Core Viewpoint - The recent inquiry by the Securities and Futures Commission revealed significant ownership concentration in Hu Tao Capital, with a small number of shareholders holding a large percentage of the company's shares [1] Shareholding Structure - As of August 25, 2025, 19 shareholders collectively held 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, were registered under HKSCC Nominees Limited but were 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 a limited number of stakeholders [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 closed at HKD 2.28, reflecting a 449% increase compared to the closing price of HKD 0.415 on March 28, 2025 [1]

證券及期貨事務監察委員會("證監會")現就胡桃資本有限公司("該公司")之股權於二零二五 年八月二十五日集中於極少數股東一事發出此公布。 鑑於股權高度集中於數目不多之股東，即使少量股份成交，該公司之股份價格亦可能大幅 波動，股東及有意投資者於買賣該公司股份時務請審慎行事。 證監會最近曾就該公司之股權分佈進行查訊。查訊結果顯示該公司於二零二五年八月二十 五日，有十九名股東合共持有146,869,901股該公司股份，相當於該公司已發行股本之 13.98%。查訊結果亦顯示，於二零二五年八月二十五日，合共有 259,082,295股該公司股 份（佔已發行股本之 24.66%）雖於香港股東名册中登記為香港中央結算(代理人) 有限公 司("HKSCC Nominees Limited")所持有, 但並沒有結存於中央結算及交收系統("CCASS")。 有關股權連同由該公司行政總裁持有之588,327,925股（佔已發行股本56.01%），相當於 該公司發行股本之94.65%。因此，該公司只有56,220,766股（佔已發行股本5.35%）由其 他股東持有。 二零二五年九月三日 股權高度集中 胡桃資本有限公司（股份代號：00 ...

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 承董事會命 胡桃資本有限公司 主席 蒙建强 香 港 ， 二 零 二 五 年 九 月 一 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（主席）及蒙品文先 生；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 之 有 限 公 司 ) (股 份 代 號 ：905) 更改香港總辦事處及主要營業地點地址 胡 桃 資 本 有 限 公 司（「本 公 司」）董 事 會（「 董 事 會」）謹 此 公 告，自 二 零 二 五 年 九 月 一 日 起 ， 本 ...

Core Viewpoint - Hu Tao Capital (00905) announced a gift agreement involving the transfer of 10 million CoinUp (CP) tokens from its executive director and controlling shareholder, Meng Pinwen, to its wholly-owned subsidiary, Kuran Holdings Limited, with no payment obligations involved [1] Group 1 - The gift agreement is irrevocable and unconditional, allowing Kuran to use the CP tokens without any obligations to Meng Pinwen [1] - The CP tokens are primarily used and traded on the CoinUp cryptocurrency trading platform [1] - The company plans to retain the gift as a reserve and may liquidate it at an appropriate time, treating it as an intangible asset in its financial statements [1]

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 目 前 ，CP 代 幣 主 要 在 CoinUp 加 密 貨 幣 交 易 平 台 上 使 用 和 交 易 。 本 集 團 打 算 將 該 餽 贈 作 為 儲 備 金 保 留 ， 並 可 能 在 適 當 的 時 候 套 現 。 本 集 團 不 會 就 該 捐 贈 確 認 入 賬 任 何 收 入 。 該 餽 贈 將 由 本 集 團 持 作 資 本 增 值 ， 因 此 將 在 本 公 司 財 務 報 表 內 視 為 無 形 資 產 。 承董事會命 胡桃資本有限公司 主席 蒙建强 香 港 ， 二 零 二 五 年 八 月 三十 一 日 於本公告日 ...

