True Partner Capital Holding Limited (the "Company") （「本公司」） (Incorporated under the laws of the Cayman Islands with limited liability) （根據開曼群島法律註冊成立的有限公司） （Stock Code 股份代號：8657） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, True Partner Capital Holding Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.true ...

[Company Overview](index=3&type=section&id=Company%20Overview) True Partner Capital Holding Limited, established in 2010, is a professional hedge fund manager specializing in global volatility trading across liquid markets - The company was established in **2010** by a team of former market makers, operating as a professional hedge fund management firm[5](index=5&type=chunk) - Specializes in volatility trading in liquid markets, primarily focusing on equity index futures, options, and Exchange Traded Funds (ETFs)[5](index=5&type=chunk) - Employs a **3-T model** combining advanced technology with an experienced team to implement professional trading strategies[5](index=5&type=chunk) - Operates globally with offices in Asia, the US, and Europe, enabling **24/7 trading**[5](index=5&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) This section details True Partner Capital Holding Limited's board members, committee structures, key contact information, stock code, and website - Board members include Executive Directors Ralph Paul Johan van Put (Chairman and CEO), Godefriedus Jelte Heijboer, Tobias Benjamin Hekster, Roy van Bakel, Non-Executive Director Mr. Chan Hang Fai, and Independent Non-Executive Directors Jeronimus Mattheus Tielman, Bai Wanting, and Wei Mingde[7](index=7&type=chunk) - Ms. Bai Wanting chairs the Audit Committee, Remuneration Committee, and Nomination Committee[7](index=7&type=chunk) - The Company Secretary is Siu Yuet Chau, and authorized representatives are Ralph Paul Johan van Put and Godefriedus Jelte Heijboer[7](index=7&type=chunk) - The company's stock code is **8657**, and its website is **www.truepartnercapital.com**[9](index=9&type=chunk) [Results](index=6&type=section&id=Results) This section presents the unaudited condensed consolidated results for the six months ended June 30, 2025, covering financial performance, market conditions, AUM, and strategic initiatives [Selected Financial Highlights](index=7&type=section&id=Selected%20Financial%20Highlights) Total revenue decreased by 5% to HK$4,784 thousand, while loss attributable to owners significantly narrowed by 41% to HK$15,967 thousand Selected Financial Highlights (Six Months Ended June 30) | Metric | H1 2025 (HK$ '000) | H1 2024 (HK$ '000) | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | 4,784 | 5,026 | (5)% | | Revenue from Managed Funds | 3,549 | 3,534 | 0% | | Consulting Service Income | 1,310 | 840 | 56% | | Net Trading Gain/(Loss) | (75) | 652 | (112)% | | Gross Profit | 4,268 | 4,547 | (6)% | | Operating Loss | (15,923) | (26,611) | (40)% | | Loss Attributable to Owners of the Company | (15,967) | (26,871) | (41)% | | Total Comprehensive Loss | (14,393) | (27,234) | (47)% | | Loss Per Share (HK cents) — Basic and Diluted | (3.86) | (6.72) | (43)% | [Selected Business and Financial Highlights](index=8&type=section&id=Selected%20Business%20and%20Financial%20Highlights) The Group achieved a **6.3% positive return** from its volatility strategy amid rising markets and increased volatility, while AUM slightly decreased and G&A expenses were cut by **40%** - Global equities rebounded in H1 2025, with the MSCI World Index rising by **6.8%** and the Bloomberg Global Aggregate Government Bond Index increasing by **2.3%**[15](index=15&type=chunk) - Implied volatility indicators fluctuated, creating trading opportunities, particularly with the relative value strategy rising **5.3%** in April; the VIX index slightly increased from **16.4** at end-2024 to **16.7** by June 30, 2025[15](index=15&type=chunk) - Realized volatility increased, creating a more favorable trading environment, with MSCI World Index realized volatility at **18.8%** and S&P 500 Index at **24.6%**[15](index=15&type=chunk) - The Group's relative value volatility strategy recorded a **6.3% positive return** in H1 2025, maintaining a negative correlation with the MSCI World Index[16](index=16&type=chunk) - The strategy achieved a **12.0% return** for the twelve months ended June 30, 2025, outperforming several hedge fund indices[19](index=19&type=chunk) - True Partner Fund won the Hedge Fund Journal's "Best Performing Fund for 2024 and Two Years" award and was nominated for the "With Intelligence HFM APAC Performance Awards 2025"[19](index=19&type=chunk) Assets Under Management (US$ million) | Date | AUM (US$ million) | | :--- | :--- | | 2025年6月30日 | 474 | | 2024年12月31日 | 501 | | 2024年6月30日 | 512 | - The decrease in AUM primarily reflects specific client changes and product portfolio adjustments[21](index=21&type=chunk) - The Group launched two new investment strategies implemented through managed accounts, with a combined AUM of **US$77 million**[21](index=21&type=chunk) Key Financial Data (HK$ '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 4,800 | 5,000 | | General and Administrative Expenses | 20,900 | 31,700 | | Loss Before Income Tax | (16,000) | (26,900) | | Loss Attributable to Owners of the Company | (16,000) | (26,900) | - Revenue decreased mainly due to reduced AUM and product portfolio changes, though performance fee income slightly increased[21](index=21&type=chunk) - General and administrative expenses decreased by **40%**, primarily due to reduced staff costs, professional, and administrative expenses, as the Group actively reviewed its operations, implemented layoffs, and improved efficiency[21](index=21&type=chunk) - The Group reduced its headcount by **36%** since December 31, 2023, and implemented a cost reduction plan[21](index=21&type=chunk) - The expected timeline for utilizing the remaining unutilized net IPO proceeds has been extended to **December 31, 2025**[21](index=21&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the Group's H1 2025 operations, market conditions, investment performance, financial health, AUM, business development, and future outlook [Business Review](index=12&type=section&id=Business%20Review) The Group is a Hong Kong, Europe, and US-based fund manager specializing in discretionary global relative value volatility strategies, with **US$474 million** AUM as of June 30, 2025 - The Group is a fund management firm based in Hong Kong, Europe, and the US, focusing on volatility trading in liquid markets[28](index=28&type=chunk) - Primarily manages funds and managed accounts on a discretionary basis, utilizing global relative value volatility strategies and other volatility strategies[28](index=28&type=chunk) - Trading decisions are supported by an in-house proprietary trading platform with embedded option pricing and volatility surface models for real-time pricing, quantitative comparison, risk management, and rapid trade execution[28](index=28&type=chunk) Assets Under Management Composition (June 30, 2025) | Category | Amount (US$ million) | | :--- | :--- | | Total AUM | 474 | | Hybrid Flagship Fund True Partner Fund | 46 | | Managed Accounts or Similar Arrangements | 428 | - Investors are primarily professional investors, including collective investment schemes, family offices, pension funds, endowments/foundations, financial institutions, and high-net-worth individuals[29](index=29&type=chunk) [Market Environment](index=12&type=section&id=Market%20Environment) Global equities rebounded in H1 2025, with increased realized volatility and fluctuating implied volatility, creating favorable conditions for volatility trading - The MSCI World Total Return USD Hedged Index rose by **6.8%** during the reporting period, with a strong rebound of **9.6%** in Q2[30](index=30&type=chunk) - The Bloomberg Global Aggregate Government Bond USD Hedged Index increased by **2.3%** during the reporting period[30](index=30&type=chunk) - The VIX index closed at **16.4** at the end of 2024, with a slight change to **16.7** as of June 30, 2025[30](index=30&type=chunk) - The Euro Stoxx 50 Index and VSTOXX rose from **15.4** to **17.7**, while Japan's Nikkei Index and Korea's Kospi 200 Index increased from **20.4** to **24.6** and **20.5** to **24.0**, respectively[30](index=30&type=chunk) - Realized volatility increased in H1 2025, with most indices near or above their long-term averages, creating a more favorable trading environment[31](index=31&type=chunk) - The MSCI World Index's realized volatility was **18.8%**, and the S&P 500 Index's was **24.6%**[31](index=31&type=chunk) [Investment Performance](index=14&type=section&id=Investment%20Performance) The Group's relative value volatility strategy delivered a **6.3% positive return** in H1 2025 and **12.0%** over twelve months, earning industry awards and outperforming hedge fund indices - The Group's relative value volatility strategy recorded a **6.3% positive return** in H1 2025, maintaining a negative correlation with the MSCI World Index[32](index=32&type=chunk) - For the twelve months ended June 30, 2025, the Group's relative value volatility strategy achieved a **12.0% return**[33](index=33&type=chunk) - The strategy outperformed broad hedge fund indices and several volatility hedge fund indices in Q2 2025, H1 2025, and the twelve months ended June 30, 2025[33](index=33&type=chunk) - True Partner Fund received the Hedge Fund Journal's "Best Performing Fund for 2024 and Two Years" award and was nominated for the "With Intelligence HFM APAC Performance Awards 2025" in the relative value category[33](index=33&type=chunk)[34](index=34&type=chunk) - Since its inception in July 2011 to June 30, 2025, True Partner Fund's returns and alpha values have exceeded both broad hedge fund indices and peer volatility hedge fund indices[37](index=37&type=chunk) [Financial Results](index=15&type=section&id=Financial%20Results) Fund management revenue remained flat at **HK$3.5 million**, while general and administrative expenses significantly decreased by **34%** to **HK$20.9 million**, narrowing the loss before tax to **HK$16.0 million** Fund Management Revenue (HK$ '000) | Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Fund Management Revenue | 3,500 | 3,500 | - Revenue per unit of AUM varies due to different mandate natures, sizes, and fee structures, with an overall decrease in AUM[38](index=38&type=chunk) - Performance fee income, though positive, remains below long-term targets, but recent performance improvements have lowered the threshold for future performance fees[38](index=38&type=chunk) - Consulting business revenue includes providing expert witness services to market regulators[38](index=38&type=chunk) - Derivatives trading business revenue is recognized under "net trading gains/(losses)" and aims to support new strategy development for the fund management business[39](index=39&type=chunk) General and Administrative Expenses (HK$ '000) | Period | Amount (HK$ '000) | | :--- | :--- | | H1 2025 | 20,900 | | H1 2024 | 31,700 | - The reduction in general and administrative expenses primarily stems from decreased staff costs, professional, and administrative expenses, as the Group actively reviewed its operations, implemented layoffs, and improved efficiency[41](index=41&type=chunk) - The Group reduced its headcount by **36%** since December 31, 2023, and implemented a cost reduction plan[42](index=42&type=chunk) - The expected timeline for utilizing the remaining unutilized net IPO proceeds has been extended to **December 31, 2025**[42](index=42&type=chunk) Loss Situation (HK$ '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Before Income Tax | (16,000) | (26,800) | | Loss Attributable to Owners of the Company (After Tax) | (16,000) | (26,900) | | Total Comprehensive Loss Attributable to Owners of the Company | (14,400) | (27,200) | [Assets Under Management](index=17&type=section&id=Assets%20Under%20Management) As of June 30, 2025, the Group's AUM decreased to **US$474 million**, primarily due to investor-driven portfolio adjustments Assets Under Management (US$ million) | Date | Total AUM | | :--- | :--- | | 2025年6月30日 | 474 | | 2024年12月31日 | 501 | | 2024年6月30日 | 512 | - The decrease in AUM was primarily due to portfolio adjustments by investors in some of the Group's products, driven by changes in their own asset management[43](index=43&type=chunk) Assets Under Management by Category (US$ million) | Category | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Fund Vehicles | 46 | 43 | 87 | | Managed Accounts | 428 | 459 | 426 | [Business Development Activities](index=17&type=section&id=Business%20Development%20Activities) The Group expanded digital engagement, maintained investor relations, launched two new volatility strategies, and is exploring a China-focused strategy for product diversification - The Group expanded digital content offerings and leveraged technology for global investor engagement, including webinars and one-on-one online meetings[44](index=44&type=chunk) - Published outlook reports and received positive media coverage, with Bloomberg featuring True Partner Fund's strong performance in April 2025[44](index=44&type=chunk) - Utilizes industry-leading CRM software and actively engages with capital introduction partners[45](index=45&type=chunk) - Senior personnel participated in industry events through international travel, such as the Global Volatility Summit in Tokyo and volatility investment events in London, to build brand presence[45](index=45&type=chunk)[46](index=46&type=chunk) - Continued engagement with Dutch pension funds on potential opportunities and published thought leadership articles[46](index=46&type=chunk) - Launched a new volatility investment strategy with an institutional investor in H2 2024 and a second new strategy with another institutional investor in H1 2025[46](index=46&type=chunk)[47](index=47&type=chunk) - New strategies are expected to drive further AUM growth and have the potential to be launched as hybrid funds[47](index=47&type=chunk) - A new China-focused strategy is under research, with potential launch in H1 2025 or H1 2026[47](index=47&type=chunk) [Technological Developments](index=19&type=section&id=Technological%20Developments) The Group optimized global data center infrastructure, upgraded IT solutions, enhanced core proprietary systems, and facilitated the Hong Kong office relocation in H1 2025 - Optimized global data center deployment and connectivity to enhance cost-efficiency and maintain redundancy and stability[48](index=48&type=chunk) - Implemented multiple upgrades to third-party hardware, software, and network solutions, significantly enhancing cybersecurity resilience[48](index=48&type=chunk) - The development team focused on maintaining and incrementally improving key elements of core proprietary systems, including enhancements to front-end applications and back-testing environments[48](index=48&type=chunk) - The IT team played a crucial role in the smooth relocation of the Hong Kong office, leveraging robust network infrastructure and self-developed advanced systems[48](index=48&type=chunk) [Market Outlook](index=19&type=section&id=Market%20Outlook) The Group's market outlook highlights near-peak US equity valuations, policy-driven volatility, AI investment impacts, narrowing market breadth, and opportunities in China, emphasizing tail risk protection and relative value volatility strategies [Macroeconomic Observations](index=20&type=section&id=Macroeconomic%20Observations) The S&P 500 saw strong returns in 2024, but H1 2025 brought market uncertainty from proposed tariffs and labor policies, which later subsided - The S&P 500 Index delivered a total return exceeding **25%** for the second consecutive year in 2024, with the market pricing in potential market-friendly policies from the Trump administration[49](index=49&type=chunk) - In H1 2025, market uncertainty arose from proposed tariffs and labor repatriation plans, peaking in early April[49](index=49&type=chunk) - The Trump administration subsequently calmed market fears by delaying implementation and reducing tariff magnitudes, coining the term "TACO trade"[49](index=49&type=chunk) [Valuation](index=20&type=section&id=Valuation) US equity valuations are near historical peaks, driven by optimism in "Magnificent Seven" and AI, despite narrowing market breadth and underperforming small-cap stocks - US equities' cyclically adjusted price-to-earnings (CAPE) ratio is near **41x**, in the **98th percentile** of observations since 1900, approaching levels seen at the end of the dot-com bubble[50](index=50&type=chunk) - Valuations calculated by forward P/E ratios are also near historical highs, moving in tandem with backward-looking cyclically adjusted total return P/E ratios[51](index=51&type=chunk) - Bullish expectations for future earnings growth are primarily driven by the "Magnificent Seven" stocks and optimism surrounding AI, leading to significant increases in AI-related capital expenditures[53](index=53&type=chunk) - Chipmaker Nvidia's market capitalization far exceeds **US$4 trillion**, and Chinese tech stocks have also seen a recovery[53](index=53&type=chunk) - US market breadth narrowed in H1 2025, with the top **10 stocks** in the S&P 500 accounting for over **one-third** of its market capitalization[54](index=54&type=chunk) - Small and mid-cap companies underperformed large-cap and tech peers, with the S&P 400 and S&P 600 indices still recording declines year-to-date[54](index=54&type=chunk) - Analysts' earnings growth expectations for the S&P 500 in 2026 exceed **13%**, significantly higher than the annualized average earnings growth between 2014 and 2023[56](index=56&type=chunk)[59](index=59&type=chunk) [Trump 2.0: Make America Great Again?](index=23&type=section&id=Trump%202.0%3A%20Make%20America%20Great%20Again%3F) Trump's "Big and Beautiful Bill" could add **US$3.4 trillion** to the deficit, with a Trump 2.0 administration potentially driving ideologically-led policies like tariffs and deportations, raising inflation concerns - The Trump administration's "Big and Beautiful Bill" is projected to add **US$3.4 trillion** to the federal deficit over the next decade, increasing to **US$5 trillion** if temporary tax cuts are extended[60](index=60&type=chunk) - A Trump 2.0 administration would act swiftly, appointing individuals loyal to him and implementing broad changes via executive orders[60](index=60&type=chunk)[61](index=61&type=chunk) - Policies may be more ideologically driven, with less internal opposition to change, and the market potentially serving as a practical constraint on unfavorable policies[61](index=61&type=chunk) - Key elements of the Trump agenda, particularly imposing tariffs (raising domestic prices) and deporting undocumented immigrants (reducing labor supply), could lead to inflation[61](index=61&type=chunk) - Breakeven inflation rates have risen significantly, and the University of Michigan Consumer Sentiment Index notably