Graphex Group Ltd
Graphex Group Ltd is a Hong Kong-based industrial group with operations centered on graphene products and landscape architecture services. The company is listed on the Hong Kong Stock Exchange and also has ADSs traded in the United States through the OTC Expert Market.
Fiscal year 2022 · change from previous year
Development 2020–2022
Business
Share of revenueGraphene-related industrial materials used in graphite anode and battery applications.
Planning, design, and delivery of landscape and outdoor environment projects.
Products
Reported · share of revenue- Sales of Graphene Products62.9 %
- Landscape Architecture Design Services36.0 %
- Catering Management Services1.1 %
Source: 20-F FY2022, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells into industrial and clean-technology supply chains through its graphene products business, where demand is tied to electric vehicles, energy storage systems, drones, and robotics. Its landscape architecture work serves project-based buyers seeking design and implementation services for outdoor and environmental spaces. Customer demand is therefore split between materials customers and project clients with different purchase cycles and buying criteria.
They buy graphene-based materials used as graphite anode inputs because they support advanced battery applications.
They use graphene products in applications linked to energy storage systems, drones, and robotics.
They procure landscape architecture planning and execution for public, commercial, or private projects.
Strategy
The company’s strategic focus is to develop its graphene products business around battery-related end markets such as EVs and energy storage, where its materials can be incorporated into anode applications. At the same time, it maintains a diversified second business in landscape architecture, which broadens the group’s revenue base and reduces reliance on a single industrial niche. Execution depends on converting technical materials capability into commercial demand while managing cyclical project-based work.
The company’s materials business depends on end-market acceptance in EV and energy storage supply chains.
A second operating line can offset dependence on the industrial materials cycle.
Geography
Graphex Group is headquartered in Hong Kong and incorporated in the Cayman Islands, with its securities listed in Hong Kong and traded in the U.S. on the OTC Expert Market. The company’s operating footprint is tied to Greater China and international industrial demand, particularly in markets connected to EV and battery supply chains. Its customer and end-market exposure is therefore influenced by both Asian operating conditions and global clean-technology demand.
Risks
Graphex Group faces demand risk in its graphene products business because end markets such as EVs, batteries, and related advanced applications can be volatile and sensitive to technology adoption. The company also carries project and execution risk in landscape architecture, while its reported going-concern uncertainty and goodwill impairment show that asset values and liquidity are highly sensitive to operating performance and market conditions. Broader risks include geopolitical disruption, market uncertainty, and impairment pressure on intangible assets tied to expected future cash flows.
- Going-concern uncertaintyImpact: CriticalLikelihood: High
The auditor noted current liabilities exceeded current assets and a material uncertainty exists about continuing as a going concern.
Exposure: Group-wide
- Goodwill impairment in graphene productsImpact: HighLikelihood: High
Recoverable value of the graphene products CGU was below carrying amount, leading to a large impairment charge.
Exposure: Graphene Products Business
- End-market demand weaknessImpact: HighLikelihood: Medium
Graphene products depend on EV, battery, energy storage, drone, and robotics demand assumptions.
Exposure: Industrial materials sales
- Project execution and margin variabilityImpact: MediumLikelihood: Medium
Landscape architecture revenue depends on winning and completing projects on time and within scope.
Exposure: Landscape architecture segment
Accounting
Judgemental itemsThe graphene products CGU was tested using forecast cash flows, terminal growth, and discount rates, and an impairment was recognized.
Impact: Can create large non-cash charges and affect equity
Auditor disclosed material uncertainty because current liabilities exceeded current assets.
Impact: Affects confidence in continuity and balance-sheet presentation
Recoverable amount was based on fair value less cost of disposal, which depends on valuation assumptions.
Impact: Impacts impairment conclusions and reported asset values
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Last updated: 28/09/2026