FF301 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: 香港電訊信託與香港電訊有限公司（備註1&2） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 2. 股份分類 | 優先股 | 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) | 06823 | 說明 | | 優先股（為股份合訂單位的組成部分） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HK ...

Core Viewpoint - Hong Kong Telecommunications announced a partnership between Now TV and Disney's Disney+, aiming to provide Hong Kong users with access to a wide range of Disney-branded content [1] Group 1 - Now TV users will soon be able to access Disney+ content through their mobile devices, tablets, and smart TVs via the Now TV application or website [1] - The Disney+ application is set to be preloaded on Now TV H1 set-top boxes by the end of this year [1]

REMINDER 提示 As a Non-registered Holder, if you wish to receive Corporate Communications* pursuant to the Listing Rules, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your share stapled units are held (collectively, the "Intermediaries") and provide your email address to your Intermediaries. CCS2991 HKTH_NRH REPLY FORM 回條 To: HKT Trust and HKT Limited (the "Company") 致： 香港電訊信託與香港電訊有限公司（「公司」） (Stock Code: 6823) （股份代號：6823） c/o Computershare Ho ...

(a trust constituted on 7 November 2011 under the laws of Hong Kong and managed by HKT Management Limited) （一個根據香港法律於 2011 年 11 月 7 日成立並由香港電訊管理有限公司管理的信託） and 與 HKT Limited 香港電訊有限公司 HKT Trust 香港電訊信託 5 September 2025 Dear Non-registered Holder(s) (Note 1) (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 6823) （股份代號：6823） HKT Trust and HKT Limited (the "Company") - Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The Current Cor ...

** Actionable Corporate Communications refer to any corporate communications that seek instructions from the holders of share stapled units on how they wish to exercise their rights or make an election as holders of share stapled units, including but not limited to, election forms in connection with a dividend payment, excess application forms in connection with a rights issue or open offer, application forms for assured entitlement under an open offer, acceptance forms in connection with takeovers, mergers ...

HKT Trust 香港電訊信託 (a trust constituted on 7 November 2011 under the laws of Hong Kong and managed by HKT Management Limited) （一個根據香港法律於 2011 年 11 月 7 日成立並由香港電訊管理有限公司管理的信託） and 與 HKT Limited 香港電訊有限公司 (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 6823) （股份代號：6823） Dear Holder(s) of Share Stapled Units 5 September 2025 You are entitled at any time to change your elected means of receipt and/or choice of language of the Current Corporate Communication or all future Cor ...

HKT Trust (a trust constituted on 7 November 2011 under the laws of Hong Kong and managed by HKT Management Limited) and HKT Limited (incorporated in the Cayman Islands with limited liability) (Stock Code: 6823) 5 September 2025 Dear Holder(s) of Share Stapled Units Election of Means of Receipt of Corporate Communications Pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, HKT Limited (the "Company") and HKT Management Limited (in its capacity as the trustee ...

[About HKT](index=3&type=section&id=About%20HKT) HKT, a leader in technology, media, and telecommunications with over 150 years of history, is committed to driving Hong Kong's digital transformation and smart city development through 5G networks, comprehensive enterprise solutions, and smart living services, while expanding into international markets - HKT is a leader in technology, media, and telecommunications, rooted in Hong Kong for over 150 years, connecting local and global markets as a true 5G network operator[3](index=3&type=chunk) - The company provides comprehensive enterprise application solutions to facilitate digital transformation and enriches daily life through a full suite of network and smart living services[3](index=3&type=chunk) - HKT is dedicated to supporting digital economic development, assisting Hong Kong as an international financial center to connect with the world, and contributing to smart city development[3](index=3&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) Despite evolving global economic conditions and weak consumer sentiment in H1 2025, HKT focused on strengthening core digital capabilities, accelerating public and private sector digital transformation via 800G AI Superhighway, 5G infrastructure, and AI-driven platforms, while expanding into ASEAN markets - Amidst evolving global economic conditions and weak consumer sentiment, HKT focuses on strengthening core digital capabilities to enhance Hong Kong's connectivity and resilience[4](index=4&type=chunk) - The company deployed an **800G AI Superhighway** connecting major data center clusters, designed for real-time AI workflows, fostering innovation in Hong Kong[4](index=4&type=chunk) - Accelerating digital transformation for public and private organizations, leveraging ultra-reliable, low-latency 5G infrastructure to support logistics hubs and urban facility automation, and applying AI in healthcare to optimize workflows[4](index=4&type=chunk) - Expanding into ASEAN markets, strengthening cross-border connectivity for mainland and Hong Kong enterprises, with a global network extending along the "Belt and Road" corridor[4](index=4&type=chunk) - **5G users** account for over **54% of postpaid users**, personal outbound roaming revenue increased by **11%**, and the DrGo telehealth platform supports the Greater Bay Area and six Asian markets[5](index=5&type=chunk) [Group Managing Director's Statement](index=5&type=section&id=Group%20Managing%20Director's%20Statement) Despite a challenging operating environment, HKT's total revenue grew 4% to HK$17.322 billion in H1 2025, EBITDA rose over 3% to HK$6.380 billion, and adjusted funds flow increased 3% to HK$2.562 billion, driven by AI innovation optimizing customer service, providing customized enterprise solutions, and reshaping internal workflows for efficiency and cost savings 2025 H1 Key Financial Performance | Metric | H1 2025 (HK$ billion) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 17.322 | 4% | | EBITDA | 6.380 | >3% | | Adjusted Funds Flow | 2.562 | 3% | - AI innovation drives growth, integrating AI into business operations to enhance service quality and deepen competitive advantages, such as the **800G AI Superhighway** supporting AI-driven workflows[8](index=8&type=chunk) - For individual users, AI provides more flexible and intelligent services, predicting customer needs and customizing personalized experiences, with The Club ecosystem boosting incremental and cross-selling conversion rates[9](index=9&type=chunk) - As of June 2025, **5G postpaid customers** reached **1.894 million**, a **21% year-on-year increase**; **2.5G fiber service customer base** grew **141% year-on-year**, with ARPU increasing by approximately **HK$75**[10](index=10&type=chunk) - For enterprise customers, over **130 large-scale projects** were successfully delivered, incorporating 5G, AI, IoT, and cybersecurity technologies, and assisting mainland Chinese enterprises in expanding into Southeast Asian markets[11](index=11&type=chunk)[12](index=12&type=chunk) - AI reshapes workflows through intelligent automation, predictive analytics, and natural language processing, significantly reducing customer service processing time and achieving an overall **7% year-on-year cost saving**[13](index=13&type=chunk) [Board of Directors](index=7&type=section&id=Board%20of%20Directors) This chapter lists the board members of HKT Trust and HKT Limited, including executive, non-executive, and independent non-executive directors, providing detailed biographies covering their age, positions, tenure, educational backgrounds, and professional qualifications, showcasing the board's diverse expertise and extensive experience - Executive Directors include Mr. Richard Li Tzar Kai (Executive Chairman) and Ms. Susanna Hui Hon Hing (Group Managing Director), possessing extensive experience in telecommunications, technology, and