Core Viewpoint - Hu Tao Capital (00905) reported a significant increase in revenue for the first half of 2025, but also experienced a substantial net loss, primarily due to cryptocurrency impairment losses and increased operating expenses [1] Financial Performance - Revenue reached 960,000 HKD, representing a year-on-year increase of 478% [1] - Net loss amounted to 26.747 million HKD, which is a 43.42% increase compared to the previous year [1] - Loss per share was reported at 2.55 HKD cents [1] Key Factors Influencing Performance - The increase in net loss was mainly attributed to: - Recognition of cryptocurrency impairment losses totaling 14.435 million HKD [1] - Administrative and other operating expenses increased by 2.732 million HKD [1] - This loss was partially offset by a reduction in net losses from fair value changes of financial assets measured at fair value through profit or loss, which decreased by 9.455 million HKD [1]

Core Insights - Hu Tao Capital (00905) reported a mid-year performance for 2025, with revenue of 960,000 HKD, representing a year-on-year increase of 478% [1] - The company experienced a net loss of 26.747 million HKD, which is a year-on-year increase of 43.42% [1] - The loss per share was recorded at 2.55 HKD cents [1] Financial Performance - Revenue reached 960,000 HKD, marking a significant growth compared to the previous year [1] - The net loss expanded to 26.747 million HKD, primarily due to the recognition of impairment losses on cryptocurrencies amounting to 14.435 million HKD [1] - Administrative and other operating expenses increased by 2.732 million HKD [1] - The net loss was partially offset by a reduction in losses from financial assets measured at fair value through profit or loss, which decreased by 9.455 million HKD [1]

