香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 YUXING INFOTECH INVESTMENT HOLDINGS LIMITED 裕興科技投資控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號：8005） 須予披露交易 加密貨幣出售事項 以太幣出售事項 董事會謹此宣佈，於二零二五年九月三十日至二零二五年十月三日期間，本集 團於公開市場上進行了一系列以現金出售1,035單位以太幣，每單位之平均價格 為4,261美元，代價總額4.4百萬美元（相當於34.4百萬港元）（不包括交易成本）。 GEM上市規則之涵義 由於以太幣出售事項之最高適用百分比率（定義見GEM上市規則）以獨立基準或 與過去十二個月內進行的以太幣出售事項合併計算均超過5%但低於25%，根據 GEM上市規則第十九章，以太幣出售事項構成本公司的須予披露交易，並須遵 守GEM上市規則第19.34條項下的通知及公佈規定。 以太幣出售事項 由於以太幣出售事項均於公開市場上進行，因此所出售 ...

Core Viewpoint - Yuxing Technology (08005) has announced the appointment of Mr. Bai Rongxu as an independent non-executive director, effective from September 1, 2025 [1] Group 1 - Mr. Bai Rongxu will also serve as a member of the audit committee, nomination committee, and remuneration committee [1]

Group 1 - The core point of the article is the appointment of Mr. Bai Rongxu as an independent non-executive director of Yuxing Technology, effective from September 1, 2025 [1] - Mr. Bai will also serve as a member of the audit committee, nomination committee, and remuneration committee [1]

FF003G 香港聯合交易所有限公司 （香港交易及結算所有限公司的全資附屬公司） 監管表格 證券代號（普通股）： 8005 本資料報表列載若干有關上述在香港聯合交易所有限公司（「交易所」）GEM 上市的公司（「該公 司」）的資料。該等資料乃遵照香港聯合交易所有限公司《GEM 證券上市規則》（「《GEM 上市規 則》」）的規定而提供，旨在向公眾提供有關該公司的資料。該等資料將會在互聯網的本交易所網頁展 示。本資料報表不應視作有關該公司及╱或其證券的完整資料概要。 上市申請表格 本報表的資料乃於 二零二五年九月一日 更新。 G 表格 A. 一般資料 GEM 公司資料報表 香港交易及結算所有限公司及香港聯合交易所有限公司對本資料報表的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本資料報表全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 公司名稱： 裕興科技投資控股有限公司 董事姓名 （請列明董事的身份－執行、非執行或獨 立非執行）： 李强先生 （主席） 從玉先生 （行政總裁） 時光榮先生 朱江先生 陳彪先生 獨立非執行董事 沈燕女士 霍琦瑋女士 白榮旭先生 第1頁, ...

YUXING INFOTECH INVESTMENT HOLDINGS LIMITED 裕 興 科 技 投 資 控 股 有 限 公 司 * （於百慕達註冊成立之有限公司） （股份代號：8005） 董事名單與其角色及職能 沈燕 霍琦瑋 白榮旭 董事會已成立一個審核委員會、一個薪酬委員會以及一個提名委員會（統稱「委員會」）。 各委員會的成員載列如下：- 審核委員會 沈燕 （主席） 霍琦瑋 白榮旭 薪酬委員會 沈燕 （主席） 從玉 陳彪 霍琦瑋 白榮旭 提名委員會 裕興科技投資控股有限公司董事會（「董事會」）成員載列如下：- 執行董事 李强 （主席） 從玉 （行政總裁） 時光榮 朱江 陳彪 獨立非執行董事 沈燕 （主席） 從玉 時光榮 霍琦瑋 白榮旭 香港，二零二五年九月一日 * 僅供識別 ...

YUXING INFOTECH INVESTMENT HOLDINGS LIMITED 裕興科技投資控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號：8005） 獨立非執行董事 及 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 白先生的簡歷如下： 白先生，50歲，畢業於北京交通大學工程管理專業。彼擁有逾二十六年的工程管 理經驗，專項於大型房屋建築、石油化工建設及模組化集成建築等項目。白先生 目前擔任河南喜拾食品科技有限公司之副總經理。 本公司已與白先生訂立有關彼獲委任為獨立非執行董事的服務合約，固定任期自 二零二五年九月一日起計為期兩年。白先生將收取每年120,000港元之董事袍金， 此乃經參考現行市況及彼於本集團的角色及職能而釐定。白先生的薪酬將由董事 會根據本公司之薪酬委員會的建議予以檢討。白先生的任期直至其獲委任後本公 司的下一屆股東大會為止，屆時將符合資格根據本公司的公司細則（「公司細則」） 於該大會上膺選連任，並須遵守公司細則有 ...

Yuxing InfoTech Investment Holdings Limited (the "Company") - Notice of Publication of Interim Report 2025 (the "Current Corporate Communications") The Current Corporate Communications of the Company has been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kong Limited ("HKEX") at www.hkexnews.hk and the Company's website at www.yuxing.com.cn. If you have any difficulty in receiving or gaining access to the Current Corporate Communications posted on ...

Yuxing InfoTech Investment Holdings Limited 裕興科技投資控股有限公司* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 8005) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s), Yuxing InfoTech Investment Holdings Limited (the "Company") - Notice of Publication of Interim Report 2025 (the "Current Corporate Communications") The Current Corporate Communications of the Company has been published in English and Chinese languages and are available on the website o ...

