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10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: 佳兆業資本投資集團有限公司 呈交日期: 2025年11月6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) | 00936 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,060,000,000 | | 0 | | 1,060,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,060,000,000 | | 0 | | 1,060,000,000 | 第 2 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | ...

本月底法定/註冊股本總額： HKD 2,000,000,000 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佳兆業資本投資集團有限公司 呈交日期: 2025年10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) | 00936 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 200,000,000,000 | HKD | | 0.01 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | 200,000,000,000 | HKD | | 0.01 | HKD ...

Core Insights - The establishment of ALMAD Group by Zheng Zhigang marks a strategic shift towards investing in digital assets and RWA tokenization, reflecting a broader trend among the new generation of wealthy families in Hong Kong [2] - RWA tokenization is gaining traction in the real estate sector, addressing liquidity issues and enabling fractional ownership of high-value assets through blockchain technology [3][4] - The global RWA market is projected to reach $26.7 billion by August 2025, with a significant increase of over 50% compared to the previous year [4] Group 1: RWA Tokenization Developments - New City Development has launched a digital asset research institute in Hong Kong to explore RWA product issuance [3] - Greenland Group has successfully completed its first RWA project, tokenizing a high-end office asset in Hong Kong valued at HKD 2.9 billion [3][4] - RWA tokenization allows for the division of large assets into smaller, tradable digital shares, significantly lowering investment thresholds for retail investors [4][5] Group 2: Market Dynamics and Opportunities - The RWA market is seen as a solution to the liquidity challenges in the traditional real estate market, particularly for large operational real estate projects [3][4] - The entry of companies like Kaisa Capital and New City Development into the RWA space indicates a strategic pivot towards digital financial innovation within a compliant regulatory framework [8][9] - The RWA market is characterized by a diverse range of participants, including technology firms, financial institutions, and real estate companies, all leveraging their unique strengths to capitalize on this emerging trend [10] Group 3: Challenges and Considerations - The RWA market faces challenges related to the quality of asset supply, with a need for stringent selection mechanisms to ensure asset quality and investor confidence [12][13] - The dual role of asset owners and sellers in the RWA space raises concerns about the objectivity and fairness of asset pricing [11][12] - The market's current stage requires enhanced investor education and a robust regulatory framework to foster trust and facilitate growth [13]

佳兆業資本投資集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 936) (Incorporated in the Cayman Islands with limited liability) （ 於開曼群島註冊成立之有限公司 ） （Stock Code 股份代號：936） KAISA CAPITAL INVESTMENT HOLDINGS LIMITED 各位非登記持有人 （附註1） ： NOTIFICATION LETTER 通知信函 26 September 2025 Dear Non-registered Shareholder(s) (Note 1), Kaisa Capital Investment Holdings Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese ver ...

NOTIFICATION LETTER 通知信函 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 936) (Incorporated in the Cayman Islands with limited liability) （ 於開曼群島註冊成立之有限公司 ） （Stock Code 股份代號：936） KAISA CAPITAL INVESTMENT HOLDINGS LIMITED 佳兆業資本投資集團有限公司 26 September 2025 Dear Registered Shareholders, Kaisa Capital Investment Holdings Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current C ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides essential corporate details including board members, principal banks, share registrars, committee compositions, and office locations [Board of Directors and Company Secretary](index=3&type=section&id=Board%20of%20Directors%20and%20Company%20Secretary) This chapter lists the names of the executive directors, independent non-executive directors, company secretary, and authorized representatives of Kaisa Capital Investment Holdings Limited - Executive Directors include Mr. Kwok Ying Shing (Chairman), Mr. Yu Wai Ming (Chief Executive Officer), and Ms. Li Jianping[5](index=5&type=chunk) - Independent Non-Executive Directors include Mr. Xu Xiaowu, Mr. Li Yongjun, and Mr. Diao Yingfeng[5](index=5&type=chunk) - The Company Secretary is Ms. Poon Suk Chun, and the Authorized Representatives are Mr. Yu Wai Ming and Ms. Poon Suk Chun[5](index=5&type=chunk) [Principal Banks](index=3&type=section&id=Principal%20Banks) This chapter discloses the company's principal bank information in Hong Kong and Singapore - Principal banks in Hong Kong are Bank of China (Hong Kong) Limited and United Overseas Bank Limited[5](index=5&type=chunk) - The principal bank in Singapore is United Overseas Bank Limited[5](index=5&type=chunk) [Share Registrars](index=3&type=section&id=Share%20Registrars) This chapter provides the detailed addresses of the company's share registrars in the Cayman Islands and Hong Kong - The principal share registrar in the Cayman Islands is Ocorian Trust (Cayman) Limited[5](index=5&type=chunk) - The Hong Kong branch share registrar is Tricor Investor Services Limited[5](index=5&type=chunk) [Audit, Remuneration, and Nomination Committees](index=3&type=section&id=Audit%2C%20Remuneration%2C%20and%20Nomination%20Committees) This chapter lists the chairmen and members of the company's various committees - The Chairman of the Audit Committee is Mr. Xu Xiaowu[5](index=5&type=chunk) - The Chairman of the Remuneration Committee is Mr. Li Yongjun[5](index=5&type=chunk) - The Chairman of the Nomination Committee is Mr. Kwok Ying Shing[5](index=5&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) This chapter discloses the company's registered office and principal place of business in Hong Kong - The registered office is located at Windward 3, Regatta Office Park, Cayman Islands[5](index=5&type=chunk) - The principal place of business in Hong Kong is 30th Floor, The Center, 99 Queen's Road Central, Hong Kong[6](index=6&type=chunk) [Independent Auditor](index=3&type=section&id=Independent%20Auditor) This chapter provides the name and address of the company's independent auditor - The independent auditor is BDO Limited[6](index=6&type=chunk) - The address is 8th Floor, K11 ATELIER King's Road, 728 King's Road, Quarry Bay, Hong Kong[6](index=6&type=chunk) [Listing Information](index=3&type=section&id=Listing%20Information) This chapter discloses the company's listing information on the Main Board of The Stock Exchange of Hong Kong Limited - The listing venue is the Main Board of The Stock Exchange of Hong Kong Limited[6](index=6&type=chunk) - The stock code is **936**[6](index=6&type=chunk) - The board lot size is **10,000 shares**[6](index=6&type=chunk) [Interim Financial Report Review Report](index=4&type=section&id=Interim%20Financial%20Report%20Review%20Report) This section presents the auditor's review report on the interim financial statements, outlining the scope and conclusion [Introduction](index=4&type=section&id=Introduction) The auditor confirms the review of Kaisa Capital Investment