香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任 。 WALNUT CAPITAL LIMITED 胡 桃 資 本 有 限 公 司 於 二 零 二 五 年 八 月 三 十 一 日 ， 胡 桃 資 本 有 限 公 司 (「 本 公 司」)每 股 股 份 之 未 經 審 核 綜 合 資 產 淨 值 約 為0.289港 元 。 承董事會命 胡桃資本有限公司 聯席主席 蒙建强 香 港 ， 二 零 二 五 年 九 月 十 五 日 於本公告日期，本公司董事會包括兩名執行董事，分別為蒙建强先生（聯席主席）及蒙品文 先生；一名非執行董事蒙翰廷先生（聯席主席）；及三名獨立非執行董事，分別為馮維正先 生、鍾宏禧先生及鄭曉晴女士。 (於 開 曼 群 島 註 冊 成 立 及 於 百 慕 達 存 續 ...

Announcement Overview [Purpose of Supplemental Announcement](index=1&type=section&id=Purpose%20of%20Supplemental%20Announcement) The company disclosed cryptocurrency transactions, acknowledging non-compliance with listing rules disclosure requirements - The company did not fully comply with listing rules regarding cryptocurrency acquisitions and disposals[3](index=3&type=chunk) - The Board noted that each of the acquisition and disposal transactions might constitute a major transaction for the company[3](index=3&type=chunk) [Implications under Listing Rules](index=1&type=section&id=Implications%20under%20Listing%20Rules) Cryptocurrency transactions are major transactions under Listing Rule 14.07, exceeding **25%** ratios, requiring reporting and shareholder approval - According to Listing Rule 14.07, one or more applicable percentage ratios for each transaction exceeded **25%**[4](index=4&type=chunk) - Each transaction constitutes a major transaction for the company, subject to reporting, announcement, circular, and shareholder approval requirements under Chapter 14 of the Listing Rules[4](index=4&type=chunk) Cryptocurrency Transaction Details [Acquisition](index=2&type=section&id=Acquisition) The company acquired approximately **5.246 million USDT** between December 11 and 18, 2024, for a total consideration of approximately **US$5.255 million** (HK$40.99 million), with the buyer identified as an independent third party - The company acquired USDT between December 11 and 18, 2024[6](index=6&type=chunk)[7](index=7&type=chunk) USDT Acquisition Details | Date | Number of USDT | Consideration (US$) | | :--------------- | :------------ | :------------ | | December 11, 2024 | 586,354.954 | 587,296.26 | | December 12, 2024 | 2,163,854.858 | 2,167,803.71 | | December 18, 2024 | 2,496,255.620 | 2,500,000.00 | | **Total** | **5,246,465.432** | **5,255,099.97** | | | | (Equivalent to approximately HK$40,990,000) | - As the acquisition was conducted in the open market, the company is unaware of the buyer's identity, but the buyer and its ultimate beneficial owner(s), if any, are independent third parties[7](index=7&type=chunk) [Disposal](index=3&type=section&id=Disposal) The company disposed of various cryptocurrencies, including Ethereum, Bitcoin, and Solana, from January 17 to March 11, 2025, for a total consideration of approximately **US$4.375 million** (HK$34.125 million), with the buyer identified as an independent third party - The company disposed of various cryptocurrencies between January 17 and March 11, 2025[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) Cryptocurrency Disposal Details | Type and Number of Cryptocurrency | Date | Consideration (USDT Amount) | Equivalent US$ | | :------------------- | :--------------- | :--------------- | :------------- | | 210.78897 Ethereum | January 17, 2025 | 750,000.00 | 750,000.00 | | 181.81818 Ethereum | February 7, 2025 | 500,000.00 | 500,000.00 | | 430.38365 Ethereum | February 4, 2025 | 1,300,000.00 | 1,300,000.00 | | **Ethereum Subtotal** | | **2,550,000.00** | **2,550,000.00** | | 2.02428 Bitcoin | February 24, 2025 | 192,499.45 | 192,499.45 | | 5.94947 Bitcoin | February 25, 2025 | 532,499.72 | 532,499.72 | | 2.75264 Bitcoin | February 28, 2025 | 250,000.00 | 250,000.00 | | 0.87553 Bitcoin | March 4, 2025 | 75,000.00 | 75,000.00 | | 0.92408 Bitcoin | March 11, 2025 | 75,000.00 | 75,000.00 | | **Bitcoin Subtotal** | | **1,124,999.17** | **1,124,999.17** | | 262.61812 Solana | February 7, 2025 | 49,947.39 | 49,947.39 | | 1,850.38277 Solana | February 16, 2025 | 349,999.78 | 349,999.78 | | 1,611.25046 Solana | February 21, 2025 | 300,000.20 | 300,000.20 | | **Solana Subtotal** | | **699,947.37** | **699,947.37** | | **Total** | | **4,374,946.54** | **4,374,946.54** | | | | | (Equivalent