Report Overview This section describes the GEM market's high-risk nature for small and medium-sized companies and clarifies the Exchange's non-responsibility for the report's content [GEM Characteristics and Disclaimer](index=2&type=section&id=GEM%20Characteristics%20and%20Disclaimer) This section outlines the Hong Kong Stock Exchange's GEM market as a listing platform for small and medium-sized companies, which typically carry higher investment risks and market volatility, and explicitly states that the Exchange is not responsible for the accuracy or completeness of this report's content - The GEM market is positioned as a listing platform for small and medium-sized companies, entailing **higher investment risks**[3](index=3&type=chunk) - GEM securities may be subject to **greater market volatility risks**, and high liquidity is not guaranteed[3](index=3&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are **not responsible** for the content of this report[3](index=3&type=chunk) Six-Month Period Summary This section provides a concise financial overview for the six months ended June 30, 2025, highlighting a significant revenue decrease, a shift from profit to loss, and no interim dividend recommendation [Financial Summary](index=3&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 62.8% year-on-year to HKD 45.0 million, turning a profit from the same period last year into a loss of HKD 30.0 million, with a basic loss per share of 1.21 HK cents. The Board does not recommend an interim dividend 2025 H1 Key Financial Indicators Comparison (as of June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 45,000 | 120,737 | -62.8% | | Gross Profit | 16,500 | 37,700 | -56.2% | | (Loss)/Profit Attributable to Owners of the Company | (30,000) | 53,200 | Shifted from profit to loss | | Basic (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | Shifted from profit to loss | | Total Equity Attributable to Owners of the Company (Period-end) | 1,611,000 | 1,639,000 (Dec 31, 2024) | -1.7% | | Net Asset Value Per Share (Period-end) | 0.65 HKD | 0.66 HKD (Dec 31, 2024) | -1.5% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[7](index=7&type=chunk) Interim Results This section presents the condensed consolidated interim financial statements, detailing the group's financial performance, position, equity changes, and cash flows for the six months ended June 30, 2025 [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 62.8% year-on-year to HKD 44,974 thousand, and gross profit decreased by 56.1% to HKD 16,546 thousand. Due to a significant reduction in other income and net gains, and a fair value change in investment properties from profit to loss, the Group recorded a loss of HKD 30,070 thousand, compared to a profit of HKD 52,489 thousand in the same period last year Condensed Consolidated Statement of Comprehensive Income Key Data (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 44,974 | 120,737 | -62.8% | | Cost of Sales | (28,428) | (83,080) | -65.8% | | Gross Profit | 16,546 | 37,657 | -56.1% | | Other Income and Net Gains | 11,680 | 76,863 | -84.8% | | Net Change in Fair Value of Investment Properties | (5,738) | 574 | Shifted from profit to loss | | Operating (Loss)/Profit | (28,285) | 53,316 | Shifted from profit to loss | | (Loss)/Profit Before Tax | (29,894) | 52,641 | Shifted from profit to loss | | (Loss)/Profit for the Period | (30,070) | 52,489 | Shifted from profit to loss | | (Loss)/Profit Attributable to Owners of the Company | (29,992) | 53,157 | Shifted from profit to loss | | Basic (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | Shifted from profit to loss | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities amounted to HKD 1,653,133 thousand, a slight decrease from December 31, 2024. Non-current assets remained stable, while a significant reduction in cryptocurrencies within current assets led to a decrease in total current assets. Net assets slightly decreased to HKD 1,607,370 thousand Condensed Consolidated Statement of Financial Position Key Data (as of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 519,675 | 516,739 | +0.6% | | Current Assets | 550,669 | 584,971 | -5.9% | | Assets Classified as Held for Sale | 850,200 | 850,200 | 0% | | Current Liabilities | 267,411 | 270,408 | -1.1% | | Net Current Assets | 1,133,458 | 1,164,763 | -2.7% | | Total Assets Less Current Liabilities | 1,653,133 | 1,681,502 | -1.7% | | Net Assets | 1,607,370 | 1,635,419 | -1.7% | | Equity Attributable to Owners of the Company | 1,611,041 | 1,639,012 | -1.7% | - Cryptocurrency holdings decreased by **27.3%**, from HKD 140,539 thousand as of December 31, 2024, to **HKD 102,126 thousand** as of June 30, 2025[12](index=12&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company decreased from HKD 1,639,012 thousand at the beginning of the period to HKD 1,611,041 thousand at the end, primarily due to a loss of HKD 29,992 thousand recorded during the period, partially offset by foreign exchange translation gains from overseas operations of HKD 2,021 thousand Statement of Changes in Equity (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 1,639,012 | 1,705,704 | | (Loss)/Profit for the Period | (29,992) | 53,157 | | Exchange Differences on Translation of Overseas Operations | 2,021 | (1,694) | | Equity Attributable to Owners of the Company at End of Period | 1,611,041 | 1,757,167 | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash from operating activities turned from a net outflow in the prior year to a net inflow of HKD 539 thousand, but net cash outflow from investing activities increased to HKD 15,202 thousand, while net cash outflow from financing activities decreased. Cash and cash equivalents at the end of the period significantly decreased to HKD 18,512 thousand Condensed Consolidated Statement of Cash Flows Key Data (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 539 | (22,651) | Shifted from outflow to inflow | | Net Cash Used In Investing Activities | (15,202) | (6,846) | Outflow increased by 122.1% | | Net Cash Used In Financing Activities | (1,519) | (2,012) | Outflow decreased by 24.5% | | Net Decrease in Cash and Cash Equivalents | (16,182) | (31,509) | Decrease narrowed | | Cash and Cash Equivalents at End of Period | 18,512 | 50,284 | -63.2% | - The increase in cash outflow from investing activities was primarily due to increased purchases of property, plant and equipment, investment properties, interests in an associate, and prepayments for construction works[19](index=19&type=chunk) Notes to the Unaudited Condensed Consolidated Interim Financial Statements This section provides detailed notes to the unaudited condensed consolidated interim financial statements, covering general information, basis of preparation, fair value measurements, segment