Holdings Limited's interim financial report for the six months ended June 30, 2025, prepared in compliance with HKAS 34 and Listing Rules - The interim financial report has been reviewed, covering the condensed consolidated statement of financial position as at June 30, 2025, and related statements for the six-month period then ended[7](index=7&type=chunk) - The report is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the relevant provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[7](index=7&type=chunk) [Scope of Review](index=4&type=section&id=Scope%20of%20Review) The auditor conducted the review in accordance with Hong Kong Standard on Review Engagements 2410, which is less extensive than an audit, thus no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk) - The scope of review is less extensive than an audit, therefore no audit opinion is expressed[8](index=8&type=chunk) [Conclusion](index=4&type=section&id=Conclusion) Based on the review, the auditor found no matters suggesting the interim financial report for the six months ended June 30, 2025, was not prepared in all material respects in accordance with HKAS 34 - The auditor found no matters indicating that the interim financial report was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[9](index=9&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section provides a summary of the company's financial performance, including revenue, profit, and comprehensive income [Financial Performance Overview](index=5&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2025, the company's revenue from continuing operations increased by 5.88%, but gross profit decreased by 16.57%; however, profit for the period grew by 4.96% due to significantly improved other income and gains Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 117,727 | 111,185 | +5.88% | | Cost of sales and services | (57,145) | (38,575) | +48.14% | | Gross profit | 60,582 | 72,610 | -16.57% | | Other income and other gains and losses | 9,548 | (3,737) | +355.66% | | Profit before income tax | 6,473 | 4,657 | +38.99% | | Income tax expense | (2,013) | (398) | +405.78% | | Profit for the period from continuing operations | 4,460 | 4,259 | +4.72% | | Loss for the period from discontinued operations | – | (15) | -100.00% | | Profit for the period | 4,460 | 4,244 | +4.97% | | Exchange differences on translation of foreign operations | 4,196 | 2,252 | +86.32% | | Total comprehensive income for the period | 8,656 | 6,496 | +33.25% | | Basic and diluted earnings per share (continuing operations, HK cents) | 0.421 | 0.402 | +4.73% | - Total comprehensive income for the period significantly increased by **33.25%**, primarily driven by an **86.32%** surge in exchange differences on translation of foreign operations[11](index=11&type=chunk) [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section outlines the company's financial position, detailing its assets, liabilities, and equity [Asset and Liability Structure](index=6&type=section&id=Asset%20and%20Liability%20Structure) As of June 30, 2025, the company's non-current assets increased, while current assets and total assets decreased; both current and non-current liabilities increased, leading to an expanded net current liabilities, yet total equity still grew Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 395,317 | 364,864 | +8.34% | | Current assets | 93,990 | 109,875 | -14.46% | | Current liabilities | 363,312 | 337,745 | +7.57% | | Net current liabilities | (269,322) | (227,870) | +18.19% | | Non-current liabilities | 89,547 | 109,202 | -17.91% | | Net assets | 36,448 | 27,792 | +31.15% | | Total equity | 36,448 | 27,792 | +31.15% | - Net current liabilities expanded from approximately **HK$228 million** as at December 31, 2024, to approximately **HK$269 million** as at June 30, 2025, an increase of **18.19%**[12](index=12&type=chunk) - Total equity increased from approximately **HK$27.79 million** as at December 31, 2024, to approximately **HK$36.45 million** as at June 30, 2025, an increase of **31.15%**[13](index=13&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the movements in the company's equity components over the reporting period [Equity Movement Analysis](index=8&type=section&id=Equity%20Movement%20Analysis) For the six months ended June 30, 2025, the company's total equity increased primarily due to profit for the period and exchange differences on translation of foreign operations, while accumulated losses decreased Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | January 1, 2024 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Share capital | 10,600 | 10,600 | 10,600 | 10,600 | | Translation reserve | 4,254 | 8,450 | 7,114 | 9,366 | | Accumulated losses | (475,867) | (471,407) | (363,351) | (359,107) | | Total equity | 27,792 | 36,448 | 143,168 | 149,664 | | Profit for the period | 4,460 | 4,460 | 4,244 | 4,244 | | Exchange differences on translation of foreign operations | 4,196 | 4,196 | 2,252 | 2,252 | | Total comprehensive income for the period | 8,656 | 8,656 | 6,496 | 6,496 | - As at June 30, 2025, total equity was **HK$36,448 thousand**, an increase of **HK$8,656 thousand** from **HK$27,792 thousand** as at January 1, 2025[14](index=14&type=chunk) - Profit for the period of **HK$4,460 thousand** and exchange differences on translation of foreign operations of **HK$4,196 thousand** collectively contributed to a total comprehensive income of **HK$8,656 thousand** for the period[14](index=14&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the company's cash flow activities, categorized into operating, investing, and financing [Cash Flows from Operating Activities](index=9&type=section&id=Cash%20Flows%20from%20Operating%20Activities) For the six months ended June 30, 2025, the company's net cash generated from operating activities slightly increased Cash Flows from Operating Activities | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Cash generated from operations | 46,439 | 44,680 | | Interest paid | (387) | (799) | | Net cash generated from operating activities | 46,052 | 43,881 | - Net cash generated from operating activities increased by **4.95%** from **HK$43,881 thousand** in the prior year period to **HK$46,052 thousand** in the current period[15](index=15&type=chunk) [Cash Flows from Investing Activities](index=9&type=section&id=Cash%20Flows%20from%20Investing%20Activities) For the six months ended June 30, 2025, the company's net cash used in investing activities significantly increased, primarily due to higher expenditures on property, plant and equipment and right-of-use assets Cash Flows from Investing Activities | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Purchase of property, plant and equipment and payments for right-of-use assets | (25,234) | (16,406) | | Proceeds from disposal of property, plant and equipment | 471 | 184 | | Net cash used in investing activities | (24,763) | (16,222) | - Net cash used in investing activities increased by **52.65%** from **HK$16,222 thousand** in the prior year period to **HK$24,763 thousand** in the current period[15](index=15&type=chunk) [Cash Flows from Financing Activities](index=9&type=section&id=Cash%20Flows%20from%20Financing%20Activities) For the six months ended June 30, 2025, the company's net cash used in financing activities slightly decreased, mainly