finance[16](index=16&type=chunk)[17](index=17&type=chunk) - Non-executive Directors include Mr. Peter Allen, Mr. Chung Cho Yee, Mr. Tang Yongbo, and Mr. Zhao Xingfu, with Mr. Tang Yongbo and Mr. Zhao Xingfu bringing telecommunications industry expertise from China Unicom background[20](index=20&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Independent Non-executive Directors include Professor Chang Hsin-kang, Mr. Sunil Varma, Mr. Michael Mak, Ms. Wong Wai Kwan, and Ms. Du Jia Yi, who possess broad expertise in academia, accounting, banking, management consulting, and catering management[26](index=26&type=chunk)[28](index=28&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details HKT's operating environment, financial performance, and strategic priorities for H1 2025; despite macroeconomic challenges, the company achieved robust growth in total revenue and EBITDA by expanding its broadband market leadership, steadily driving 5G service adoption, growing enterprise business, and applying AI to enhance efficiency [Financial Summary](index=13&type=section&id=Financial%20Summary) HKT's H1 2025 financial performance was robust, with total revenue growing 4% to HK$17.322 billion, EBITDA increasing over 3% to HK$6.380 billion, and adjusted funds flow rising 3% to HK$2.562 billion; profit attributable to stapled unitholders grew 4% to HK$2.070 billion, with an interim distribution of HK$33.80 cents per unit declared 2025 H1 Key Financial Indicators | Metric | H1 2025 | YoY Growth | | :--- | :--- | :--- | | Total Revenue | HK$17.322 billion | 4% | | EBITDA | HK$6.380 billion | >3% | | Adjusted Funds Flow | HK$2.562 billion | 3% | | Profit attributable to stapled unitholders | HK$2.070 billion | 4% | | Basic earnings per stapled unit | HK$27.32 cents | - | | Interim distribution per stapled unit | HK$33.80 cents | - | - Broadband market leadership expanded, with total fiber-to-the-home connections increasing **3% to 1.055 million**, and the **2.5G service user base** expanding **141%**[37](index=37&type=chunk) - Mobile 5G customer base increased **21% to 1.894 million**, with roaming revenue growth driving a **5% increase** in mobile communication service revenue[37](index=37&type=chunk) - Enterprise business revenue grew **11%**, securing over **HK$2.2 billion** in new project orders in H1[37](index=37&type=chunk) [Segmental Financial Review](index=14&type=section&id=Segmental%20Financial%20Review) This section details HKT's financial performance across its business segments; total telecommunications services revenue grew 4%, mobile communication total revenue increased 5%, and other businesses recorded 3% revenue growth, with total EBITDA increasing 3% and stable margins Segmental Revenue and EBITDA (HK$ million) | Segment | H1 2024 Revenue | H1 2025 Revenue | YoY Revenue Change | H1 2024 EBITDA | H1 2025 EBITDA | YoY EBITDA Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Telecommunications Services | 12,063 | 12,527 | 4% | 4,296 | 4,421 | 3% | | Mobile Communications | 4,976 | 5,200 | 5% | 2,302 | 2,412 | 5% | | Other Businesses | 552 | 570 | 3% | (430) | (453) | (5)% | | Total | 16,669 | 17,322 | 4% | 6,168 | 6,380 | 3% | Key Operating Items (thousands/units) | Metric | H1 2024 | H1 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Telephone Lines | 2,168 | 2,070 | (5)% | | Total Broadband Lines | 1,646 | 1,657 | 1% | | Mobile Subscribers | 4,884 | 4,875 | - | | Postpaid Subscribers | 3,433 | 3,478 | 1% | | Installed Pay-TV Subscribers | 1,430 | 1,448 | 1% | | The Club Members | 3,939 | 4,070 | 3% | [Telecommunications Services](index=17&type=section&id=Telecommunications%20Services) Total telecommunications services revenue grew 4% to HK$12.527 billion, driven by an 8% increase in local data services revenue to HK$6.867 billion, accounting for 79% of local telecommunications services revenue; broadband revenue grew 3%, with fiber-to-the-home connections reaching 1.055 million, and the 2.5G service customer base growing 141% year-on-year Telecommunications Services Revenue and EBITDA (HK$ million) | Metric | June 30, 2024 | June 30, 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Local Telecommunications Services Revenue | 8,289 | 8,714 | 5% | | International Telecommunications Services Revenue | 3,774 | 3,813 | 1% | | Total Telecommunications Services Revenue | 12,063 | 12,527 | 4% | | Total Telecommunications Services EBITDA | 4,296 | 4,421 | 3% | | Telecommunications Services EBITDA Margin | 36% | 35% | -1% | - Local data services revenue (including broadband revenue and local data revenue) increased **8% year-on-year** to **HK$6.867 billion**[43](index=43&type=chunk) - Fiber-to-the-home (FTTH) connections reached **1.055 million**, a net increase of **27,000 or 3%** from last year; **2.5G service customer base** increased **141% year-on-year**, with ARPU rising by approximately **HK$75**[44](index=44&type=chunk) - Enterprise business local data revenue grew **11% year-on-year**, successfully delivering over **130 large-scale projects** incorporating the latest technologies such as 5G, AI, and IoT[44](index=44&type=chunk)[45](index=45&type=chunk) - Pay-TV services revenue was **HK$1.160 billion**, with Now TV streaming service customers increasing **17%**, driving total installed pay-TV subscribers to **1.448 million**[47](index=47&type=chunk) - International telecommunications services revenue increased **1% to HK$3.813 billion**, primarily driven by increased data revenue and rising demand for the Console Connect platform[48](index=48&type=chunk) [Mobile Communications](index=19&type=section&id=Mobile%20Communications) Mobile communication services revenue grew 5% to HK$4.189 billion, primarily driven by continued growth in roaming services, an expanding postpaid customer base, and increased 5G adoption; personal outbound roaming revenue increased 11% year-on-year, and total 5G postpaid customers reached 1.894 million, a 21% year-on-year increase, with postpaid ARPU rising 1% to HK$193 and churn remaining low Mobile Communications Revenue and EBITDA (HK$ million) | Metric | June 30, 2024 | June 30, 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Mobile Communications Service Revenue | 3,990 | 4,189 | 5% | | Mobile Communications Product Sales | 986 | 1,011 | 3% | | Total Mobile Communications Revenue | 4,976 | 5,200 | 5% | | Mobile Communications Service EBITDA | 2,300 | 2,409 | 5% | | Total Mobile Communications EBITDA | 2,302 | 2,412 | 5% | | Mobile Communications EBITDA Margin | 46% | 46% | 0% | - Personal outbound roaming revenue in H1 2025 increased **11% year-on-year**, reaching **141% of pre-pandemic levels**, driving total roaming revenue up **7% year-on-year**[50](index=50&type=chunk) - As of June 2025, over **54% of mobile postpaid customers** were on 5G plans, totaling **1.894 million**, a **21% year-on-year increase**[50](index=50&type=chunk) - Postpaid ARPU increased **1% to HK$193**, with churn for core 1O1O and csl businesses remaining low at **0.7%**[51](index=51&type=chunk) [Other Businesses](index=20&type=section&id=Other%20Businesses) Other businesses revenue increased 3% to HK$570 million, primarily driven by The Club membership platform and the DrGo health tech platform; The Club membership expanded 3% to 4.07 million, and DrGo registered users grew 3% year-on-year to 406,000, extending telehealth solutions to the Greater Bay Area and parts of Asia - Other businesses revenue increased **3% to HK$570 million**, primarily comprising The Club membership platform and enterprise support services[52](index=52&type=chunk) - The Club membership expanded **3%** from **3.94 million** in the prior year to **4.07 million** in H1 2025[52](index=52&type=chunk) - The DrGo health tech platform's registered users grew **3% year-on-year to 406,000**, extending telehealth solutions to the Greater Bay Area and parts of Asia[52](index=52&type=chunk) [Cost of Sales and General and Administrative Expenses](index=20&type=section&id=Cost%20of%20Sales%20and%20General%20and%20Administrative%20Expenses) Cost