information, and specific financial item breakdowns [General Information](index=11&type=section&id=General%20Information) Yuxing InfoTech Investment Holdings Limited is an exempted company incorporated in Bermuda and listed on the GEM of the Hong Kong Stock Exchange, primarily engaged in investment holding, with its subsidiaries mainly involved in information appliances, Internet Data Center (IDC), investment, and leasing businesses - The company's principal businesses include **information appliances, Internet Data Center (IDC), investment, and leasing businesses**[20](index=20&type=chunk) [Basis of Preparation](index=11&type=section&id=Basis%20of%20Preparation) These financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the GEM Listing Rules, are unaudited but have been reviewed by the Audit Committee. The basis of preparation is historical cost, except for investment properties and financial assets at fair value through profit or loss, which are measured at fair value. The adoption of new/revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards during the period did not result in significant changes - The financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and the **GEM Listing Rules**, are unaudited but reviewed by the Audit Committee[21](index=21&type=chunk) - The basis of preparation is **historical cost**, with investment properties and FVPL financial assets measured at fair value[21](index=21&type=chunk) - The adoption of new/revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards during the period did not result in **significant changes** to the Group's accounting policies and reported amounts[22](index=22&type=chunk)[23](index=23&type=chunk) [Fair Value Measurement](index=12&type=section&id=Fair%20Value%20Measurement) The Group's fair value measurement of financial instruments is categorized into three levels, with Level 3 (unobservable inputs) financial assets at fair value through profit or loss recording a net change loss of HKD 2,194 thousand in the first half of 2025, compared to a profit of HKD 18,606 thousand in the same period last year. Valuations are performed by independent professional valuers and reviewed by the directors - Fair value measurements are categorized into three levels, with Level 3 (unobservable inputs) financial assets valued by **independent professional valuers** and reviewed by the directors[25](index=25&type=chunk)[27](index=27&type=chunk) Changes in Level 3 Fair Value Measured Financial Assets (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Beginning of Period | 166,932 | 121,528 | | Net Fair Value Change Recognized in Profit or Loss | (2,194) | 18,606 | | End of Period | 164,738 | 140,134 | - For the six months ended June 30, 2025 and 2024, there were **no transfers** between Level 1 and Level 2, or into or out of Level 3 fair value measurements[29](index=29&type=chunk) [Segment Information](index=15&type=section&id=Segment%20Information) The Group's businesses are divided into information appliances, IDC, investment, leasing, and other businesses. In the first half of 2025, revenue from both information appliances and IDC businesses significantly decreased, leading to the IDC segment turning from profit to loss, and the leasing business also recording a loss. Other income and net gains from investment business also significantly decreased. Geographically, revenue from Australia, the US, and China markets all saw substantial declines - The Group's reportable segments include **information appliances, IDC, investment, leasing, and other businesses**[37](index=37&type=chunk) Segment Revenue and Results Comparison (for the six months ended June 30) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | Revenue Change (%) | 2025 Results (HKD thousands) | 2024 Results (HKD thousands) | Results Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Information Appliances | 31,860 | 93,337 | -65.9% | 4,133 | 5,083 | -18.7% | | IDC | 13,114 | 27,400 | -52.1% | (250) | 13,280 | Shifted from profit to loss | | Investment | – | – | N/A | 3,009 | 57,595 | -94.8% | | Leasing | – | – | N/A | (1,870) | 6,152 | Shifted from profit to loss | | Other Businesses | – | – | N/A | (12,308) | (6,820) | Loss widened | | **Total Revenue** | **44,974** | **120,737** | **-62.8%** | **(7,286)** | **75,290** | Shifted from profit to loss | Revenue by Geographical Region Comparison (for the six months ended June 30) | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Australia | 19,643 | 63,338 | -69.1% | | United States | 3,314 | 17,400 | -81.0% | | China | 7,940 | 19,557 | -59.4% | | Hong Kong | 10,534 | 13,652 | -22.8% | | Other Overseas Markets | 3,543 | 6,790 | -47.9% | | **Total** | **44,974** | **120,737** | **-62.8%** | [Revenue, Other Income and Net Gains](index=20&type=section&id=Revenue%2C%20Other%20Income%20and%20Net%20Gains) The Group's total revenue decreased by 62.8% year-on-year, primarily due to reduced sales of information appliance goods and IDC property and facility rental income. Other income and net gains also significantly decreased by 84.8%, mainly impacted by reduced gains from the disposal of cryptocurrencies Revenue Composition Comparison (for the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of Information Appliance Goods | 26,539 | 87,211 | -69.6% | | Information Appliance Support Service Income | 5,321 | 6,126 | -13.2% | | IDC Property and Facility Rental Income | 13,114 | 27,400 | -52.1% | | **Total Revenue** | **44,974** | **120,737** | **-62.8%** | Other Income and Net Gains Composition Comparison (for the six months ended June 30) | Other Income and Net Gains Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Rental Income from Investment Properties | 6,508 | 8,431 | -22.8% | | Interest Income from Bank Deposits | 86 | 380 | -77.4% | | Interest Income from Loans Receivable | 305 | 1,097 | -72.2% | | Net Foreign Exchange Gains | 498 | 58 | +758.6% | | Net Fair Value Gains on FVPL Financial Assets | 1,177 | 11,574 | -89.8% | | Gains on Disposal of Cryptocurrencies | 2,253 | 53,855 | -95.8% | | **Total Other Income and Net Gains** | **11,680** | **76,863** | **-84.8%** | [Finance Costs](index=21&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs decreased by 40.4% year-on-year to HKD 171 thousand, primarily due to reduced borrowing costs for bank and other loans Finance Costs Comparison (for the six months ended June 30) | Finance Cost Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Borrowing Costs for Bank and Other Loans | 13 | 213 | -93.9% | | Amortization of Interest Expense on Lease Liabilities | 158 | 75 | +110.7% | | **Total Finance Costs** | **171** | **288** | **-40.6%** | [(Loss)/Profit Before Tax](index=21&type=section&id=%28Loss%29%2FProfit%20Before%20Tax) For the six months ended June 30, 2025, the Group recorded