WALNUT CAPITAL LIMITED 胡 桃 資 本 有 限 公 司 (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) ( 於開曼群島註冊成立及於百慕達存續之有限公司 ) （Stock Code 股份代號：905） NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, 30 September 2025 Should you have any queries relating to this notification, please call the Branch Share Registrar's telephone hotline at (852) 2980 1333 during business hours from 9:00 a.m. to 6:00 p.m., Monday to Friday (excluding Hong Kong public holidays). By Order of the Board Wa ...

BOARD OF DIRECTORS Executive Directors: Mr. Mung Kin Keung (Chairman) Mr. Mung Bun Man, Alan (Chief Executive Officer) Independent Non-executive Directors: Mr. Fung Wai Ching Mr. Chung Wang Hei Ms. Cheng Hiu Ching (Appointed on 6 February 2025) Ms. Lui Sau Lin (Resigned on 6 February 2025) AUDIT COMMITTEE Ms. Cheng Hiu Ching (Committee Chairman) (Appointed on 6 February 2025) Ms. Lui Sau Lin (Committee Chairman) (Resigned on 6 February 2025) Mr. Fung Wai Ching Mr. Chung Wang Hei REMUNERATION COMMITTEE Mr. F ...

胡桃资本(00905)发布公告，于2025年8月31日，胡桃资本有限公司每股股份未经审核综合资产净值约为 0.289港元。 ...

智通财经APP讯，胡桃资本(00905)发布公告，于2025年8月31日，胡桃资本有限公司每股股份未经审核 综合资产净值约为0.289港元。 ...

格隆汇9月15日丨胡桃资本(00905.HK)发布公告，于2025年8月31日，胡桃资本有限公司每股股份未经审 核综合资产净值约为0.289港元。 ...

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]