Group 1 - The board meeting of Jiaxin International Resources (03858.HK) is scheduled for August 31, 2025, to consider and approve the interim results for the six months ending June 30, 2025, along with other matters [1]

Group 1 - The core point of the article is that Jiaxin International Resources (03858.HK) announced the full exercise of the over-allotment option as stated in the prospectus, involving a total of 16.47 million shares, which accounts for approximately 15% of the initially available shares for subscription before the exercise of the over-allotment option [1]

Core Viewpoint - Jiaxin International Resources (03858) has fully exercised its over-allotment option as of August 28, 2025, involving a total of 16.4712 million shares, which represents up to 15% of the initially available shares for subscription under the global offering [1] Summary by Relevant Sections - **Over-allotment Option**: The over-allotment option described in the prospectus has been fully exercised, resulting in the issuance of 16.4712 million shares [1] - **Share Price**: The shares will be issued at a price of HKD 10.92 per share [1] - **Purpose of Over-allotment Shares**: The over-allotment shares will be used to facilitate the return of 16.4712 million shares borrowed under a stock borrowing agreement by the stabilizing manager, China International Capital Corporation Hong Kong Securities Limited, or its affiliates [1]

Group 1 - The company, Jiexin International Resources (03858), announced that the overallotment option described in the prospectus was fully exercised on August 28, 2025, involving a total of 16.4712 million shares, which represents up to 15% of the total shares available for subscription prior to the exercise of the overallotment option [1] - The shares to be issued due to the exercise of the overallotment option will be priced at HKD 10.92 per share [1] - The overallotment shares will be used to facilitate the return of 16.4712 million shares borrowed by the price stabilization agent, China International Capital Corporation Hong Kong Securities Limited, under a stock borrowing agreement to cover the excess allocation in the international offering [1]

Group 1 - Jiaxin International Resources Investment Co., Ltd. officially listed on the Hong Kong Stock Exchange and the Astana International Exchange (AIX) on August 28, with a pre-green shoe issuance scale of $153 million and a post-green shoe scale of $176 million assuming full exercise of the green shoe option [1] - This project marks the first simultaneous listing on both the Hong Kong Stock Exchange and the Astana International Exchange, and it is the first RMB-denominated stock in Central Asia, as well as the first listing in Hong Kong focused on tungsten mining [1] - The successful listing of Jiaxin International Resources is significant for China's global layout in strategic resources, ensuring the security of national industrial and supply chains, and supporting high-quality development of advanced industries, setting a new benchmark for multinational financial cooperation and capacity collaboration under the Belt and Road Initiative [1] Group 2 - China International Capital Corporation (CICC) served as the sole sponsor for the project, leveraging its cross-border business capabilities to lead project execution and market promotion, while understanding the listing rules of both regions and proposing comprehensive solutions [2] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, acting as a bridge connecting China and Central Asia markets for efficient cross-border resource integration [2] - This project further strengthens CICC's leading position in the international investment banking sector and exemplifies its commitment to high-quality Belt and Road Initiative projects, with plans to continue supporting the real economy and cross-border capital flows [2]

Company Overview - Jiaxin International Resources (03858.HK) successfully listed on the Hong Kong Stock Exchange, with CICC as the sole sponsor [6] - The company is focused on developing the Bakuta tungsten mine in Kazakhstan, which is projected to be the largest open-pit tungsten mine by WO3 resource volume globally by December 31, 2024 [6][7] - The Bakuta tungsten mine is also ranked as the fourth largest tungsten mine globally, including both open-pit and underground mines, with the largest designed tungsten production capacity [6][7] Financial Performance - The company reported losses of HKD 94.45 million, HKD 80.129 million, and HKD 177 million for the years 2022, 2023, and 2024 respectively, totaling a cumulative loss of HKD 350 million over three years [9] - Commercial production is set to begin in April 2025, with a target mining and processing capacity of 3.3 million tons of tungsten ore in 2025 [9] - The company expects to generate revenue of HKD 126 million from tungsten