declined from **74.0** at end-2024 to **61.7** in July 2025[62](index=62&type=chunk) [What Does This Mean for Equity Markets?](index=24&type=section&id=What%20Does%20This%20Mean%20for%20Equity%20Markets%3F) With **91%** of fund managers deeming US equities overvalued, investors may diversify into non-US markets like Europe and China, where Chinese equities offer strong upside potential amid stimulus - **91%** of fund managers believe US equities are overvalued, the highest level since April 2001, with the most crowded trade being long "Magnificent Seven" stocks[63](index=63&type=chunk) - Investors may diversify funds into other equity markets, especially considering US confrontational trade policies[63](index=63&type=chunk) - The US accounts for **65%** of the MSCI All Country World Index (**75%** of the MSCI World Index), significantly higher than **47%** in 2012[63](index=63&type=chunk) - Non-US markets, including Europe and China, have performed well since early 2025[63](index=63&type=chunk) - Chinese equities trade at lower valuations than other major markets, with authorities implementing coordinated fiscal and monetary stimulus measures[67](index=67&type=chunk) - As of end-June 2025, the MSCI China Index's expected earnings yield was approximately **9%**, significantly higher than the **1.65%** yield on RMB-denominated 10-year bonds[67](index=67&type=chunk) [How Are Volatility Markets Pricing Risk?](index=25&type=section&id=How%20Are%20Volatility%20Markets%20Pricing%20Risk%3F) Volatility markets are not pricing in increased risk despite rising downside risks, with 1-month at-the-money volatility below long-term averages, but increased realized volatility offers hedging opportunities - As of August 2025, the 1-month at-the-money volatility for almost all indices traded by the Group was below long-term averages[68](index=68&type=chunk)[71](index=71&type=chunk) - Realized volatility in H1 2025 significantly increased compared to previous years, potentially offering an interesting entry point for hedging[68](index=68&type=chunk) [What Are the Potential Solutions for Investors?](index=26&type=section&id=What%20Are%20the%20Potential%20Solutions%20for%20Investors%3F) In challenging markets, tail risk protection offers strong returns during downturns, while the Group's relative value volatility strategy provides diversification and absolute returns, performing best during rising volatility - Investors require portfolios adaptable to changing market environments, where volatility strategies can add value[72](index=72&type=chunk) - Tail risk protection aims to provide strong returns during significant market downturns, allowing investors to take on more risk elsewhere in their portfolios[72](index=72&type=chunk) - The Group's relative value volatility strategy acts as a crucial diversifier, delivering attractive absolute returns, and performing best during periods of rising volatility and disruptive shocks[72](index=72&type=chunk) - This strategy exhibits a negative correlation with equities over the long term and possesses the ability to monetize during shocks[72](index=72&type=chunk) [Use of IPO Proceeds](index=27&type=section&id=Use%20of%20IPO%20Proceeds) The Company raised **HK$104 million** from its 2020 IPO and an additional **HK$7.3 million** in 2024, extending the utilization timeline for remaining proceeds to December 31, 2025, due to market conditions - The Company listed on **October 16, 2020**, raising net proceeds of approximately **HK$104 million** from its share offer[74](index=74&type=chunk) - On **December 27, 2024**, the company entered into a subscription agreement with True Partner International Limited, issuing **19,500,000 new shares** at **HK$0.400 per share**, raising net proceeds of approximately **HK$7.3 million**[75](index=75&type=chunk) - The net proceeds from the subscription were primarily used to increase the Group's general working capital, including salaries, professional fees, office administrative expenses, and other general expenses for maintaining existing operations[76](index=76&type=chunk) Utilization of IPO Net Proceeds (As of June 30, 2025) | Item | Actual Net IPO Proceeds (HK$ '000) | Amount Utilized (HK$ '000) | Balance as of June 30, 2025 (HK$ '000) | Expected Timeline for Utilizing Remaining Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | Business Expansion: Hong Kong | 26,403 | 6,297 | 20,106 | Before December 31, 2025 | | Business Expansion: Amsterdam, Netherlands | 20,610 | 17,009 | 3,601 | Before December 31, 2025 | | Business Expansion: London, UK | 10,711 | 6,663 | 4,048 | Before December 31, 2025 | | Business Expansion: Chicago, US | 8,216 | 1,373 | 6,843 | Before December 31, 2025 | | Business Expansion by Obtaining Investment Firm License from AFM | 5,403 | 1,958 | 3,445 | Before December 31, 2025 | | Enhancement of IT Systems | 22,302 | 16,083 | 6,219 | Before December 31, 2025 | | Sales and Marketing | 2,745 | 2,745 | – | Before December 31, 2025 | | Investment in Funds Managed by the Group | 7,610 | – | 7,610 | Before December 31, 2025 | | **Net Proceeds from Subscription** | | | | | | Strengthening General Working Capital: Salaries | 4,234 | 2,458 | 1,776 | Before December 31, 2025 | | Strengthening General Working Capital: Professional Fees | 657 | 412 | 245 | Before December 31, 2025 | | Strengthening General Working Capital: Office Administrative Expenses | 1,168 | 254 | 914 | Before December 31, 2025 | | Strengthening General Working Capital: Other General Expenses for Maintaining Existing Business | 1,241 | 344 | 897 | Before December 31, 2025 | | **Total** | **111,300** | **55,596** | **55,704** | | - The expected timeline for utilizing the remaining unutilized net IPO proceeds has been extended from **June 30, 2023**, to **December 31, 2025**, primarily due to recruitment delays and unfavorable market conditions[77](index=77&type=chunk)[79](index=79&type=chunk) - The planned utilization of proceeds for sales and marketing activities was fully utilized by **December 31, 2021**[79](index=79&type=chunk) - The plan to invest in funds managed by the Group is ongoing and is intended to be launched when a more favorable market sentiment emerges[80](index=80&type=chunk) - The Board believes the Group's development direction remains unchanged and will continue to monitor the situation[81](index=81&type=chunk) [Financial Review](index=30&type=section&id=Financial%20Review) This section reviews H1 2025 financial performance, covering revenue, gross profit, expenses, risk factors, and liquidity, noting slight revenue decline but significant expense reduction [Revenue](index=30&type=section&id=Revenue) Revenue for the period was **HK$4.8 million**, a **4% decrease** from 2024, mainly due to product structure changes and AUM fluctuations, despite a slight increase in performance fees Revenue (HK$ '000) | Period | Amount (HK$ '000) | | :--- | :--- | | H1 2025 | 4,800 | | H1 2024 | 5,000 | - Revenue decreased by approximately **4%**, primarily due to a shift in product structure leading to reduced revenue from funds and managed accounts[82](index=82&type=chunk) - Changes in AUM primarily reflect specific changes from certain clients and the impact of a challenging overall market environment[82](index=82&type=chunk) - Performance fee income slightly increased compared to the same period in 2024, though it remains below the Group's long-term expectations[82](index=82&type=chunk) [Gross Profit and Gross Profit Margin](index=30&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit for the period was **HK$4.3 million**, a **4% decrease** from 2024, primarily due to a reduction in average revenue per unit of AUM Gross Profit (HK$ '000) | Period | Amount (HK$ '000) | | :--- | :--- | | H1 2025 | 4,300 | | H1 2024 | 4,500 | - Gross profit decreased by **4%**, primarily due to a reduction in average revenue per unit of AUM during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk) [General and Administrative Expenses](index=30&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses decreased by **HK$10.8 million**, or approximately **34%**, to **HK$20.9 million**, driven by staff cost reductions and efficiency adjustments General and Administrative Expenses (HK$ '000) | Period | Amount (HK$ '000) | | :--- | :--- | | H1 2025 | 20,900 | | H1 2024 | 31,700 | - Expenses decreased by approximately **34%**, primarily due to reduced staff costs, professional, and administrative expenses, as the Group implemented layoffs and efficiency adjustments[85](index=85&type=chunk) [Share of Results of Associates](index=31&type=section&id=Share%20of%20Results%20of%20Associates) The Group's share of results of associates was **HK$0** due to the disposal of its entire interest in Zhejiang Honglanmu Investment Management Co., Ltd. in October 2024 - Share of results of associates was **HK$0** in H1 2025[86](index=86&type=chunk) - This was due to the Group's disposal of its entire interest in Zhejiang Honglanmu Investment Management Co., Ltd. to a third party in **October 2024**, resulting in a recognized loss of **HK$208,000** in 2024[86](index=86&type=chunk) [Key Risks and Uncertainties Faced by the Group](index=31&type=section&id=Key%20Risks%20and%20Uncertainties%20Faced%20by%20the%20Group) The Group manages foreign exchange and credit risks, maintaining stable liquidity with a **10.6x current ratio** and no corporate bank borrowings, while monitoring currency fluctuations [Foreign Exchange Risk](index=31&type=section&id=Foreign%20Exchange%20Risk) The