Group 1 - The company reported a revenue of approximately HKD 223 million for the six months ending June 30, 2025, representing a year-on-year decrease of 5.2% [1] - The profit attributable to the owners of the company was HKD 226 million, down 27.8% year-on-year, with basic earnings per share at HKD 0.3364 [1] - The company did not declare an interim dividend [1] Group 2 - As of June 30, 2025, the group held approximately 3,353 bitcoins with an average cost of USD 58,695 per bitcoin, and about 298 ethers with an average cost of USD 1,661 per ether, primarily for Web3 game development [1] - The group reported a cumulative fair value gain on digital assets of approximately HKD 1.19 billion, with a fair value gain of about HKD 19 million in the first half of 2025 [1] - Additionally, the company achieved a digital asset appreciation gain of approximately HKD 4.53 million in the same period [1] - The growth rate of the company's bitcoin holdings was 2.3% for the six months ending June 30, 2025 [1]

Core Viewpoint - The company, Boyaa Interactive (00434.HK), has been included in the MSCI Global Small Cap Indexes as part of the MSCI index review results, effective after the market close on August 26, 2025 [1] Group 1 - Boyaa Interactive will officially be part of the MSCI Global Small Cap Indexes [1]

Group 1 - The company reported a revenue of HKD 223 million for the six months ending June 30, 2025, representing a year-on-year decline of 5.2% [2] - Profit attributable to owners decreased by 27.8% to HKD 226 million, with basic earnings per share at HKD 0.3364 [2] - The company holds approximately 3,353 bitcoins (average cost of USD 58,695 per bitcoin) and about 298 ethers (average cost of USD 1,661 per ether), primarily for Web3 game development [2] Group 2 - Cumulative fair value gains from digital assets amounted to approximately HKD 1.19 billion, with HKD 19 million recognized in the first half of 2025 [2] - The company recorded a non-audited adjusted net profit of approximately HKD 240 million, a year-on-year decrease of about 24.3%, mainly due to reduced fair value growth of digital assets compared to the previous year [2] - Excluding one-time factors such as fair value changes of financial assets, the adjusted net profit decreased by approximately 42.6%, attributed to slight revenue decline and reduced bank deposit interest income due to cryptocurrency purchases [2]

Major Events - Tianyue Advanced (02631) plans to globally offer 47.7457 million H-shares from August 11 to August 14 [1] - Hengrui Medicine (01276) has its injection drugs listed in the proposed breakthrough treatment varieties public notice [1] - Shoucheng Holdings (00697) invests in Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT [1] - Boyaa Interactive (00434) is included in the MSCI Global Small Cap Index [1] Financial Performance - Yum China (09987) reports a net profit of $507 million, an increase of 1.6% year-on-year [1] - Master Kong Holdings (00322) announces a profit attributable to shareholders of 2.271 billion yuan, up 20.5% year-on-year [1] - Q Tech (01478) reports a profit of 308 million yuan, a significant increase of 167.59% year-on-year [1] - Hang Wan Technology (01523) announces a net profit of approximately $21.665 million, up about 13.4% year-on-year, with a dividend of 12.34 HK cents per share [1] - Ruipu Lanjun (00666) reports a gross profit of approximately 829 million yuan, a year-on-year growth of 177.8% [1] - Kingdee International (00268) sees a revenue increase of 11.24% to 3.192 billion yuan, with strong growth in cloud business [1] - Yuyuan Group (00551) reports a profit attributable to shareholders of $171 million, a decrease of 7.2% year-on-year [1] - Boyaa Interactive (00434) reports a profit attributable to shareholders of 226 million HKD, down 27.8% year-on-year [1] - Chongqing Machinery and Electric (02722) expects a net profit attributable to shareholders to increase by about 50% year-on-year [1] - Anton Oilfield Services (03337) anticipates a significant profit increase of 41.6% to 60.5% year-on-year [1] - Sany International (00631) expects a net profit of approximately 1.234 billion to 1.332 billion yuan, an increase of 25% to 35% year-on-year [1] - Datang Renewable (01798) reports a cumulative power generation of approximately 21.3563 million