of sales increased 6% year-on-year to HK$9.021 billion, reflecting changes in revenue mix; operating costs, excluding depreciation, amortization, and net gain on disposal of property, plant and equipment and right-of-use assets, decreased 4% year-on-year to HK$1.921 billion, primarily due to operational efficiencies and cost optimization from AI application in workflow reshaping - Cost of sales increased **6% to HK$9.021 billion**, reflecting changes in the revenue mix during the period[54](index=54&type=chunk) - Operating costs, excluding depreciation, amortization, and net gain on disposal of property, plant and equipment and right-of-use assets, decreased **4% year-on-year to HK$1.921 billion**[55](index=55&type=chunk) - The ratio of operating costs to revenue reached **11.1%**, compared to 12.1% in the prior year, primarily due to AI application in workflow reshaping, business structure streamlining, and human resource optimization[55](index=55&type=chunk) - Total depreciation and amortization expenses increased **3% to HK$2.757 billion**, with higher amortization due to increased investment in intangible assets for enterprise customer project R&D[55](index=55&type=chunk) [EBITDA](index=20&type=section&id=EBITDA) For the six months ended June 30, 2025, total EBITDA increased over 3% to HK$6.380 billion, driven by revenue growth in telecommunications and mobile communication services and enhanced operational efficiency; the overall EBITDA margin remained stable at 37% Total EBITDA (HK$ million) | Metric | June 30, 2024 | June 30, 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Total EBITDA | 6,168 | 6,380 | >3% | | Overall EBITDA Margin | 37% | 37% | 0% | | Total EBITDA excluding mobile product sales | - | 6,377 | 3% | | EBITDA Margin excluding mobile product sales | - | 39% | - | [Net Finance Costs and Income Tax](index=20&type=section&id=Net%20Finance%20Costs%20and%20Income%20Tax) Net finance costs significantly decreased 19% to HK$885 million, primarily due to debt reduction at the end of 2024 and a decline in HIBOR; the average cost of debt for the period was 3.96%, while income tax expense increased to HK$414 million, with an effective tax rate of 15.3%, mainly due to higher profit - Net finance costs significantly decreased **19% to HK$885 million** from HK$1.092 billion in the prior year[57](index=57&type=chunk) - The average cost of debt for the period was **3.96%**, compared to 4.26% last year[57](index=57&type=chunk) - Income tax expense was **HK$414 million**, with an effective tax rate of **15.3%**, primarily due to increased profit for the period[58](index=58&type=chunk) [Profit Attributable to Stapled Unitholders](index=21&type=section&id=Profit%20Attributable%20to%20Stapled%20Unitholders) For the six months ended June 30, 2025, profit attributable to stapled unitholders increased 4% to HK$2.070 billion Profit Attributable to Stapled Unitholders (HK$ million) | Metric | June 30, 2024 | June 30, 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Profit attributable to stapled unitholders | 1,990 | 2,070 | 4% | [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) HKT's total debt as of June 30, 2025, was HK$43.433 billion, with cash and short-term deposits totaling HK$1.940 billion; the total debt to total assets ratio was 37%, and the company has ample liquidity, with HK$40.581 billion in bank facilities, of which HK$15.973 billion was undrawn, while capital expenditure was HK$1.075 billion, representing 6.2% of revenue, with prudent investment in digital capabilities Liquidity and Capital Resources (HK$ million) | Metric | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Total Debt | 41,723 | 43,433 | | Cash and Short-term Deposits | 2,145 | 1,940 | | Total Debt to Total Assets Ratio | 36% | 37% | | Undrawn Bank Facilities | - | 15,973 | | Capital Expenditure | 1,103 | 1,075 | | Capital Expenditure as % of Revenue | 6.6% | 6.2% | - Hong Kong Telecommunications (HKT) Limited obtained investment grade ratings of **"Baa2" from Moody's** and **"BBB" from S&P Global Ratings**[62](index=62&type=chunk) - Adjusted funds flow increased **3% to HK$2.562 billion**, positively impacted by expanded EBITDA, prudent capital expenditure, lower customer acquisition costs, and reduced right-of-use asset expenditures[64](index=64&type=chunk) [Hedging](index=22&type=section&id=Hedging) HKT continuously manages foreign currency and interest rate market risks through financial management policies and derivative instruments, such as forward and swap contracts, avoiding speculative transactions; as most revenue and costs are denominated in HKD, and related costs and revenues for foreign currency operations are in the same currency, foreign exchange fluctuation risk is not significant - HKT's policy is to continuously manage market risks directly related to its business and financing, and it does not engage in any speculative derivative transactions[65](index=65&type=chunk) - Over three-quarters of consolidated revenue and costs are denominated in HKD, and related costs and expenses for foreign currency operations are generally denominated in the same foreign currency, providing a natural hedge, thus the business is not exposed to significant foreign exchange fluctuation risk[65](index=65&type=chunk) - The Group has entered into forward and swap contracts to manage risks arising from adverse fluctuations in foreign currency exchange rates and interest rates, with all contracts designated as cash flow hedges for the underlying financing[65](index=65&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) As of June 30, 2025, HKT's total contingent liabilities amounted to HK$799 million, primarily comprising performance guarantees; the Directors believe that liabilities arising from these corporate guarantees will not have a material impact on the Group's financial position Contingent Liabilities (HK$ million) | Item | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Performance Guarantees | 903 | 797 | | Others | 2 | 2 | | Total | 905 | 799 | - The Group has certain corporate guarantee obligations to ensure its subsidiaries fulfill contracts in the ordinary course of business, and the Directors believe that any liabilities arising therefrom will not have a material impact on the Group's financial position[67](index=67&type=chunk) [Human Resources](index=22&type=section&id=Human%20Resources) As of June 30, 2025, HKT employed over 12,500 employees across 22 countries and cities globally, with approximately 66% working in Hong Kong; the company has performance bonus and incentive schemes to encourage and reward employees at all levels for achieving business performance targets - As of June 30, 2025, HKT employed over **12,500 employees** across 22 countries and cities globally (June 30, 2024: 13,400 employees)[68](index=68&type=chunk) - Approximately **66% of employees** work in Hong Kong, with the majority of others employed in mainland China, the US, the UK, and the Philippines[68](index=68&type=chunk) - The company has performance bonus and incentive schemes, awarded based on overall and business unit revenue, EBITDA, and free cash flow targets achieved, as well as employee performance appraisals[68](index=68&type=chunk) [Interim Dividends/Distributions](index=22&type=section&id=Interim%20Dividends%2FDistributions) The Board of Directors of the Trustee-Manager has declared an interim distribution of HK$33.80 cents per stapled unit for the six months ended June 30, 2025; the Board of Directors of the Company has also declared an interim dividend of HK$33.80 cents per ordinary share for the same period held by the Trustee-Manager Interim Dividends/Distributions | Item | Amount | | :--- | :--- | | Interim distribution per stapled unit | HK$33.80 cents | | Interim dividend per ordinary share | HK$33.80 cents | - The Board of Directors of the Trustee-Manager has confirmed that, after making the above distribution, HKT Trust will be able to meet its liabilities