Financial Performance - The company reported a loss of approximately RMB 893 million for the year, influenced by market conditions and geopolitical tensions[17]. - Total revenue decreased slightly from RMB 446 million in 2023 to RMB 424 million in 2024[36]. - Investment loss decreased from RMB 813.7 million in 2023 to RMB 704.7 million in 2024, primarily due to a reduction in unrealized losses on financial assets measured at fair value[38]. - Total income and investment loss net amount improved from a loss of RMB 769.1 million in 2023 to a loss of RMB 662.2 million in 2024[39]. - The net loss for 2024 was approximately RMB 893.0 million, compared to a loss of RMB 875.7 million in 2023[49]. Assets and Investments - Total assets under management reached RMB 20.5 billion, with RMB 15.5 billion from funds and RMB 5 billion from direct investments[5]. - The compound annual growth rate (CAGR) from 2015 to 2024 for total assets under management is 12.3%[11]. - The company manages 18 funds, with 12 focused on early-stage investments and 6 on growth and late-stage investments[23]. - The company invested a total of RMB 229.7 million in 13 portfolio companies in cutting-edge fields such as biotechnology, beauty and health, and clean technology during 2024[27]. - The company generated approximately RMB 1.7 billion in investment returns for investors through selective exits from 32 portfolio companies over the past year[33]. Investment Strategy - The company has actively adjusted its investment strategy to optimize its portfolio amid a challenging market environment[18]. - In 2024, the company plans to expand its investment strategy by identifying dividend-oriented investment targets to mitigate risks associated with early-stage equity investments[18]. - The company aims to leverage partnerships with leading listed companies to explore investment opportunities in the upstream and downstream integration of industries[18]. - The company plans to continue focusing on long-term sectors such as consumption, biomedicine, and technology, while exploring innovative investment strategies[20]. - The company aims to enhance post-investment management services to improve operational efficiency and risk resilience of portfolio companies[20]. Corporate Governance - The company has adopted the corporate governance code as its own governance framework to enhance shareholder value and accountability[106]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors[109]. - The company has complied with all provisions of the corporate governance code during the reporting period[107]. - The company has a commitment to maintaining high standards of corporate governance to protect shareholder interests[106]. - The company has established a mechanism to maintain the independence of the board and conducts annual assessments of director independence[115]. Risk Management - The company has established an effective risk management and internal control system, ensuring compliance with corporate governance codes[150]. - The board is committed to reviewing and enhancing the risk management and internal control systems annually to adapt to business developments and external changes[150]. - The company has implemented a comprehensive risk management system that includes risk identification, assessment, analysis, control, and reporting[154]. - The audit committee is responsible for overseeing financial records, internal control procedures, and risk management systems[155]. - The company has a zero-tolerance policy towards bribery and corruption, supported by internal guidelines and training programs[158]. Employee and Board Diversity - The total employee compensation cost for 2024 was RMB 628 million, compared to RMB 612 million in 2023, indicating relative stability[76]. - The board consists of seven male members and two female members, with a gender ratio of 44:56 among employees, indicating a balanced gender diversity[141]. - The company aims to maintain at least one female director until December 30, 2024, with a target of achieving 20% female representation on the board[140]. - The company has implemented a diversity policy for employees, which has been approved by the board[141]. - The nomination committee will actively seek qualified female candidates to promote gender diversity on the board[140]. Compliance and Legal Matters - The company has no major violations or non-compliance with applicable laws and regulations as of December 31, 2024[186]. - The company has complied with all significant laws and regulations affecting its business and operations[186]. - The company has established reporting channels for employees and stakeholders to report illegal or unethical behavior[159]. - The board is responsible for approving the insider information disclosure policy to ensure compliance with securities regulations[160]. - The company has no management or administrative contracts involving all or any significant business as of December 31, 2024[200].