due to reduced repayment of borrowings Cash Flows from Financing Activities | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Repayment of lease liabilities | (25,000) | (20,974) | | Interest component of lease payments | (3,386) | (2,856) | | Repayment of borrowings | (4,766) | (10,572) | | Net cash used in financing activities | (33,152) | (34,402) | - Net cash used in financing activities decreased by **3.63%** from **HK$34,402 thousand** in the prior year period to **HK$33,152 thousand** in the current period[15](index=15&type=chunk) [Changes in Cash and Cash Equivalents](index=9&type=section&id=Changes%20in%20Cash%20and%20Cash%20Equivalents) For the six months ended June 30, 2025, the company's net decrease in cash and cash equivalents expanded, and cash and cash equivalents at the end of the period significantly declined Changes in Cash and Cash Equivalents | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net decrease in cash and cash equivalents | (11,863) | (6,743) | | Cash and cash equivalents at January 1 | 14,368 | 24,228 | | Effect of foreign exchange rate changes on cash and cash equivalents | 750 | (389) | | Cash and cash equivalents at June 30 | 3,255 | 17,096 | - Cash and cash equivalents at the end of the period significantly decreased by **80.96%** from **HK$17,096 thousand** in the prior year period to **HK$3,255 thousand** in the current period[15](index=15&type=chunk) [Notes to the Unaudited Interim Financial Report](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes explaining the accounting policies, significant judgments, segment information, and other financial disclosures [1. General Information and Basis of Preparation](index=10&type=section&id=1.%20General%20Information%20and%20Basis%20of%20Preparation) This chapter discloses Kaisa Capital Investment Holdings Limited's basic information, business scope (construction equipment business as continuing operations, property development business terminated in July 2024), listing status, controlling shareholder, and highlights the company's net current liabilities and accumulated losses, supported by financial backing from its major shareholder to maintain going concern - The Group is principally engaged in the trading and leasing of construction machinery and spare parts, and providing repair and maintenance services for construction machinery ("Construction Equipment Business"), and property development ("Property Development Business")[16](index=16&type=chunk) - The Group completed the disposal of its property development business on **July 8, 2024**[16](index=16&type=chunk) Financial Position as at June 30, 2025 | Indicator | Amount (HK$) | | :--- | :--- | | Net current liabilities | approximately 269,322,000 | | Accumulated losses | approximately 471,407,000 | | Total borrowings (including borrowings, other loans and related interest payable) | approximately 126,641,000 | | Current borrowings | approximately 125,480,000 | | Cash and cash equivalents | approximately 3,255,000 | - The Company's directors believe the Group will be able to meet its financial obligations for the next 12 months, as the major shareholder has provided a financial support letter for **15 months**[18](index=18&type=chunk) [2. Accounting Policies](index=11&type=section&id=2.%20Accounting%20Policies) During this interim period, the accounting policies and methods of computation used in preparing the interim financial report are consistent with those used in the 2024 annual financial statements, except for changes due to the application of revised HKFRSs - The accounting policies and methods of computation used in preparing the interim financial report are consistent with those used in the 2024 annual financial statements, except for changes due to the application of revised HKFRSs[21](index=21&type=chunk) [3. Application of Revised HKFRSs](index=11&type=section&id=3.%20Application%20of%20Revised%20HKFRSs) During this interim period, the company first applied the amendments to HKAS 21 "Lack of Exchangeability" issued by the HKICPA, but this application had no significant impact on the Group's financial position, performance, and/or disclosures in the interim financial report for the current and prior periods - The amendments to HKAS 21 "Lack of Exchangeability" were first applied during this interim period[22](index=22&type=chunk) - The application of the revised HKFRSs had no significant impact on the Group's financial position, performance, and/or disclosures in the interim financial report for the current and prior periods[22](index=22&type=chunk) [4. Application of Judgements and Estimates](index=11&type=section&id=4.%20Application%20of%20Judgements%20and%20Estimates) This chapter states that the significant judgments and estimates made by management in preparing the interim financial report are the same as those applied in the 2024 annual financial statements - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the 2024 annual financial statements[23](index=23&type=chunk) [5. Segment Information](index=11&type=section&id=5.%20Segment%20Information) The company primarily operates the construction equipment business, with the property development business terminated on July 8, 2024; in this period, the construction equipment business contributed all reportable segment revenue and profit, with Hong Kong and Singapore being the main regional markets showing revenue growth, while the China segment's revenue decreased - The Group's reportable segments include the construction equipment business and the discontinued property development business[26](index=26&type=chunk) - The property development business segment is considered a discontinued operation since **July 8, 2024**[25](index=25&type=chunk) Reportable Segment Revenue and Profit | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Construction equipment business revenue | 117,727 | 111,185 | | Property development business revenue | – | – | | Construction equipment business profit (loss) | 7,675 | 7,720 | | Property development business profit (loss) | – | (15) | | Profit for the period | 4,460 | 4,244 | Revenue by Major Geographical Market | Region | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 60,260 | 60,015 | | Singapore | 44,454 | 39,083 | | China | 10,669 | 11,860 | | Korea | 410 | 8 | | United Arab Emirates | 1,809 | 217 | | Sri Lanka | 102 | 2 | | Australia | 23 | – | | Total | 117,727 | 111,185 | [6. Revenue](index=15&type=section&id=6.%20Revenue) For the six months ended June 30, 2025, the company's revenue from continuing operations primarily derived from the construction equipment business, with significant growth in sales of machinery, spare parts, and service income, while rental income from owned plant and machinery decreased, but rental income from subleasing leased plant and machinery substantially increased Revenue from Continuing Operations Breakdown | Revenue Source | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sales of machinery | 1,935 | 221 | | Sales of spare parts | 1,557 | 288 | | Service income | 39,038 | 32,657 | | Rental income from owned plant and machinery | 68,220 | 75,541 | | Rental income from subleasing leased plant and machinery | 6,977 | 2,478 | | Total | 117,727 | 111,185 | - Sales of machinery revenue increased by **775.57%** year-on-year, sales of spare parts revenue increased by **440.63%** year-on-year, and service income increased by **19.54%** year-on-year[32](index=32&type=chunk) - Rental income from owned plant and machinery decreased by **9.69%** year-on-year, while rental income from subleasing leased plant and machinery increased by **181.56%** year-on-year[32](index=32&type=chunk) [7. Other Income and Other Gains and Losses](index=16&type=section&id=7.