Hong Kong Technology Exploration (01137.HK) Hot Stock Analysis

Hong Kong Technology Exploration (01137.HK) focuses on the Hong Kong e-commerce platform HKTVmall as its core business, while actively deploying technology-related businesses. The 2024 annual report shows that the e-commerce business achieved steady growth with an adjusted EBITDA of HK$329.2 million [1]. However, the total order value in November 2025 was HK$6.36 billion, a 7.6% decrease from the previous month, reflecting short-term business fluctuations [2]. The company’s technology exploration business is in the initial stage; although it incurs losses, it brings room for imagination for future growth [1]. In addition, there has been a management change: Yang Zhuguang, former CEO of Hong Kong Broadband, will take up the position of independent non-executive director, effective January 2026. This change may improve the company’s governance level and has been interpreted as a positive signal by the market [2].

The company’s business shows differentiated characteristics: the mature e-commerce segment provides stable cash flow but faces industry competition pressure; the new technology business is in the investment phase, with coexisting future growth potential and risks. The UK unmanned store business has not progressed smoothly—one branch has been closed, leaving only one in trial operation, reflecting the challenges of international market expansion [2]. The short-term order decline contrasts with long-term growth exploration, so market sentiment is neutral with a focus.

: Initial loss risk of the technology exploration business, fierce competition in the e-commerce industry, challenges in international business expansion;
: Management change improves governance level, future growth potential of the technology business.
Overall, risks and opportunities coexist—attention should be paid to the impact of the macroeconomic environment on the consumer market and the subsequent progress of the technology business.

Hong Kong Technology Exploration (01137.HK) takes HKTVmall’s e-commerce business as its core, achieving steady growth in 2024 and a short-term order decline in November 2025; the technology exploration business is in the investment phase, and the international unmanned store business faces challenges. The recent management change is regarded as a positive signal—future development of the company needs to focus on the progress of the technology business and changes in the e-commerce competition pattern.