MWh in the first seven months, an increase of 11.75% year-on-year [1] - China Jinmao (00817) reports a cumulative contracted sales amount of 61.807 billion yuan in the first seven months, up 23.12% year-on-year [1] - New Town Development (01030) reports a cumulative contract sales amount of approximately 11.99 billion yuan in the first seven months, down 55.66% year-on-year [1] - Dongfeng Motor Group (00489) reports automobile sales of approximately 978,500 units in the first seven months, a decrease of about 8.9% year-on-year [1] - Hopson Development Holdings (00754) reports a total contracted sales amount of approximately 9.047 billion yuan in the first seven months, down 12.49% year-on-year [1] - Yuyuan Group (00551) reports a net operating income of approximately $667.5 million in July, a year-on-year decrease of 1.9% [1]

Group 1 - The company reported a revenue of HKD 223 million for the six months ending June 30, 2025, representing a year-on-year decrease of 5.2% [1] - Profit attributable to owners decreased by 27.8% to HKD 226 million, with basic earnings per share at HKD 0.3364 [1] - The company holds approximately 3,353 Bitcoins at an average cost of USD 58,695 per Bitcoin and about 298 Ether at an average cost of USD 1,661 per Ether, primarily for Web3 game development [1] Group 2 - The unaudited adjusted net profit for the six months ending June 30, 2025, was approximately HKD 240 million, a decrease of about 24.3% compared to HKD 317 million in the same period of 2024 [2] - The decrease in adjusted net profit was mainly due to a reduction in the fair value growth of digital assets compared to the previous year [2] - Excluding one-time factors such as fair value changes of financial assets, the adjusted net profit decreased by approximately 42.6% year-on-year, attributed to a slight decline in revenue and reduced interest income from bank deposits due to cryptocurrency purchases [2]

Group 1 - The company reported a revenue of HKD 223 million for the six months ending June 30, 2025, representing a year-on-year decrease of 5.2% [1] - The profit attributable to the company's owners was HKD 226 million, down 27.8% year-on-year, with basic earnings per share at HKD 0.3364 [1] - The company held approximately 3,353 Bitcoins at an average cost of USD 58,695 per Bitcoin and about 298 Ether at an average cost of USD 1,661 per Ether, primarily for Web3 game development [1] Group 2 - The unaudited adjusted net profit for the six months ending June 30, 2025, was approximately HKD 240 million, a decrease of about 24.3% compared to HKD 317 million in the same period of 2024 [2] - The decrease in adjusted net profit was mainly due to a reduction in the fair value growth of digital assets compared to the previous year [2] - Excluding one-time factors such as fair value changes of financial assets, the adjusted net profit decreased by approximately 42.6% year-on-year, attributed to a slight decrease in revenue and reduced interest income from bank deposits due to cryptocurrency purchases [2]

[Performance Summary](index=2&type=section&id=Performance%20Summary) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) The company's H1 2025 revenue decreased by 5.2% to HKD 223 million, with profit attributable to owners declining by 27.8% to HKD 226 million, while Q2 achieved a profit of HKD 450 million driven by digital asset fair value gains Financial Highlights for the Six Months Ended June 30, 2025 | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | 222,605 | 234,775 | (5.2) | | Online Game Revenue | 216,522 | 225,762 | (4.1) | | Digital Asset Appreciation Gain | 4,530 | 9,013 | (49.7) | | **Gross Profit** | 151,856 | 166,870 | (9.0) | | **Fair Value Gain on Digital Assets** | 186,043 | 270,433 | (31.2) | | **Profit Attributable to Owners of the Company** | 226,020 | 312,922 | (27.8) | | **Non-IFRS Adjusted Net Profit** | 240,018 | 317,234 | (24.3) | Financial Highlights for the Three Months Ended June 30, 2025 | Metric | Q2 2025 (HKD thousands) | Q2 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | 110,713 | 115,205 | (3.9) | | Online Game Revenue | 107,238 | 107,789 | (0.5) | | **Gross Profit** | 74,392 | 81,908 | (9.2) | | **Fair Value Gain/(Loss) on Digital Assets** | 501,607 | (118,255) | Not Applicable | | **Profit/(Loss) Attributable to Owners