6-K
BitVentures Ltd (BVC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2025
Commission File Number: 001-40238
SANTECH HOLDINGS LIMITED
Level 15, AIA Central, No.1 Connaught RoadCentral
Central, Hong Kong
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
|---|
EXPLANATORY NOTE
Santech Holdings Ltd. (“Santech” or the "Company") (NASDAQ: STEC) today announced its unaudited financial results for the first half of fiscal year 2025 ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
Exhibits
| 99.1 | Press release dated June 25, 2025 |
|---|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Santech Holdings Limited | |
|---|---|
| By: | /s/ Lawrence Lok |
| Name: | Lawrence Lok |
| Title: | Chairman and CEO |
Date: June 25, 2025
Exhibit 99.1
Santech Holdings Announces Unaudited FinancialResults for the First Half of Fiscal Year 2025
HONG KONG, June 25, 2025 /globenewswire.com/ -- Santech Holdings Ltd. (“Santech” or the "Company") (NASDAQ: STEC) today announced its unaudited financial results for the first half of fiscal year 2025 ended December 31, 2024.
Santech is a Cayman Islands holding company operating through its subsidiaries in Hong Kong and United States, primarily focusing on exploring opportunities in consumer technology, consumer healthcare and enterprise technology.
First Half of Fiscal Year 2025 Highlights
Continuing Operations
Net revenues
Total revenues from continuingoperations in the six months ended December 31, 2024 decreased to nil from US$17.4 million in the same period of 2023, primarily due to Company having completely exited from overseas wealth management and asset management businesses during the reporting period. All remaining revenues from our prior overseas wealth management and asset management businesses during the reporting period have been reclassified under discontinued operations.
Operating Costs and Expenses
Cost of compensation and benefits from continuing operations in the six months ended December 31, 2024 decreased to nil from US$13.2 million in the same period of 2023.
Sales and marketing expenses from continuing operations decreased to nil from US$1.5 million in the same period of 2023.
All direct costs of revenue from overseas wealth management and asset management during the reporting period have been reclassified under discontinued operations.
General and administrative expenses from continuing operations in the six months ended December 31, 2024 decreased by 4.3% to US$2.4 million from US$2.5 million in the same period of 2023, primarily due to ongoing cost cutting and restructuring.
Other expenses, net from continuing operations in the six months ended December 31, 2024 were US$0.2 million, primarily due to the losses on early termination of operating lease.
Discontinued Operations
Results of discontinued operations are as follows:
| Six Months<br> Ended<br> December 31,<br> 2023 | Two<br>Months<br>Ended<br>August 31, <br>2024 | |||
|---|---|---|---|---|
| (US’000) | (US’000) | |||
| Discontinued operations | ||||
| Net revenues | ||||
| Wealth management | ||||
| Asset management | ||||
| Total net revenues | ||||
| Operating cost and expenses | ||||
| Compensation and benefits | ||||
| Sales and marketing expenses | ||||
| General and administrative expenses | ||||
| Asset impairment loss | ||||
| Total operating cost and expenses | ||||
| (Loss)/ income from operations | ) | |||
| Other expense, net | ) | ) | ||
| Income/ (loss) before income tax expense | ) | |||
| Income tax (expense)/ credit | ) | ) | ||
| Net income / (loss) from discontinued operations | ) | |||
| Gain on disposal of subsidiaries from discontinued operations, net | ||||
| (Loss)/ income for the year from discontinued operations, net of income taxes | ) |
All values are in US Dollars.
In August 2024, the Company completely exited from its historical businesses in overseas wealth management and asset management and disposed of certain subsidiaries in Hong Kong, namely, Haiyin Insurance (Hong Kong) Co., Limited and Hywin International Insurance Broker Limited for nil consideration, and Haiyin International Asset Management Limited and Hywin Asset Management (Hong Kong) Limited for US$0.6 million to a third party. The disposal was completed on August 31, 2024. After the disposals, the Company no longer holds any financial services licenses or houses any personnel licensed to provide financial services in Hong Kong.
Net revenues
Total revenues from discontinued operations in the two months ended August 31, 2024 decreased by 72.1% to US$1.2 million from US$4.2 million in the six months ended December 31, 2023, primarily due to cessation of operations in wealth management and asset management.
Operating Costs and Expenses
Cost of compensation and benefits from discontinued operations in the two months ended August 31, 2024 decreased by 55.7% to US$0.6 million from US$1.4 million, in line with the decreases in transaction value of wealth management and asset management businesses.
Sales and marketing expenses decreased to nil from US$0.3 million in the six months ended December 31, 2023, due to discontinuation of sales and marketing activities.
General and administrative expenses from discontinued operations in the two months ended August 31, 2024 decreased by 59.5% to US$0.3 million from US$0.7 million in the six months ended December 31, 2023.
