Hong Kong Technology Venture Company Limited (HKTV) Issues February 2026 Business Update

Key Highlights from the Report

• Seasonal Slowdown in February 2026: HKTV experienced a moderation in its e-commerce business performance for February 2026 due to a combination of post-Chinese New Year seasonality, a prolonged CNY holiday, increased outbound travel by Hong Kong residents, and fewer calendar days in February.
• Month-on-Month Decline in Sales Metrics:
  • Average Daily Gross Merchandise Value (GMV) on Order Intake dropped by 8.0% month-on-month to HK\$21.9 million (from HK\$23.8 million in January 2026).
  • Monthly GMV on Order Intake fell 16.9% month-on-month to HK\$614 million (from HK\$739 million in January 2026).
• Year-on-Year Comparison:
  • Despite the monthly drop, the number of unique customers (589,000) in February 2026 remained above February 2025 (562,000), underlining a stable and growing recurring customer base.
  • Average daily order number reached 48,200 in February 2026, a 5.2% increase compared to 45,800 in February 2025, although it was down 5.3% from January 2026 (50,900).
  • Average order value decreased both month-on-month and year-on-year, at HK\$456 per order, down from HK\$468 (January 2026) and HK\$495 (February 2025).
• Active User Data:
  • Monthly Active Unique Devices for February 2026 were 1,490,000, compared to 1,563,000 in January 2026 and 1,496,000 in February 2025. This figure reflects the number of distinct devices engaging with HKTVmall Apps for at least 10 seconds or more than one page view, or making a purchase. This metric is now used in place of Monthly Active App Users for enhanced data privacy and verifiability.
  • Data on Monthly Active App Users is no longer provided from July 2025 due to the adoption of the new device-based metric.
• Operational Information Is Unaudited: The company stresses that all reported figures are unaudited and based on internal preliminary data. Actual results may differ once audited or unaudited consolidated financial statements are published.

Detailed Discussion and Analysis

February is traditionally a slower month for HKTV due to the post-Chinese New Year period, but this year the impact was compounded by a significantly higher 20.1% year-on-year increase in Hong Kong residents’ outbound travel during the festival, as well as the naturally shorter month. This led to a notable 8.0% drop in Average Daily GMV and a 16.9% decrease in Monthly GMV compared to January 2026.

While headline revenue figures fell, the customer base remains robust. The number of unique customers, at 589,000, outperformed the prior year for the same month (562,000), suggesting that HKTVmall’s core shopper base is not eroding despite seasonal headwinds. This is a critical indicator for long-term investors focused on recurring revenue and customer loyalty.

Order activity and value trends should be watched closely. The average daily order number was 48,200, up 5.2% year-on-year, but down 5.3% month-on-month. More concerning is the consistent decline in average order value, now at HK\$456, down from HK\$495 a year earlier, which could signal changes in customer mix, basket size, or promotional intensity. This metric will be important for gauging future profitability.

On the digital engagement front, HKTV transitioned in September 2025 to a new measurement system tracking considering unique devices, rather than users, to enhance data privacy and verifiability. The company acknowledges that this data may overstate unique engagement due to possible overlaps when users reinstall apps or use multiple devices. Investors should interpret these figures with caution, as they are unaudited and may not reflect the true number of individual active users.

Important Shareholder Considerations & Potential Price Sensitivities

• Short-term Revenue Softness: The sharp sequential decline in GMV and order value may raise concerns about growth momentum in Q1 2026, even though the company attributes this to seasonality and travel patterns. Any signs that this slowdown persists into March or beyond could affect market sentiment and share price.
• Data Transparency and Comparability: The shift from user-based to device-based activity metrics, while improving privacy, complicates historical comparisons and may create uncertainty around pipeline growth for new and existing analysts/investors.
• Reliance on Unaudited Figures: All reported metrics are unaudited and subject to adjustment. There is a risk that final audited results could reveal discrepancies, impacting investor confidence.

Board and Leadership Update

The Board remains led by Chairman Mr. Mak Wing Sum, Alvin, with a strong executive team including Mr. Cheung Chi Kin, Paul, Mr. Wong Wai Kay, Ricky (Vice Chairman & Group CEO), Ms. Wong Nga Lai, Alice (Group CFO), Mr. Lau Chi Kong (CEO, International), and Ms. Zhou Huijing (CEO, Hong Kong). The Board reiterates its caution to shareholders regarding reliance on unaudited data.

Conclusion

Investors should note: While HKTV has maintained an expanding customer base, the sequential decline in key sales and engagement metrics for February 2026 may be cause for near-term concern. The company attributes this to seasonal factors, but ongoing monitoring is warranted. The adoption of a new engagement metric is a positive for privacy, but complicates year-on-year analysis. Investors are urged to interpret all figures as preliminary and unaudited, and to watch for updates in forthcoming official financial statements.

Disclaimer: This article is intended for informational purposes only and does not constitute investment advice. All data presented is unaudited and subject to change. Investors should exercise caution and consult official filings and professional advisers before making investment decisions. Past performance is not indicative of future results. The author and publisher accept no liability for any losses arising from reliance on the information contained herein.

View HK TECH VENTURE Historical chart here