Summary by Moomoo AI
Tin Sai Yiu 11 Limited (formerly Balk 1798 Group Limited) announced its results for the year ended 31 December 2023, showing that the company's revenue decreased from approximately HK$181.1 million in 2022 to approximately HK$114.0 million and the annual loss increased significantly from approximately HK$2.2 million to approximately HK$46.4 million. The loss was mainly due to inventory impairment provisions and depreciation of financial assets. The Company's net current liabilities and liabilities amounted to approximately HK$42.5 million and approximately HK$3.0 million, respectively, and cash deposits of approximately HK$47.5 million were frozen. The Board considers that, based on the forecast cash flow, the company will have sufficient financial resources to meet its maturity obligations at least next December. The Company completed the distribution of new shares under general authorization on January 17, 2024 and changed its name to “Tin Sing Yiu 11 Co., Ltd.” The Company's main business includes integrated circuit and semiconductor design and sales, private aircraft management services, and the manufacture and sale of yachts and other yacht-related businesses.