NTA and an adjusted P/E of 336. You have been warned.

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