a loss before tax of HKD 29,894 thousand, primarily impacted by a significant reduction in depreciation of property, plant and equipment, with no depreciation from cryptocurrency mining machines during the period (Loss)/Profit Before Tax Calculation Items (for the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Net Reversal of Inventory Write-downs | (116) | (388) | Decrease | | Depreciation of Right-of-Use Assets | 3,070 | 3,142 | Decrease | | Depreciation of Property, Plant and Equipment | 6,032 | 23,075 | Significant decrease | | – Allocated to Cryptocurrency Costs | – | (10,402) | No longer incurred | - Depreciation of property, plant and equipment significantly decreased, mainly because cryptocurrency mining machines were **fully impaired in 2024**, and no depreciation was incurred during the period[51](index=51&type=chunk)[110](index=110&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was HKD 176 thousand, primarily for China corporate income tax. No taxable profits were generated by Hong Kong, US, and German operations, thus no related tax provisions were made. Certain Chinese subsidiaries enjoy preferential tax rates for small low-profit enterprises Income Tax Expense Comparison (for the six months ended June 30) | Tax Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | China Corporate Income Tax | 176 | 152 | +15.8% | - Hong Kong, US, and German operations had **no taxable profits**, thus no related tax provisions were made[52](index=52&type=chunk)[53](index=53&type=chunk) - Certain Chinese subsidiaries are designated as "small low-profit enterprises" and enjoy a **preferential corporate income tax rate of 5%**[52](index=52&type=chunk) [Dividends](index=23&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[55](index=55&type=chunk) [(Loss)/Earnings Per Share](index=23&type=section&id=%28Loss%29%2FEarnings%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share were both 1.21 HK cents, compared to earnings per share of 2.14 HK cents in the same period last year, primarily due to the loss attributable to owners of the Company. There were no potential dilutive ordinary shares during the period (Loss)/Earnings Per Share Comparison (for the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company (HKD thousands) | (29,992) | 53,157 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 2,487,705 | 2,487,705 | | Basic (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | | Diluted (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | - As there were no potential dilutive ordinary shares during the period, the diluted (loss)/earnings per share is **consistent with the basic (loss)/earnings per share**[57](index=57&type=chunk) [Investment Properties](index=24&type=section&id=Investment%20Properties) As of June 30, 2025, the carrying amount of the Group's investment properties decreased to HKD 129,375 thousand, primarily due to a net fair value change loss of HKD 5,738 thousand recognized during the period, partially offset by an increase in exchange adjustments Investment Properties Movement (as of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Beginning of Period | 133,132 | 131,870 | | Net Fair Value Change | (5,738) | 2,850 | | Exchange Adjustments | 1,981 | (2,861) | | End of Period | 129,375 | 133,132 | [Trade and Other Receivables and Prepayments for Construction Works](index=24&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments%20for%20Construction%20Works) As of June 30, 2025, total trade and other receivables and prepayments for construction works increased to HKD 408,182 thousand. Trade receivables with an aging over 90 days accounted for the highest proportion, and prepayments included deposits for cryptocurrency mining machine purchases, some of which have been terminated and are awaiting refund, while others have extended delivery dates Trade and Other Receivables and Prepayments for Construction Works Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables (net of loss allowance) | 43,992 | 40,972 | +7.4% | | Earnest Money Paid for Intangible Assets | 62,500 | 61,555 | +1.5% | | Other Receivables (net of loss allowance) | 21,405 | 10,171 | +110.4% | | Prepayments and Deposits (net of loss allowance) | 263,693 | 266,708 | -1.1% | | Prepayments for Construction Works | 16,335 | 12,626 | +29.4% | | **Total** | **408,182** | **392,289** | **+4.0%** | Trade Receivables Aging Analysis (as of June 30) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0–30 days | 10,482 | 5,019 | | 31–60 days | 3,293 | 5,166 | | 61–90 days | 2,181 | 4,179 | | Over 90 days | 28,036 | 26,608 | - A portion of the transaction deposits for cryptocurrency mining machine purchases has been terminated, with **RMB 49,977,000 (approximately HKD 54,799,000) to be refunded by December 31, 2025**; the delivery of mining machines for the remaining prepayment of RMB 140,105,000 (approximately HKD 153,624,000) has been **extended to December 2025**[61](index=61&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=26&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's total financial assets at fair value through profit or loss increased to HKD 223,453 thousand, primarily comprising unlisted equity securities. New additions during the period included money market funds and private equity funds FVPL Financial Assets Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Securities Listed in Hong Kong | 26,752 | 25,716 | +4.0% | | Equity Securities Listed Outside Hong Kong | 493 | 418 | +17.9% | | Money Market Funds | 4,134 | – | New addition | | Private Equity Funds | 1,849 | – | New addition | | Unlisted Equity Securities | 190,225 | 190,454 | -0.1% | | **Total** | **223,453** | **216,588** | **+3.2%** | - Unlisted equity securities include investments in companies incorporated in the Cayman Islands and Hong Kong, as well as securities traded on the **US over-the-counter market**[64](index=64&type=chunk) [Investment Portfolio](index=28&type=section&id=Investment%20Portfolio) The Group's top ten investment portfolio primarily includes listed and unlisted equity securities, as well as money market funds and private equity funds. As of June 30, 2025, the total investment portfolio accounted for 99% of the Group's total investments, with several investments recording unrealized losses or reduced net gains during the period. Money market funds aim to achieve absolute returns exceeding their benchmarks while ensuring capital security Top Ten Investment Portfolio Overview (as of June 30, 2025) | Name of Investee Company | Fair Value (HKD thousands) | Cumulative Unrealized Holding Gains/(Losses) from Acquisition Date to June 30, 2025 (HKD thousands) | Net Gains/(Losses) for the Six Months Ended June 30, 2025 (HKD thousands) | | :--- | :--- | :--- | :--- | | China Hengtian Lixin International Co., Ltd. | 