concentrate sales in the first six months ending June 30, 2025, with a gross profit of HKD 18 million, resulting in a gross margin of 14.2% [10] Market Dynamics - Global tungsten reserves increased from approximately 3.3 million tons in 2018 to 4.4 million tons in 2023, with a compound annual growth rate (CAGR) of 5.9% [12] - In 2023, global tungsten production was 78,000 tons, while consumption was approximately 124,100 tons, resulting in a significant supply gap of 46,100 tons, indicating strong demand for tungsten resources [12] - China holds over 50% of global tungsten reserves, with a projected reserve of 2.4 million tons in 2024, and is the leading producer, accounting for over 80% of global tungsten production [12][13] Strategic Plans - The net proceeds from the global offering will be allocated as follows: approximately 55% for capital costs of the Bakuta tungsten mine project, 10% for developing ammonium paratungstate (APT) production capacity, 25% for repaying part of the bank loans denominated in euros, and 10% for working capital and other general corporate purposes [14]

Core Viewpoint - International Resources (01051) reported a decline in revenue for the first half of 2025, while net profit attributable to shareholders saw significant growth [1] Financial Performance - Revenue for the first half of 2025 was $13.943 million, representing a year-on-year decrease of 23.2% [1] - Net profit attributable to shareholders reached $5.928 million, marking a year-on-year increase of 46.9% [1] - Basic earnings per share were reported at 13.15 cents [1]

Core Viewpoint - International Resources (01051) reported a decline in revenue for the first half of 2025, while showing significant growth in profit attributable to shareholders [1] Financial Performance - Revenue for the first half of 2025 was $13.943 million, representing a year-on-year decrease of 23.2% [1] - Profit attributable to shareholders reached $59.277 million, marking a year-on-year increase of 46.9% [1] - Basic earnings per share were 13.15 cents [1]

Core Viewpoint - International Resources (01051.HK) reported a decrease in revenue for the six months ending June 30, 2025, while showing a significant increase in profit attributable to owners [1] Financial Performance - Revenue for the period was $13.943 million, representing a year-on-year decrease of 23.2% [1] - Profit attributable to owners was $59.277 million, reflecting a year-on-year increase of 46.9% [1] - Basic earnings per share stood at 13.15 cents [1]

[Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the Group's revenue, expenses, and profit for the period, highlighting a significant increase in profit before tax Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (in thousands of USD) | 2024 (in thousands of USD) | | :--- | :--- | :--- | | Revenue | 13,943 | 18,154 | | Other income | 9,996 | 14,433 | | Administrative expenses | (4,285) | (3,347) | | Fair value changes on financial assets and perpetual notes at FVTPL | 36,318 | 12,741 | | Profit before tax | 59,324 | 40,348 | | Profit for the period | 59,279 | 40,348 | | Profit for the period attributable to owners of the Company | 59,277 | 40,349 | | Basic and diluted earnings per share (US cents) | 13.15 | 8.95 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the total comprehensive income, reflecting a decrease due to other comprehensive expenses in the current period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (in thousands of USD) | 2024 (in thousands of USD) | | :--- | :--- | :--- | | Profit for the period | 59,279 | 40,348 | | Other comprehensive (expense)/income | (10,197) | 1,607 | | Total comprehensive income for the period | 49,082 | 41,955 | | Total comprehensive income/(expense) for the period attributable to owners of the Company | 49,080 | 41,956 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement outlines the Group's assets, liabilities, and equity, showing growth in total assets and total equity Condensed Consolidated Statement of Financial Position (As at June 30) | Metric | 2025 (in thousands of USD) | 2024 (in thousands of USD) | | :--- | :--- | :--- | | **Non-current assets** | | | | Long-term time deposits | 50,000 | 150,000 | | Investment properties | 54,078 | 57,528 | | Financial assets at FVTPL | 534,990 | 408,118 | | Investments in debt instruments at amortised cost | 99,431 | 76,142 | | Total non-current assets | 781,114 | 735,051 | | **Current assets** | | | | Cash and cash equivalents | 375,756 | 263,618 | | Time deposits with original maturity over three months | 382,204 | 488,904 | | Total current assets | 891,422 | 880,401 | | **Current liabilities** | | | | Trade and other payables | 41,631 | 33,584 | | Total current liabilities | 48,523 | 33,584 | | **Total equity** | 1,623,692 | 1,581,546 | [Condensed Consolidated Statement of Cash Flows](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement shows the Group's cash flows, highlighting a significant increase in cash from investing activities and overall cash position Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (in thousands of USD) | 2024 (in thousands of USD) | | :--- | :--- | :--- | | Net cash from operating activities | 13,649 | 9,240 | | Net cash from/(used in) investing activities | 107,139 | (61,120) | | Net increase/(decrease) in cash and cash equivalents | 120,788 | (51,880) | | Cash and cash equivalents at end of period | 375,756 | 80,321 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting standards, and provides breakdowns of revenue, profit, assets, and liabilities by segment [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The financial statements are prepared in accordance with HKAS 34 and HKEX listing rules and should be read with the annual statements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the HKEX Listing Rules[7](index=7&type=chunk) - Certain comparative figures have been re-presented without material impact on the financial position, performance, or cash flows[7](index=7&type=chunk) [2. Adoption of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=2.%20Adoption%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted an amendment to HKAS 21 from January 1, 2025, which did not result in any accounting policy changes - The Group adopted the amendment to HKAS 21 "Lack of Exchangeability" from January 1, 2025[8](index=8&type=chunk) - The adoption of the new standard did not lead to changes in accounting policies or retrospective adjustments[8](index=8&type=chunk) [3. Segment Information](index=7&type=section&id=3.%20Segment%20Information) The Group operates three segments, with proprietary investments contributing the highest profit and financial services holding the most assets - The Group has three operating segments: financial services, proprietary investments, and real estate[9](index=9&type=chunk) Segment Revenue and Profit (For the six months ended June 30, in thousands of USD) | Segment | 2025 Revenue | 2024 Revenue | 2025 Profit | 2024 Profit | | :--- | :--- | :--- | :--- | :--- | | Financial services business | 1,073 | 932 | 5,489 | 6,664 | | Proprietary investment business | 12,698 | 16,136 | 49,046 | 35,451 | | Real estate business | 172 | 1,086 | 446 | 554 | | Total | 13,943 | 18,154 | 54,981 | 42,669 | Segment Assets and Liabilities (As at June 30, in thousands of USD) | Segment | 2025 Assets | 2024 Assets | 2025 Liabilities | 2024 Liabilities | | :--- | :--- | :--- | :--- | :--- | | Financial services business | 340,302 | 329,485 | 41,379 | 33,485 | | Proprietary investment business | 1,130,496 | 1,191,366 | 264 | 106 | | Real estate business | 173,936 | 66,265 | 155 | 3 | | Total | 1,644,734 | 1,587,116 | 41,798 | 33,594 | [4. Revenue](index=8&type=section&id=4.%20Revenue) Total revenue decreased to $13.9 million, primarily due to lower interest income from deposits and dividend income from financial products Revenue Analysis (For the six months ended June 30, in thousands of USD) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Interest income | 12,268 | 14,725 | | Dividend and distribution income | 892 | 2,115 | | Various fees and commission income | 780 | 587 | | Rental income | 3 | 727 | | **Total Revenue** | **13,943** | **18,154** | - **Total revenue decreased by $4.2 million** year-over-year, mainly due to reduced interest income from financial institution deposits and dividend income from financial products[12](index=12&type=chunk) [5. Taxation](index=8&type=section&id=5.%20Taxation) An interest withholding tax expense of $45,000 was recognized in the first half of 2025, compared to zero in the prior year period - An interest withholding tax expense of **$45,000** was recognized in H1 2025 related to a Canadian subsidiary, compared to zero in the prior year[13](index=13&type=chunk) [6. Profit for the Period](index=8&type=section&id=6.%20Profit%20for%20the%20Period) Profit for the period includes adjustments for items such as depreciation and a significant net exchange gain of $6.6 million Adjustments to Profit for the Period (For the six months ended June 30, in thousands of USD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 330 | 344 | | Net exchange (gain)/loss | (6,607) | 1,822 | | Interest income from bank deposits | (9,977) | (14,383) | [7. Dividends](index=9&type=section&id=7.%20Dividends) A final dividend of HK$0.12 per share for the year ended December 31, 2024, was declared, totaling approximately $6.9 million - A final dividend of **HK$0.12 per share** for the year ended December 31, 2024, was declared, totaling approximately **$6.9 million**[15](index=15&type=chunk) [8. Earnings Per Share](index=9&type=section&id=8.