to approximately HK$34,124,583) | - As the disposal was conducted in the open market, the company is unaware of the buyer's identity, but the buyer and its ultimate beneficial owner(s), if any, are independent third parties[10](index=10&type=chunk) Relevant Information and Background [USDT Information](index=5&type=section&id=USDT%20Information) Tether (USDT) is a stablecoin pegged 1:1 to the US dollar, **100%** backed by Tether reserves, ensuring price stability; Binance Holdings Limited is the custodian of the Group's USDT as of the announcement date - USDT is a Tether token, offering price stability, 1:1 redeemable with matching fiat currency, and **100% backed** by Tether reserves[11](index=11&type=chunk) - As of the announcement date, Binance Holdings Limited is the custodian of the Group's USDT[12](index=12&type=chunk) [Information on the Group](index=5&type=section&id=Information%20on%20the%20Group) The company's primary business is investment holding, with the Group mainly investing in listed and unlisted equity and debt securities, unlisted funds, and cryptocurrencies - The company's principal business is investment holding activities[13](index=13&type=chunk) - The Group primarily invests in listed and unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[13](index=13&type=chunk) [Reasons for and Benefits of the Acquisitions and Disposals](index=5&type=section&id=Reasons%20for%20and%20Benefits%20of%20the%20Acquisitions%20and%20Disposals) The company acquired USDT to facilitate its cryptocurrency transactions, funded by internal resources; initially, USDT was mistakenly treated as a cash equivalent rather than an investment, leading to non-compliance with Listing Rules - The company acquired USDT to facilitate its participation in cryptocurrency transactions, involving (a) acquiring USDT to purchase other cryptocurrencies and (b) converting proceeds from cryptocurrency disposals back into USDT[14](index=14&type=chunk) - The consideration was funded by the Group's internal resources[14](index=14&type=chunk) - As of May 31, 2025, the company held approximately **961,562.76 USDT** (including accrued interest), representing about **4.38%** of its unaudited consolidated net assets[14](index=14&type=chunk) - The company inadvertently treated USDT as a cash equivalent rather than an investment, leading to non-compliance with the Listing Rules[16](index=16&type=chunk) - As of June 30, 2024, the USDT acquired by the Group represented approximately **37%** of the company's net assets[16](index=16&type=chunk) Compliance Issues and Remedial Actions [Compliance Issues](index=6&type=section&id=Compliance%20Issues) The company failed to comply with Listing Rule 21.04(3)(b) by mistakenly treating USDT as a cash equivalent rather than an investment, particularly when USDT holdings represented approximately **37%** of net assets on June 30, 2024 - The company regrets its non-compliance with the Listing Rules, having considered the acquisition, holding, and disposal of USDT not to constitute transactions undertaken by the company[16](index=16&type=chunk) - The company inadvertently treated USDT as a cash equivalent, thus, under Listing Rule 21.04(3)(b), it did not consider the acquisition to be an investment by the company[16](index=16&type=chunk) - As of June 30, 2024, the USDT acquired by the Group represented approximately **37%** of the company's net assets, exceeding the investment threshold under the Listing Rules[16](index=16&type=chunk) [Remedial Actions](index=6&type=section&id=Remedial%20Actions) The company acknowledged non-compliance and issued this announcement as an immediate remedy, planning future measures including designating accounting and investment committees to monitor cryptocurrency transactions, calculating compliance ratios, ensuring total cryptocurrency investment does not exceed **20%** of net assets, and providing relevant training to directors and senior management - As an immediate remedial action, the company has acknowledged its non-compliance with the Listing Rules regarding the