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 42,431,000, a decrease of 4.9% from RMB 44,614,000 in 2023[3] - The company reported a total loss of RMB (893,038,000) for the year, compared to RMB (875,687,000) in 2023, indicating a slight increase in losses[3] - The company generated revenue of RMB 446 million in 2023, slightly decreasing to RMB 424 million in 2024[17] - The total comprehensive loss for the year was RMB 863.940 million, compared to RMB 839.581 million in 2023, indicating a slight increase in losses[42] - The company reported a pre-tax loss of RMB 1.012 billion for the year, compared to a loss of RMB 959.882 million in 2023[42] - The company reported a pre-tax loss of RMB 1,011,893 thousand in 2024, compared to a loss of RMB 959,882 thousand in 2023, reflecting a worsening financial performance[45] - The basic loss per share attributable to the owners of the company for the year ended December 31, 2024, was RMB 891.5 million, compared to RMB 873.0 million for 2023, reflecting an increase in loss of approximately 2.0%[62] Investment Activities - Net investment loss for the year was RMB (704,669,000), an improvement from RMB (813,704,000) in the previous year[3] - Investments totaling RMB 229.7 million were made in 13 portfolio companies in the biotechnology, beauty and health, and clean technology sectors during 2024[7] - The company has exited from 32 portfolio companies over the past year, providing investors with approximately RMB 1.7 billion in returns[14] - The company made an investment of RMB 106,000 thousand in joint ventures in 2024, significantly higher than RMB 5,500 thousand in 2023[46] - The group reported a realized loss of RMB 320,843,000 from financial assets measured at fair value, compared to a loss of RMB 65,272,000 in 2023, indicating a significant increase in losses[59] Assets and Liabilities - Total assets under management as of December 31, 2024, reached RMB 20.5 billion, with RMB 15.5 billion contributed by funds and RMB 5 billion from direct investments[5] - As of December 31, 2024, the company had total assets of RMB 12.766 billion, down from RMB 16.147 billion in 2023, indicating a significant reduction in asset value[43] - Total debt decreased from RMB 1,272.9 million as of December 31, 2023, to RMB 1,023.7 million as of December 31, 2024, mainly due to settlement of pre-received equity transfer payments of RMB 176.7 million and repayment of bank loans totaling RMB 70.0 million[32] - The company's non-current liabilities decreased from RMB 8,820,714 thousand in 2023 to RMB 6,307,077 thousand in 2024, representing a reduction of approximately 28.5%[44] - The total equity attributable to owners of the company decreased from RMB 7,301,778 thousand in 2023 to RMB 6,437,109 thousand in 2024, a decline of approximately 11.8%[44] Cash Flow - Cash and cash equivalents increased from RMB 1,117.2 million as of December 31, 2023, to RMB 1,203.4 million as of December 31, 2024, attributed to cash received from project exits[28] - The operating cash flow showed a significant improvement, with a net cash inflow of RMB 514,576 thousand in 2024 compared to an outflow of RMB 256,727 thousand in 2023[45] - Investment activities resulted in a net cash outflow of RMB 110,293 thousand in 2024, slightly improved from RMB 134,516 thousand in 2023[46] - Financing activities generated a net cash inflow of RMB 85,107 thousand in 2024, compared to an inflow of RMB 522,433 thousand in 2023, indicating a decrease in financing activities[46] Management and Strategy - The company aims to unlock diversified investment strategies by 2025, including corporate venture capital and consumer infrastructure investments[15] - The company focuses on resilient themes and strategies that drive transformative and long-term growth amid macroeconomic fluctuations[15] - The company is committed to enhancing the competitiveness of its portfolio companies through active management and resource allocation[14] - The company plans to expand its focus to biotechnology, robotics, and low-altitude economy sectors, leveraging its existing advantages in consumer investments[15] - The company emphasizes its deep local expertise and global perspective to drive success in the new era[16] Regulatory and Compliance - The group has applied the revised International Financial Reporting Standards (IFRS) accounting standards for the first time, which became effective on January 1, 2024, with no significant impact on the financial position and performance for the current and prior years[50] - The group is currently assessing the detailed impact of IFRS 18 on its consolidated financial statements, which will be effective from January 1, 2027, or later[53] - The group has not early adopted any new or revised