%20Earnings%20Per%20Share) Basic and diluted earnings per share increased to 13.15 US cents in the first half of 2025 from 8.95 US cents in the prior year period Earnings Per Share Calculation (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (in thousands of USD) | 59,277 | 40,349 | | Weighted average number of ordinary shares | 450,814,079 | 450,814,079 | | Basic and diluted earnings per share (US cents) | 13.15 | 8.95 | [9. Investments in Various Financial Assets](index=10&type=section&id=9.%20Investments%20in%20Various%20Financial%20Assets) The Group's financial asset portfolio grew, driven by an increase in unlisted investment funds, while unlisted equity investments declined Investments in Various Financial Assets (As at June 30, in thousands of USD) | Investment Type | 2025 | 2024 | | :--- | :--- | :--- | | Investments in debt instruments at amortised cost | 143,954 | 116,918 | | Investments in perpetual notes at FVTPL | – | 3,540 | | Investments in perpetual notes designated at FVTOCI | 3,059 | 3,070 | | Financial assets at FVTPL | 558,714 | 428,219 | | - Unlisted investment funds | 447,584 | 312,911 | | - Unlisted equity investments | 40,020 | 48,876 | | - Listed equity investments | 66,610 | 61,932 | - The fair value of financial assets at FVTPL **increased by $39.3 million**, primarily from unlisted investment funds[23](index=23&type=chunk) - The fair value of unlisted equity investments **decreased by $9.8 million**, mainly due to changes in unobservable inputs like the price-to-sales ratio in market-based valuations[23](index=23&type=chunk)[24](index=24&type=chunk) [10. Trade and Other Receivables and Deposits](index=13&type=section&id=10.%20Trade%20and%20Other%20Receivables%20and%20Deposits) Total receivables were $23.5 million, with most client receivables secured by securities collateral valued at $14.9 million Trade and Other Receivables and Deposits (As at June 30, in thousands of USD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Receivables from securities trading business | 2,798 | 1,864 | | Other receivables and deposits | 20,683 | 22,178 | | Less: Impairment provision | (19) | (18) | | **Total** | **23,462** | **24,024** | - Most receivables from clients are secured by client securities with a fair value of **$14.9 million**[27](index=27&type=chunk)[28](index=28&type=chunk) - The expected credit loss provision for trade and other receivables is **$19,000**[28](index=28&type=chunk) [11. Trade and Other Payables](index=14&type=section&id=11.%20Trade%20and%20Other%20Payables) Total payables increased to $41.7 million, driven by higher amounts due to clients from the securities trading business Trade and Other Payables (As at June 30, in thousands of USD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Payables to clients from securities trading business | 40,515 | 31,844 | | Total trade payables | 40,899 | 32,805 | | Other payables and accrued expenses | 765 | 813 | | **Total** | **41,664** | **33,618** | - Payables to clients mainly consist of cash held for clients at banks and brokers, most of which is repayable on demand[29](index=29&type=chunk) [12. Share Capital](index=15&type=section&id=12.%20Share%20Capital) The Company's share capital structure remained unchanged, with 450,814,079 ordinary shares issued and fully paid Share Capital Structure (As at June 30) | Item | Number of Shares | Value (in thousands of USD) | | :--- | :--- | :--- | | Authorised Share Capital (Ordinary shares of HK$0.01 each) | 1,000,000,000 | 1,282 | | Issued and Fully Paid Share Capital (Ordinary shares of HK$0.01 each) | 450,814,079 | 598 | [Interim Dividend](index=16&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the declaration and payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the declaration and payment of an interim dividend for the first half of 2025[32](index=32&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance and financial position, detailing its investment strategy and segment analysis [Business Review and Performance](index=17&type=section&id=Business%20Review%20and%20Performance) The Group's net profit grew 47% year-over-year to $59.3 million, driven by fair value gains on financial assets and exchange gains Financial Highlights (For the six months ended June 30, in thousands of USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 13,943 | 18,154 | | Other income | 9,996 | 14,433 | | Administrative expenses | (4,285) | (3,347) | | Fair value changes on financial assets and perpetual notes at FVTPL | 36,318 | 12,741 | | Profit before tax | 59,324 | 40,348 | | Profit for the period | 59,279 | 40,348 | - **Net profit after tax increased to $59.3 million** (2024: $40.3 million), mainly due to a **$23.6 million increase in fair value gains** on financial assets and an **$8.4 million increase in exchange gains**[34](index=34&type=chunk) - Revenue **decreased by $4.2 million**, primarily due to lower interest income from bank deposits and dividend distributions from financial