as they fall due from the trust property[69](index=69&type=chunk) [Consolidated Financial Statements](index=23&type=section&id=Consolidated%20Financial%20Statements) This chapter presents the unaudited condensed consolidated financial statements of HKT Trust and HKT Limited for the six months ended June 30, 2025, including the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, and condensed consolidated cash flow statement, providing an overview of the Group's financial performance and position during the reporting period [Consolidated Income Statement](index=23&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, HKT's total revenue was HK$17.322 billion, profit for the period was HK$2.298 billion, of which profit attributable to stapled unitholders was HK$2.070 billion; basic earnings per stapled unit were HK$27.32 cents Consolidated Income Statement Summary (HK$ million) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Revenue | 16,669 | 17,322 | | Cost of Sales | (8,491) | (9,021) | | General and Administrative Expenses | (4,684) | (4,677) | | Net Finance Costs | (1,092) | (885) | | Profit before Income Tax | 2,334 | 2,712 | | Income Tax Expense | (342) | (414) | | Profit for the Period | 1,992 | 2,298 | | Profit attributable to stapled unitholders/equity holders of the Company | 1,990 | 2,070 | | Non-controlling Interests | 2 | 228 | | Basic earnings per stapled unit | 26.27 cents | 27.32 cents | [Consolidated Statement of Comprehensive Income](index=24&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, profit for the period was HK$2.298 billion, but due to other comprehensive losses (primarily from changes in fair value of financial assets at fair value through other comprehensive income and cash flow hedge transfers), total comprehensive income for the period was HK$1.719 billion Consolidated Statement of Comprehensive Income Summary (HK$ million) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period | 1,992 | 2,298 | | Changes in fair value of financial assets at fair value through other comprehensive income | (9) | (225) | | Exchange differences on translation of foreign operations of subsidiaries | (40) | 127 | | Cash flow hedges: transferred from equity to consolidated income statement | 56 | (396) | | Other comprehensive loss for the period | (67) | (579) | | Total comprehensive income for the period | 1,925 | 1,719 | | Attributable to stapled unitholders/equity holders of the Company | 1,923 | 1,491 | | Attributable to non-controlling interests | 2 | 228 | [Consolidated Statement of Financial Position](index=25&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HK$107.812 billion, with non-current assets primarily comprising property, plant and equipment, goodwill, and intangible assets; current liabilities exceeded current assets by HK$11.563 billion, but management believes the Group can meet its obligations due within the next 12 months, and total equity was HK$37.880 billion Consolidated Statement of Financial Position Summary (HK$ million) | Metric | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | Non-current Assets | 105,928 | 107,812 | | Current Assets | 10,885 | 10,687 | | Current Liabilities | (25,821) | (22,250) | | Non-current Liabilities | (51,347) | (58,369) | | Net Assets | 39,645 | 37,880 | | Total Equity | 39,645 | 37,880 | - As of June 30, 2025, the Group's current liabilities exceeded its current assets by **HK$11.563 billion**, but management believes the Group is able to meet its obligations due within the next 12 months, thus preparing financial information on a going concern basis[88](index=88&type=chunk) [Consolidated Statement of Changes in Equity](index=27&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in equity attributable to stapled unitholders/equity holders of the Company and non-controlling interests for the six months ended June 30, 2025, including profit for the period, other comprehensive income/loss, and transactions with equity holders such as dividend payments and share-based compensation Consolidated Statement of Changes in Equity Summary (HK$ million) | Item | Balance at January 1, 2025 | Profit for the Period | Other Comprehensive Income/(Loss) | Total Transactions with Equity Holders | Balance at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity attributable to stapled unitholders/equity holders of the Company | 38,282 | 2,070 | (579) | (3,470) | 36,303 | | Non-controlling Interests | 1,363 | 228 | - | (14) | 1,577 | | Total Equity | 39,645 | 2,298 | (579) | (3,484) | 37,880 | [Condensed Consolidated Cash Flow Statement](index=29&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash generated from operating activities was HK$5.313 billion; net cash used in investing activities was HK$3.037 billion, and net cash used in financing activities was HK$2.691 billion, resulting in a net decrease in cash and cash equivalents of HK$415 million Condensed Consolidated Cash Flow Statement Summary (HK$ million) | Item | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Net cash generated from operating activities | 5,345 | 5,313 | | Net cash used in investing activities | (2,728) | (3,037) | | Net cash used in financing activities | (2,775) | (2,691) | | Net decrease in cash and cash equivalents | (158) | (415) | | Cash and cash equivalents at January 1 | 1,630 | 1,850 | | Cash and cash equivalents at June 30 | 1,480 | 1,437 | [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=30&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) This chapter provides detailed notes to the unaudited condensed consolidated interim financial information of HKT Trust and HKT Limited, explaining the basis of preparation, accounting policies, specific financial data for each business segment, income tax treatment, dividend distributions, trade receivables and payables, share award schemes, commitments, contingent liabilities, related party transactions, and fair value estimation of financial instruments [Basis of Preparation and Presentation](index=30&type=section&id=Basis%20of%20Preparation%20and%20Presentation) The unaudited condensed consolidated interim financial information of HKT Trust and the Company is prepared in accordance with Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34, and presented in HKD; as HKT Trust's sole business activity is investing in the Company, their consolidated financial results are identical, thus presented together, and the Group prepares financial information on a going concern basis, despite current liabilities exceeding current assets, as management is confident in its ability to meet obligations due within the next 12 months - The unaudited condensed consolidated interim financial information of HKT Trust and the Company is presented together, as HKT Trust's sole business activity is limited to investing in the Company[84](index=84&type=chunk) - The financial information is prepared in accordance with Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants[85](index=85&type=chunk) - The Group prepares financial information on a going concern basis, as management believes it can meet its obligations due within the next 12 months, despite current liabilities exceeding current assets by **HK$11.563 billion**[88](index=88&type=chunk) [Company Statement of Financial Position](index=31&type=section&id=Company%20Statement%20of%20Financial%20Position) As of June 30, 2025, HKT Limited's net assets were HK$32.961 billion, primarily comprising interests in subsidiaries; share capital was HK$8 million, and reserves were HK$32.953 billion HKT Limited Statement of Financial Position Summary (HK$ million) | Metric | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | Interests in Subsidiaries | 30,750 | 30,750 | | Current Assets | 4,490 | 4,490 | | Current Liabilities | (2,279) | (2,279) | | Net Assets | 32,961 | 32,961 | | Share Capital | 8 | 8 | | Reserves | 32,953 | 32,953 | [Segment Information](index=32&type=section&id=Segment%20Information) The Group's operating decision-makers assess business