of the Company** | 449,581 | (74,670) | Not Applicable | - As of June 30, 2025, the Group held approximately **3,353 Bitcoin** at an average cost of approximately **USD 58,695 per coin**; as of the announcement date, holdings increased to approximately **3,416 Bitcoin** at an average cost of approximately **USD 59,323 per coin**[3](index=3&type=chunk) [Operational Highlights](index=4&type=section&id=Operational%20Highlights) In Q2 2025, core operational metrics showed YoY growth in MAU and DAU, with MAU also increasing QoQ, and mobile "Texas Hold'em" ARPPU demonstrating strong growth Operational Data for the Three Months Ended June 30, 2025 | Metric (thousands of people) | Q2 2025 | Q1 2025 | Q2 2024 | YoY Change (%) | QoQ Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Paying Players** | 219 | 227 | 207 | 5.8 | (3.5) | | **Daily Active Users (DAU)** | 1,233 | 1,246 | 1,119 | 10.2 | (1.0) | | **Monthly Active Users (MAU)** | 4,500 | 4,389 | 4,081 | 10.3 | 2.5 | - Mobile "Texas Hold'em" ARPPU demonstrated strong performance, increasing by **50.8% year-over-year** and **3.0% quarter-over-quarter**[6](index=6&type=chunk) [Business Overview and Outlook](index=5&type=section&id=Business%20Overview%20and%20Outlook) [Business Overview](index=5&type=section&id=Business%20Overview) The Group is strategically transforming into Web3, holding the largest Bitcoin reserves among Hong Kong-listed companies, with cumulative fair value gains on digital assets reaching HKD 1.19 billion as of June 30, 2025 - The company began its full Web3 strategic transformation in **2023**, adopting **Bitcoin as its primary reserve asset**, with plans to continuously increase holdings through traditional gaming business cash flow and financing[8](index=8&type=chunk) - According to BitcoinTreasuries.net data, the Group is the **largest Bitcoin holder among Hong Kong-listed companies**[8](index=8&type=chunk) - As of June 30, 2025, the Group had accumulated approximately **HKD 1.19 billion in fair value gains on digital assets**, with approximately **HKD 190 million** recognized in H1 2025[9](index=9&type=chunk) [Outlook](index=6&type=section&id=Outlook) The Group will pursue three core strategies: stable traditional gaming, continuous Bitcoin reserve expansion, and Web3 game R&D and investment, aiming to become a leading Web3 listed company with global market expansion - The company's three major future development strategies include: - Maintaining stable development of traditional online gaming business - Continuously expanding Bitcoin reserves - Engaging in Web3 game R&D and Web3 project investment incubation[13](index=13&type=chunk) - The company will vigorously promote Web3 business development and expand into overseas markets, aiming to become a pure and leading Web3 listed company[13](index=13&type=chunk)[14](index=14&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=7&type=section&id=Performance%20Review) The company's performance varied, with Q2 2025 turning profitable at HKD 450 million due to digital asset fair value gains despite a slight revenue dip, while H1 2025 saw revenue decrease by 5.2% and profit attributable to owners decline by 27.8% [Q2 2025 vs. Q2 2024 Comparison](index=7&type=section&id=Q2%202025%20vs.%20Q2%202024%20Comparison) Q2 2025 revenue slightly decreased by 3.9% to HKD 111 million, and gross profit declined, but significant fair value gains on digital assets of HKD 516 million led to a turnaround, with profit attributable to owners reaching HKD 450 million - Q2 revenue decreased by **3.9% year-over-year**, primarily due to reduced digital asset appreciation gains, though online game revenue remained stable[15](index=15&type=chunk) - Q2 gross profit decreased by **9.2% year-over-year**, with gross margin declining from **71.1% to 67.2%**, mainly due to increased cost of revenue[19](index=19&type=chunk) - Q2 recorded **net other income of HKD 516 million** (compared to a loss of HKD 134 million in the prior year), primarily due to an increase in the fair value of digital assets held[22](index=22&type=chunk) - Due to a significant increase in the fair value of digital assets, Q2 **profit attributable to owners of the Company turned profitable**, reaching **HKD 449.6 million** (compared to a loss of HKD 74.7 million in the prior year)[26](index=26&type=chunk) [H1 2025 vs. H1 2024 Comparison](index=11&type=section&id=H1%202025%20vs.