products[34](index=34&type=chunk) - Administrative expenses **increased by $1.0 million to $4.3 million**, reflecting business expansion and an enhanced incentive scheme for financial services client managers[35](index=35&type=chunk) [Summary of the Group's Investment Strategy](index=18&type=section&id=Summary%20of%20the%20Group's%20Investment%20Strategy) The Group employs a diversified multi-asset strategy focused on income generation and capital appreciation, with a prudent allocation to fixed income - The primary investment strategy is a **diversified multi-asset approach** aimed at generating income and achieving capital appreciation[36](index=36&type=chunk) - Approximately **40% of financial assets are allocated to fixed income investments**, split evenly between bonds and cash to mitigate market volatility[36](index=36&type=chunk) [Segment Analysis](index=18&type=section&id=Segment%20Analysis) The Group's segments showed varied performance, with strong profit growth in proprietary investments offsetting declines in other areas [(i) Financial Services Business](index=20&type=section&id=(i)%20Financial%20Services%20Business) The financial services business saw lower pre-tax profit but achieved growth in commission and margin financing income - The financial services business includes securities trading and brokerage, margin financing, money lending, and asset management[37](index=37&type=chunk) Financial Services Business Key Financial Data (For the six months ended June 30, in thousands of USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit before tax | 5,489 | 6,664 | | Commission and handling fees from financial services | 728 | 539 | | Interest income from margin financing | 59 | 43 | | Interest income from money lending business | 234 | 302 | - Growth in commission and handling fees was driven by **increased trading volume**, while higher margin financing interest income was due to the recovery of the Hong Kong stock market[40](index=40&type=chunk)[42](index=42&type=chunk) - The Group has **ceased providing higher-risk unsecured loans**, focusing instead on secured and mortgage lending[42](index=42&type=chunk) [(ii) Proprietary Investment Business](index=22&type=section&id=(ii)%20Proprietary%20Investment%20Business) The proprietary investment business delivered a significant profit increase, primarily driven by fair value gains on financial assets - The objective of the proprietary investment business is to identify opportunities for better risk-weighted returns and capital appreciation[46](index=46&type=chunk) Proprietary Investment Business Key Financial Data (For the six months ended June 30, in thousands of USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Segment profit | 49,046 | 35,451 | | Increase in fair value of financial assets and perpetual notes at FVTPL | 25,000 | N/A | Non-Cash Financial Asset Holdings (As at June 30, in thousands of USD) | Asset Type | 2025 | 2024 | | :--- | :--- | :--- | | Listed stocks | 66,610 | 61,932 | | Listed bonds | 147,413 | 123,528 | | Unlisted investment funds | 447,584 | 312,911 | | Unlisted equity investments | 40,020 | 48,876 | | Unlisted exchangeable notes | 4,500 | 4,500 | | **Total** | **706,127** | **551,747** | - The NovoAstrum investment had a fair value of **$90.7 million**, representing 5.4% of total assets, and recorded an unrealized gain of **$19.8 million** during the period[49](index=49&type=chunk) [(iii) Real Estate Business](index=23&type=section&id=(iii)%20Real%20Estate%20Business) The real estate business experienced a decline in profit due to a challenging Hong Kong commercial property market - The real estate business recorded a **pre-tax profit of $0.4 million** (2024: $0.6 million)[51](index=51&type=chunk) Hong Kong Commercial Office Rental Income and Operating Profit (For the six months ended June 30, in thousands of USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Rental income | 3 | 700 | | Operating (loss)/profit | (3) | 700 | - The Group invests in high-quality Canadian commercial properties and senior housing through unlisted investment funds, generating **$0.2 million in distribution income**[52](index=52&type=chunk) - The Group is actively seeking acquisition opportunities in high-quality commercial properties in Hong Kong, the Greater Bay Area, North America, and Europe to achieve geographical diversification[53](index=53&type=chunk) [Review of the Group's Financial Position](index=24&type=section&id=Review%20of%20the%20Group's%20Financial%20Position) The Group's total assets and net assets both increased, driven by growth in financial asset investments and period profits Summary of the Group's Financial Position (As at June 30, in thousands of USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total assets | 1,672,536 | 1,615,452 | | Other liabilities | (48,844) | (33,906) | | Net assets | 1,623,692 | 1,581,546 | - **Non-current assets increased by $46.0 million** to $781.1 million, mainly due to a net increase of $126.9 million in investments in financial assets at FVTPL[55](index=55&type=chunk) - **Current assets increased by $11.0 million** to $891.4 million, primarily due to a net increase of $112.1 million in cash and cash equivalents, offset by a net decrease of $106.7 million in time deposits[55](index=55&type=chunk) - **Net assets increased by $42.2 million** to $1,623.7 million, mainly due to the profit of $59.3 million for the period[56](index=56&type=chunk) [Cash Flows, Liquidity and Financial Resources](index=25&type=section&id=Cash%20Flows,%20Liquidity%20and%20Financial%20Resources) The Group's cash position strengthened significantly, with positive cash flows from both operating and investing activities and zero gearing Cash Flow Summary (For the six months ended June 30, in thousands of USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | 13,649 | 9,240 | | Net cash from/(used in) investing activities | 107,139 | (61,120) | | Net increase/(decrease) in cash and cash equivalents | 120,788 | (51,880) | | Cash and cash equivalents at end of period | 375,756 | 80,321 | - Net cash from investing activities was **$107.1 million**, primarily from **$17.8 million in interest received** from bank deposits and **$206.7 million from the withdrawal of time deposits**[58](index=58&type=chunk) - The Group's **gearing ratio was zero**, and it had no outstanding bank borrowings[58](index=58&type=chunk) [Capital Structure of the Group](index=25&type=section&id=Capital%20Structure%20of%20the%20Group) The Group's capital structure remained stable, with equity attributable to owners standing at $1,623.5 million - Equity attributable to the owners of the Company was **$1,623.5 million**, with no significant changes in the capital structure[59](index=59&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) The Group had no contingent liabilities as of June 30, 2025 - The Group had **no contingent liabilities** at the end of the period[60](index=60&type=chunk) [Material Acquisitions and Disposals](index=27&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group made two significant investments totaling $50.0 million in multi-strategy investment funds during the first half of 2025 - On March 28, 2025, the Group subscribed for Class L-C-1 shares of Atlas Enhanced Fund, Ltd. for **$30.0 million**[61](index=61&type=chunk) - The Atlas fund employs various investment strategies, including equity long/short, fixed income, and macro strategies[62](index=62&type=chunk) - On April 23, 2025, the Group subscribed for Class A USD shares of Capula Multi Strategy Fund Limited for **$20.0 million**[63](index=63&type=chunk) - The Capula fund is a multi-strategy fund focused on developing innovative investment strategies with low correlation to traditional markets[63](index=63&type=chunk) [Exchange Rate Fluctuation Risk and Hedging Policy](index=27&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Hedging%20Policy) The Group's exposure to foreign exchange risk is minimal due to its primary transaction currencies being the pegged USD and HKD - The Group's business is primarily conducted in USD and HKD, and with the HKD pegged to the USD, **foreign exchange risk is minimal**[65](index=65&type=chunk) - Management will continuously monitor foreign exchange risk and consider hedging policies[66](index=66&type=chunk) [Pledge of Assets](index=27&type=section&id=Pledge%20of%20Assets) The Group had no pledged assets as of June 30, 2025 - The Group had **no assets pledged** at the end of the period[67](index=67&type=chunk) [Business Outlook](index=27&type=section&id=Business%20Outlook) The Group is optimistic for the second half of 2025, focusing on strategic growth in margin financing, property acquisitions, and lending [Financial Services Business Outlook](index=28&type=section&id=Financial%20Services%20Business%20Outlook) The Group will strengthen its core financial services by capitalizing on the recovering IPO market and expanding its client base - Global economic growth and accommodative monetary policies are expected to benefit the Hong Kong financial market, with a rising Hang Seng Index and a strong recovery in the IPO market[69](index=69&type=chunk)[70](index=70&type=chunk) - The Group will strategically and proactively expand its **IPO margin financing business** and establish partnerships with small and medium-sized brokerage firms[70](index=70&type=chunk) - The Group will strengthen its margin financing business, expand its securities trading and brokerage client base, and leverage its industry network to drive growth in share placement activities[71](index=71&type=chunk) - The Group will deepen relationships with institutional clients through tailored financial solutions and enhance discretionary investment