performance from a product perspective, primarily divided into telecommunications services, mobile communications, and other businesses; for the six months ended June 30, 2025, external revenue for telecommunications services was HK$11.914 billion, with EBITDA of HK$4.421 billion; mobile communications external revenue was HK$4.861 billion, with EBITDA of HK$2.412 billion; and other businesses external revenue was HK$547 million, with EBITDA of HK$(453) million External Revenue and EBITDA by Business Segment (HK$ million) | Segment | 2025 External Revenue | 2025 EBITDA | | :--- | :--- | :--- | | Telecommunications Services | 11,914 | 4,421 | | Mobile Communications | 4,861 | 2,412 | | Other Businesses | 547 | (453) | | Consolidated Total | 17,322 | 6,380 | - Operating decision-makers measure the performance of each business segment based on adjusted earnings before interest, tax, depreciation, and amortization (EBITDA)[91](index=91&type=chunk) - Telecommunications services include enterprise solutions, integrated home solutions, and media entertainment, primarily operating in Hong Kong, also providing services to customers in mainland China and other parts of the world[93](index=93&type=chunk) [Profit Before Income Tax](index=34&type=section&id=Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, profit before income tax is accounted for after deducting cost of inventories sold of HK$4.240 billion, cost of sales (excluding cost of inventories sold) of HK$4.781 billion, depreciation and amortization expenses (including depreciation of property, plant and equipment of HK$519 million, depreciation of right-of-use assets of HK$640 million, amortization of intangible assets of HK$823 million, etc.), and finance costs on borrowings of HK$826 million Profit Before Income Tax Deductions (HK$ million) | Item | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Cost of Inventories Sold | 3,152 | 4,240 | | Cost of Sales (excluding cost of inventories sold) | 5,339 | 4,781 | | Depreciation of Property, Plant and Equipment | 512 | 519 | | Depreciation of Right-of-Use Assets | 668 | 640 | | Amortization of Intangible Assets | 664 | 823 | | Finance Costs on Borrowings | 1,011 | 826 | [Income Tax](index=34&type=section&id=Income%20Tax) For the six months ended June 30, 2025, income tax expense was HK$414 million, including Hong Kong profits tax of HK$141 million, overseas tax of HK$19 million, and deferred income tax changes of HK$254 million; the Group has assessed the potential impact of global anti-base erosion (Pillar Two) rules and found no tax risks as of the reporting date Income Tax Expense (HK$ million) | Item | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 156 | 141 | | Overseas Tax | 23 | 19 | | Deferred Income Tax Changes | 163 | 254 | | Total | 342 | 414 | - Hong Kong profits tax is provided at a rate of **16.5%**, and overseas tax is calculated based on prevailing tax rates in respective jurisdictions[96](index=96&type=chunk) - The Group has assessed the potential impact of global anti-base erosion (Pillar Two) rules and found no tax risks as of the reporting date[97](index=97&type=chunk) [Distributions/Dividends](index=35&type=section&id=Distributions%2FDividends) The Trustee-Manager and Company Directors have declared an interim distribution/dividend of HK$33.80 cents per stapled unit/ordinary share for the year ending December 31, 2025; additionally, a final distribution/dividend of HK$45.88 cents per stapled unit/ordinary share for the previous financial year, totaling HK$3.476 billion, was approved and paid during the interim period Distributions/Dividends Attributable to Interim Period (HK$ million) | Item | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Interim distribution/dividend of HK$33.80 cents per stapled unit/ordinary share (2024: HK$32.92 cents) | 2,495 | 2,562 | Distributions/Dividends Approved and Paid During Interim Period (HK$ million) | Item | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Final distribution/dividend of HK$45.88 cents per stapled unit/ordinary share for the previous financial year declared, approved, and paid during the interim period (2024: HK$44.44 cents) | 3,369 | 3,478 | | Less: Distributions/dividends on stapled units/ordinary shares held by the stapled unit award scheme | (2) | (2) | | Total | 3,367 | 3,476 | [Earnings Per Stapled Unit/Share](index=36&type=section&id=Earnings%20Per%20Stapled%20Unit%2FShare) For the six months ended June 30, 2025, the profit used to calculate basic and diluted earnings per stapled unit/share was HK$2.070 billion; basic earnings were HK$27.32 cents, and diluted earnings were also HK$27.32 cents Earnings Per Stapled Unit/Share Calculation | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Profit for calculating basic and diluted earnings (HK$ million) | 1,990 | 2,070 | | Weighted average number of stapled units/ordinary shares | 7,579,742,334 | 7,579,776,147 | | Weighted average number for calculating basic earnings | 7,575,429,751 | 7,576,346,362 | | Basic earnings (HK$ cents) | 26.27 | 27.32 | | Weighted average number for calculating diluted earnings | 7,576,754,546 | 7,578,134,410 | | Diluted earnings (HK$ cents) | 26.26 | 27.32 | [Net Trade Receivables](index=36&type=section&id=Net%20Trade%20Receivables) As of June 30, 2025, net trade receivables amounted to HK$2.525 billion, with HK$1.446 billion aged 1-30 days; the Group implements clear credit policies for customers, with a general credit period of up to 30 days from the invoice date Trade Receivables Ageing Analysis (HK$ million) | Ageing | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | 1 – 30 days | 1,580 | 1,446 | | 31 – 60 days | 389 | 288 | | 61 – 90 days | 177 | 257 | | 91 – 120 days | 170 | 185 | | Over 120 days | 531 | 518 | | Total | 2,847 | 2,694 | | Less: Loss allowance | (137) | (169) | | Net Trade Receivables | 2,710 | 2,525 | - Net trade receivables include amounts due from related parties of **HK$120 million** (December 31, 2024: HK$152 million)[101](index=101&type=chunk) - The Group's general credit period for customers is up to **30 days** from the invoice date, with individual credit assessments for credits above a certain amount[101](index=101&type=chunk) [Trade Payables](index=37&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables amounted to HK$8.167 billion, with HK$3.408 billion aged 1-30 days; trade payables include amounts due to related parties of HK$135 million Trade Payables Ageing Analysis (HK$ million) | Ageing | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | 1 – 30 days | 2,841 | 3,408 | | 31 – 60 days | 1,685 | 2,280 | | 61 – 90 days | 895 | 827 | | 91 – 120 days | 980 | 665 | | Over 120 days | 811 | 987 | | Total | 7,212 | 8,167 | - Trade payables include amounts due to related parties of **HK$135 million** (December 31, 2024: HK$155 million)[103](index=103&type=chunk) [Equity of HKT Limited](index=37&type=section&id=Equity%20of%20HKT%20Limited) As of June 30, 2025, HKT Limited's authorized share capital included 20 billion ordinary shares and 20 billion preference shares, each with a par value of HK$0.0005; issued and fully paid share capital comprised 7,579,776,147 ordinary shares and 7,579,776,147 preference shares, and company reserves as of June 30, 2025, were HK$32.953 billion HKT Limited Share Capital (HK$) | Share Capital Type | Number of Shares at Jan 1 & Jun 30, 2024 | Par Value at Jan 1 & Jun 30, 2024 | Number of Shares at Jan 1 & Jun 30, 2025 | Par Value at Jan 1 & Jun 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Authorized Ordinary Shares (HK$0.0005 per share) | 20,000,000,000 | 10,000,000 | 20,000,000,000 | 10,000,000 | | Authorized Preference Shares (HK$0.0005 per share) | 20,000,000,000 | 10,000,000 | 20,000,000,000 | 10,000,000 | | Issued and Fully Paid Ordinary Shares (HK$0.0005 per share) | 7,579,742,334 | 3,789,871 | 7,579,776,147 | 3,789,888 | | Issued and Fully Paid Preference Shares (HK$0.0005 per share) | 7,579,742,334 | 3,789,871 | 7,579,776,147 | 3,789,888 | Company