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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (10)
FY2026Next report expected 6 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueNo 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 9What moved the margintailwindNo fixed cost base / no employees
Nil employees excluding Directors at 31 Dec 2025; financial liabilities are primarily administrative expenses due to professional firms
page 52AndheadwindHigh professional/advisory fees relative to size
Professional fees US$422k and Directors' remuneration US$181k were the largest cost lines within a US$800k administrative expense base
page 46One-offs in the year$60k credit: Fair value credit on financial liabilities (convertible loan notes)
page 34What management saidThe 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 6After the year end8 January 2026: 100:1 share combination, reducing shares in issue to 2,410,193 (2,647 held in treasury); outstanding warrants reduced from 1,919,787 (avg exercise US$1.17) to 19,190 (avg exercise US$117.00)
page 56Going concern and the auditFinancial statements prepared on a going concern basis; the Directors' 12-month forecast is funded by conversion of US$8.35 million of convertible loan notes into equity in February 2026, which the Board determined sufficient for working capital and the Investing Policy. Auditor PKF Littlejohn LLP (engagement partner Nicholas Joel) issued an unmodified opinion that the statements give a true and fair view; it identified no material uncertainty on going concern. Key Audit Matter: classification and valuation of convertible loans (Note 16), addressed via review of management's rationale, Black-Scholes valuation challenge, and disclosure checks. Overall materiality US$16,100 (2024: US$18,200), based on 2% of total expenses as the entity is a non-revenue-generating cash shell.
page 27The risks it names first- Classification and valuation of convertible loan notes involves significant management judgement and estimation (Key Audit Matter)p.30
- Concentration of executive responsibility in a single Executive Chairman with no other employees or executive management teamp.22
- Risk of AIM delisting if the Company fails to make/hold investments consistent with its Investment Policyp.20
- Dependence on successful execution of a new, as-yet largely undeployed Investment Strategy and on continued funding support from NOIA Capitalp.6
Read from C001182-AR-2025-website.
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