Group's financial items are denominated in multiple currencies, with limited USD-HKD impact, insignificant EUR, SGD, GBP effects, and minor RMB currency risk from derivatives, with no current hedging policy - The Group's revenue, cost of sales, administrative expenses, investments, and borrowings are primarily denominated in HKD, USD, EUR, SGD, RMB, and GBP[88](index=88&type=chunk) - Fluctuations in the USD-HKD exchange rate have limited impact due to Hong Kong's linked exchange rate system[88](index=88&type=chunk) - RMB currency risk arises from deposits in broker RMB accounts related to RMB-settled derivatives transactions, with insignificant fluctuation amounts[88](index=88&type=chunk) - The Group currently has no foreign exchange hedging policy, but management will continue to monitor foreign exchange risks and consider hedging when necessary[88](index=88&type=chunk)[89](index=89&type=chunk) [Credit Risk](index=32&type=section&id=Credit%20Risk) The Group's maximum credit risk is from recognized financial assets' carrying amounts, managed through close monitoring, credit approval, and debt collection procedures - The Group's maximum credit risk from financial losses due to counterparty non-performance arises from the carrying amounts of recognized financial assets[90](index=90&type=chunk) - Directors closely monitor the overall credit risk level, with management responsible for determining credit approval and monitoring debt collection procedures[90](index=90&type=chunk) [Liquidity, Current Ratio and Capital Structure](index=32&type=section&id=Liquidity%2C%20Current%20Ratio%20and%20Capital%20Structure) The Group's main revenue is fund management fees, maintaining strong liquidity with a **HK$16.5 million** net cash balance, **HK$12.8 million** in fixed deposits, and a **10.6x current ratio** - The Group's primary revenue source is fund management fees, with other income sources including bank deposit interest income[91](index=91&type=chunk) Liquidity Position (June 30, 2025) | Metric | Amount (HK$ million) | | :--- | :--- | | Net Cash Balance | 16.5 | | Fixed Bank Deposits | 12.8 | | Current Ratio | 10.6倍 | - The Group has no corporate bank borrowings, with net cash exceeding net debt, thus no debt-to-equity ratio is presented[91](index=91&type=chunk) Capital Structure (June 30, 2025) | Metric | Amount | | :--- | :--- | | Shareholders' Equity | 38.7 million HK$ | | Total Number of Issued Shares | 419,500,000 shares | [Pledge of Assets](index=33&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no assets pledged as collateral for overdrafts or other loan financing - As of **June 30, 2025**, the Group had not pledged any assets as collateral for overdrafts or other loan financing[93](index=93&type=chunk) [Segment Information](index=33&type=section&id=Segment%20Information) The Group's segment information analysis is detailed in Note 3 to the unaudited condensed consolidated financial statements - The analysis of the Group's segment information is presented in Note 3 to the unaudited condensed consolidated financial statements[94](index=94&type=chunk) [Future Plans for Material Investments or Capital Assets](index=33&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no specific plans for material investments or capital assets - As of **June 30, 2025**, the Group had no specific plans for material investments or capital assets[95](index=95&type=chunk) [Contingent Liabilities](index=33&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities or guarantees - As of **June 30, 2025**, the Group had no significant contingent liabilities or guarantees[96](index=96&type=chunk) [Donations for Charitable or Other Purposes](index=33&type=section&id=Donations%20for%20Charitable%20or%20Other%20Purposes) The Group made **HK$98,000** in charitable donations during the reporting period, consistent with the prior year Charitable Donations (HK$) | Period | Amount (HK$) | | :--- | :--- | | H1 2025 | 98,000 | | H1 2024 | 98,000 | [Interim Dividend](index=33&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period[98](index=98&type=chunk) [Human Resources Management](index=33&type=section&id=Human%20Resources%20Management) As of June 30, 2025, the Group employed **16 staff**, a decrease from **20** in 2024, with remuneration based on performance and a share option scheme in place Number of Employees | Date | Number of Employees | | :--- | :--- | | 2025年6月30日 | 16 | | 2024年6月30日 | 20 | - Employee remuneration is determined with reference to individual qualifications and performance[99](index=99&type=chunk) - The Group ensures all employees are provided with adequate training and continuous professional opportunities[99](index=99&type=chunk) - The Group has adopted a share option scheme to reward individual employees for their contributions to the Group[99](index=99&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) This section covers directors' and major shareholders' interests, share option scheme status, non-competing interests, share capital changes, corporate governance compliance, directors' securities dealings, listed securities transactions, director information changes, and audit committee review [Interests and Short Positions of Directors and Chief Executives in Shares, Underlying Shares or Debentures of the Company and its Associated Corporations](index=34&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executives%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, directors and chief executives held long positions in the Company's shares, with notable interests including Tobias Benjamin Hekster (**14.08%**) and Mr. Chan Hang Fai (**23.02%**) Long Positions of Directors/Chief Executives in Shares (June 30, 2025) | Name of Director/Chief Executive | Capacity/Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Tobias Benjamin Hekster | Beneficial Owner | 59,049,018 | 14.08% | | Godefriedus Jelte Heijboer | Beneficial Owner | 56,055,644 | 13.36% | | Ralph Paul Johan van Put | Interest in Controlled Corporation | 58,337,399 | 13.91% | | Roy van Bakel | Beneficial Owner | 27,686,280 | 6.60% | | 陳恒輝 | Interest in Controlled Corporation and Beneficial Owner | 96,582,908 | 23.02% | - Save as disclosed above, none of the Directors or chief executives of the Company had any other interests or short positions in the shares, underlying shares, and debentures of the Company or any of its associated corporations that were required to be disclosed[103](index=103&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares, Underlying Shares or Debentures of the Company](index=35&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures%20of%20the%20Company) As of June 30, 2025, substantial shareholders, including True Partner International Limited (**19.51%**) and various controlled entities, held significant interests in the Company's shares Long Positions of Substantial Shareholders in Shares (June 30, 2025) | Name of Shareholder/Entity | Capacity/Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Franca Kurpershoek-Hekster | Spouse's Interest | 59,049,018 | 14.08% | | Wong Rosa Maria | Spouse's Interest | 56,055,644 | 13.36% | | True Partner Participation Limited | Beneficial Owner | 58,337,399 | 13.91% | | 龔芸靚 | Spouse's Interest | 58,337,399 | 13.91% | | True Partner International Limited | Beneficial Owner | 81,836,908 | 19.51% | | DSS Financial Management, Inc. | Interest in Controlled Corporation | 81,836,908 | 19.51% | | DSS Securities, Inc. | Interest in Controlled Corporation | 81,836,908 | 19.51% | | DSS, Inc. | Interest in Controlled Corporation | 81,836,908 | 19.51% | | 陳江玉嬌 | Spouse's Interest | 96,582,908 | 23.02% | | Edo Bordoni | Beneficial Owner | 29,839,153 | 7.11% | | Anne Joy Bordoni | Spouse's Interest | 29,839,153 | 7.11% | | Maria Victoria Diaz Basilio | Spouse's Interest | 27,686,280 | 6.60% | | Nardinc Beheer B.V. | Beneficial Owner | 36,200,000 | 8.63% | | SomethingEls B.V. | Interest in Controlled Corporation | 36,200,000 | 8.63% | | ERMA B.V. | Interest in Controlled Corporation | 36,200,000 | 8.63% | | Dasym Managed Accounts B.V. | Investment Manager | 36,200,000 | 8.63% | | F.J. Botman Holding B.V. | Interest in Controlled Corporation | 36,200,000 | 8.63% | | Franciscus Johannes Botman | Interest in Controlled Corporation | 36,200,000 | 8.63% | - Save as disclosed above, the Directors are not aware of any other persons/entities who had interests or short positions in the shares or underlying shares of the Company that were required to be disclosed[107](index=107&type=chunk) [Share Option Scheme](index=38&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on **September 22, 2020**, compliant with GEM Listing Rules, but no options have been granted to date - The Company adopted and approved a share option scheme on **September 22, 2020**, with terms compliant with Chapter 23 of the GEM Listing Rules[109](index=109&type=chunk) - No share options have been granted under the share option scheme since its adoption up to the date of this report[109](index=109&type=chunk) [Interests in Competing Business](index=38&type=section&id=Interests%20in%20Competing%20Business) No directors, substantial shareholders, or their associates held interests in any competing business or had conflicts of interest with the Group as of June 30, 2025 - For the six months ended **June 30, 2025**, and up to the date of this report, none of the Company's directors or substantial shareholders or their respective close associates had any interest in any business