IFRS accounting standards that have been issued but are not yet effective, and expects no significant impact on the consolidated financial statements from these standards in the foreseeable future[51] Shareholder Information - The company does not recommend the payment of a final dividend for the reporting period[66] - The group has not declared or proposed a final dividend for the year ending December 31, 2024[61] - The annual general meeting of shareholders is scheduled for May 23, 2025, with a suspension of share transfer registration from May 20 to May 23, 2025[67][68] - The audit committee consists of three directors, including Mr. Cai Lian as the chairman, who possesses the required financial qualifications and experience[76] - Deloitte has verified the consolidated financial statements for the year ending December 31, 2024, which will be approved by the board on March 31, 2025[78]

Asset Management - As of June 30, 2024, the total assets under management reached RMB 21.1 billion, with RMB 16.2 billion contributed by funds and RMB 4.9 billion from direct investments[6]. - The company manages 13 RMB funds and 3 USD funds, with external fund investors contributing 81.3% of the total committed capital[6]. - The total committed capital for the consolidated funds was RMB 14.8 billion, with RMB 2.8 billion contributed by the company's own funds[7]. - The company’s funds have a total of 16 funds, with 8 consolidated funds and 8 non-consolidated funds[7]. - The company has exited or partially exited investments in 73 portfolio companies as of June 30, 2024[10]. - The average fair value change for the top 5% of selected portfolio companies was RMB 655.6 million[10]. - The company’s investments cover various vertical markets, including beauty and health, food and beverage, ESG-driven technology, and biotechnology[10]. Financial Performance - Revenue decreased from RMB 23,366 million in the first half of 2023 to RMB 21,479 million in the first half of 2024, representing a decline of approximately 8.1%[14]. - The net investment loss for the first half of 2024 was RMB (619,607) million, compared to RMB (226,291) million in the same period of 2023, indicating a significant increase in losses[14]. - The company's total income and net investment loss amounted to RMB (598,128) million in the first half of 2024, compared to RMB (202,925) million in the first half of 2023[14]. - The company's pre-tax loss for the first half of 2024 was RMB (840,005) million, compared to RMB (200,379) million in the same period of 2023[14]. - The company's loss for the six months ended June 30, 2023, was approximately RMB 189.6 million, while the loss for the six months ended June 30, 2024, was RMB 742.2 million[26]. - The basic loss per share for the period was RMB (1.07), compared to RMB (0.37) in the same period last year, indicating increased losses per share[75]. - The company reported a net loss of RMB 740,511 thousand for the six months ended June 30, 2024, compared to a loss of RMB 194,045 thousand for the same period in 2023, indicating a significant increase in losses[78]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased from RMB 1,117,230 million as of December 31, 2023, to RMB 1,023,471 million as of June 30, 2024[15]. - Operating cash flow for the six months ended June 30, 2024, was RMB 231,173 thousand, a substantial increase from RMB 108,362 thousand in the same period of 2023, representing a growth of about 113%[79]. - The company reported a net cash outflow from investing activities of RMB 82,276 thousand for the six months ended June 30, 2024, compared to RMB 98,809 thousand in the same period of 2023, indicating a reduction in cash used for investments[80]. - The company’s financing activities resulted in a net cash outflow of RMB 243,453 thousand for the first half of 2024, compared to RMB 133,154 thousand in the same period of 2023, reflecting increased financing costs[80]. Shareholder Information - Mr. Wang holds 209,748,220 unlisted shares, representing approximately 40.35% of the relevant share class and 30.27% of the total share capital[48]. - The company has a significant shareholder, Paladin Capital Management, with 78,264,498 unlisted shares, representing 15.06% of the relevant share class and 11.29% of the total share capital[51]. - The overall ownership structure indicates a concentrated shareholding with key stakeholders holding substantial percentages of the total share capital[51]. - The company has not proposed an interim dividend for the six months ending June 30, 2024[66]. - There were no declared or proposed final dividends for the six months ended June 30, 2024[10]. Investment Activities - The company made minority equity investments totaling approximately RMB 105 million in seven early-stage private companies during the first half of 2024[10]. - In the first half of 2024, the