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's H1 2025 loss widened to HK$26,747 thousand, mainly from cryptocurrency impairment and administrative expenses, but revaluation gains led to positive total comprehensive income Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 960 | 166 | 794 | +478.3% | | Loss on disposal of cryptocurrencies | (819) | – | (819) | N/A | | Impairment loss recognized on cryptocurrencies | (14,435) | – | (14,435) | N/A | | Net loss from fair value changes of financial assets at fair value through profit or loss | (2,331) | (11,786) | 9,455 | -80.2% | | Administrative and other operating expenses | (10,023) | (7,291) | (2,732) | +37.5% | | Loss before income tax | (26,747) | (18,650) | (8,097) | +43.4% | | Loss for the period attributable to owners of the Company | (26,747) | (18,650) | (8,097) | +43.4% | | Revaluation gain on cryptocurrencies | 64,702 | – | 64,702 | N/A | | Total comprehensive income/(expense) for the period attributable to owners of the Company | 37,955 | (18,650) | 56,605 | N/A | | Basic and diluted loss per share (HK cents) | (2.55) | (2.26) | (0.29) | +12.8% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets significantly grew to **HK$220,729 thousand**, primarily from increased cryptocurrency assets, reflecting a strengthened financial position Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 7,158 | 7,169 | (11) | -0.2% | | Current assets | 224,585 | 133,958 | 90,627 | +67.7% | | Of which: Cryptocurrencies | 138,695 | 41,012 | 97,683 | +238.2% | | Of which: Financial assets at fair value through profit or loss | 80,402 | 85,444 | (5,042) | -5.9% | | Current liabilities | 11,014 | 13,468 | (2,454) | -18.2% | | Net current assets | 213,571 | 120,490 | 93,081 | +77.2% | | Net assets | 220,729 | 127,659 | 93,070 | +72.9% | | Total equity | 220,729 | 127,659 | 93,070 | +72.9% | | Net assets per share (HK$) | 0.21 | 0.12 | 0.09 | +75.0% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide comprehensive details on the Group's accounting policies, financial statement preparation, key data changes, cryptocurrency measurement policy, related party transactions, and investment portfolio - The Group's principal business activities involve investing in listed equity securities, unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[7](index=7&type=chunk) - The condensed consolidated financial statements are presented in HK$, with all values rounded to the nearest thousand[7](index=7&type=chunk) - The Board adopted the going concern basis for preparing the financial statements, expecting the Group to have sufficient resources to continue operations in the foreseeable future[7](index=7&type=chunk) [1. General Information and Basis of Preparation](index=5&type=section&id=1.%20General%20Information%20and%20Basis%20of%20Preparation) This section outlines Walnut Capital Limited's registration, principal business (investing in securities and cryptocurrencies), and the preparation basis of condensed consolidated financial statements under HKAS 34 and Listing Rules on a going concern basis - The Company was incorporated in the Cayman Islands and continued in Bermuda, with its shares listed on the Hong Kong Stock Exchange[7](index=7&type=chunk) - The Group's principal business involves investing in listed equity securities, unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[7](index=7&type=chunk) - The financial statements are prepared in accordance with HKAS 34 and the Listing Rules, and presented in HK$[7](index=7&type=chunk) [2. Principal Accounting Policies](index=6&type=section&id=2.%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are primarily prepared on a historical cost basis, with certain financial instruments and cryptocurrencies measured at fair value or revalued amounts, and new HKFRS amendments having no material impact - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments and cryptocurrencies measured at fair value or revalued amounts[8](index=8&type=chunk) - Revisions to Hong Kong Financial Reporting Standards were first applied in this interim period but had no material impact on the Group's financial position and performance[9](index=9&type=chunk) [3. Change in Accounting Policy for Measurement of Cryptocurrencies](index=7&type=section&id=3.%20Change%20in%20Accounting%20Policy%20for%20Measurement%20of%20Cryptocurrencies) The Group changed its cryptocurrency measurement policy from the cost model to the revaluation model on May 26, 2025, to better reflect economic substance and financial position, applying this change prospectively without restating comparative figures - The Group changed its cryptocurrency measurement policy from the cost model to the revaluation model on May 26, 2025[10](index=10&type=chunk) - Under the revaluation model, cryptocurrencies are presented at revalued amounts less subsequent accumulated impairment, providing more reliable and relevant financial information[10](index=10&type=chunk) - The change is applied prospectively, and comparative figures for 2024 are not restated[10](index=10&type=chunk) [4. Revenue](index=7&type=section&id=4.%20Revenue) For the six months ended June 30, 2025, the Group's revenue significantly increased to **HK$960 thousand**, primarily due to a substantial rise in interest income, while dividend income and bond interest income decreased or became zero Revenue Sources | Revenue Source | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest income | 936 | – | 936 | N/A | | Dividend income | 24 | 68 | (44) | -64.7% | | Bond interest income | – | 98 | (98) | -100% | | **Total Revenue** | **960** | **166** | **794** | **+478.3%** | [5. Segment Information](index=8&type=section&id=5.%20Segment%20Information) The Group's chief operating decision maker considers its business to be a single operating segment, investing in various securities and cryptocurrencies, thus no segment information is presented - The chief operating decision maker considers the Group to be a single business segment, hence no segment information is presented[12](index=12&type=chunk) - The Group's principal business activities involve investing in listed equity securities, unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[12](index=12&type=chunk) [6. Other Income](index=8&type=section&id=6.%20Other%20Income) For the six months ended June 30, 2025, the Group had no other income, compared to **HK$360 thousand** from disposal of property, plant and equipment in the prior period Other Income Sources | Income Source | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | – | 360 | (360) | -100% | [7. Finance Costs](index=8&type=section&id=7.%20Finance%20Costs) The Group's finance costs for the six months ended June 30, 2025, remained stable at **HK$99 thousand**, entirely attributable to interest on non-convertible bonds Finance Costs Sources | Finance Cost Source | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest on other financial liabilities – non-convertible bonds | 99 | 99 | 0 | 0% | [8. Loss Before Income Tax](index=9&type=section&id=8.%20Loss%20Before%20

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

亏损增加主要由于(i)就加密货币确认减值亏损;及(ii)行政开支及其他经营开支增加，惟透过损益账以公 平值列账的财务资产公平值变动产生的亏损减少而部分抵销。 胡桃资本(00905)发布公告，集团预期截至2025年6月30日止六个月将取得公司拥有人应占亏损增加约 40%至50%，而上年同期则取得公司拥有人应占亏损1870万港元。 ...