Reserves Movement (HK$ million) | Item | Share Premium Account | Retained Profits | Total | | :--- | :--- | :--- | :--- | | At January 1, 2025 | 32,958 | (5) | 32,953 | | Total comprehensive income for the period | – | 3,478 | 3,478 | | Dividends paid for previous year | – | (3,478) | (3,478) | | At June 30, 2025 | 32,958 | (5) | 32,953 | [Share Award Schemes](index=38&type=section&id=Share%20Award%20Schemes) HKT Trust and the Company operate share stapled unit award schemes, including the 2011 Share Stapled Unit Award Scheme, the 2024 to 2034 Share Stapled Unit Option Scheme, and the 2024 Share Stapled Unit Award Scheme; for the six months ended June 30, 2025, 1,099,449 stapled units were vested under the 2011 scheme, and 2,630,211 stapled unit options and awards were granted under the new schemes Summary of Share Stapled Unit Award Scheme Movements | Item | Unvested at January 1, 2025 | Granted during the period | Lapsed/Forfeited during the period | Vested during the period | Unvested at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Employee Participants | 1,812,671 | – | (76,256) | (1,099,449) | 636,966 | Summary of 2024 Share Stapled Unit Award Scheme Movements (as of June 30, 2025) | Item | Unvested at January 1, 2025 | Granted during the period | Lapsed/Forfeited during the period | Vested during the period | Unvested at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Directors/Chief Executive | – | 1,031,380 | – | – | 1,031,380 | | Total Employee Participants | – | 887,709 | (8,156) | – | 879,958 | | Total Related Entity Participants | 34,395 | 295,757 | (385) | – | 329,768 | | Total | 34,395 | 2,630,211 | (8,541) | – | 2,656,065 | - For the six months ended June 30, 2025, the weighted average fair value of stapled units granted at the grant date was **HK$11.02 per stapled unit**[108](index=108&type=chunk) - For the six months ended June 30, 2025, a total of **2,630,211 stapled unit options and awards** were granted under all stapled unit schemes involving the issuance of new stapled units, representing approximately **0.03%** of the weighted average number of issued stapled units[165](index=165&type=chunk) [Commitments](index=39&type=section&id=Commitments) As of June 30, 2025, the Group's authorized and contracted capital commitments for the acquisition of property, plant and equipment amounted to HK$1.666 billion; other commitments included HK$1.051 billion for the acquisition of broadcasting rights for certain TV content and HK$445 million for operating expense commitments Capital Commitments (HK$ million) | Item | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | Authorized and contracted – acquisition of property, plant and equipment | 1,612 | 1,666 | Other Commitments (HK$ million) | Item | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | Acquisition of broadcasting rights for certain TV content | 1,302 | 1,051 | | Operating expense commitments | 961 | 445 | | Total | 2,263 | 1,496 | [Contingent Liabilities](index=40&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group's total contingent liabilities amounted to HK$799 million, primarily comprising performance guarantees; the Directors believe that liabilities arising from these corporate guarantees will not have a material impact on the Group's financial position Contingent Liabilities (HK$ million) | Item | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | Performance Guarantees | 903 | 797 | | Others | 2 | 2 | | Total | 905 | 799 | - The Group has certain corporate guarantee obligations to ensure its subsidiaries fulfill contracts in the ordinary course of business, and the Directors believe that any liabilities arising therefrom will not have a material impact on the Group's financial position[111](index=111&type=chunk) [Related Party Transactions](index=40&type=section&id=Related%20Party%20Transactions) The Group engaged in several significant related party transactions during the period, including telecommunications service fees, data center service fees, IT fees, and content supply fees with PCCW's major shareholders, joint ventures, associates, and fellow subsidiaries; total key management compensation was HK$29 million Key Related Party Transactions (HK$ million) | Transaction Type | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Telecommunications service fees received or receivable from PCCW's major shareholders, etc | 84 | 80 | | Telecommunications service fees paid or payable to PCCW's major shareholders, etc | 82 | 98 | | Telecommunications service fees received or receivable from joint ventures, etc | 24 | 23 | | Telecommunications service fees paid or payable to joint ventures, etc | 142 | 126 | | Telecommunications service fees received or receivable from fellow subsidiaries, etc | 763 | 643 | | Content supply fees paid or payable to fellow subsidiaries, etc | 123 | 117 | Key Management Compensation (HK$ million) | Item | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Salaries and other short-term employee benefits | 18 | 22 | | Share-based compensation | 3 | 7 | | Total | 21 | 29 | [Financial Instruments](index=42&type=section&id=Financial%20Instruments) The Group faces credit, liquidity, and market risks in its ordinary course of business and manages these risks through financial management policies and derivative instruments such as cross-currency swaps, interest rate swaps, and forward foreign exchange contracts; financial instruments are measured at fair value using Level 1, Level 2, and Level 3 valuation methods, with the fair value of long-term borrowings calculated as the present value of estimated future cash flows discounted at current market interest rates - The Group controls credit, liquidity, and market risks (including foreign exchange risk and interest rate risk) through financial management policies and practices, and does not engage in any speculative derivative transactions[115](index=115&type=chunk) - Financial instruments measured at fair value are analyzed by valuation method and their different level definitions: Level 1 for quoted prices in active markets, Level 2 for observable market data valuation, and Level 3 for unobservable market data valuation[116](index=116&type=chunk) Fair Value Measurement of Financial Assets and Liabilities (HK$ million) | Item | Level | Total at December 31, 2024 | Total at June 30, 2025 | | :--- | :--- | :--- | :--- | | Financial assets at fair value through other comprehensive income | Level 1/Level 3 | 823 | 598 | | Financial assets at fair value through profit or loss | Level 1/Level 3 | 35 | 22 | | Derivative financial instruments (assets) | Level 2 | 58 | 152 | | Derivative financial instruments (liabilities) | Level 2 | (810) | (986) | - The fair value of long-term borrowings is the present value of estimated future cash flows discounted at current market interest rates, and its fair value is within Level 2 of the fair value hierarchy[123](index=123&type=chunk) [HKT Management Limited Financial Statements](index=44&type=section&id=HKT%20Management%20Limited%20Financial%20Statements) This chapter provides the unaudited condensed interim financial information of HKT Management Limited for the six months ended June 30, 2025, including the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, and condensed cash flow statement, along with related notes, detailing its financial performance and position as the Trustee-Manager of HKT Trust [Income Statement](index=44&type=section&id=Income%20Statement) For the six months ended June 30, 2025, HKT Management Limited's management fee income was HK$32 thousand, and general and administrative expenses were also HK$32 thousand, resulting in zero profit before income tax and profit for the period Income Statement Summary (HK$ thousand) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Management Fee Income | 30 | 32 | | General and Administrative Expenses | (30) | (32) | | Profit before Income Tax | – | – | | Profit for the Period | – | – | [Statement of Comprehensive