%20H1%202024%20Comparison) H1 2025 revenue decreased by 5.2% to HKD 223 million, and gross profit declined by 9.0%, leading to a 27.8% decrease in profit attributable to owners to HKD 226 million, mainly due to a smaller increase in digital asset fair value gains - H1 revenue decreased by **5.2% year-over-year**, primarily due to slower growth in traditional game revenue resulting from global economic slowdown and the company's long-term operational strategy, as well as reduced digital asset appreciation gains[29](index=29&type=chunk) - H1 gross profit decreased by **9.0% year-over-year**, with gross margin declining from **71.1% to 68.2%**[31](index=31&type=chunk) - H1 net other income decreased by **19.6% year-over-year**, primarily due to a smaller increase in the fair value of digital assets compared to the prior year[34](index=34&type=chunk) - H1 **profit attributable to owners of the Company decreased by 27.8%** to **HKD 226 million**, mainly because the increase in fair value of digital assets was lower than the prior year[38](index=38&type=chunk) [Financial Position Analysis](index=14&type=section&id=Financial%20Position%20Analysis) The company maintains a robust financial position with digital assets valued at HKD 3.08 billion as of June 30, 2025, a gearing ratio of 15.8%, no bank borrowings, and plans to fund expansion through operating cash flow [Digital Assets](index=14&type=section&id=Digital%20Assets) The company strategically acquires and holds cryptocurrencies for its Web3 business, with digital assets valued at HKD 3.08 billion as of June 30, 2025, and has expanded its holdings to include Bitcoin, Ethereum, ATOM, and BNB - The company has received **two shareholder authorizations** to purchase cryptocurrencies totaling up to **USD 200 million** in the open market[40](index=40&type=chunk) Digital Asset Holdings | Asset | Holdings as of June 30, 2025 | Holdings as of Announcement Date | | :--- | :--- | :--- | | **Bitcoin (BTC)** | Approx. 3,353 coins | Approx. 3,416 coins | | **Ethereum (ETH)** | Approx. 298 coins | Approx. 299 coins | - As of June 30, 2025, the fair value of digital assets was approximately **HKD 3.08 billion**, with **HKD 186 million** in fair value gains recorded in H1[41](index=41&type=chunk) - In addition to BTC and ETH, the Group also holds **ATOM and BNB** to strategically position itself within the Cosmos and BNB Chain ecosystems[42](index=42&type=chunk) [Bitcoin Growth Rate](index=16&type=section&id=Bitcoin%20Growth%20Rate) The company utilizes "Bitcoin Growth Rate" as a key performance indicator to evaluate its Bitcoin acquisition strategy, reporting a 2.3% growth rate for the six months ended June 30, 2025 - The company adopts "Bitcoin Growth Rate" as a **key performance indicator** to measure its strategic performance in acquiring Bitcoin[44](index=44&type=chunk) - For the six months ended June 30, 2025, the company's **Bitcoin Growth Rate was 2.3%**[45](index=45&type=chunk) Bitcoin per 10,000 Shares and Growth Rate | Date | Bitcoin per 10,000 Shares | Bitcoin Growth Rate (QoQ Change) | | :--- | :--- | :--- | | 12/31/2024 | 0.0461 | 24.1% | | 3/31/2025 | 0.0472 | 2.4% | | 6/30/2025 | 0.0472 | 0.0% | [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The company primarily generates cash from operations, maintaining a 15.8% gearing ratio with no bank borrowings, and prudently manages its liquidity, including HKD 57.8 million in cash and HKD 89.9 million in time deposits - As of June 30, 2025, the Group's **gearing ratio was 15.8%**, a decrease from **16.9%** at the beginning of the year[48](index=48&type=chunk) - Cash and cash equivalents decreased from **HKD 139 million** at the beginning of the year to **HKD 57.8 million**[50](index=50&type=chunk) - As of the end of the reporting period, the company had **no short-term or long-term bank borrowings**[57](index=57&type=chunk) [Other Operational Information](index=21&type=section&id=Other%20Operational%20Information) As of June 30, 2025, the company had 226 employees, with H1 staff costs of HKD 55.6 million, and incentivizes staff through equity plans, including new restricted share units granted - As of June 30, 2025, the company had a total of **226 employees**, with **182** primarily responsible for game development and operations[64](index=64&type=chunk) - For the six months ended June 30, 2025, total staff costs were approximately **HKD 55.6 million**, accounting for **34.4% of total expenses**[65](index=65&type=chunk) - On March 14, 2025, the Group granted a total of **5,850,000 restricted share units** to executive directors and other employees under the 2024 Restricted Share Unit Scheme[65](index=65&type=chunk) [Condensed Consolidated Financial Statements](index=23&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=23&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, revenue was HKD 223 million (down 5.2%) and profit attributable to owners was HKD 226 million (down 27.8%), while Q2 turned profitable with HKD 450 million, and basic EPS was HKD 33.64 cents for H1 and HKD 66.80 cents for Q2 Key Income Statement Items (For the Six Months Ended June 30) | Item (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | 222,605 | 234,775 | | **Gross Profit** | 151,856 | 166,870 | | **Operating Profit** | 273,923 | 352,466 | | **Profit Attributable to Owners of the Company for the Period** | 226,020 | 312,922 | Earnings Per Share (HK cents) | Period | 2025 | 2024 | | :--- | :--- | :--- | | **H1 (Basic)** | 33.64 | 47.20 | | **Q2 (Basic)** | 66.80 | (11.24) | [Condensed Consolidated Statement of Financial Position](index=25&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to HKD 3.55 billion, with digital assets at HKD 3.08 billion, total liabilities at HKD 563 million, total equity at HKD 2.99 billion, and net current assets at HKD 2.86 billion, reflecting a robust financial structure Key Balance Sheet Items (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Digital Assets** | 3,080,024 | 2,548,592 | | **Total Assets** | 3,551,296 | 3,200,316 | | **Total Liabilities** | 562,554 | 540,836 | | **Total Equity** | 2,988,742 | 2,659,480 | | **Net Current Assets** | 2,862,380 | 2,421,190 | [Condensed Consolidated Statement of Cash Flows](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, net cash from operating activities significantly decreased to HKD 26.9 million, with net cash outflows from investing (HKD 37.7 million) and financing (HKD 77.7 million) activities, leading to period-end cash and cash equivalents of HKD 57.8 million Cash Flow Statement Summary (For the Six Months Ended June 30, HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash generated from operating activities** | 26,907 | 107,640 | | **Net cash used in investing activities** | (37,689) | (818,990) | | **Net cash used in financing activities** | (77,715) | (29,943) | | **Net decrease in cash and cash equivalents** | (88,497) | (741,293) | | **Cash and cash equivalents at end of period** | 57,823 | 67,483 | [Notes to the Condensed Consolidated Financial Statements](index=29&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Segment Information](index=30&type=section&id=Segment%20Information) The Group operates in mobile game and Web3 segments; in H1 2025, mobile games contributed HKD 217 million revenue and HKD 92.1 million profit, while Web3 contributed HKD 4.5 million revenue and HKD 189 million profit, mainly from cryptocurrency fair value changes H1 2025 Segment Results (HKD thousands) | Segment | Revenue | Segment Profit | | :--- | :--- | :--- | | **Mobile Game-Related Business** | 216,522 | 92,106 | | **Web3-Related Business** | 4,530 | 188,794 | [Disposal of a Subsidiary](index=45&type=section&id=Disposal%20of%20a%20Subsidiary) The Group disposed of its wholly-owned subsidiary Boyaa Shenzhen for HKD 4.172 million, eliminating foreign investment-restricted businesses and VIE agreements, resulting in a disposal profit of HKD 28.342 million - The Group disposed of Boyaa Shenzhen, controlled via a VIE agreement, for a total consideration of **HKD 4.172 million**[121](index=121&type=chunk) - This disposal eliminated the company's involvement in **foreign investment-restricted businesses** and **terminated the VIE agreement**[121](index=121&type=chunk) - The disposal transaction generated a **profit of HKD 28.342 million** and resulted in a **net cash inflow of HKD 2.569 million**[122](index=122&type=chunk) [Other Information](index=49&type=section&id=Other%20Information) [Interim Dividend](index=49&type=section&id=Interim%20Dividend) The