353 | (2,276) | 12 | | Honbridge Holdings Limited | 25,496 | (32,899) | 865 | | Alibaba Group Holding Limited (American Depositary Shares) | 824 | 111 | 75 | | Lufax Holding Ltd (American Depositary Shares) | 493 | (8,934) | 206 | | Industrial and Commercial Bank of China Limited Money Market Fund | 4,134 | – | – | | GoldenFuture Capital Investment Ltd. Private Equity Fund | 1,849 | 289 | 289 | | APAL Holdings Limited (Unlisted) | 75,717 | (2,283) | (2,194) | | Didi Global Inc. (Unlisted) | 25,487 | 12,758 | 1,965 | | HK Zxoud Limited (Unlisted) | 2,394 | (9,406) | – | | Profound View Group (Unlisted) | 86,627 | 20,627 | – | - The investment portfolio accounts for **99% of the Group's total investments**, with the remainder comprising multiple investments each representing less than 1% of total assets[69](index=69&type=chunk)[75](index=75&type=chunk) - The money market fund managed by Industrial and Commercial Bank of China Limited aims to achieve **absolute returns exceeding its benchmark** while ensuring capital security, with a daily annualized return rate of **1.25% to 1.50%**[77](index=77&type=chunk) [Cryptocurrencies](index=33&type=section&id=Cryptocurrencies) As of June 30, 2025, the Group's total cryptocurrency holdings amounted to HKD 102,126 thousand, a 27.3% decrease from December 31, 2024, primarily due to reduced Bitcoin and Ethereum holdings, while Tether USD holdings significantly increased. No write-downs or reversals of write-downs for cryptocurrencies were recognized during the period Cryptocurrency Holdings Comparison (as of June 30) | Cryptocurrency Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Bitcoin | 40,548 | 105,092 | -61.4% | | Ethereum | 16,676 | 35,359 | -52.8% | | Tether USD | 44,894 | 80 | +56017.5% | | USD Coin | 8 | 8 | 0% | | **Total** | **102,126** | **140,539** | **-27.3%** | - Cryptocurrencies are stated at the **lower of cost and net realizable value**, with no write-downs or reversals of write-downs recognized during the period[80](index=80&type=chunk) [Loans Receivable](index=33&type=section&id=Loans%20Receivable) As of June 30, 2025, the Group's total loans receivable amounted to HKD 29,179 thousand, with several loans overdue and borrowers failing to repay interest or principal, leading to significant loss allowances. Repayment dates for some loans have been extended Loans Receivable Total and Loss Allowance (as of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loans to Third Parties | 248,076 | 247,978 | | Less: Loss Allowance | (218,897) | (218,897) | | **Net Loans Receivable** | **29,179** | **29,081** | - Multiple loans are **overdue**, with borrowers failing to repay interest or principal, and the Group has issued demand letters to borrowers and guarantors and is in negotiations[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - One loan of **HKD 14,000,000** has been partially repaid, with the remaining balance's repayment date extended to October 2025[87](index=87&type=chunk) [Assets Classified as Held for Sale](index=37&type=section&id=Assets%20Classified%20as%20Held%20for%20Sale) The Group's IDC land and property in San Jose, USA, are classified as assets held for sale, valued at HKD 850,200 thousand. The contingency date for the disposal has been extended to September 2, 2025, and is expected to be completed within 2025 - The IDC land and property in San Jose, USA, are classified as **assets held for sale**, valued at **HKD 850,200 thousand**[89](index=89&type=chunk)[90](index=90&type=chunk) - The contingency date for the disposal of the US IDC has been **extended to September 2, 2025**, and is expected to be completed within 2025[90](index=90&type=chunk) [Trade and Other Payables](index=38&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables amounted to HKD 262,008 thousand, a slight decrease from December 31, 2024. This primarily includes outstanding payables for computing power and performance deposits for cryptocurrency mining machine purchases Trade and Other Payables Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 9,328 | 10,338 | -9.7% | | Contract Liabilities | 7,181 | 5,426 | +32.3% | | Other Payables | 229,955 | 220,982 | +4.1% | | Accrued Expenses | 15,544 | 28,418 | -45.3% | | **Total** | **262,008** | **265,164** | **-1.2%** | - Other payables include **outstanding payables for computing power of HKD 79,748 thousand** and **performance deposits for cryptocurrency mining machine purchases of HKD 120,614 thousand**[92](index=92&type=chunk) [Bank and Other Borrowings](index=39&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total bank and other borrowings amounted to HKD 2,916 thousand, a slight decrease from December 31, 2024. Bank loans bear interest at variable annual rates ranging from 2.90% to 3.03% and are secured by the Group's assets Bank and Other Borrowings Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Bank Term Loans Subject to Immediate Repayment on Demand Clause | 916 | 952 | | Other Borrowings | 2,000 | 2,000 | | **Total** | **2,916** | **2,952** | - Bank loans bear interest at **variable annual rates from 2.90% to 3.03%** and are secured by the Group's assets[93](index=93&type=chunk) [Share Capital](index=39&type=section&id=Share%20Capital) As of June 30, 2025, the Group's authorized share capital and issued and fully paid share capital both remained unchanged at HKD 200,000 thousand and HKD 62,193 thousand, respectively, with 2,487,705 thousand ordinary shares Share Capital Composition (as of June 30) | Item | June 30, 2025 (thousand shares/HKD thousands) | December 31, 2024 (thousand shares/HKD thousands) | | :--- | :--- | :--- | | Authorized Share Capital (Number of Ordinary Shares) | 8,000,000 | 8,000,000 | | Authorized Share Capital (Amount) | 200,000 | 200,000 | | Issued and Fully Paid Share Capital (Number of Ordinary Shares) | 2,487,705 | 2,487,705 | | Issued and Fully Paid Share Capital (Amount) | 62,193 | 62,193 | [Pledged Assets](index=40&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged right-of-use assets of HKD 54,393 thousand and bank deposits of HKD 200 thousand to secure loan financing Pledged Assets (as of June 30) | Pledged Asset | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Right-of-Use Assets | 54,393 | 55,895 | | Bank Deposits | 200 | 200 | [Changes in Interests in Subsidiaries Without Loss of Control](index=40&type=section&id=Changes%20in%20Interests%20in%20Subsidiaries%20Without%20Loss%20of%20Control) On June 5, 2024, the Group acquired the remaining 40% equity interest in Crown Technology (Hong Kong) Limited, an indirect non-wholly owned subsidiary, for a consideration of HKD 4,000, increasing its shareholding from 60% to 100%, resulting in a decrease in non-controlling interests of HKD 4,000 for the six months ended June 30, 2024 - On June 5, 2024, the