that directly or indirectly competes with the Group's business[110](index=110&type=chunk) - Nor were they aware of any other conflicts of interest that such persons had or might have with the Group[110](index=110&type=chunk) [Changes in Share Capital](index=38&type=section&id=Changes%20in%20Share%20Capital) On **February 24, 2025**, the Company issued **19,500,000 new shares** to True Partner International Limited, increasing the issued share capital to **419,500,000 shares** - On **February 24, 2025**, the Company allotted and issued **19,500,000 shares** to True Partner International Limited[111](index=111&type=chunk) Changes in Share Capital | Metric | Quantity | | :--- | :--- | | Number of Subscription Shares | 19,500,000 shares | | % of Issued Share Capital Immediately Before Completion | 約4.88% | | % of Enlarged Issued Share Capital | 約4.65% | | Issued Share Capital Immediately Before Completion | 400,000,000 shares | | Issued Share Capital Immediately After Completion | 419,500,000 shares | [Corporate Governance Code](index=38&type=section&id=Corporate%20Governance%20Code) The Group adheres to the GEM Listing Rules' Corporate Governance Code, with a deviation in combining Chairman and CEO roles, which the Board believes provides strong leadership and is under review - The Group has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules[112](index=112&type=chunk) - The Group has a deviation from code provision C.2.1 of the Corporate Governance Code, where the roles of Chairman and Chief Executive Officer are combined and held by Mr. Ralph Paul Johan van Put[112](index=112&type=chunk)[113](index=113&type=chunk) - The Board believes that Mr. Ralph Paul Johan van Put serving concurrently as Chairman and Chief Executive Officer provides strong leadership for the Group and is in the best interests of the Company and its shareholders[113](index=113&type=chunk) - The Board will continue to review and consider separating the roles of Chairman of the Board and Chief Executive Officer of the Company when appropriate[113](index=113&type=chunk) - Independent non-executive directors possess extensive professional knowledge and experience, providing independent advice and overseeing the Board's operations[114](index=114&type=chunk) [Directors' Securities Transactions](index=39&type=section&id=Directors%27%20Securities%20Transactions) The Company adopted a code of conduct for directors' securities transactions, and all directors confirmed full compliance for the six months ended June 30, 2025 - The Company has adopted a code of conduct with terms no less exacting than the required standard of dealings set out in the GEM Listing Rules[115](index=115&type=chunk) - All Directors have confirmed their full compliance with the code of conduct for the six months ended **June 30, 2025**[115](index=115&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=40&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) On **February 24, 2025**, the Company issued **19,500,000 ordinary shares**; otherwise, no listed securities were purchased, sold, or redeemed during the period, and no treasury shares were held - On **February 24, 2025**, the Company completed the additional issuance of **19,500,000 ordinary shares** to True Partner International Limited[116](index=116&type=chunk) - Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities during the six months ended **June 30, 2025**[116](index=116&type=chunk) - As of the end of the reporting period, the Company held no treasury shares[117](index=117&type=chunk) [Changes in Directors' Information](index=40&type=section&id=Changes%20in%20Directors%27%20Information) Mr. Chan Hang Fai was appointed Non-Executive Director effective **June 30, 2025**, and Mr. Wei Mingde's external directorships changed effective **June 23, 2025** - Mr. Chan Hang Fai was appointed as a Non-Executive Director, effective **June 30, 2025**[118](index=118&type=chunk) - Mr. Wei Mingde was appointed as an external director of China Merchants Group Limited, effective **June 23, 2025**[118](index=118&type=chunk) - Mr. Wei Mingde resigned as an external director of China COSCO Shipping Corporation Limited, effective **June 23, 2025**[118](index=118&type=chunk) [Audit Committee](index=40&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors and chaired by Ms. Bai Wanting, reviewed the H1 2025 unaudited condensed consolidated financial results, confirming compliance with accounting standards - The Company has established an Audit Committee in compliance with the GEM Listing Rules and Corporate Governance Code[119](index=119&type=chunk) - The Audit Committee comprises three independent non-executive directors: Ms. Bai Wanting (Chairperson), Mr. Jeronimus Mattheus Tielman, and Mr. Wei Mingde[119](index=119&type=chunk) - Key responsibilities include recommending the appointment and removal of external auditors, reviewing and overseeing financial statements, and monitoring internal control procedures and risk management systems[119](index=119&type=chunk) - The Audit Committee has reviewed the Company's unaudited condensed consolidated financial results for the six months ended **June 30, 2025**, and considers them compliant with applicable accounting standards and requirements under the GEM Listing Rules[119](index=119&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=42&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the unaudited condensed consolidated profit or loss and other comprehensive income for H1 2025, showing a significant narrowing of loss attributable to owners to **HK$15,967 thousand** due to reduced expenses and positive exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue | 4,784 | 5,026 | | Other Income and Gains | 687 | 567 | | Direct Costs | (516) | (479) | | Net Gain/(Loss) on Financial Assets at FVTPL | – | 198 | | General and Administrative Expenses | (20,878) | (31,725) | | Finance Costs | (3) | (36) | | Share of Results of Associates | – | (329) | | Loss Before Income Tax | (15,926) | (26,778) | | Income Tax Expense | (41) | (93) | | Loss for the Period Attributable to Owners of the Company | (15,967) | (26,871) | | Other Comprehensive Income/(Loss): Exchange Differences on Translating Foreign Operations | 1,573 | (363) | | Total Comprehensive Loss for the Period Attributable to Owners of the Company | (14,394) | (27,234) | | Loss Per Share (HK cents) — Basic and Diluted | (3.86) | (6.72) | [Unaudited Condensed Consolidated Statement of Financial Position](index=43&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the unaudited condensed consolidated financial position as of June 30, 2025, showing total current assets of **HK$42,728 thousand** and total equity of **HK$38,691 thousand** Condensed Consolidated Statement of Financial Position (As of June 30, 2025 and December 31, 2024) | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | **Current Assets** | | | | Derivative Financial Assets | 321 | 577 | | Trade Receivables | 2,643 | 2,540 | | Other Receivables | 1,847 | 3,121 | | Deposits with Brokers | 7,117 | 12,786 | | Tax Recoverable | 1,102 | 1,143 | | Fixed Bank Deposits | 12,770 | 112 | | Cash and Cash Equivalents | 16,458 | 32,475 | | **Total Current Assets** | **42,258** | **52,754** | | Assets Classified as Held for Sale | 470 | 470 | | **Total Current Assets** | **42,728** | **53,224** | | **Current Liabilities** | | | | Accruals and Other Payables | 3,883 | 6,775 | | Derivative Financial Liabilities | 154 | 311 | | Lease Liabilities | – | 353 | | **Total Current Liabilities** | **4,037** | **7,439** | | **Net Current Assets** | **38,691** | **45,785** | | **Total Assets Less Current Liabilities** | **38,691** | **45,785** | | **Net Assets** | **38,691** | **45,785** | | **Capital and Reserves** | | | | Share Capital | 164,374 | 157,074 | | Reserves | (125,683) | (111,289) | | **Total Equity** | **38,691** | **45,785** | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=44&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the unaudited condensed consolidated changes in equity for H1 2025, showing total equity decreased to **HK$38,691 thousand** from **HK$45,785 thousand** at the beginning of the period Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Metric | Share Capital (HK$ '000) | Share Premium (HK$ '000) | Group Reorganization Reserve (HK$ '000) | Exchange Reserve (HK$ '000) | Fair Value Reserve (HK$ '000) | Capital Reserve (HK$ '000) | Share Option Reserve (HK$ '000) | Retained Profits/(Accumulated Losses) (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As at January 1, 2024 (Audited) | 4,000 | 153,074 | 1,145 | (585) | – | (1,093) | – | (61,281) | 95,260 | | Loss for the period | – | – | – | – | – | – | – | (26,871) | (26,871) | | Other comprehensive loss | – | – | – | (363) | – | – | – | – | (363) | | Total comprehensive loss for the period | – | – | – | (363) | – | – | – | (26,871) | (27,234) | | As at June 30, 2024 (Unaudited) | 4,000 | 153,074 | 1,145 | (948) | – | (1,093) | – | (88,152) | 68,026 | | As at January 1, 2025 (Audited) | 4,000 | 153,074 | 1,145 | (1,554) | – | (1,093) | – | (109,787) | 45,785 | | Loss for the period | – | – | – | – | – | – | – | (15,967) | (15,967) | | Other comprehensive income | – | – | – | 1,573 | – | – | – | – | 1,573 | | Total comprehensive loss for the period | – | – | – | 1,573 | – | – | – | (15,967) | (14,394) | | Subscription of new shares | 195 | 7,105 | – | – | – | – | – | – | 7,300 | | As at June 30, 2025 (Unaudited) | 4,195 | 160,1