company achieved an investment return of approximately RMB 1,077.5 million through methods such as IPOs, equity transfers, buybacks, and dividends[11]. - The company plans to explore different financial instruments, such as convertible bonds and mezzanine capital, to enhance operational flexibility and returns amid industry downturns[13]. - The company aims to expand its coverage into evolving lifestyle-related investment areas, including biotechnology and next-generation information technology[13]. Compliance and Governance - The audit committee has confirmed that the interim results comply with applicable accounting principles and have been adequately disclosed[68]. - The company emphasizes compliance with the Corporate Governance Code as per the listing rules[164]. - The company has adopted a securities trading code for directors and senior management, ensuring compliance during the reporting period[67]. Future Plans - The company plans to utilize the unutilized net proceeds based on the revised purposes to be approved at the special general meeting on July 26, 2024[62]. - The company plans to invest RMB 593.2 million in fund management operations, with RMB 256.5 million already utilized and RMB 336.7 million remaining, expected to be used by the end of 2025[63]. - The company plans to invest RMB 95.1 million in debt repayment and capital structure optimization, with RMB 92.5 million utilized and RMB 2.6 million remaining, expected to be used by the end of 2024[63].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 21,479,000, a decrease of 8.1% compared to RMB 23,366,000 for the same period in 2023[2] - Net investment loss for the period was RMB (619,607,000), compared to RMB (226,291,000) in the previous year, reflecting a significant increase in losses[2] - Total revenue and investment income or loss decreased from a loss of RMB 202.9 million for the six months ended June 30, 2023, to a loss of RMB 598.1 million for the six months ended June 30, 2024[12] - The company's loss before tax increased from RMB 200.4 million for the six months ended June 30, 2023, to RMB 840.0 million for the six months ended June 30, 2024[19] - The company had a net loss attributable to owners of the company of RMB (740,511) million for the six months ended June 30, 2024, compared to RMB (194,045) million in the same period of the previous year[25] - The company reported a basic loss per share of RMB (1.07) for the six months ended June 30, 2024, compared to RMB (0.37) in the same period of 2023, indicating a decline in shareholder value[25] Investment and Assets - Total assets under management as of June 30, 2024, amounted to RMB 21.1 billion, with RMB 16.2 billion contributed by funds and RMB 4.9 billion from direct investments[3] - The average internal rate of return for the funds managed was 8.1% as of June 30, 2024[3] - As of June 30, 2024, the company managed investments in 187 existing portfolio companies, with 73 investments fully or partially exited[5] - The total assets less current liabilities amounted to RMB 14,127,884 million as of June 30, 2024, down from RMB 16,146,554 million at the end of 2023[27] Operational Expenses - Other operating expenses increased from RMB 14.6 million for the six months ended June 30, 2023, to RMB 28.8 million for the six months ended June 30, 2024, due to higher investment management-related consulting expenses[14] - Employee costs for the six months ended June 30, 2024, were RMB (27,262) million, slightly down from RMB (27,500) million in the previous year, indicating stable payroll expenses[24] Cash Flow and Debt - Cash and cash equivalents decreased from RMB 1,117.2 million as of December 31, 2023, to RMB 1,023.5 million as of June 30, 2024, primarily due to repayment of bank loans[20] - Total debt decreased from RMB 1,272.9 million as of December 31, 2023, to RMB 1,027.2 million as of June 30, 2024, mainly due to settlement of pre-received equity transfer payments[21] Tax and Deferred Assets - The company recorded a tax credit of RMB 97.8 million for the six months ended June 30, 2024, compared to RMB 10.7 million for the six months ended June 30, 2023, due to a decrease in deferred tax liabilities[18] - The deferred tax assets recognized for the six months ended June 30, 2024, amounted to RMB 108,788,000, compared to RMB 14,279,000 for the same period in 2023[33] Strategic Plans and Governance - The company plans to explore alternative financial instruments to enhance operational flexibility and returns amid market challenges[8] - The company aims to expand its investment coverage into evolving lifestyle-related sectors, including biotechnology and next-generation information technology[8] - The company remains committed to optimizing operational capabilities and maintaining robust risk management and corporate governance[8] - The company approved the 2024 H-share