J & Friends Holdings Ltd Annual Report - How They Did This Year

I’m writing this guide to help you understand how J & Friends Holdings Ltd (formerly Pintec) performed this year. My goal is to cut through the corporate jargon and help you decide if this company belongs in your portfolio.

1. What does this company do?

J & Friends Holdings Ltd provides digital infrastructure for financial services. They offer software for payments, hardware installment services, and other tech tools. Their goal is to help banks and merchants move their operations online. They operate in Hong Kong, China, Singapore, and Australia, acting as a bridge for international financial technology.

2. Major changes: A company in transition

The company is currently "spring cleaning" to move away from its past as a peer-to-peer lender.

• Big Exits: They sold "Romantic Park" in November 2025. This marks the end of their complex "VIE" legal structure, which they previously used to operate in China. Removing these entities simplifies their books and reduces regulatory headaches.
• New Focus: They are now focusing on international growth, especially in Australia. They now include the financial results of ZIITECH and its subsidiary, ZIISMART, in their own reports. This shows they are prioritizing control over international tech assets rather than old lending models.

3. Financial health: The "Reset" button

The 2025 numbers show a company still in a difficult transition.

• Profitability: The company is still losing money. They reported a loss of $1.5 million in 2025, which is an improvement over the $2.1 million loss in 2024.
• Cash Position: Their cash dropped from $4.4 million at the start of 2025 to just $945,000 by year-end. This reflects the costs associated with their restructuring and new tech initiatives.
• Reporting: They now report in U.S. Dollars. This change makes it easier for international investors to track their performance against global standards.

4. Share structure

As of December 31, 2025, the company uses a "dual-class" share structure. This includes 599.4 million Class A shares and 42.4 million Class B shares. Because Class B shares carry more voting power, a small group of insiders keeps control over company decisions.

5. Key risks to watch

• Cash Burn: With less than $1 million in cash, the company is in a fragile spot. They must turn a profit quickly to avoid needing to issue more shares to raise money, which would dilute your ownership percentage.
• Regulatory Risk: Operating in many countries means following many different laws. New rules in any of these regions could increase costs or impact their operations.
• Integration Risk: Their strategy depends on successfully merging with companies like ZIITECH. If these new businesses don't work well together or fail to grow, the company will struggle to make money.

6. The bottom line

The company is moving from a lender to a global tech-services firm. They have cleaned up their balance sheet, but they are essentially acting like a startup again.

My take: This is a high-stakes turnaround. They have reduced their losses, but their shrinking cash pile is a major warning sign. Until they prove they can make steady money from their new ventures without running out of cash, this remains a very speculative investment.

Investor Checklist: Before buying, ask yourself if you are comfortable with the company's low cash reserves and whether you believe their pivot to international tech services will generate profit faster than they spend their remaining capital.