Core Viewpoint - Walnut Capital (00905) experienced a significant drop of nearly 40%, with its stock price closing at HKD 1.34, down from a high of HKD 2.28, which was a 449% increase from its closing price of HKD 0.415 on March 28 this year [1] Shareholding Structure - The Hong Kong Securities and Futures Commission recently inquired about the share distribution of Walnut Capital, revealing that 19 shareholders collectively hold 147 million shares, equivalent to 13.98% of the issued shares [1] - Additionally, 588 million shares, representing 56.01% of the issued shares, are held by the company's CEO, leading to a total of 94.65% of the issued shares being held by these parties [1] - The company confirmed that as of August 25 and September 3, at least 25% of the company's issued shares are held by the public, ensuring compliance with the Hong Kong Stock Exchange's public float requirements [1]

Group 1 - The stock price of Hu Tao Capital (00905) has plummeted nearly 40%, closing at 1.34 HKD, down from a high of 2.28 HKD on September 2, which represents a 449% increase from the closing price of 0.415 HKD on March 28 this year [1] - The Hong Kong Securities and Futures Commission has conducted inquiries regarding the share distribution of Hu Tao Capital, revealing that 19 shareholders collectively hold 147 million shares, accounting for 13.98% of the issued shares, while the CEO holds 588 million shares, representing 56.01% of the issued shares [1] - The total shares held by the aforementioned shareholders amount to 94.65% of the issued shares, leaving only 5.35% of the issued capital held by other shareholders [1] Group 2 - The company confirmed that as of August 25 and September 3, at least 25% of the company's issued shares are held by the public, ensuring compliance with the public float requirements under the listing rules of the Stock Exchange [1]

Market Performance - The Hang Seng Index closed at 25,343, down 0.60% for the day, but up 26.34% year-to-date [1] - The Hang Seng Tech Index closed at 5,683, down 0.78% for the day, with a year-to-date increase of 27.21% [1] - The A-share market showed mixed results, with the Shanghai Composite Index closing at 3,813, down 1.16% [5][6] Currency and Commodity Trends - The RMB index is at 96.570, showing a 0.90% increase over the last month but a 3.33% decrease over six months [2] - Brent crude oil is priced at $68.86 per barrel, with a slight increase of 0.15% over the last month [2] - Gold prices reached $3,540.73 per ounce, reflecting a 4.95% increase over the last month and a 22.40% increase over six months [2] Key News and Developments - BYD aims for overseas vehicle sales of 800,000 units this year, a significant increase from 417,000 units last year, representing a 92% rise [18][19] - The S&P PMI for Hong Kong rose to 50.7 in August, indicating the first improvement in the business environment in seven months [14] - OpenAI is reportedly increasing its stock issuance to $10.3 billion, raising its valuation to $500 billion [13] Company-Specific Insights - BYD's global sales of new energy vehicles reached approximately 2.86 million units in the first eight months of the year, a year-on-year increase of 23% [19] - The stock of Huya Capital is highly concentrated, with 19 shareholders holding about 13.98% of the issued share capital, leading to potential volatility [20] - China Mobile Hong Kong has acquired 70.7% of Hong Kong Broadband's shares, indicating a significant consolidation in the telecommunications sector [21][22]

Core Viewpoint - Hu Tao Capital (00905.HK) announced that its shareholding will be concentrated among a small number of shareholders by August 25, 2025, which may lead to significant price volatility even with minor share transactions [1] Summary by Relevant Sections - **Shareholding Concentration** - The company confirmed that by August 25, 2025, and as of the announcement date, at least 25% of its issued shares are held by the public [1] - The concentration of shares among a limited number of shareholders raises concerns about potential price fluctuations [1] - **Compliance with Listing Rules** - The company is able to comply with the public float requirements under the Hong Kong Stock Exchange listing rules [1]