%20Other%20Income%20and%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the company's other income and other gains and losses turned from a loss of HK$3,737 thousand in the prior year period to a gain of HK$9,548 thousand, primarily due to a significant increase in net exchange gains Other Income and Other Gains and Losses | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net exchange gains (losses) | 9,043 | (2,926) | | Gains (losses) on disposal of property, plant and equipment | 282 | (1,481) | | Compensation received | – | 39 | | Sales of scrap materials | 117 | 445 | | Others | 106 | 186 | | Total | 9,548 | (3,737) | - Net exchange gains turned from a loss of **HK$2,926 thousand** in the prior year period to a gain of **HK$9,043 thousand** in the current period[34](index=34&type=chunk) - Gains on disposal of property, plant and equipment turned from a loss of **HK$1,481 thousand** in the prior year period to a gain of **HK$282 thousand** in the current period[34](index=34&type=chunk) [8. Other Operating Expenses](index=16&type=section&id=8.%20Other%20Operating%20Expenses) For the six months ended June 30, 2025, the company's other operating expenses slightly increased, mainly comprising depreciation of property, plant and equipment and depreciation of right-of-use assets Other Operating Expenses Breakdown | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 15,387 | 14,945 | | Depreciation of right-of-use assets | 12,987 | 12,034 | | Amortisation of intangible assets | – | 412 | | Total | 28,374 | 27,391 | - Total other operating expenses increased by **3.59%** from **HK$27,391 thousand** in the prior year period to **HK$28,374 thousand** in the current period[35](index=35&type=chunk) [9. Finance Costs](index=17&type=section&id=9.%20Finance%20Costs) For the six months ended June 30, 2025, the company's finance costs slightly increased, primarily including interest expenses on borrowings, other loans, and lease liabilities Finance Costs Breakdown | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest expense on borrowings | 387 | 799 | | Interest expense on other loans | 2,057 | 2,064 | | Interest expense on lease liabilities | 3,386 | 2,856 | | Total | 5,830 | 5,719 | - Total finance costs increased by **1.94%** from **HK$5,719 thousand** in the prior year period to **HK$5,830 thousand** in the current period[36](index=36&type=chunk) [10. Profit Before Income Tax](index=17&type=section&id=10.%20Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, profit before income tax was stated after deducting or crediting items such as impairment loss on trade receivables, gains on disposal of property, plant and equipment, employee costs, and net exchange gains Items Affecting Profit Before Income Tax | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net impairment loss on trade receivables | 622 | 678 | | (Gains) losses on disposal of property, plant and equipment | (282) | 1,481 | | Employee costs (including directors' emoluments) | 20,101 | 17,802 | | Net exchange (gains) losses | (9,043) | 2,926 | - Employee costs (including directors' emoluments) increased by **12.91%** from **HK$17,802 thousand** in the prior year period to **HK$20,101 thousand** in the current period[37](index=37&type=chunk) [11. Income Tax Expense](index=18&type=section&id=11.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the company's income tax expense primarily arose from Singapore corporate income tax provision, with no provision made for Hong Kong and China entities due to absence of assessable profits or absorption by tax losses Income Tax Expense | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Provision for Singapore corporate income tax | 2,013 | 398 | - Income tax for the Group's entities in Singapore is provided at the applicable tax rate of **17%**[39](index=39&type=chunk) - No income tax provision was made for the Group's entities in Hong Kong and China due to the absence of assessable profits or absorption by tax losses[38](index=38&type=chunk)[39](index=39&type=chunk) [12. Interim Dividend](index=18&type=section&id=12.%20Interim%20Dividend) The Company did not pay or declare any interim dividend during this period - The Company did not pay or declare any interim dividend for this period (the six months ended June 30, 2025)[40](index=40&type=chunk) [13. Discontinued Operations](index=19&type=section&id=13.%20Discontinued%20Operations) The property development business was formally terminated following a sale and purchase agreement on July 2, 2024, and completion of disposal on July 8, 2024, having incurred a loss of HK$15 thousand in the prior year period - The Group entered into a sale and purchase agreement with an independent third party on **July 2, 2024**, to dispose of all its property development business for a cash consideration of **HK$20 million**[41](index=41&type=chunk) - The disposal was completed on **July 8, 2024**, and control of the property development business was transferred to the acquirer on that date[41](index=41&type=chunk) Loss for the Period and Cash Flows from Discontinued Operations (June 30, 2024) | Item | June 30, 2024 (HK$ thousand) | | :--- | :--- | | Administrative expenses | (15) | | Loss before income tax | (15) | | Loss for the period from discontinued operations attributable to owners of the Company | (15) | | Net cash used in operating activities | (9) | [14. Earnings (Loss) Per Share](index=20&type=section&id=14.%20Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share from continuing operations increased, and diluted earnings per share were the same as basic earnings per share as there were no potential dilutive ordinary shares outstanding in either period Basic and Diluted Earnings Per Share (Continuing Operations) | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 4,460 | 4,244 | | Less: Loss for the period from discontinued operations | – | (15) | | Profit for the purpose of calculating basic earnings per share from continuing operations | 4,460 | 4,259 | | Weighted average number of ordinary shares | 1,060,000,000 | 1,060,000,000 | | Basic and diluted earnings per share (continuing operations, HK cents) | 0.421 | 0.402 | - Basic earnings per share from continuing operations increased by **4.73%** from **0.402 HK cents** in the prior year period to **0.421 HK cents** in the current period[43](index=43&type=chunk) - Basic loss per share from discontinued operations was **0.001 HK cents** per share for the period ended June 30, 2024[45](index=45&type=chunk) [15. Property, Plant and Equipment and Right-of-Use Assets](index=21&type=section&id=15.