[Company Overview](index=2&type=section&id=Company%20Overview) True Partner Capital, established in 2010, is a professional hedge fund manager specializing in global volatility trading across liquid markets using a 3-T model and proprietary technology [Company Profile and Business Model](index=2&type=section&id=Company%20Profile%20and%20Business%20Model) True Partner Capital, established in 2010, is a hedge fund manager specializing in global volatility trading across liquid markets using a 3-T model and proprietary technology - Established in 2010 by a team of former market makers, the company specializes in volatility trading in liquid markets, primarily focusing on equity index futures, options, and exchange-traded funds (ETFs)[4](index=4&type=chunk) - Employs a "3-T model" combining advanced technology, an experienced team, and professional trading strategies to achieve global, round-the-clock trading[4](index=4&type=chunk) - The company benefits from proprietary technology, including a suite of models and tools that shape its trading approach, and leverages a scalable investment platform for potential growth opportunities in adjacent market segments[4](index=4&type=chunk) [Financial Summary and Performance Overview](index=3&type=section&id=Financial%20Summary%20and%20Performance%20Overview) For H1 2025, the Group's total revenue decreased by 5% to HKD 4,784 thousand, while operating loss and loss attributable to owners significantly narrowed, and its relative value volatility strategy achieved a 6.3% positive return [Selected Financial Summary](index=3&type=section&id=Selected%20Financial%20Summary) For the six months ended June 30, 2025, total revenue decreased by 5% to HKD 4,784 thousand, while operating loss and loss attributable to owners significantly narrowed Selected Financial Summary (For the six months ended June 30) | Metric | H1 2025 (Thousand HKD) | H1 2024 (Thousand HKD) | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | 4,784 | 5,026 | (5)% | | Revenue from Managed Funds | 3,549 | 3,534 | 0% | | Consulting Service Revenue | 1,310 | 840 | 56% | | Net Trading Gain/(Loss) | (75) | 652 | (112)% | | Gross Profit | 4,268 | 4,547 | (6)% | | Operating Loss | (15,923) | (26,611) | (40)% | | Loss Attributable to Owners of the Company | (15,967) | (26,871) | (41)% | | Total Comprehensive Loss | (14,393) | (27,234) | (47)% | | Loss Per Share (HK cents) — Basic and Diluted | (3.86) | (6.72) | (43)% | [Selected Business and Financial Highlights](index=4&type=section&id=Selected%20Business%20and%20Financial%20Highlights) Global equity markets rebounded in H1 2025, with volatility creating trading opportunities, leading to a 6.3% positive return for the Group's relative value volatility strategy - In the first half of 2025, global equity markets rebounded, with the MSCI World Index rising by **6.8%** and the Bloomberg Global Aggregate Government Bond Index rising by **2.3%**[7](index=7&type=chunk) - Implied volatility indicators showed little overall change or a slight increase, but fluctuations within the first half created trading opportunities, particularly a **5.3%** rise in the Group's relative value strategy in April[7](index=7&type=chunk) - Realized volatility (daily actual volatility of equity indices) increased compared to the second half of 2024, creating a more favorable trading environment[9](index=9&type=chunk) - The Group's relative value volatility strategy recorded a **6.3%** positive return in the first half of 2025 and achieved a **12.0%** return for the 12 months ended June 30, 2025, outperforming broad hedge fund indices and several volatility hedge fund indices[9](index=9&type=chunk)[11](index=11&type=chunk) [Business and Market Review](index=10&type=section&id=Business%20and%20Market%20Review) The Group, a global fund manager focused on volatility trading, saw its relative value strategy achieve a 6.3% positive return in H1 2025, despite a decrease in AUM to USD 474 million, while actively adapting to market changes and enhancing technology [Business Review](index=10&type=section&id=Business%20Review) The Group is a global fund management company specializing in volatility trading in liquid markets, primarily implementing global relative value volatility strategies through managed funds and accounts, supported by a proprietary trading platform - The Group is a fund management group based in Hong Kong, Europe, and the United States, with its business focused on volatility trading in liquid markets[24](index=24&type=chunk) - Primarily manages funds and managed accounts on a discretionary basis, utilizing global relative value volatility strategies and other volatility strategies[24](index=24&type=chunk) - Trading decisions are supported by an internal proprietary trading platform designed for specific trading methods, enabling real-time pricing, quantitative comparison, risk management, and rapid trade execution[24](index=24&type=chunk) [Market Environment](index=11&type=section&id=Market%20Environment) Global equity and bond markets grew in H1 2025, with stable implied volatility but increased realized volatility, creating a favorable environment for the Group's trading - The MSCI World Total Return USD Hedged Index rose by **6.8%** during the reporting period, and the Bloomberg Global Aggregate Government Bond USD Hedged Index rose by **2.3%**[26](index=26&type=chunk) - Popular indicators measuring in-the-money implied volatility showed little overall change or a slight increase during the reporting period, but fluctuations within the first half created trading opportunities[26](index=26&type=chunk) - Realized volatility (daily actual volatility of equity indices) increased compared to the second half of 2024 and showed significant differences compared to the first half of 2024, creating a more favorable trading environment[27](index=27&type=chunk) [Investment Performance](index=12&type=section&id=Investment%20Performance) The Group's relative value volatility strategy achieved a **6.3%** positive return in H1 2025 and **12.0%** over 12 months, outperforming hedge fund indices, with True Partner Fund recognized for superior returns since 2011 - The Group's relative value volatility strategy recorded a **6.3%** positive return in the first half of 2025 and achieved a **12.0%** return for the 12 months ended June 30, 2025[29](index=29&type=chunk)[30](index=30&type=chunk) - This strategy outperformed broad hedge fund indices, relative value volatility hedge fund indices, long volatility hedge fund indices, short volatility hedge fund indices, and tail risk hedge fund indices[30](index=30&type=chunk) - True Partner Fund received the Hedge Fund Journal "Best Performing Fund for 2024 and Two Years" award and was nominated for the "With Intelligence HFM APAC Performance Awards 2025"[32](index=32&type=chunk)[33](index=33&type=chunk) - Since its inception in July 2011, True Partner Fund's returns and alpha values have been higher than broad hedge fund indices and other volatility hedge fund indices[34](index=34&type=chunk) [Assets Under Management](index=16&type=section&id=Assets%20Under%20Management) As of June 30, 2025, AUM decreased to **USD 474 million** from **USD 512 million** year-on-year, mainly due to client portfolio adjustments and market challenges Assets Under Management (Million USD) | Date | AUM (Million USD) | | :--- | :--- | | June 30, 2025 | 474 | | December 31, 2024 | 501 | | June 30, 2024 | 512 | - The decrease in AUM was primarily driven by portfolio adjustments by investors in some of the Group's products, influenced by changes in their own asset management[39](index=39&type=chunk) AUM Breakdown by Product Category (Million USD) | Product Category | June 30, 2025 (Million USD) | December 31, 2024 (Million USD) | June 30, 2024 (Million USD) | | :--- | :--- | :--- | :--- | | Fund Vehicles | 46 | 43 | 87 | | Managed Accounts | 428 | 459 | 426 | [Business Development Activities](index=16&type=section&id=Business%20Development%20Activities) The Group adapted to post-pandemic challenges by expanding digital engagement and successfully launched two new managed account strategies with a combined **USD 77 million** AUM - The Group successfully adapted to the COVID-19 and post-COVID-19 environment by expanding digital content offerings and leveraging technology to interact with global investors[40](index=40&type=chunk) - The team actively engaged with investors and potential clients through webinars, one-on-one online meetings, and company communications, receiving positive media coverage from outlets like Bloomberg[41](index=41&type=chunk) - In the second half of 2024 and the first half of 2025, the Group launched two new managed account investment strategies with institutional investors, with a combined Assets Under Management of **USD 77 million**[13](index=13&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The Group is actively seeking potential additional investors for these new strategies and is considering launching a commingled fund version[13](index=13&type=chunk)[45](index=45&type=chunk) [Technology Development](index=18&type=section&id=Technology%20Development) In H1 2025, the Group optimized global data center deployment, enhanced cybersecurity, improved core proprietary systems, and completed the Hong Kong office relocation - Optimized the deployment and connectivity of global data centers to enhance cost-effectiveness while maintaining redundancy and stability[46](index=46&type=chunk) - Implemented multiple third-party hardware, software, and