（股份代號：905） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 （於開曼群島註冊成立及於百慕達存續之有限公司） WALNUT CAPITAL LIMITED 胡桃資本有限公司 股權高度集中 本公告乃應香港聯合交易所有限公司（「聯交所」）的要求而作出，內容有關 胡桃資本有限公司（「本公司」）之股權於二零二五年八月二十五日集中於極 少數本公司股東（「股東」）。 鑑於股權高度集中於數目不多之股東，即使少量股份成交，本公司之股份 （「股份」）價格亦可能大幅波動，股東及有意投資者於買賣股份時務請審慎 行事。 本公告乃應聯交所的要求而作出，內容有關本公司之股權於二零二五年八月 二十五日集中於極少數股東。 1 股權高度集中 本公司注意到證券及期貨事務監察委員會（「證監會」）於二零二五年九月三日 刊發之公告（「證監會公告」）。按證監會公告所披露，證監會最近曾就本公司之 股權分佈進行查訊。證監會之查訊結果顯示本公司於二零二五年八月二十五 日，有十九名股東合共持有 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 胡桃資本有限公司 | | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00905 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 ...

Core Viewpoint - The news regarding Hu Tao Capital becoming the first listed company to hold reserve CP tokens has been exaggerated, presenting a misleading narrative of a milestone in the integration of traditional finance and the crypto world [2][4]. Group 1: Company Announcement and Financial Reporting - Hu Tao Capital's announcement on August 31 was notably restrained, lacking terms like "strategic treasury allocation" or "compliance listing," and instead emphasized that the controlling shareholder donated CP tokens without any monetary exchange [3]. - The company will not recognize any income from these tokens, categorizing them as intangible assets, indicating a lack of formal board resolution regarding treasury strategy or risk exposure [3]. - This approach mirrors a previous announcement made on May 30, suggesting a repetitive accounting narrative rather than a genuine innovation [4]. Group 2: Risks Associated with CoinUp Platform - CoinUp, the platform for token circulation, lacks regulatory approval from the Hong Kong Securities and Futures Commission (SFC), and has a poor reputation with a Trustpilot score of only 2.2, indicating significant user complaints regarding withdrawals and account freezes [5]. - The platform's low trust score of 4/10 on CoinGecko and a security score of 0 highlight its questionable reliability, raising concerns about the safety of Hu Tao Capital's token reserves [5]. Group 3: Comparison with Established Crypto Strategies - Genuine strategic reserves in the crypto space, such as Binance's BNB and Rex Shares' BNB-staking ETF, are characterized by regulatory compliance, transparent governance, and robust risk management practices [6]. - These established models involve clear board resolutions, compliance custodians, regular audits, and comprehensive risk disclosures, contrasting sharply with Hu Tao Capital's approach [6]. Group 4: Company Fundamentals and Market Position - Hu Tao Capital's financials reveal a troubling picture, with revenue of less than 900,000 HKD and a net loss of 26.7 million HKD for the first half of 2025, indicating a stagnation in its core business [9]. - The company appears to be operating as a shell entity, utilizing narratives around "virtual assets" and "investment transformation" to inflate its market value and seek future restructuring opportunities [9]. Group 5: Investor Caution and Market Dynamics - Investors should be wary of the underlying regulatory and governance gaps behind such so-called innovations, as the lack of basic information disclosure and verified liquidity can lead to significant risks [10]. - The narrative surrounding Hu Tao Capital's token reserves serves as a reminder of the cyclical nature of speculative investments in the market, where new trends emerge but often lack substance [10][11].

Group 1 - The company Hu Tao Capital (00905) announced changes in its board of directors effective from September 3, 2025 [1] - Mr. Meng Hanting has been appointed as a non-executive director and co-chairman of the board [1] - Mr. Meng Jianqiang has been transitioned from chairman of the board to co-chairman, while continuing his roles as an executive director and member of the nomination and remuneration committees [1]