%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) For the six months ended June 30, 2025, the company's expenditure on additions to property, plant and equipment increased, while additions to right-of-use assets decreased, and a gain on disposal of property, plant and equipment was recorded Property, Plant and Equipment and Right-of-Use Assets Movement | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 25,234 | 16,406 | | Additions to right-of-use assets | 16,411 | 25,721 | | Proceeds from disposal of property, plant and equipment | 471 | 184 | | Gains (losses) on disposal of property, plant and equipment | 282 | (1,481) | - Additions to property, plant and equipment expenditure increased by **53.81%** year-on-year[47](index=47&type=chunk) - Additions to right-of-use assets expenditure decreased by **36.12%** year-on-year[47](index=47&type=chunk) - Gains on disposal of property, plant and equipment turned from a loss of **HK$1,481 thousand** in the prior year period to a gain of **HK$282 thousand** in the current period[47](index=47&type=chunk) [16. Intangible Assets](index=21&type=section&id=16.%20Intangible%20Assets) As at June 30, 2025, the company's intangible assets (construction licenses) had a carrying amount of zero, consistent with the end of 2024 Intangible Assets (Construction Licenses) | Item | June 30, 2025 (HK$ thousand) | January 1, 2024 (HK$ thousand) | | :--- | :--- | :--- | | At beginning of period (audited) | – | 412 | | Amortisation | – | (412) | | At end of period (unaudited) | – | – | - As at June 30, 2025, the carrying amount of intangible assets (construction licenses) was **zero**[48](index=48&type=chunk) [17. Trade Receivables](index=22&type=section&id=17.%20Trade%20Receivables) As at June 30, 2025, the company's net trade receivables decreased, but loss allowance increased, and the proportion of receivables aged over 90 days rose Gross and Net Trade Receivables | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Gross trade receivables | 71,509 | 74,432 | | Less: Loss allowance | (7,911) | (7,162) | | Net trade receivables | 63,598 | 67,270 | Ageing Analysis of Trade Receivables (Net of Impairment) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 29,363 | 35,646 | | 31 to 60 days | 7,565 | 8,600 | | 61 to 90 days | 3,783 | 3,591 | | Over 90 days | 22,887 | 19,433 | | Total | 63,598 | 67,270 | Movement in Loss Allowance for Trade Receivables | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | At January 1 (audited) | 7,162 | 6,772 | | Impairment loss recognised | 622 | 678 | | Net exchange differences | 127 | (175) | | At June 30 (unaudited) | 7,911 | 7,275 | [18. Trade Payables](index=23&type=section&id=18.%20Trade%20Payables) As at June 30, 2025, the company's total trade payables increased, with a significant rise in payables aged over 90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 9,232 | 8,876 | | 31 to 60 days | 1,954 | 8,882 | | 61 to 90 days | 476 | 2,683 | | Over 90 days | 88,175 | 65,427 | | Total | 99,837 | 85,868 | - Total trade payables increased by **16.27%** from **HK$85,868 thousand** as at December 31, 2024, to **HK$99,837 thousand** as at June 30, 2025[53](index=53&type=chunk) - Trade payables aged over 90 days increased by **34.77%** from **HK$65,427 thousand** as at December 31, 2024, to **HK$88,175 thousand** as at June 30, 2025[53](index=53&type=chunk) [19. Borrowings](index=24&type=section&id=19.%20Borrowings) As at June 30, 2025, the company's total borrowings decreased, with a larger reduction in non-bank borrowings; most borrowings are repayable within one year and are secured by the company's buildings, property, plant and equipment Borrowings Breakdown and Repayment Schedule | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank borrowings | 4,427 | 5,895 | | Non-bank borrowings | 4,281 | 11,062 | | Total borrowings | 8,708 | 16,957 | | Portion classified as current liabilities | (7,547) | (14,277) | | Non-current portion | 1,161 | 2,680 | | Repayable within one year | 7,547 | 14,277 | | Repayable after one year but within two years | 1,161 | 2,210 | | Repayable after two years but within five years | – | 470 | - Total borrowings decreased by **48.65%** from **HK$16,957 thousand** as at December 31, 2024, to **HK$8,708 thousand** as at June 30, 2025[54](index=54&type=chunk) - Bank borrowings are secured by the Group's buildings with a net book value of approximately **HK$26,085 thousand** and property, plant and equipment of approximately **HK$2,398 thousand**[55](index=55&type=chunk) - Non-bank borrowings are secured by property, plant and equipment with a net book value of approximately **HK$17,666 thousand**[55](index=55&type=chunk) [20. Other Loans](index=25&type=section&id=20.%20Other%20Loans) The company has multiple unsecured other loan agreements with Fook Kong Investment Limited, which bear interest at 5% per annum and are repayable on demand; directors consider these loans granted on normal commercial terms - Since **2018**, the Company has entered into several unsecured other loan agreements with Fook Kong Investment Limited[56](index=56&type=chunk) - These loans are unsecured, bear interest at **5% per annum**, and are repayable on demand[56](index=56&type=chunk) - On **August 6, 2020**, Fook Kong agreed to adjust the annual interest rate on the outstanding loan balance of **HK$183 million** from **10% to 5%** and waived interest payable of **HK$17.54 million**, which was credited to capital reserve[56](index=56&type=chunk) [21. Commitments](index=25&type=section&id=21.%20Commitments) The company has future minimum rental income commitments as a lessor, short-term lease payment commitments as a lessee, and contracted but unprovided commitments for the acquisition of property, plant and equipment Commitments as Lessor (Total Future Minimum Rental Payments) | Period | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within one year | 118,171 | 141,062 | | In the second year | 30,648 | 31,518 | | Total | 148,819 | 172,580 | Commitments as Lessee (Total Future Minimum Lease Payments) | Period | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within one year | 3,916 | 1,745 | | In the second year | 643 | – | | Total | 4,559 | 1,745 | Other Commitments (Acquisition Commitments) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment – contracted but not provided for | 7,747 | 20,726 | [22. Related Party Transactions](index=26&type=section&id=22.%20Related%20Party%20Transactions) This chapter discloses the compensation of key management personnel for the period, including short-term employee benefits and post-employment benefits Key Management Personnel Compensation | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Short-term employee benefits | 1,746 | 1,360 | | Post-employment benefits | 28 | 17 | | Total | 1,774 | 1,377 | - Total key management personnel compensation increased by **28.83%** from **HK$1,377 thousand** in the prior year period to **HK$1,774 thousand** in the current period[61](index=61&type=chunk) [23. Fair Value Measurement of Financial Instruments](index=26&type=section&id=23.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) As at June 30, 2025, and December 31, 2024, there were no material differences between the carrying amounts and fair values of the company's financial assets and liabilities accounted for at cost or amortized cost - As at June 30, 2025, and December 31, 2024, there were no material differences between the carrying amounts and fair values of the Group's financial assets and liabilities accounted for at cost or amortized cost[62](index=62&type=chunk) [24. Approval of Interim Financial Report](index=26&type=section&id=24.