Asset impairment loss from discontinued operations in the six months ended December 31, 2023 represented impairment losses due to impairment of assets held in the PRC, and impairment of intangible assets including software and licenses due to disruption to our brand and our licensed financial services operations in Hong Kong.
Loss from disposal of subsidiaries under discontinued operations
| Wealth<br> management<br> business | Asset<br> management<br> business | Total | ||||
|---|---|---|---|---|---|---|
| (US’000) | (US’000) | (US’000) | ||||
| Considerations received | ||||||
| Less: Net assets disposed of | ) | ) | ) | |||
| (Loss)/ gain from disposal of subsidiaries | ) |
All values are in US Dollars.
SANTECH HOLDINGS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for number of shares and per share data)
| December <br>31, 2024 | |||
|---|---|---|---|
| (US’000) | |||
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | |||
| Deposits, prepayments and other current assets | |||
| Total current assets | |||
| Property and equipment, net | |||
| Right-of-use asset | |||
| Total non-current assets | |||
| Total Assets | |||
| Liabilities and Shareholders’ equity | |||
| Current liabilities: | |||
| Commission payable | |||
| Income tax payable | |||
| Due to related parties | |||
| Other payables and accrued liabilities | |||
| Lease liability | |||
| Total current liabilities | |||
| Lease liability | |||
| Total non-current liabilities | |||
| Total Liabilities | |||
| Shareholders’ Equity: | |||
| Ordinary shares (US0.0001 par value; authorized 500,000,000 shares; issued and outstanding 56,000,000* shares (28,000,000 ADS) as of June 30, 2024, and December 31, 2024, respectively) | |||
| Additional paid-in capital | |||
| Accumulated deficit | ) | ) | |
| Total shareholders’ equity | |||
| Total Liabilities and shareholders’ equity |
All values are in US Dollars.
SANTECHHOLDINGS LTD.
CONSOLIDATEDSTATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In Thousands, except for share and per share data, or otherwise stated)
| Six<br> Months Ended December 31, | ||||
|---|---|---|---|---|
| 2023 | 2024 | |||
| (US’000) | (US’000) | |||
| Continuing<br> operations | ||||
| Net revenues | ||||
| Insurance referral | ||||
| Total<br> net revenues | ||||
| Operating cost and expenses | ||||
| Compensation<br> and benefits | ||||
| Share-based<br> compensation expense | ||||
| Sales<br> and marketing expenses | ||||
| General<br> and administrative expenses | ||||
| Total<br> operating cost and expenses | ||||
| Income/ (loss) from operations | ) | |||
| Other income/ (expenses) | ||||
| Interest expense, net | ) | ) | ||
| Other<br> income/ (expense), net | ) | |||
| Total<br> other income/ (expense), net | ) | |||
| Income/ (loss) before income<br> tax expense | ) | |||
| Income<br> tax (expense)/ credit | ) | |||
| Net<br> income / (loss) from continuing operations | ) | |||
| Discontinued<br> operations | ||||
| (Loss)/ income for the year<br> from discontinued operations, net of income taxes | ) | |||
| Net<br> loss and comprehensive loss for the period | ) | ) | ||
| (Loss)/ income per share | ||||
| From continuing and discontinued<br> operations | ||||
| Ordinary<br> share - Basic | ) | ) | ||
| Ordinary<br> share - diluted | ) | ) | ||
| ADS<br> - Basic | ) | ) | ||
| ADS<br> - Diluted | ) | ) | ||
| From continuing operations | ||||
| Ordinary share - Basic | ) | |||
| Ordinary share - diluted | ) | |||
| ADS - Basic | ) | |||
| ADS - Diluted | ) | |||
| From continuing and discontinued<br> operations | ||||
| Ordinary share<br> - Basic | ) | |||
| Ordinary share - diluted | ) | |||
| ADS - Basic | ) | |||
| ADS - Diluted | ) | |||
| Weighted average number outstanding: | ||||
| Ordinary<br> share - Basic | ||||
| Ordinary<br> share - Diluted | ||||
| ADS<br> - Basic | ||||
| ADS<br> - Diluted |
All values are in US Dollars.
SANTECHHOLDINGS LTD.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS
(In Thousands, except for share and per share data, or otherwise stated)
| Ordinary shares | ||||||||
|---|---|---|---|---|---|---|---|---|
| Number of ordinary<br><br> shares | Amount | Additional<br> paid-in <br>capital | Accumulated<br> deficit | Total<br> Shareholders’<br> equity | ||||
| (US’000) | (US’000) | (US’000) | (US’000) | |||||
| Balance as of June 30, 2024 | 56,000,000 | ) | ||||||
| Net loss for the period | - | ) | ) | |||||
| Balance as of December 31, 2024 | 56,000,000 | ) |
All values are in US Dollars.