Income](index=46&type=section&id=Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, HKT Management Limited's profit for the period and other comprehensive income were both zero, thus total comprehensive income for the period was also zero Statement of Comprehensive Income Summary (HK$ thousand) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period | – | – | | Other Comprehensive Income | – | – | | Total Comprehensive Income for the Period | – | – | [Statement of Financial Position](index=47&type=section&id=Statement%20of%20Financial%20Position) As of June 30, 2025, HKT Management Limited's net assets were zero; current assets primarily consisted of amounts receivable from a fellow subsidiary of HK$699 thousand, and current liabilities primarily consisted of amounts payable to a fellow subsidiary of HK$671 thousand and accruals and other payables of HK$28 thousand Statement of Financial Position Summary (HK$ thousand) | Metric | December 31, 2024 (Audited) | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | | Amounts receivable from a fellow subsidiary | 667 | 699 | | Total Current Assets | 667 | 699 | | Accruals and Other Payables | (57) | (28) | | Amounts payable to a fellow subsidiary | (610) | (671) | | Total Current Liabilities | (667) | (699) | | Net Assets | – | – | | Total Equity | – | – | [Statement of Changes in Equity](index=48&type=section&id=Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, HKT Management Limited's share capital, retained profits, and total equity all remained at zero, with no changes Statement of Changes in Equity Summary (HK$ thousand) | Item | Share Capital | Retained Profits | Total | | :--- | :--- | :--- | :--- | | At January 1, 2025 | – | – | – | | Total comprehensive income for the period | – | – | – | | Transactions with Equity Holders of the Company | – | – | – | | At June 30, 2025 | – | – | – | [Condensed Cash Flow Statement](index=49&type=section&id=Condensed%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, HKT Management Limited's net cash generated from operating activities, investing activities, and financing activities were all zero, resulting in zero net change in cash and cash equivalents and zero balance at period-end Condensed Cash Flow Statement Summary (HK$ thousand) | Item | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Net cash generated from operating activities | – | – | | Net cash generated from investing activities | – | – | | Net cash generated from financing activities | – | – | | Net change in cash and cash equivalents | – | – | | Cash and cash equivalents at January 1 | – | – | | Cash and cash equivalents at June 30 | – | – | [Notes to the Financial Statements](index=50&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides notes to HKT Management Limited's unaudited condensed interim financial information, stating that its preparation basis complies with Appendix D2 of the Listing Rules and Hong Kong Accounting Standard 34; the company had no taxable profit during the period, thus no provision for Hong Kong profits tax, and key related party transactions include management fees receivable from a fellow subsidiary of HK$32 thousand - The Company's unaudited condensed interim financial information is prepared in accordance with Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants[135](index=135&type=chunk) - For the six months ended June 30, 2024 and 2025, the Company had no taxable profit, thus no provision for Hong Kong profits tax was made[140](index=140&type=chunk) - Key related party transactions include management fees receivable from a fellow subsidiary of **HK$32 thousand** (2024: HK$30 thousand)[142](index=142&type=chunk) [General Information](index=52&type=section&id=General%20Information) This chapter provides extensive general information about HKT Trust and HKT Limited, including directors' and chief executive's interests in the company and its associated corporations, details of the stapled unit award schemes, interests of major holders, dealings in listed securities, and the company's statements on audit, model code for securities transactions, and corporate governance [Directors' and Chief Executive's Interests](index=52&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests) As of June 30, 2025, directors and the chief executive held interests in HKT Trust and HKT Limited stapled units and PCCW shares; Executive Chairman Mr. Richard Li Tzar Kai held 220,458,245 stapled units (2.91%) and 2,464,133,358 PCCW shares (31.83%) Directors' and Chief Executive's Interests in Stapled Units (as of June 30, 2025) | Name | Personal Interests | Corporate Interests | Other Interests | Total | Approximate Percentage of Total Issued Stapled Units | | :--- | :--- | :--- | :--- | :--- | :--- | | Richard Li Tzar Kai | – | 67,655,964 | 152,802,281 | 220,458,245 | 2.91% | | Susanna Hui Hon Hing | 4,133,441 | – | 2,024,571 | 6,158,012 | 0.08% | | Peter Allen | 48,735 | – | 27,172 | 75,907 | 0.001% | Directors' and Chief Executive's Interests in PCCW Shares (as of June 30, 2025) | Name | Personal Interests | Corporate Interests | Other Interests | Total | Approximate Percentage of Total Issued PCCW Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Richard Li Tzar Kai | – | 535,291,134 | 1,928,842,224 | 2,464,133,358 | 31.83% | | Susanna Hui Hon Hing | 8,435,883 | – | 4,652,529 | 13,088,412 | 0.17% | | Peter Allen | 314,420 | – | 60,164 | 374,584 | 0.005% | [Stapled Unit Schemes](index=54&type=section&id=Stapled%20Unit%20Schemes) HKT Trust and the Company operate the 2024 to 2034 Share Stapled Unit Option Scheme, the 2024 Share Stapled Unit Award Scheme, and the 2011 Share Stapled Unit Award Scheme; for the six months ended June 30, 2025, 1,099,449 stapled units were vested under the 2011 scheme, and 2,630,211 stapled unit awards were granted under the 2024 scheme, with the total number of stapled unit options and awards available for grant being 755,318,168 - HKT Trust and the Company's existing stapled unit schemes include the **2024 to 2034 Share Stapled Unit Option Scheme**, the **2024 Share Stapled Unit Award Scheme**, and the **2011 Share Stapled Unit Award Scheme**[154](index=154&type=chunk) HKT Share Stapled Unit Subscription Scheme Movements (as of June 30, 2025) | Item | Unvested at January 1, 2025 | Granted during the period | Lapsed/Forfeited during the period | Vested during the period | Unvested at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Employee Participants | 1,812,671 | – | (76,256) | (1,099,449) | 636,966 | 2024 Share Stapled Unit Award Scheme Movements (as of June 30, 2025) | Item | Unvested at January 1, 2025 | Granted during the period | Lapsed/Forfeited during the period | Vested during the period | Unvested at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Directors/Chief Executive | – | 1,031,380 | – | – | 1,031,380 | | Total Employee Participants | – | 887,709 | (8,156) | – | 879,958 | | Total Related Entity Participants | 34,395 | 295,757 | (385) | – | 329,768 | | Total | 34,395 | 2,630,211 | (8,541) | – | 2,656,065 | - For the six months ended June 30, 2025, the weighted average fair value of stapled units granted at the grant date was **HK$11.02 per stapled unit**[108](index=108&type=chunk) - For the six months ended June 30, 2025, a total of **2,630,211 stapled unit options and awards** were granted under all stapled unit schemes involving the issuance of new stapled units, representing approximately **0.03%** of the weighted average number of issued stapled units[165](index=165&type=chunk) [Major Holders' Interests and Short Positions in Stapled Units](index=58&type=section&id=Major%20Holders'%20Interests%20and%20Short%20Positions%20in%20Stapled%20Units) As of June 30, 2025, PCCW and its wholly-owned subsidiary CAS Holding No. 1 Limited were the major holders of stapled units, holding 3,959,683,681 stapled units, representing 52.24% of the total issued stapled units Major Holders' Interests in Stapled Units (as of June 30, 2025) | Name | Capacity | Long Position in Number of