incentive plan on June 28, 2024, aimed at recognizing contributions and attracting talent[23] - The company has adopted a securities trading code for directors and senior management, ensuring compliance during the reporting period[43] Market and Foreign Exchange Risks - The company faced foreign exchange risks primarily due to its operations in mainland China and did not hedge against currency fluctuations[23] - The company did not enter into any foreign exchange forward contracts or other hedging contracts as of June 30, 2024[42] Shareholder Information - The company did not propose an interim dividend for the six months ended June 30, 2024[39] - The company proposed a final dividend of RMB 2 per share for the year ended December 31, 2022, totaling approximately RMB 103,955,000, which was approved by shareholders[34] Audit and Compliance - The audit committee has reviewed the interim results and confirmed compliance with applicable accounting principles and standards[44] - The independent auditor has conducted a review of the interim financial information in accordance with international auditing standards[45] Company Structure and Management - The board of directors includes executive directors Wang Yonghua, Feng Weidong, Zou Yunli, and Li Xiaoyi, along with non-executive directors Li Lan and Dai Yongbo, and independent non-executive directors Wang Shilin, Diao Yang, and Cai Lian[50] - Shenzhen Tian Tu Investment Management Co., Ltd. was established on July 25, 2017, as a limited partnership in China[50] - The company is focused on investments in small and micro enterprises[50] - The company operates under the regulations of the Hong Kong Stock Exchange[50] - The management team is dedicated to sharing insights and collaborating with stakeholders[50]

TiantuCapital > 天图投资 2023 TIAN TU CAPITAL CO., LTD. 深圳市天圖投資管理股份有限公司 深圳市天圖投資管理股份有限公司 TIAN TU CAPITAL CO., LTD. (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code : 1973 ANNUAL REPORT 年報 20232023 — 专注消费品投资 1973.HK — 深圳市天圖投資管理股份有限公司 TIAN TU CAPITAL CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 1973 公司簡介 深圳市天圖投資管理股份有限公司（聯交所股份代號：01973）是一家致力於推動中國消費品牌和公司發展的領 先私募股權投資者及基金管理人。我們為機構投資者及高淨值人士管理資本，並通過我們的在管基金及直接 使用我們的自有資金進行投資。 截至2023年12月31日，我們總資產管理規模（「資產管理規模」）為人民幣244億元，其中基金貢 ...

Financial Performance - For the year ended December 31, 2023, the company reported a revenue of RMB 44.614 million, a decrease of 44.8% compared to RMB 45.983 million in 2022[2] - The net loss from continuing operations for the year was RMB 875.687 million, compared to a profit of RMB 532.913 million in 2022[2] - Total revenue decreased from RMB 459.83 million in 2022 to RMB 446.14 million in 2023, a decline of approximately 3.7%[9] - Investment income turned from a profit of RMB 377.23 million in 2022 to a loss of RMB 813.70 million in 2023, primarily due to unrealized fair value changes of financial assets[10] - Total income and investment income net amount shifted from a profit of RMB 423.22 million in 2022 to a loss of RMB 769.09 million in 2023[11] - Other operating expenses increased from RMB 506.21 million in 2022 to RMB 707.40 million in 2023, reflecting higher investment management-related consulting expenses[14] - Financial costs significantly decreased from RMB 1.187 billion in 2022 to RMB 696.4 million in 2023, mainly due to a reduction in bond liabilities[15] - Other income rose from RMB 84.15 million in 2022 to RMB 200.30 million in 2023, driven by increased government subsidies and interest income[16] - Share of profits from associates and joint ventures improved from a loss of RMB 29.21 million in 2022 to a profit of RMB 19.0 million in 2023[17] - The company recorded a tax credit of RMB 84.2 million in 2023, compared to a tax expense of RMB 107.3 million in 2022[18] - Loss from continuing operations for 2023 was approximately RMB 875.69 million, compared to a profit of RMB 52.16 million in 2022[19] - The net investment loss for 2023 was RMB (813,704) thousand, compared to a gain of RMB 377,234 thousand in 2022, indicating a significant decline in investment performance[27] - The company reported a pre-tax loss of RMB (959,882) thousand for 2023, compared to a pre-tax profit of RMB 159,481 thousand in 2022[27] - The net loss attributable to the owners of the company for 2023 was RMB (872,962,000), compared to a profit of RMB 559,285,000 in 2022, indicating a significant decline[38] Assets and Investments - The total assets under management as of December 31, 2023, amounted to RMB 24.4 billion, with RMB 19.2 billion contributed by funds and RMB 5.2 billion from direct investments[4] - The average internal rate of return for the company's funds as of December 31, 2023, was 11.3%[4] - The company invested approximately RMB 464.4 million in nine portfolio companies in 2023, with 45.1% allocated to consumer enterprises in service robotics, healthcare, and