Group acquired the remaining **40% equity interest in Crown Technology (Hong Kong) Limited**, increasing its shareholding to 100%, which resulted in a **decrease in non-controlling interests of HKD 4,000**[96](index=96&type=chunk) [Approval of Unaudited Condensed Consolidated Interim Financial Statements](index=40&type=section&id=Approval%20of%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The Board of Directors approved the unaudited condensed consolidated interim financial statements on August 18, 2025 - The Board of Directors approved the unaudited condensed consolidated interim financial statements on **August 18, 2025**[97](index=97&type=chunk) Management Discussion and Analysis This section provides a comprehensive review of the group's business operations, financial performance, liquidity, and key risks, along with discussions on human resources and compliance [Business Review and Outlook](index=41&type=section&id=Business%20Review%20and%20Outlook) The Group's principal businesses include information appliances, IDC, investment, and leasing. Information appliance business revenue significantly declined due to intense competition and reduced orders. IDC business revenue decreased due to deferred US IDC leases and challenges from anti-China sentiment in the US market. Both fair value gains from investment business and gains from digital asset disposals significantly decreased. The leasing business was affected by a sluggish industrial market, resulting in reduced rental income and fair value losses, leading to a segment loss - The Group is primarily engaged in **information appliances, Internet Data Center (IDC), investment, and leasing businesses**[98](index=98&type=chunk) - Information appliance business revenue **decreased significantly by 65.9% to HKD 31.9 million**, with segment profit decreasing by 18.7%[99](index=99&type=chunk) - IDC business revenue **decreased by 52.1% to HKD 13.1 million**, with the segment shifting from profit to a loss of HKD 0.3 million, facing challenges from **anti-China sentiment in the US market and power supply issues**[100](index=100&type=chunk)[102](index=102&type=chunk) - Investment business net fair value gains **decreased from HKD 11.6 million to HKD 1.1 million**, and gains from digital asset disposals **decreased from HKD 53.9 million to HKD 2.3 million**[103](index=103&type=chunk) - Leasing business rental income **decreased by 22.8% to HKD 6.5 million**, and investment property fair value shifted from profit to a loss of HKD 5.7 million, resulting in a **segment loss of HKD 1.9 million**[104](index=104&type=chunk) [Financial Review](index=43&type=section&id=Financial%20Review) The Group's revenue and gross profit significantly declined due to competition in the information appliance market and reduced IDC rental income. Other income and net gains significantly decreased due to reduced gains from cryptocurrency disposals. Investment property fair value shifted from profit to loss, mainly impacted by the sluggish China real estate market. Distribution and selling expenses, general and administrative expenses, other operating expenses, and finance costs all decreased, but ultimately led to the Group shifting from profit to loss Financial Review Key Indicators Comparison (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 45,000 | 120,700 | -62.8% | | Gross Profit | 16,500 | 37,700 | -56.1% | | Other Income and Net Gains | 11,700 | 76,900 | -84.8% | | Net Change in Fair Value of Investment Properties | (5,700) | 600 | Shifted from profit to loss | | Distribution and Selling Expenses | 1,000 | 2,900 | -65.5% | | General and Administrative Expenses | 48,800 | 50,800 | -3.9% | | Other Operating Expenses | 1,100 | 8,100 | -86.4% | | Finance Costs | 200 | 300 | -33.3% | | Loss Attributable to Owners of the Company | (30,000) | 53,200 (Profit) | Shifted from profit to loss | - Other operating expenses significantly decreased by **86.9%**, primarily because cryptocurrency mining machines were **fully impaired in 2024**, and no depreciation was incurred during the period[110](index=110&type=chunk) [Liquidity and Financial Resources](index=45&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets were HKD 1,133.5 million, with a current ratio of 5.2 times and a gearing ratio of 19.5%. The Group adopts a prudent approach to cash management, maintains low debt leverage, and possesses sufficient liquidity and financial resources to meet its working capital needs for the next 12 months Liquidity and Financial Resources Key Indicators (as of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 1,133.5 million | N/A | | Cash and Bank Balances | HKD 18.3 million | HKD 34.8 million | | Current Ratio | 5.2 times | 5.3 times | | Gearing Ratio | 19.5% | 19.4% | - The Group adopts a **prudent approach to cash management**, maintains **low debt leverage**, and possesses **sufficient liquidity and financial resources** to meet future operating needs[115](index=115&type=chunk) [Capital Commitments](index=45&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no other capital commitments - As of June 30, 2025, the Group had **no other capital commitments**[116](index=116&type=chunk) [Contingent Liabilities](index=45&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had **no contingent liabilities**[117](index=117&type=chunk) [Pledge of Group Assets](index=45&type=section&id=Pledge%20of%20Group%20Assets) Details of the pledge of Group assets are set out in Note 21 to the unaudited condensed consolidated interim financial statements in this report - Details of the pledge of Group assets are set out in **Note 21 to the financial statements**[118](index=118&type=chunk) [Capital Structure](index=45&type=section&id=Capital%20Structure) As of June 30, 2025, the Group's share capital was HKD 62.2 million, consisting of 2,487,704,800 shares, remaining unchanged from December 31, 2024 Capital Structure (as of June 30) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Share Capital | HKD 62.2 million | HKD 62.2 million | | Total Number of Issued Shares | 2,487,704,800 shares | 2,487,704,800 shares | [Material Investments / Material Acquisitions and Disposals](index=46&type=section&id=Material%20Investments%20%2F%20Material%20Acquisitions%20and%20Disposals) During the period, the Group engaged in the purchase and sale of cryptocurrencies, including converting Bitcoin to Tether USD and selling a portion of USDT, as well as selling Ethereum and partially converting it to USDT. Other than these, the Group had no other material investments, acquisitions, or disposals - The Group engaged in **Bitcoin, Tether USD, and Ethereum purchase and sale transactions** during the period[120](index=120&type=chunk) - Other than cryptocurrency transactions, the Group had **no other material