Stapled Units Held | Approximate Percentage of Total Issued Stapled Units | | :--- | :--- | :--- | :--- | | PCCW | Interest in controlled corporation | 3,959,683,681 | 52.24% | | CAS Holding No. 1 Limited | Beneficial owner | 3,959,683,681 | 52.24% | - PCCW indirectly holds these interests through its direct wholly-owned subsidiary, CAS Holding No. 1 Limited[170](index=170&type=chunk) [Dealings in Listed Securities](index=59&type=section&id=Dealings%20in%20Listed%20Securities) For the six months ended June 30, 2025, HKT Trust (including the Trustee-Manager), the Company, or its subsidiaries did not purchase, sell, or redeem any stapled units - For the six months ended June 30, 2025, HKT Trust (including the Trustee-Manager), the Company, or its subsidiaries did not purchase, sell, or redeem any stapled units[171](index=171&type=chunk) [Audit Committee](index=59&type=section&id=Audit%20Committee) The Audit Committee of the Trustee-Manager and the Audit Committee of the Company have reviewed the unaudited condensed consolidated interim financial information of HKT Trust and the Company and its subsidiaries, as well as the unaudited condensed interim financial information of the Trustee-Manager - The Audit Committee has reviewed the accounting policies adopted and related financial information of HKT Trust and the Company, together with the Company's subsidiaries, and the Trustee-Manager[172](index=172&type=chunk) [Model Code for Securities Transactions](index=59&type=section&id=Model%20Code%20for%20Securities%20Transactions) HKT Trust and the Company have adopted the "HKT Code," whose terms are no less stringent than the "Model Code" set out in Appendix C3 of the Listing Rules; following inquiries with all Directors, it has been confirmed that the "Model Code" and "HKT Code" have been complied with throughout the period - HKT Trust and the Company have adopted the **"HKT Code,"** whose terms are no less stringent than the standards stipulated in the **"Model Code"** set out in Appendix C3 of the Listing Rules[173](index=173&type=chunk) - Following specific inquiries with all Directors, it has been confirmed that the standards stipulated in the **"Model Code"** and **"HKT Code"** have been complied with throughout the period[173](index=173&type=chunk) [Corporate Governance Code](index=59&type=section&id=Corporate%20Governance%20Code) HKT Trust and the Company are committed to maintaining high standards of corporate governance and have applied the principles of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the six months ended June 30, 2025, complying with all relevant code provisions, with exceptions for the Trustee-Manager's Remuneration Committee and Nomination Committee due to the unique circumstances of the Trust Deed - HKT Trust and the Company are committed to maintaining high standards of corporate governance and have applied the principles of the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules throughout the period[174](index=174&type=chunk) - The Trustee-Manager's Remuneration Committee and Nomination Committee did not comply with relevant provisions of the **Corporate Governance Code** because the Trust Deed stipulates that its directors are not entitled to remuneration and that the Company's directors and the Trustee-Manager's directors must be the same individuals[174](index=174&type=chunk) - Directors have requested and received reports from management regarding risk management and internal control systems, confirming no significant risks or internal control deficiencies were found that were not adequately and appropriately mitigated and/or managed[175](index=175&type=chunk) [Corporate Information](index=60&type=section&id=Corporate%20Information) This chapter provides essential corporate information for HKT Limited and HKT Management Limited, including board members, registered office, stapled unit details, dividend distributions, financial calendar, investor relations contact, and listing information - The Board of Directors of HKT Limited includes Executive Directors Richard Li Tzar Kai (Executive Chairman) and Susanna Hui Hon Hing (Group Managing Director), as well as several Non-executive Directors and Independent Non-executive Directors[176](index=176&type=chunk) - Stapled units are traded in board lots of **1,000 units**, with **7,579,776,147 units** issued as of June 30, 2025[176](index=176&type=chunk) - The interim distribution per stapled unit for the six months ended June 30, 2025, was **HK$33.80 cents**, with a payment date on or about September 4, 2025[176](index=176&type=chunk) - HKT Trust and HKT Limited stapled units are listed on The Stock Exchange of Hong Kong Limited under stock code **6823**[177](index=177&type=chunk)[178](index=178&type=chunk) [Forward-Looking Statements](index=62&type=section&id=Forward-Looking%20Statements) This chapter contains forward-looking statements based on the current beliefs, assumptions, expectations, estimates, and projections of HKT's directors and management, but these are not guarantees of future business performance; actual results may differ materially due to risks and uncertainties such as macroeconomic and geopolitical uncertainties, increased competition, regulatory developments, ability to access capital, and challenges in executing business strategies - Forward-looking statements include, but are not limited to, statements regarding revenue, profit, and outlook, using words such as "believe," "plan," "project," "expect," "forecast," "estimate," etc[183](index=183&type=chunk) - Forward-looking statements are not guarantees of future business performance and are subject to risks, uncertainties, and other factors beyond the Company's control, which may cause actual results to differ materially from projections[183](index=183&type=chunk) - Factors that could cause actual results to differ include macroeconomic, public health, and geopolitical uncertainties, ability to execute business strategies, interest rate risks, regulatory developments, and increased market competition[182](index=182&type=chunk)[183](index=183&type=chunk)

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港電訊信託與香港電訊有限公司（備註1&2） 呈交日期: 2025年9月2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) | 06823 | 說明 | 普通股（為股份合訂單位的組成部分） | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | ...

Core Viewpoint - Standard Chartered Bank has established a joint venture named Anchorpoint Financial Limited, focusing on issuing compliant stablecoins in Hong Kong, with the aim to enhance digital asset applications and support Hong Kong's status as an international financial center [1][3]. Company Summary - Anchorpoint Financial Limited was formed by Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT, with the announcement of the joint venture made in February 2023 and the official registration completed by August 8, 2023 [1][2]. - The company has undergone three name changes during its formation, with the final name "Anchorpoint" symbolizing the anchoring of stablecoins to fiat currencies [2]. - The registered address of Anchorpoint is located at Standard Chartered Bank's headquarters in Central Hong Kong, indicating a strong institutional backing [2]. Industry Summary - Standard Chartered Bank is recognized as one of the three major note-issuing banks in Hong Kong and is considered a competitive applicant for stablecoin licenses [3]. - Anchorpoint expressed its intention to apply for a stablecoin issuance license to the Hong Kong Monetary Authority (HKMA) on August 1, 2023, coinciding with the enactment of the Stablecoin Regulation [3]. - The HKMA has received interest from numerous institutions since launching the stablecoin issuer sandbox in July 2022, but it plans to issue only a limited number of licenses initially, indicating a cautious regulatory approach [3]. - The establishment of stablecoins is viewed as crucial for reinforcing Hong Kong's position as a leading international financial center, especially as assets become increasingly digitized [4].