%20Approval%20of%20Interim%20Financial%20Report) The interim financial report for the six months ended June 30, 2025, was approved and authorized for issue by the Board of Directors on August 26, 2025 - The interim financial report for the six months ended June 30, 2025, was approved and authorized for issue by the Board of Directors on **August 26, 2025**[63](index=63&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's financial performance, business operations, future outlook, and financial position [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board of Directors of Kaisa Capital Investment Holdings Limited has resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[65](index=65&type=chunk) [Business and Financial Review](index=27&type=section&id=Business%20and%20Financial%20Review) During the reporting period, the company's overall revenue and profit both increased; the construction equipment business performed strongly with significant growth in machinery sales, spare parts sales, and service income, though rental income slightly decreased; revenue grew in Hong Kong and Singapore segments, while the China segment's revenue declined; the property development business has been discontinued; other income and gains significantly increased, mainly from exchange gains Overall Financial Performance | Indicator | June 30, 2025 (HK$ million) | June 30, 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | approximately 117.7 | approximately 111.2 | | Profit | approximately 4.5 | approximately 4.2 | - Machinery sales revenue was approximately **HK$1.9 million**, an increase of approximately **775.6%** year-on-year, primarily due to increased demand for cranes in Hong Kong and Singapore[67](index=67&type=chunk) - Rental income decreased to approximately **HK$75.2 million**, a year-on-year decrease of approximately **3.6%**[68](index=68&type=chunk) - Spare parts sales were approximately **HK$1.6 million**, an increase of approximately **440.6%** year-on-year, mainly due to changes in market demand for machinery spare parts[68](index=68&type=chunk) - Service income was approximately **HK$39.0 million**, an increase of approximately **19.5%** year-on-year, mainly due to increased demand for services related to climbing and dismantling activities[68](index=68&type=chunk) Regional Segment Revenue | Region | June 30, 2025 (HK$ million) | June 30, 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | approximately 61.5 | approximately 60.0 | +2.4% | | Singapore | approximately 47.0 | approximately 39.3 | +19.6% | | China | approximately 9.2 | approximately 11.9 | -22.1% | - Other income and other gains and losses amounted to approximately **HK$9.5 million**, an increase of approximately **HK$13.3 million** compared to the prior year period, mainly due to exchange gains[73](index=73&type=chunk) [Future Prospects](index=28&type=section&id=Future%20Prospects) The company anticipates robust growth in the Singapore and Hong Kong construction sectors, driven by major infrastructure projects, increasing demand for tower cranes; the company plans to enhance market share and competitiveness through internal optimization, external expansion, and technological innovation, including a strategic partnership with Glodon Company Limited for smart construction site systems in developed markets - The Singapore construction industry is expected to maintain robust growth from **2025 to 2026**, driven by major infrastructure projects such as Changi Airport Terminal 5 and the Marina Bay Sands expansion[75](index=75&type=chunk) - Hong Kong's construction industry's average annual capital works expenditure is projected to be approximately **HK$90 billion** over the next five years, an increase of approximately **17%** compared to the past five years, which will significantly boost demand for tower cranes[75](index=75&type=chunk) - The Group has entered into a strategic partnership with Glodon Company Limited, a leading industry player in mainland China, to jointly develop the smart construction site system market in more developed regions such as Hong Kong, Singapore, and the Middle East[76](index=76&type=chunk) [Events After Reporting Period](index=29&type=section&id=Events%20After%20Reporting%20Period) The Group had no other significant events after the reporting period and up to the date of this report - The Group had no other significant events after the reporting period and up to the date of this report[77](index=77&type=chunk) [Liquidity and Financial Resources](index=29&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company faced expanded net current liabilities and a significant reduction in cash and cash equivalents, but received financial support from its major shareholder; debts are primarily denominated in HKD, RMB, and SGD, with most repayable within one year Liquidity and Financial Resources Overview | Indicator | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Cash and cash equivalents | approximately 3.3 | approximately 14.4 | | Total equity | approximately 36.4 | approximately 27.8 | | Net current liabilities | approximately 269.3 | approximately 227.9 | - More than half of the Group's revenue and some assets and liabilities are denominated in currencies other than HKD, primarily Singapore Dollars, Euros, or US Dollars[78](index=78&type=chunk) - The Group's debts denominated in HKD, RMB, and SGD, totaling approximately **HK$143.5 million**, are repayable within one year from June 30, 2025, and approximately **HK$53.1 million** are repayable after one year[78](index=78&type=chunk) [Capital Structure](index=30&type=section&id=Capital%20Structure) As at June 30, 2025, the company's share capital comprised 1,060,000,000 issued ordinary shares of HK$0.01 each, with no changes in share capital during the period - As at June 30, 2025, the Company's share capital comprised **1,060,000,000** issued ordinary shares of **HK$0.01** each[80](index=80&type=chunk) - The Company's share capital remained unchanged during the period[80](index=80&type=chunk) [Investment Status and Plans](index=30&type=section&id=Investment%20Status%20and%20Plans) During the period, the Group acquired approximately HK$41.6 million in plant and equipment and right-of-use assets, similar to the prior year period; other than what is disclosed in this report, the Group had no other plans for significant future investments and capital assets as at June 30, 2025 Acquisition of Plant and Equipment and Right-of-Use Assets | Item | June 30, 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Acquisition of plant and equipment and right-of-use assets | approximately 41.6 | approximately 42.1 | - Other than what is disclosed in this report, the Group had no other plans for significant future investments and capital assets as at June 30, 2025[84](index=84&type=chunk) [Pledge of Group Assets and Contingent Liabilities](index=30&type=section&id=Pledge%20of%20Group%20Assets%20and%20Contingent%20Liabilities) As at June 30, 2025, the company's bank facilities, lease liabilities, and other borrowings were all secured by assets, including buildings, property, plant and equipment, and corporate guarantees; the Group and the Company had no significant contingent liabilities - The Group's bank facilities are secured by the Group's buildings with a total net book value of approximately **HK$26.1 million**, property, plant and equipment of approximately **HK$2.4 