Board did not recommend an interim dividend for H1 2025, with future dividends for the next four years set at no less than 20% of operating net profit, excluding digital asset-related gains - The Board **does not recommend** the payment of an interim dividend for 2025[128](index=128&type=chunk) - The company's dividend policy stipulates that for the next four years, annual dividends will be no less than **20% of operating net profit** (defined as net cash generated from online game business operations), with digital asset-related gains excluded from the dividend calculation basis[128](index=128&type=chunk)[131](index=131&type=chunk) [Corporate Governance](index=49&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code, with a Board comprising two executive and three independent non-executive directors, and an Audit Committee that has reviewed the interim results - The company **complied with the applicable provisions of the Corporate Governance Code** during the reporting period[129](index=129&type=chunk) - The Audit Committee, comprising **three independent non-executive directors**, has reviewed these interim results and has **no disagreement with the Board**[132](index=132&type=chunk)

Core Viewpoint - Boyaa Interactive (00434) has been included in the MSCI Global Small Cap Index, effective after the market close on August 26, 2025, which is significant for the company as it may attract more international investors and enhance market liquidity [1][1][1] Group 1: MSCI Index Inclusion - The inclusion in the MSCI Global Small Cap Index reflects the market's recognition of the company's positioning and operational strategy [1][1] - The MSCI indices are among the most influential index systems globally, with over $17 trillion in assets tracking them [1][1] - The MSCI Global Small Cap Index aims to measure the performance of small-cap companies with strong performance and growth potential across various capital markets and industries [1][1] Group 2: Impact on the Company - Being part of the MSCI Global Small Cap Index may lead to passive funds, such as ETFs, allocating shares of the company, which could increase the company's international visibility [1][1] - The potential increase in international investor interest is expected to enhance the company's market liquidity and create more value for shareholders [1][1]

Core Viewpoint - Boya Interactive (00434) has been included in the MSCI Global Small Cap Index, effective after the market close on August 26, 2025, which is significant for the company as it may attract more international investors and enhance market liquidity [1] Group 1: MSCI Index Inclusion - The inclusion in the MSCI Global Small Cap Index reflects the market's recognition of the company's positioning and operational strategy [1] - The MSCI indices are among the most influential index systems globally, with over $17 trillion in assets tracking these indices [1] - The MSCI Global Small Cap Index aims to measure the performance of small-cap companies in global markets, highlighting those with strong performance and growth potential [1] Group 2: Impact on the Company - Being part of the MSCI Global Small Cap Index may lead to passive funds, such as ETFs, allocating shares of the company, thereby increasing its international visibility [1] - The inclusion is expected to enhance the company's market liquidity and create more value for shareholders [1]

Core Viewpoint - The company, Boya Interactive, has been included in the MSCI Global Small Cap Index, effective after the market closes on August 26, 2025, which is a significant recognition of its market positioning and operational strategy [1][2]. Group 1 - The inclusion in the MSCI Global Small Cap Index is expected to lead to passive funds, such as ETFs, allocating shares of the company, thereby enhancing its international visibility and attracting more global investors [2]. - The MSCI indices are among the most influential index systems globally, with over $17 trillion in assets tracking these indices, indicating the potential impact on institutional investors' portfolio adjustments [1]. - The MSCI Global Small Cap Index aims to measure the performance of small-cap companies with strong performance and significant growth potential across various capital markets and industries [1].