environmental technology[7] - The company realized approximately RMB 432.6 million in exit funds through IPOs, equity transfers, buybacks, and dividends in 2023[7] - External capital accounted for 81.3% of the total committed capital in the managed funds, while the company contributed 18.7% of its own funds[4] - The Hang Seng Index fell nearly 14% in 2023, impacting the fair value of the company's private equity investments[3] - The company established a new investment fund, TianTu XingQin Venture Capital Fund, with an investment of RMB 216.0 million, focusing on the consumer sector[24] Cash Flow and Debt - Cash and cash equivalents increased from RMB 613.6 million at the end of 2022 to RMB 1.117 billion at the end of 2023, attributed to net proceeds from global offerings and project exits[21] - As of December 31, 2023, the company's total debt decreased from RMB 1,283.9 million to RMB 1,272.9 million, primarily due to the repayment of bank loans amounting to RMB 15.2 million[22] - The company's net current assets increased to RMB 1,310,431,000 in 2023 from RMB 999,154,000 in 2022, representing a growth of approximately 31.1%[30] - Total assets minus current liabilities decreased to RMB 16,146,554,000 in 2023 from RMB 17,119,099,000 in 2022, a decline of about 5.7%[30] Shareholder and Dividend Information - The company proposed a final dividend of RMB 2 per share for the year ended December 31, 2022, totaling approximately RMB 103,955,000, which was approved by shareholders[37] - The company did not declare a final dividend for the year ending December 31, 2023, indicating a shift in dividend policy[37] - The weighted average number of ordinary shares used to calculate basic loss per share increased to 561,070,000 in 2023 from 519,773,000 in 2022, an increase of about 7.9%[38] Compliance and Governance - The company has maintained compliance with the corporate governance code since its listing on October 6, 2023[49] - The audit committee consists of three directors, with Mr. Cai Lian serving as the chairman, ensuring compliance with listing rules and corporate governance codes[52] - The group's consolidated financial statements for the year ended December 31, 2023, have been reviewed and agreed upon by Deloitte, aligning with the amounts approved by the board on March 28, 2024[53] - The company appointed Deloitte as its international auditor during the special general meeting held on January 19, 2024, with no significant post-reporting period events disclosed[54] - The financial reports are prepared in accordance with applicable accounting standards, rules, and regulations, ensuring appropriate disclosures[53] Operational Highlights - The company launched five new RMB funds in 2023, including a fund focused on the biopharmaceutical sector[4] - Approximately 30% of the portfolio companies achieved a revenue growth of over 30% year-on-year in the first three quarters of 2023[3] - The company has established a comprehensive internal control and risk management system, which is monitored by the audit committee[52] - The company expresses gratitude to all employees, shareholders, clients, banks, and business partners for their trust and support[56] - The annual general meeting is scheduled for May 23, 2024, as per the company's articles of association[57] - The company was officially listed on the Hong Kong Stock Exchange on October 6, 2023, marking its initial public offering[58] Accounts Receivable and Liabilities - Accounts receivable from private equity fund management services decreased from RMB 44,030,000 in 2022 to RMB 29,148,000 in 2023, representing a decline of approximately 33.7%[40] - The aging analysis of accounts receivable shows that RMB 1,616,000 is due within one year, while RMB 27,532,000 is overdue by more than three years as of December 31, 2023[42] - The company has no significant contingent liabilities as of December 31, 2023, indicating a stable liability position[23] - Deferred tax liabilities decreased to RMB 119,087,000 in 2023 from RMB 200,549,000 in 2022, a reduction of approximately 40.6%[30] - The company's equity attributable to owners remained relatively stable at RMB 7,301,778,000 in 2023 compared to RMB 7,296,538,000 in 2022, showing minimal change[30] - The company did not recommend the distribution of a final dividend for the reporting period[44] Use of Proceeds - The net proceeds from the global offering amounted to approximately HKD 1,008.5 million (equivalent to RMB 925.4 million) after deducting underwriting fees and related expenses[46] - The planned use of net proceeds includes 65% for private fund management business, 25% for direct investment business, and 10% for general corporate purposes[47] - As of December 31, 2023, approximately RMB 389.6 million of the net proceeds has been utilized, with the remaining funds held in short-term or current deposits[48]