investments, acquisitions, or disposals** of subsidiaries, associates, and joint ventures during the period[120](index=120&type=chunk) [Future Plans for Material Investments and Capital Assets](index=46&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group had no other plans for material investments or capital assets - As of June 30, 2025, the Group had **no other plans for material investments or capital assets**[121](index=121&type=chunk) [Treasury Policy](index=46&type=section&id=Treasury%20Policy) The Group adopts a robust treasury policy to minimize credit risk through continuous credit assessment and closely monitors its liquidity position to ensure it can meet funding requirements - The Group adopts a **robust treasury policy**, minimizing credit risk through continuous credit assessment[122](index=122&type=chunk) - The Board closely monitors the Group's liquidity position to ensure it can **meet funding requirements**[122](index=122&type=chunk) [Credit Policy](index=47&type=section&id=Credit%20Policy) The Group has adopted a credit policy for the daily management and monitoring of the recoverability of loans, trade receivables, and contract assets, including credit risk assessment, collateral evaluation, and loan collection. During the period, two loans were overdue, and the Group is negotiating repayment with the borrowers - The Group's credit policy includes **credit risk assessment, collateral/security evaluation, and loan collection/recovery**[126](index=126&type=chunk) - During the period, **two loans were overdue**, and the Group has issued overdue payment notices and is negotiating repayment or settlement with the borrowers and guarantors[124](index=124&type=chunk) [Principal Risks and Uncertainties](index=48&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces several principal risks, including revenue volatility due to tight microchip supply in the information appliance business, increased competition from rapid product innovation, adverse impacts on the set-top box market from streaming media services and smart home integration, challenges to business development from protectionism and changing regulatory environments, impacts on investment returns from global political, social, legal, tax, and regulatory changes, and digital asset value fluctuations and regulatory challenges - The information appliance business faces **tight microchip supply**, leading to revenue volatility and increased competition[128](index=128&type=chunk) - Streaming media services and smart home integration may have a **significant adverse impact on the set-top box market**[128](index=128&type=chunk) - **Protectionism, unilateralism, and increasingly stringent regulatory environments** may pose risks and challenges to business development and revenue[128](index=128&type=chunk) - Global investments may be affected by **local, national, or international political, social, legal, tax, regulatory, and environmental changes**[128](index=128&type=chunk) - Digital asset values may be affected by **market price fluctuations, impairment, cyberattacks, human error, or computer failures**, and face regulatory challenges or restrictions[128](index=128&type=chunk) [Human Resources and Employee Relations](index=49&type=section&id=Human%20Resources%20and%20Employee%20Relations) As of June 30, 2025, the Group had over 70 full-time employees, with employee costs amounting to HKD 16.2 million. The Group's remuneration and benefits are aligned with market rates and linked to employee performance, while also providing medical and insurance plans Human Resources Overview (as of June 30) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Full-time Employees | Over 70 | Over 100 | Decrease | | Employee Costs (HKD thousands) | 16,200 | 20,500 | -21.0% | - The Group's remuneration and benefits are **aligned with market compensation**, employee performance is directly linked to compensation, and **medical and insurance plans** are provided[129](index=129&type=chunk) [Environmental Policies and Performance](index=49&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to building an environmentally friendly enterprise, considering environmental protection in its daily operations, and encouraging employees to recycle resources and conserve energy to minimize adverse environmental impacts - The Group is committed to building an environmentally friendly enterprise, consistently considering **environmental protection matters** in its daily operations[130](index=130&type=chunk) - The Group encourages employees to **recycle office resources and other materials** and to **conserve energy**, striving to minimize adverse environmental impacts[130](index=130&type=chunk) [Compliance with Laws and Regulations](index=49&type=section&id=Compliance%20with%20Laws%20and%20Regulations) The Group's operations are primarily conducted in China, Hong Kong, and the United States, and during the period, it complied with all applicable laws and regulations in all material aspects, and will continue to update and adhere to relevant requirements - The Group's operations are primarily conducted in **China, Hong Kong, and the United States**, and during the period, it complied with all applicable laws and regulations in all material aspects[131](index=131&type=chunk) - The Group will continue to stay updated and comply with the requirements of relevant laws and regulations in China, Hong Kong, and the United States to **ensure its compliance**[131](index=131&type=chunk) [Reserves](index=49&type=section&id=Reserves) Changes in the Group's reserves during the period are set out in the unaudited condensed consolidated statement of changes in equity within these financial statements - Changes in the Group's reserves during the period are set out in the **unaudited condensed consolidated statement of changes in equity**[132](index=132&type=chunk) [Dividends](index=49&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the period - The Board does not recommend the payment of an interim dividend for the period[133](index=133&type=chunk) [Share Option Scheme](index=50&type=section&id=Share%20Option%20Scheme) The Company's share option scheme expired during the period. No share options were granted or exercised during the period, and there were no outstanding share options as of June 30, 2025 - The Company's share option scheme **expired during the period**[134](index=134&type=chunk) - No share options were granted or exercised during the period, and as of June 30, 2025, there were **no outstanding share options**[136](index=136&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=51&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, several directors held long positions in the Company's shares, with Mr. Cong Yu holding a 29.80% interest through a controlled corporation. No