Chenqi Technology (HKSE:09680) Beneish M-Score: -2.14 (As of Aug. 06, 2026)

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HKSE:09680 Chenqi Technology Ltd HKSE:09680
11 GF Score
Price HK$8.30
! 2 Warning Signs
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What is Chenqi Technology Beneish M-Score?

Chenqi Technology HKSE:09680 11 Beneish M-Score is -2.14 as of Aug. 06, 2026. GuruFocus rates HKSE:09680 with a GF Score™ of 11/100. The stock has 2 warning signs investors should review. Among 1,024 Business Services companies, Chenqi Technology ranks worse than 75.88% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Chenqi Technology's Beneish M-Score or its related term are showing as below:

HKSE:09680' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -2.14   Max: -1.68
Current: -2.14

During the past 5 years, the highest Beneish M-Score of Chenqi Technology was -1.68. The lowest was -3.14. And the median was -2.14.

Chenqi Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chenqi Technology's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Chenqi Technology Beneish M-Score Chart

Chenqi Technology Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.68 -3.14 -2.14

Chenqi Technology Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -1.68 0.00 -3.14 0.00 -2.14

HKSE:09680 vs URI, SUNB, AER: Beneish M-Score Comparison

For the Rental & Leasing Services subindustry, Chenqi Technology's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Chenqi Technology Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Chenqi Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Chenqi Technology's Beneish M-Score falls into.


HKSE:09680
11GF Score
Chenqi Technology Ltd HKSE:09680
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Chenqi Technology Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Chenqi Technology for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.1154+0.528 * 0.4333+0.404 * 0.7706+0.892 * 2.2204+0.115 * 0.7686
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7751+4.679 * -0.067639-0.327 * 1.4852
=-2.14

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$209 Mil.
Revenue was HK$5,840 Mil.
Gross Profit was HK$694 Mil.
Total Current Assets was HK$1,122 Mil.
Total Assets was HK$1,261 Mil.
Property, Plant and Equipment(Net PPE) was HK$76 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$53 Mil.
Selling, General, & Admin. Expense(SGA) was HK$908 Mil.
Total Current Liabilities was HK$365 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 Mil.
Net Income was HK$-324 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-238 Mil.
 Total Receivables was HK$85 Mil.
Revenue was HK$2,630 Mil.
Gross Profit was HK$135 Mil.
Total Current Assets was HK$1,277 Mil.
Total Assets was HK$1,472 Mil.
Property, Plant and Equipment(Net PPE) was HK$100 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$46 Mil.
Selling, General, & Admin. Expense(SGA) was HK$528 Mil.
Total Current Liabilities was HK$280 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(209.373 / 5840.05) / (84.537 / 2630.131)
=0.035851 / 0.032142
=1.1154

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(135.373 / 2630.131) / (693.752 / 5840.05)
=0.05147 / 0.118792
=0.4333

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (1121.835 + 76.218) / 1260.758) / (1 - (1277.277 + 99.657) / 1471.938)
=0.049736 / 0.064543
=0.7706

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=5840.05 / 2630.131
=2.2204

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(46.029 / (46.029 + 99.657)) / (53.198 / (53.198 + 76.218))
=0.315947 / 0.411062
=0.7686

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(908.009 / 5840.05) / (527.555 / 2630.131)
=0.15548 / 0.200581
=0.7751

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((4.888 + 365.006) / 1260.758) / ((10.534 + 280.237) / 1471.938)
=0.29339 / 0.197543
=1.4852

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-323.723 - 0 - -238.446) / 1260.758
=-0.067639

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Chenqi Technology has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.14 mean?
Chenqi Technology (HKSE:09680) has a Beneish M-Score of -2.14 as of Aug. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chenqi Technology and its competitors. According to the industry distribution chart, Chenqi Technology ranks #777 out of 1024 companies in the Business Services industry, placing it in the top 75.9%.
Is Chenqi Technology's Beneish M-Score too high?
Chenqi Technology's current Beneish M-Score is -2.14. Based on the distribution chart, Chenqi Technology ranks #777 out of 1024 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Chenqi Technology has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Chenqi Technology's Beneish M-Score compare to URI and SUNB?
According to the Business Services industry distribution chart, Chenqi Technology ranks #777 out of 1024 companies for Beneish M-Score. This places Chenqi Technology in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Business Services company?
A good Beneish M-Score depends on the Business Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chenqi Technology and its competitors. Chenqi Technology's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chenqi Technology stock overvalued right now?
Chenqi Technology (HKSE:09680) has a current Beneish M-Score of -2.14. The current Beneish M-Score is -2.14. Chenqi Technology's overall GF Score™ is 11/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Chenqi Technology (HKSE:09680), the current Beneish M-Score is -2.14 as of Aug. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Chenqi Technology Business Description

Address Kaitai Avenue, No. 30-4, Huangpu District, Guangdong Province, Guangzhou, CHN
Chenqi Technology Ltd a mobility service company in China offering ride-hailing services. It serves & connects various participants of the mobility industry, including the riders, drivers, automobile OEMs, vehicle service providers, & autonomous driving solution providers. The company operates three reportable segments: Mobility services business, Technology services business, and Fleet sale & maintenance business. Key revenue is generated from the Mobility services, which include the provision of ride-hailing services, Robotaxi services, hitch services, & other related services. The Technology Services include the provision of technology services. The Fleet sale & maintenance business includes the Sale of vehicles, provision of repair and maintenance services & other related services.
11GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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