network solution upgrades, significantly enhancing cybersecurity resilience[46](index=46&type=chunk) - The development team focused on maintaining and progressively improving key elements of core proprietary systems, including enhancements to front-end applications and backtesting environments[46](index=46&type=chunk) [Market Outlook and Strategy](index=19&type=section&id=Market%20Outlook%20and%20Strategy) US equity valuations are near historical peaks with high earnings growth expectations, while policy uncertainties and low implied volatility suggest future attractive volatility trading opportunities and a need for adaptive investor strategies [Macroeconomic Observations](index=19&type=section&id=Macroeconomic%20Observations) The S&P 500 saw **25%+** returns in 2024, while 2025 brought initial market uncertainty from new US government policies, followed by recovery due to easing measures - In 2024, the S&P 500 Index recorded total returns exceeding **25%** for the second consecutive year, with investors pricing in potentially market-friendly policies[47](index=47&type=chunk) - After the new US government took office in 2025, proposed tariffs and plans to repatriate some labor caused market uncertainty, but subsequent government easing measures led to a recovery in global markets from earlier lows[48](index=48&type=chunk) [Valuation Analysis](index=19&type=section&id=Valuation%20Analysis) US equity valuations are near historical peaks, with a cyclically adjusted P/E ratio of **41x**, driven by high earnings growth expectations from "Magnificent Seven" and AI optimism, but AI capital expenditure may increase competition - US equities' cyclically adjusted price-to-earnings ratio is close to **41x**, placing it in the **98th percentile** of observations since 1900, near historical peaks[49](index=49&type=chunk) - Market expectations for future earnings growth are high, primarily stemming from the "Magnificent Seven" stocks and optimism surrounding artificial intelligence[54](index=54&type=chunk) - Increased capital expenditure related to artificial intelligence could lead to more competition and a higher likelihood of oversupply, impacting future profits[54](index=54&type=chunk) - US market breadth narrowed in the first half of 2025, with the top **10** stocks accounting for over one-third of the S&P 500's market capitalization, and small and mid-cap companies underperforming large-cap stocks[55](index=55&type=chunk) [Policy Impact: Trump 2.0](index=23&type=section&id=Policy%20Impact%3A%20Trump%202.0) The Trump 2.0 administration rapidly advanced policies like the "Big and Beautiful Bill" tax cuts, increasing federal deficit, with ideologically driven appointments and policies like tariffs potentially raising inflation and reducing labor supply - The Trump 2.0 administration has rapidly advanced its policy agenda, including the "Big and Beautiful Bill" tax cut plan, projected to increase the federal deficit by **USD 3.4 trillion** over the next decade (or **USD 5 trillion** if temporary tax relief provisions are extended)[60](index=60&type=chunk) - Government appointments clearly favor individuals loyal to the administration, removing checks and balances typically provided by traditional appointments, potentially leading to more ideologically driven policies[60](index=60&type=chunk)[61](index=61&type=chunk) - Key elements of the Trump agenda are likely to be inflationary, particularly the imposition of tariffs and the deportation of undocumented immigrants, which could raise domestic prices and reduce labor supply[62](index=62&type=chunk) - Markets and consumers are beginning to worry about economic conditions, with a significant rise in breakeven inflation rates and a notable decline in the University of Michigan Consumer Sentiment Index[62](index=62&type=chunk) [Impact on Equity Markets](index=24&type=section&id=Impact%20on%20Equity%20Markets) US equity valuations are high, with **91%** of fund managers deeming the market overvalued and "Magnificent Seven" as the most crowded trade, prompting diversification into outperforming non-US markets like China - **91%** of fund managers believe US equities are overvalued, the highest level since April 2001, with the most crowded trade being long the "Magnificent Seven"[63](index=63&type=chunk) - The US accounts for **65%** of the MSCI All Country World Index (**75%** of the MSCI World Index), and the risk of underperforming the benchmark is a concern for many portfolio managers[63](index=63&type=chunk) - Non-US markets, including Europe and China, have performed well since early 2025. China's equity market trades at lower prices than other major markets, and authorities are implementing coordinated fiscal and monetary stimulus measures[63](index=63&type=chunk)[67](index=67&type=chunk) [Volatility Market Risk Pricing](index=26&type=section&id=Volatility%20Market%20Risk%20Pricing) Volatility market pricing shows 1-month at-the-money implied volatility below long-term averages despite rising downside risks, but increased realized volatility in H1 2025 offers hedging opportunities - Volatility market pricing indicates that 1-month at-the-money implied volatility for almost all indices is below long-term averages, despite increasing market downside risks[69](index=69&type=chunk) - Realized volatility in the first half of 2025 significantly increased compared to the past few years, which could be an interesting entry point for hedging[69](index=69&type=chunk) - The company believes that the combination of near-peak equity valuations, significant policy uncertainty, and low implied volatility is unlikely to persist, anticipating attractive volatility trading opportunities in the future[70](index=70&type=chunk) [Potential Investor Solutions](index=27&type=section&id=Potential%20Investor%20Solutions) Investors need adaptive strategies; the Group suggests volatility strategies, including tail risk protection and relative value volatility, to add value and diversify, especially during market downturns and rising volatility - Investors require portfolios capable of adapting to changing market environments, and increasing tail risk protection is an attractive option designed to provide strong returns during significant market downturns[72](index=72&type=chunk) - The Group's relative value volatility strategy can serve as an important diversification factor, often performing best during periods of rising volatility and disruptive shocks, and exhibiting a negative correlation with equities[73](index=73&type=chunk) - The Group believes the current environment presents an opportunity for investors to reconsider their portfolio construction and long-term asset allocation, potentially benefiting alternative diversification tools such as hedge funds and volatility trading strategies[74](index=74&type=chunk) [Use of Proceeds and Financial Performance Analysis](index=28&type=section&id=Use%20of%20Proceeds%20and%20Financial%20Performance%20Analysis) The Company extended the utilization timeline for HKD 104 million net listing proceeds to December 2025, while HKD 7.3 million from a recent subscription was used for working capital, as revenue decreased by 4% and general and administrative expenses significantly reduced [Use of Proceeds from Listing](index=28&type=section&id=Use%20of%20Proceeds%20from%20Listing) The Company raised **HKD 104 million** net proceeds from its 2020 listing, with the utilization timeline for remaining funds extended to December 31, 2025, due to market conditions and recruitment delays - The Company's shares were listed on October 16, 2020, raising net proceeds of approximately **HKD 104 million**[75](index=75&type=chunk) Utilization of Net Proceeds from Listing (As of June 30, 2025) | Item | Actual Net Proceeds (Thousand HKD) | Amount Utilized (Thousand HKD) | Balance (Thousand HKD) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | | **Business Expansion:** | | | | | | Hong Kong | 26,403 | 6,297 | 20,106 | Before December 31, 2025 | | Amsterdam, Netherlands | 20,610 | 17,009 | 3,601 | Before December 31, 2025 | | London, UK | 10,711 | 6,663 | 4,048 | Before December 31, 2025 | | Chicago, USA | 8,216 | 1,373 | 6,843 | Before December 31, 2025 | | Business expansion through obtaining an investment firm license from the Dutch Authority for the Financial Markets | 5,403 | 1,958 | 3,445 | Before December 31, 2025 | | Enhancement of IT Systems | 22,302 | 16,083 | 6,219 | Before December 31, 2025 | | Sales and Marketing | 2,745 | 2,745 | – | Before December 31, 2025 | | Investment in Funds Managed by the Group | 7,610 | – | 7,610 | Before December 31, 2025 | | **Total** | **104,000** | **52,128** | **51,872** | | - The expected timeline for utilizing the remaining unutilized net proceeds from the listing has been extended from June 30, 2023, to December 31, 2025, primarily due to recruitment delays and unfavorable market conditions[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) [Use of Proceeds from Subscription](index=28&type=section&id=Use%20of%20Proceeds%20from%20Subscription) The Company completed a December 2024 subscription, issuing **19,500,000** new shares and raising **HKD 7.3 million** net proceeds for general working capital, aligning with planned usage - The Company entered into a subscription agreement with True Partner International Limited on December 27, 2024, to issue **19,500,000** new shares at a subscription price of **HKD 0.400** per share[77](index=77&type=chunk) - The subscription was completed