million**, and corporate guarantees executed by the Company and certain subsidiaries[85](index=85&type=chunk) - The Group's lease liabilities are secured by machinery of approximately **HK$173.9 million**[85](index=85&type=chunk) - The Group's other borrowings are secured by property, plant and equipment of approximately **HK$17.7 million** and corporate guarantees executed by the Company and certain subsidiaries[85](index=85&type=chunk) - The Group and the Company had no significant contingent liabilities[85](index=85&type=chunk) [Employees and Remuneration Policy](index=30&type=section&id=Employees%20and%20Remuneration%20Policy) As at June 30, 2025, the Group employed a total of 113 employees in Hong Kong, Singapore, and China, a slight increase from the end of 2024; there were no significant disputes with employees, and remuneration policy follows industry practice, individual performance, and local labor laws Number of Employees | Period | Number of Employees | | :--- | :--- | | June 30, 2025 | 113 | | December 31, 2024 | 109 | - There were no significant disputes between the Group and its employees, and no business disruptions due to labor disputes[82](index=82&type=chunk) - The Group remunerates its employees in accordance with industry practice and provides employee benefits, welfare, and statutory contributions based on individual performance and the prevailing labor laws in the operating entities' locations[82](index=82&type=chunk) [Other Information Disclosure](index=31&type=section&id=Other%20Information%20Disclosure) This section provides additional disclosures required by listing rules, including directors' and substantial shareholders' interests, changes in director information, and compliance with corporate governance [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=31&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As at June 30, 2025, no director or chief executive of the Company held any interests or short positions in the shares, underlying shares, and debentures of the Company or its associated corporations that are required to be disclosed under Part XV of the Securities and Futures Ordinance or Appendix C3 of the Listing Rules - As at June 30, 2025, no director or chief executive of the Company held any interests or short positions in the shares, underlying shares, and debentures of the Company or its associated corporations that are required to be notified to the Company and The Stock Exchange of Hong Kong Limited ("the Stock Exchange") under Divisions 7 and 8 of Part XV of the Securities and Futures Ordinance[86](index=86&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=31&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As at June 30, 2025, substantial shareholders held long positions in the company's shares, with Grandeur Group, Kaisa Group, Excel Range Investments Limited, KS Holdings 2 Limited, Ms. Kwok Hiu Ting, Ms. Kwok Hiu Yan, and Ms. Kwok Ho Lai collectively holding 56.60% of shares, and Mr. Chan Mo holding 12.26% Substantial Shareholders' Long Positions in Shares | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Shares | | :--- | :--- | :--- | :--- | | Grandeur Group Limited | Beneficial owner and party to agreement acting in concert | 600,020,000 | 56.60% | | Kaisa Group Holdings Ltd. | Interest in controlled corporation | 600,020,000 | 56.60% | | Excel Range Investments Limited | Beneficial owner and party to agreement acting in concert | 600,020,000 | 56.60% | | KS Holdings 2 Limited | Trustee | 275,600,000 | 56.60% | | Ms. Kwok Hiu Ting | Interest in controlled corporation | 600,020,000 | 56.60% | | Ms. Kwok Hiu Yan | Interest in controlled corporation | 600,020,000 | 56.60% | | Ms. Kwok Ho Lai | Interest in controlled corporation | 600,020,000 | 56.60% | | Mr. Chan Mo | Beneficial owner | 130,000,000 | 12.26% | - Grandeur Group, Kaisa Group, Excel Range, KS Holdings, Ms. Kwok Hiu Ting, Ms. Kwok Hiu Yan, and Ms. Kwok Ho Lai are deemed to be interested in a total of **600,020,000 shares** held by Grandeur and Excel Range respectively, representing approximately **56.6%** of the total issued shares[90](index=90&type=chunk) [Directors' Right to Acquire Shares or Debentures](index=32&type=section&id=Directors'%20Right%20to%20Acquire%20Shares%20or%20Debentures) During the period, neither the Company nor any of its holding companies or subsidiaries entered into any arrangements enabling directors, the chief executive, or their spouses or children under 18 to acquire benefits by purchasing shares or debentures of the Company or any other corporation - During the period, neither the Company nor any of its holding companies or subsidiaries entered into any arrangements to enable the directors or chief executive of the Company or their spouses or children under the age of 18 to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate[89](index=89&type=chunk) [Changes in Directors' Information](index=32&type=section&id=Changes%20in%20Directors'%20Information) This chapter discloses changes in the Board of Directors, including the addition of nomination committee members, the resignation of the Chief Executive Officer, and the appointment of a new Executive Director and Chief Executive Officer - Executive Director Ms. Li Jianping and Independent Non-Executive Director Mr. Diao Yingfeng have been appointed as additional members of the Board's Nomination Committee, effective **June 27, 2025**[91](index=91&type=chunk) - Mr. Zheng Wei resigned as an Executive Director and Chief Executive Officer of the Company and ceased to be an authorized representative of the Company under Rule 3.05 of the Listing Rules and Part 16 of the Companies Ordinance of Hong Kong, effective **July 18, 2025**[91](index=91&type=chunk) - Mr. Yu Wai Ming has been appointed as an Executive Director and Chief Executive Officer and an authorized representative of the Company under Rule 3.05 of the Listing Rules and Part 16 of the Companies Ordinance of Hong Kong, effective **July 18, 2025**[91](index=91&type=chunk) [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted in 2015 expired on July 30, 2025; as at June 30, 2025, and the date of this report, no share options granted under the scheme remained outstanding - The Company's share option scheme adopted on **July 30, 2015**, expired on **July 30, 2025**[92](index=92&type=chunk) - As at June 30, 2025, and the date of this report, no share options granted under the share option scheme remained outstanding[93](index=93&type=chunk) [Compliance with Corporate Governance Code](index=33&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules throughout the period - The Company has complied with all code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules throughout the period[94](index=94&type=chunk) [Review of Financial Information](index=33&type=section&id=Review%20of%20Financial%20Information) The Company's Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the period, and the independent auditor, BDO Limited, has completed its review and issued a report in accordance with Hong Kong Standard on Review Engagements 2410 - The Company's Audit Committee has reviewed the accounting policies adopted by the Group and the Group's unaudited condensed consolidated interim financial statements for the period[95](index=95&type=chunk) - The Group's independent auditor, BDO Limited, has