services for high-net-worth clients[71](index=71&type=chunk) - The money lending business anticipates an increase in transactions and loan applications, while maintaining a rigorous credit risk management approach[72](index=72&type=chunk) [Proprietary Investment Business Outlook](index=29&type=section&id=Proprietary%20Investment%20Business%20Outlook) The Group will maintain a diversified investment portfolio, continuously reviewing it to identify attractive opportunities and optimize returns - The Group will maintain a **diversified investment portfolio**, including funds, fixed-income instruments, and listed/unlisted equities, and will regularly review it to identify attractive investment opportunities[73](index=73&type=chunk) [Real Estate Business Outlook](index=29&type=section&id=Real%20Estate%20Business%20Outlook) The Group will actively seek to acquire high-quality commercial properties in local and international markets to enhance returns - The Group will actively seek opportunities to acquire high-quality commercial properties and other real estate assets, focusing on opportunities with attractive yields and capital appreciation potential in both local and international markets[73](index=73&type=chunk) - The Group will continue to promote geographical diversification of its assets, comprehensively evaluate new business opportunities, and enhance returns on existing properties through active post-investment management[73](index=73&type=chunk) [Overall Outlook](index=29&type=section&id=Overall%20Outlook) The Group will focus on four strategic priorities to capitalize on market momentum and achieve sustainable, superior returns - The Group will capitalize on market upside through four strategic priorities: **expanding margin financing, promoting share placements, acquiring high-quality commercial real estate, and prudently growing the loan portfolio**[74](index=74&type=chunk) - The Group remains focused on delivering sustainable, superior returns through decisive execution and flexible capital allocation[74](index=74&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers human resources, corporate governance compliance, and details regarding the Board of Directors and audit committee review [Human Resources](index=29&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed 43 staff in Hong Kong, offering competitive, performance-based remuneration packages - As of June 30, 2025, the Group employed **43 employees** in Hong Kong[75](index=75&type=chunk) - Employee remuneration is competitive and performance-based, with benefits including salary, medical plans, group insurance, MPF, and performance bonuses[75](index=75&type=chunk) [Events After the Reporting Period](index=29&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events requiring disclosure have occurred since the end of the reporting period - As of the date of this announcement, there were **no significant subsequent events** that require disclosure[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) The Company did not engage in any purchase, sale, or redemption of its own listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[77](index=77&type=chunk) [Compliance with the Corporate Governance Code](index=30&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code - The Company has adopted and complied with all applicable code provisions of the **Corporate Governance Code**[78](index=78&type=chunk) [Model Code for Securities Transactions by Directors](index=30&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code for securities transactions, and all directors have confirmed their compliance - The Company has adopted the **Model Code for Securities Transactions by Directors**, and all directors have confirmed their compliance with it[79](index=79&type=chunk) [Audit Committee](index=30&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, has reviewed the 2025 interim report - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's accounting principles, auditing, internal controls, and financial reporting matters[80](index=80&type=chunk) - The **2025 interim report has been reviewed** by the Audit Committee[80](index=80&type=chunk) [Interim Report](index=30&type=section&id=Interim%20Report) The 2025 interim report will be sent to shareholders and published on the HKEX and company websites by September 30, 2025 - The 2025 interim report will be dispatched to shareholders and published on the HKEX and company websites on or before September 30, 2025[81](index=81&type=chunk) [Board of Directors](index=30&type=section&id=Board%20of%20Directors) The Board of Directors consists of one non-executive director, two executive directors, and three independent non-executive directors - The Board of Directors comprises **1 non-executive director, 2 executive directors, and 3 independent non-executive directors**[83](index=83&type=chunk)