Hong Kong Stock Exchange · Industrials
Invest in REF stock from India
Indian and foreign residents can buy REF (1631) shares directly through Paasa.
By Paasa · Updated
REF at a glance
- Price
- HK$1.32-HK$0.04 (2.94%)
- Market cap
- HK$405.50M
- Day range
- HK$1.32 – HK$1.35
- P/E
- 129.41
- Dividend yield
- None
- Volume
- 90.00K
- 1 month
- -2.22%
- 6 months
- +175.00%
- YTD
- +158.82%
- 1 year
- +225.93%
- 5 years
- +67.09%
REF statements, FY2021–FY2025
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | HK$92.3M | HK$106.4M | HK$124.0M | HK$129.7M | HK$135.1M |
| Gross profit | HK$46.6M | HK$56.1M | HK$63.2M | HK$66.2M | HK$72.2M |
| Operating income | HK$3.5M | HK$7.1M | HK$12.7M | HK$11.3M | HK$17.1M |
| Net income | HK$3.0M | HK$5.7M | HK$11.7M | HK$11.2M | HK$8.6M |
| Earnings per share | HK$0.01 | HK$0.02 | HK$0.05 | HK$0.04 | HK$0.03 |
| EBITDA | HK$5.2M | HK$28.9M | HK$38.0M | HK$38.0M | HK$34.1M |
| Total assets | HK$123.6M | HK$125.5M | HK$104.2M | HK$147.8M | HK$210.4M |
| Total debt | HK$22.2M | HK$36.4M | HK$8.5M | HK$25.5M | HK$41.6M |
| Cash and short-term investments | HK$68.9M | HK$55.8M | HK$55.1M | HK$77.3M | HK$129.0M |
| Shareholders' equity | HK$82.8M | HK$79.7M | HK$72.8M | HK$99.4M | HK$139.5M |
| Operating cash flow | HK$32.0M | HK$17.0M | HK$36.2M | HK$21.5M | HK$29.1M |
| Free cash flow | HK$31.8M | HK$16.7M | HK$36.0M | HK$20.9M | HK$15.6M |
| Capital expenditure | −HK$243.0K | −HK$272.0K | −HK$135.0K | −HK$629.0K | −HK$13.5M |
Fiscal years as reported, the latest ending 31 Dec 2025. Figures in HKD; a dash means the provider reported nothing for that line.
Peer comparison
| Company | Ticker | Price | Market cap |
|---|---|---|---|
| EDICO | 8450.HK | HK$0.73 | HK$730.00M |
| Wah Wo | 9938.HK | HK$0.24 | HK$239.00M |
| Lap Kei Engineering | 1690.HK | HK$0.14 | HK$202.33M |
| A.Plus | 1841.HK | HK$0.49 | HK$194.00M |
| Coolpoint Innonism | 8040.HK | HK$0.51 | HK$171.70M |
| China Resources and Transportation | 0269.HK | HK$0.01 | HK$106.44M |
| Eci Technology | 8013.HK | HK$0.06 | HK$97.60M |
| EPI | 0689.HK | HK$0.14 | HK$86.63M |
Peers as grouped by the data provider. This is not an investment recommendation.
How to invest in REF from India
Step 1
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Step 2
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit, and Interactive Brokers converts the dollars to HKD when you buy.
Step 3
Search 1631 and buy
Find REF by name or by its ticker, 1631, and place your order. Many Hong Kong listings trade in board lots, so the smallest order is one lot rather than one share.
Why invest in REF from India
What REF does
REF Holdings Limited operates as an investment holding company, delivering a comprehensive suite of financial printing services throughout Hong Kong. These offerings include typesetting, meticulous proofreading, expert translation, creative design, physical printing, web-based submission, strategic media placement, and efficient distribution. REF operates in the Specialty Business Services industry within the Industrials sector.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Frequently asked questions
Can I buy REF stock from India?
Yes. Indian residents and NRIs can buy REF (1631) shares directly through Paasa. REF is listed on the Hong Kong Stock Exchange, in the Specialty Business Services industry. Your money leaves India under the RBI's Liberalised Remittance Scheme and the shares are held in your own name at Interactive Brokers.
Do I need to buy a full REF share?
Usually more than one, and not a fraction: many Hong Kong listings trade in board lots, so the smallest order is one lot rather than one share. At HK$1.32 a share, size the order by the lot, not by the share.
What tax do I pay in India when I sell REF shares?
Hong Kong generally does not levy capital gains tax on non-resident individual investors for HKEX-listed stocks. In India, gains on shares held for more than 24 months are long-term and taxed at 12.5%, and gains on shares held for 24 months or less are short-term and taxed at your income-tax slab rate. Both are worked out in rupees at the HKD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.
Would my heirs owe estate tax on REF shares?
Hong Kong has no estate duty. That is the source-country side; the shares themselves pass on like any other asset you hold in your own name.