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]

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 will transition 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]

Group 1 - The company announced the appointment of Montan Ting as a non-executive director and co-chairman of the board, effective from September 3, 2025 [1] - Mont Jianqiang will be transitioned from chairman of the board to co-chairman, while continuing to serve as an executive director and a member of the company's nomination and remuneration committees [1]

WALNUT CAPITAL LIMITED （於開曼群島註冊成立及於百慕達存續之有限公司） （股份代號：905） 胡桃資本有限公司 董事名單與其角色和職能 胡桃資本有限公司董事會（「董事會」）成員載列如下： 執行董事 馮維正先生 鍾宏禧先生 鄭曉晴女士 董事會設有三個委員會。各董事會成員在這些委員會中所擔任的職位載列如 下： 審核委員會 鄭曉晴女士 （委員會主席） 鍾宏禧先生 馮維正先生 薪酬委員會 馮維正先生 （委員會主席） 蒙建强先生 鍾宏禧先生 鄭曉晴女士 提名委員會 蒙建强先生 （聯席主席） 蒙品文先生 非執行董事 蒙翰廷先生 （聯席主席） 獨立非執行董事 鍾宏禧先生 （委員會主席） 蒙建强先生 馮維正先生 鄭曉晴女士 香港，二零二五年九月三日 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission has investigated the shareholding distribution of Walnut Capital (00905), revealing a high concentration of shares among a few shareholders, which may lead to significant price volatility in the company's stock [1][4]. Shareholding Structure - As of August 25, 2025, 19 shareholders collectively held 146,869,901 shares, representing 13.98% of the company's issued share capital [1][4]. - A total of 259,082,295 shares (24.66% of issued share capital) were registered under HKSCC Nominees Limited but were not settled in the Central Clearing and Settlement System (CCASS) [1][4]. - The CEO holds 588,327,925 shares, accounting for 56.01% of the issued share capital, leading to a total of 94.65% of shares being held by the CEO and the 19 shareholders [1][4]. - Only 56,220,766 shares (5.35% of issued share capital) are held by other shareholders [1][4]. Stock Price Performance - The company's stock price increased by 457% from HKD 0.415 on March 28, 2025, to HKD 2.31 on August 25, 2025 [4]. - On September 2, 2025, the stock closed at HKD 2.28, reflecting a 449% increase compared to the closing price on March 28, 2025 [4]. Financial Performance - Walnut Capital reported mid-year earnings of HKD 960,000, a year-on-year increase of 478% [5]. - The net loss for the period was HKD 26.747 million, an increase of 43.42% compared to the previous year [5]. - The increase in losses was primarily due to a recognized impairment loss of HKD 14.435 million related to cryptocurrencies and an increase in administrative and operational expenses of HKD 2.732 million, partially offset by a net reduction of HKD 9.455 million from fair value changes of financial assets [5].

Core Viewpoint - Hu Tao Capital (00905) has been under scrutiny by the Securities and Futures Commission regarding its shareholding distribution, revealing significant concentration of ownership among a few shareholders [1] Shareholding Structure - As of August 25, 2025, 19 shareholders collectively hold 147 million shares, representing 13.98% of the company's issued share capital [1] - A total of 259 million shares, accounting for 24.66% of the issued share capital, are registered under HKSCC Nominees Limited but are not settled in the Central Clearing and Settlement System (CCASS) [1] - The company's CEO holds 588 million shares, which is 56.01% of the issued share capital, leading to a total of 94.65% of the shares being held by these entities [1] - Only 56.22 million shares, or 5.35% of the issued share capital, are held by other shareholders [1] Stock Price Performance - Between March 31, 2025, and August 25, 2025, the closing price of the company's shares increased by 457%, from HKD 0.415 on March 28, 2025, to HKD 2.31 on August 25, 2025 [1] - On September 2, 2025, the company's stock price closed at HKD 2.28, reflecting a 449% increase compared to the closing price of HKD 0.415 on March 28, 2025 [1]