completed its review of the Group's condensed consolidated interim financial statements for the period in accordance with Hong Kong Standard on Review Engagements 2410[95](index=95&type=chunk) [Disclosure Pursuant to Rule 13.21 of the Listing Rules](index=33&type=section&id=Disclosure%20Pursuant%20to%20Rule%2013.21%20of%20the%20Listing%20Rules) During this period, the Company had no disclosure obligations pursuant to Rule 13.21 of the Listing Rules - During this period, the Company had no disclosure obligations pursuant to Rule 13.21 of the Listing Rules[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During this period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During this period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including treasury shares)[97](index=97&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=33&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code as its code of conduct for directors' securities transactions and confirms that all directors have complied with it throughout the period - The Company has adopted the Model Code as its code of conduct for directors' securities transactions[98](index=98&type=chunk) - The Company has made specific enquiries with all directors, and they have all confirmed their compliance with the standards set out in the Model Code throughout the period[98](index=98&type=chunk)

Summary of Key Points Group 1: Stock Performance - As of September 22, 105 stocks reached their 52-week highs, with notable performers including Yunzhihui Technology (01037) at 96.97%, Kaisa Capital (00936) at 50.00%, and Xincheng Power (01148) at 48.33% [1] - The closing prices and peak prices for these stocks were as follows: Yunzhihui Technology at 0.620 with a peak of 0.650, Kaisa Capital at 0.850 with a peak of 1.350, and Xincheng Power at 0.445 with a peak of 0.445 [1] - Other significant stocks that reached new highs include Global Printing (08448) at 32.65% and New Fengtai Group (01771) at 28.57% [1] Group 2: Stock Price Changes - The report includes a detailed list of stocks that achieved new highs, with varying rates of increase, such as YG Trade (00375) at 12.00% and Zhaobangji Life (01660) at 10.87% [1] - The data also highlights stocks with lower performance, such as the lowest performers like Midis (08307) with a decline of 75.73% and China Information Technology Equity at -23.14% [3] - The report provides a comprehensive overview of stock performance, including both highs and lows, indicating market volatility and investor sentiment [3][4]

Core Viewpoint - Kaisa Capital (00936) experienced a significant intraday increase of over 60%, reaching a high of HKD 1.35, with a cumulative increase of nearly 12 times within the month, reflecting strong market interest following recent corporate developments [1] Group 1: Stock Performance - As of the latest update, Kaisa Capital's stock rose by 16.67%, trading at HKD 0.98, with a transaction volume of HKD 19.0627 million [1] Group 2: Legal and Financial Developments - The Hong Kong court dismissed a winding-up petition against Kaisa Group (01638), which is a positive legal outcome for the company [1] - On September 15, Kaisa Group's overseas debt restructuring plan officially took effect, marking a significant milestone in its financial recovery efforts [1] Group 3: Strategic Initiatives - On September 17, Kaisa Capital announced the initiation of a strategic transformation focusing on Real World Asset (RWA) business, collaborating with a licensed virtual asset trading platform in Hong Kong to advance the tokenization of RWA under a compliant framework [1] - Kaisa stated its intention to leverage shareholder resources, industry strengths, and regional advantages, along with technological expertise in the Web 3.0 space, to explore digital financial innovations starting from Hong Kong [1] - Kaisa Capital aims to continuously promote innovation and resource integration in fintech, digital finance, and Web 3.0, creating long-term value aligned with contemporary development trends [1]

Core Viewpoint - Kaisa Capital (00936) experienced a significant stock price increase, rising over 60% during trading, with a peak at 1.35 HKD and a cumulative increase of nearly 12 times within the month [1] Group 1: Stock Performance - As of the latest update, Kaisa Capital's stock rose by 16.67%, trading at 0.98 HKD with a transaction volume of 19.0627 million HKD [1] Group 2: Legal and Financial Developments - The Hong Kong court rejected the winding-up petition against Kaisa Group (01638) [1] - On September 15, Kaisa Group's overseas debt restructuring plan officially took effect [1] Group 3: Strategic Initiatives - On September 17, Kaisa Capital announced a strategic transformation to focus on Real World Asset (RWA) business and partnered with a licensed virtual asset trading platform in Hong Kong to promote the tokenization of RWA under a compliant framework [1] - Kaisa stated its intention to leverage shareholder resources, industry strengths, and regional advantages, along with technological expertise in the Web3.0 field, to explore digital financial innovations starting from Hong Kong [1] - Kaisa Capital aims to continue driving innovation and resource integration in fintech, digital finance, and Web3.0, creating long-term value aligned with the trends of the new era [1]

Core Viewpoint - Kaisa Capital's stock price has surged dramatically, with a cumulative increase of over 350% in just two trading days, driven by the announcement of a strategic transformation into the Real World Asset (RWA) sector [2][3][6]. Group 1: Company Transformation - Kaisa Capital, originally focused on construction equipment, has announced a strategic shift towards RWA, leveraging its shareholder resources and technological capabilities in the Web3.0 space [3][6]. - The company aims to explore digital financial innovations within a compliant regulatory framework, starting from Hong Kong [3][6]. - Kaisa Capital has partnered with a licensed virtual asset trading platform to advance the tokenization of RWA, which includes physical assets like real estate and commodities [6]. Group 2: Financial Performance - Kaisa Capital's revenue has been under pressure, with a 5.29% decline to HKD 225 million in 2024, although there was a slight recovery in the first half of 2025 with a 5.88% increase to HKD 118 million [9]. - The company has faced instability in profitability, recording losses in two out of the last five years, with a profit of HKD 4.46 million in the first half of 2025 [9]. - As of June 30, 2025, Kaisa Capital's net current liabilities were approximately HKD 26.9 million, with total borrowings around HKD 12.7 million, indicating significant short-term debt pressure [9]. Group 3: Parent Company Situation - Kaisa Group, the parent company, has been in a liquidity crisis since late 2021, with total borrowings of RMB 133.739 billion as of June 30, 2023, of which RMB 119.252 billion is due within a year [11][12]. - The recent debt restructuring of Kaisa Group, which involved issuing new notes and bonds totaling approximately USD 13.372 billion, aims to alleviate financial pressure and extend debt maturities [12]. - While the restructuring may provide a more stable operating environment for Kaisa Capital, it does not directly resolve the subsidiary's high debt and cash flow issues [12].