Shaires Holdings Ltd
Jade Road Investments Limited (AIM: JADE, formerly Adamas Finance Asia Limited and China Private Equity Investment Holdings Limited) is a BVI-incorporated AIM investing company with an indefinite life and sector-agnostic mandate. It disposed of its legacy investment portfolio in May 2024 and operated as a cash shell throughout FY2025, during which NOIA Capital invested US$1.7 million and became a strategic partner to develop a new investment strategy weighted towards mid/late-stage technology investments. The Group held no investment assets, generated no employees, and recorded a net asset value of US$0.5 million at 31 December 2025.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 27 Apr 2026 · 56 pages · Company website
Jade Road Investments is a stock-market-listed investing company that spent the year as a cash shell, meaning it held cash but no investments. Its income from investments fell to $2,000 from $15,000 the year before, and its loss after tax narrowed to $758k from $1.2m.
The company sold its old investments in May 2024, so it had almost no income and the loss came mainly from running costs, the largest being professional fees of US$422k. The result also included small gains on its convertible loans (loans that can turn into shares), partly offset by a currency loss.
Cash at the year end was $648k, up from $27k, helped by $2.1m raised from new shares, much of it from new partner NOIA Capital. There were no borrowings and no dividend was recommended. In February 2026 the company raised a further US$8.35 million, and its suspended shares returned to trading. Management plans to start investing under a new strategy focused on technology companies. The auditor raised no going-concern doubt, but the report warns that the strategy is largely undeployed, relies on NOIA's support, and that failing to invest in line with its policy risks delisting.
No revenue-generating assets
There were no investment assets held by the Company at either year-end; the Group's reportable segment derives revenue from structured equity and debt investment, but held none at 31 Dec 2025
page 9No fixed cost base / no employees
Nil employees excluding Directors at 31 Dec 2025; financial liabilities are primarily administrative expenses due to professional firms
page 52The 2025 year has been a very busy and transformational time, culminating in the substantial US$1.7 million investment by NOIA Capital, and its support and engagement in developing a new and exciting investment strategy for Jade Road Investments.
page 611 years on one page · FY2015–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 184 confirmed, 15 differ.
No figure has been restated: every figure a later report printed again, it printed the same.