directors or chief executives held share options during the period Directors' Long Positions in the Company's Shares (as of June 30, 2025) | Director Name | Type of Interest | Number of Ordinary Shares | Nature | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Mr. Li Qiang | Personal | 4,604,000 | Beneficial owner | 0.19% | | Mr. Cong Yu | Personal | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Shi Guangrong | Personal | 22,660,000 | Beneficial owner | 0.91% | | Mr. Zhu Jiang | Personal | 7,926,756 | Beneficial owner | 0.32% | | Ms. Shen Yan | Personal | 324,000 | Beneficial owner | 0.01% | - As of June 30, 2025, **no directors or chief executives of the Company held any share options**[139](index=139&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=52&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Unicorn Resources Inc. and its associated parties (including Mr. Cong Yu and Mr. Zhu Weisha) held 29.80% of the Company's shares. Honbridge Holdings Limited and its associated parties (including Mr. Li Shufu) held 14.14% of the shares Substantial Shareholders' Long Positions in the Company's Shares and Underlying Shares (as of June 30, 2025) | Shareholder Name | Type of Interest | Number of Ordinary Shares | Nature | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Unicorn Resources Inc. | Corporate | 741,379,800 | Beneficial owner | 29.80% | | Cong Yu Company Limited | Corporate | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Cong Yu | Personal | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Zhu Weisha | Personal | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Zhu Weisha | Personal | 19,000,000 | Beneficial owner | 0.76% | | Honbridge Holdings Limited | Corporate | 351,867,200 | Beneficial owner | 14.14% | | Honbridge Capital Limited | Corporate | 351,867,200 | Interest in a controlled corporation | 14.14% | | Geely Group Limited | Corporate | 351,867,200 | Interest in a controlled corporation | 14.14% | | Mr. Li Shufu | Personal | 351,867,200 | Interest in a controlled corporation | 14.14% | - Mr. Cong Yu indirectly holds the interest in **741,379,800 shares** held by Unicorn Resources Inc. through his 100% ownership of Cong Yu Company Limited[145](index=145&type=chunk) - Mr. Zhu Weisha holds a **45% interest in Unicorn Resources Inc.** and beneficially owns 19,000,000 shares[145](index=145&type=chunk) - Mr. Li Shufu indirectly holds the interest in the Company's shares held by Honbridge Holdings Limited through **Geely Group Limited and Honbridge Capital Limited**[145](index=145&type=chunk) [Management Contracts](index=53&type=section&id=Management%20Contracts) During the period, the Company had no contracts concerning the management and administration of the whole or any substantial part of its business - During the period, the Company had **no contracts concerning the management and administration** of the whole or any substantial part of its business[143](index=143&type=chunk) [Competing Business Interests](index=53&type=section&id=Competing%20Business%20Interests) During the period, none of the directors or controlling shareholders or their respective close associates had any business interests that compete or may compete with the Group's business or any conflicts of interest with the Group - During the period, **none of the directors or controlling shareholders or their respective close associates had any business interests that compete or may compete** with the Group's business or any conflicts of interest with the Group[144](index=144&type=chunk) Corporate Governance This section details the company's adherence to corporate governance codes, the audit committee's role, and information regarding directors' and substantial shareholders' interests [Corporate Governance Code](index=54&type=section&id=Corporate%20Governance%20Code) The Company is committed to high standards of corporate governance and has applied and complied with the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules, except for the Board Chairman's absence from the Annual General Meeting - The Company has applied and complied with the **Corporate Governance Code** set out in Appendix C1 to the GEM Listing Rules[146](index=146&type=chunk) - The Board Chairman, Mr. Li Qiang, was unable to attend the Annual General Meeting due to business commitments, with **Mr. Chen Biao, an Executive Director, presiding**[147](index=147&type=chunk) [Audit Committee](index=54&type=section&id=Audit%20Committee) The Audit Committee comprises two independent non-executive directors, with primary responsibilities including reviewing financial information, overseeing financial reporting systems, risk management, and internal control systems. It has reviewed the unaudited condensed consolidated interim results for the period and found them to comply with applicable accounting standards and to be adequately disclosed - The Audit Committee comprises **two independent non-executive directors** and is responsible for reviewing financial information, overseeing financial reporting, and risk management, among other duties[148](index=148&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim results for the period and found them to **comply with applicable accounting standards and to be adequately disclosed**[148](index=148&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=55&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the period, **neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities**[150](index=150&type=chunk) [Directors' Securities Transactions](index=55&type=section&id=Directors%27%20Securities%20Transactions) Following specific enquiries, all directors confirmed compliance with the required standards of dealing as set out in the GEM Listing Rules during the period - All directors confirmed compliance with the **required standards of dealing** as set out in the GEM Listing Rules during the period[151](index=151&type=chunk) [Board Information](index=55&type=section&id=Board%20Information) As of the report date, the Board of Directors comprises five executive directors (Mr. Li Qiang, Mr. Cong Yu, Mr. Shi Guangrong, Mr. Zhu Jiang, and Mr. Chen Biao) and two independent non-executive directors (Ms. Shen Yan and Ms. Fok Kei Wai) - As of the report date, the Board of Directors comprises **five executive directors and two independent non-executive directors**[151](index=151&type=chunk)

Group 1 - The core point of the article is that 华夏首创奥莱REIT (508005) experienced a price increase of 3.2% on August 25, closing at 4.19 yuan with a trading volume of 798.11 million yuan [1] - 华夏首创奥莱REIT is a closed-end infrastructure securities investment fund, with a total fund size of 1.988 billion yuan as of December 31, 2024 [1] - The fund is managed by a team consisting of Zhang Cong, Zhang Wei, and Yang Kai [1]