on February 24, 2025, raising net proceeds of approximately **HKD 7.3 million**[77](index=77&type=chunk) - The net proceeds are primarily used to increase the Group's general working capital to cover general operating expenses, including salaries, professional fees, office administrative expenses, and other general expenses for maintaining existing operations[78](index=78&type=chunk) Utilization of Net Proceeds from Subscription (As of June 30, 2025) | Item | Actual Net Proceeds (Thousand HKD) | Amount Utilized (Thousand HKD) | Balance (Thousand HKD) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | | **Strengthening General Working Capital:** | | | | | | Salaries | 4,234 | 2,458 | 1,776 | Before December 31, 2025 | | Professional Fees | 657 | 412 | 245 | Before December 31, 2025 | | Office Administrative Expenses | 1,168 | 254 | 914 | Before December 31, 2025 | | Other General Expenses for Maintaining Existing Operations | 1,241 | 344 | 897 | Before December 31, 2025 | | **Total** | **7,300** | **3,468** | **3,832** | | [Financial Review](index=46&type=section&id=Financial%20Review) Revenue decreased by **4%** to **HKD 4.8 million** due to product changes and reduced AUM, while gross profit fell **6%** to **HKD 4.3 million**, and general and administrative expenses significantly decreased by **34%** to **HKD 20.9 million** - Revenue for the reporting period was **HKD 4.8 million**, a decrease of approximately **4%** compared to the same period in 2024, primarily due to reduced revenue from funds and managed accounts resulting from changes in product structure[116](index=116&type=chunk) - Gross profit was **HKD 4.3 million**, a **4%** decrease compared to the same period in 2024, mainly due to a reduction in average revenue per unit of Assets Under Management[117](index=117&type=chunk) - General and administrative expenses were **HKD 20.9 million**, a **34%** decrease compared to the same period in 2024, primarily from reduced staff costs, professional, and administrative expenses, as the Group actively reviewed its operations and implemented headcount reductions and efficiency adjustments[118](index=118&type=chunk) - Share of results of associates was **HKD 0**, as the Group disposed of its entire interest in Zhejiang Honglanmu Investment Management Co., Ltd. in October 2024[119](index=119&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=31&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) For H1 2025, the Group's loss significantly narrowed to HKD 15,967 thousand, with net current assets and total equity at HKD 38,691 thousand, and net cash used in operating activities at HKD 11,876 thousand [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=31&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's loss significantly narrowed to **HKD 15,967 thousand**, with total revenue at **HKD 4,784 thousand** and reduced general and administrative expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 4,784 | 5,026 | | Other Income and Gains | 687 | 567 | | Direct Costs | (516) | (479) | | Net Gains/(Losses) from Financial Assets at Fair Value Through Profit or Loss | – | 198 | | General and Administrative Expenses | (20,878) | (31,725) | | Finance Costs | (3) | (36) | | Share of Results of Associates | – | (329) | | Loss Before Income Tax | (15,926) | (26,778) | | Income Tax Expense | (41) | (93) | | Loss for the Period Attributable to Owners of the Company | (15,967) | (26,871) | | Other Comprehensive Income/(Loss) | 1,573 | (363) | | Total Comprehensive Loss for the Period Attributable to Owners of the Company | (14,394) | (27,234) | | Loss Per Share (HK cents) — Basic and Diluted | (3.86) | (6.72) | [Condensed Consolidated Statement of Financial Position](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, net current assets and total equity decreased to **HKD 38,691 thousand**, with cash and cash equivalents falling to **HKD 16,458 thousand** Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | **Current Assets** | | | | Derivative Financial Assets | 321 | 577 | | Trade Receivables | 2,643 | 2,540 | | Other Receivables | 1,847 | 3,121 | | Deposits with Brokers | 7,117 | 12,786 | | Tax Recoverable | 1,102 | 1,143 | | Fixed Bank Deposits | 12,770 | 112 | | Cash and Cash Equivalents | 16,458 | 32,475 | | **Total Current Assets** | **42,258** | **52,754** | | Assets Classified as Held for Sale | 470 | 470 | | **Total Current Assets** | **42,728** | **53,224** | | **Current Liabilities** | | | | Accrued Expenses and Other Payables | 3,883 | 6,775 | | Derivative Financial Liabilities | 154 | 311 | | Lease Liabilities | – | 353 | | **Total Current Liabilities** | **4,037** | **7,439** | | **Net Current Assets** | **38,691** | **45,785** | | **Total Equity** | **38,691** | **45,785** | [Condensed Consolidated Statement of Changes in Equity](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners decreased to **HKD 38,691 thousand** by June 30, 2025, due to period loss and exchange reserve changes, partially offset by **HKD 7,300 thousand** from new share subscriptions Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Item | Share Capital (Thousand HKD) | Share Premium (Thousand HKD) | Group Reorganization Reserve (Thousand HKD) | Exchange Fluctuation Reserve (Thousand HKD) | Capital Reserve (Thousand HKD) | Retained Profits/(Accumulated Losses) (Thousand HKD) | Total (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2024 (Audited) | 4,000 | 153,074 | 1,145 | (585) | (1,093) | (61,281) | 95,260 | | Loss for the period | – | – | – | – | – | (26,871) | (26,871) | | Other comprehensive loss | – | – | – | (363) | – | – | (363) | | As of June 30, 2024 (Unaudited) | 4,000 | 153,074 | 1,145 | (948) | (1,093) | (88,152) | 68,026 | | As of January 1, 2025 (Audited) | 4,000 | 153,074 | 1,145 | (1,554) | (1,093) | (109,787) | 45,785 | | Loss for the period | – | – | – | – | – | (15,967) | (15,967) | | Other comprehensive income | – | – | – | 1,573 | – | – | 1,573 | | Subscription of new shares | 195 | 7,105 | – | – | – | – | 7,300 | | As of June 30, 2025 (Unaudited) | 4,195 | 160,179 | 1,145 | 19 | (1,093) | (125,754) | 38,691 | [Condensed Consolidated Statement of Cash Flows](index=34&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **HKD 11,876 thousand**, net cash used in investing activities was **HKD 12,657 thousand**, and net cash from financing activities was **HKD 6,944 thousand** Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Net cash used in operating activities | (11,876) | (28,539) | | Net cash used in investing activities | (12,657) | (18,290) | | Net cash generated from/(used in) financing activities | 6,944 | (711) | | Net decrease in cash and cash equivalents | (17,589) | (47,540) | | Cash and cash equivalents at beginning of period | 32,475 | 66,048 | | Effect of foreign exchange rate changes | 1,572 | (389) | | Cash and cash equivalents at end of period | 16,458 | 18,119 | - Net cash generated from financing activities primarily resulted from **HKD 7,300 thousand** from the subscription of new shares[89](index=89&type=chunk) [Notes to the Financial Statements](index=36&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail the Company's Cayman Islands incorporation, fund management business, accounting policies, segment revenue, and provide breakdowns for financial statement items, including a narrowed loss before tax and changes in share capital [Company Information](index=36&type=section&id=Company%20Information) The Company, incorporated in the Cayman Islands, is an investment holding company engaged in fund management, derivatives trading, and consulting services, listed on GEM of the HKEX since October 2020 - The Company is a limited liability company incorporated in the Cayman Islands, with its principal business being investment holding[90](index=90&type=chunk) - The Group is principally engaged in fund management business, derivatives trading, and providing consulting services[90](index=90&type=chunk) - The Company's shares were listed on GEM of The Stock Exchange of Hong Kong Limited on October 16, 2020[91](index=91&type=chunk) [Basis of Preparation and Accounting Policies](index=36&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The unaudited condensed consolidated financial statements are prepared under HKAS 34 and GEM Listing Rules, consistent with prior accounting policies, with no significant impact from new standards - The unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the GEM Listing Rules of the Stock Exchange[92](index=92&type=chunk) - The accounting policies adopted in the preparation are consistent with those used in the preparation of the Group's consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards and interpretations effective from January 1, 2024, which had no significant impact[92](index=92&type=chunk) - The unaudited condensed consolidated financial statements have not been audited by the Company's auditor but have been reviewed by the Company's audit committee[93](index=93&type=chunk) [Segment Information](index=37&type=section&id=Segment%20Information) The Group operates primarily in Hong Kong, with trading offices in Chicago and the Netherlands, generating **HKD 3,143 thousand** and **HKD 1,641 thousand** in revenue from these regions respectively - The Group's primary operating location is Hong Kong, with trading offices in Chicago and the Netherlands to maximize trading opportunities across different global equity markets[94](index=94&type=chunk) Geographical Information of Revenue (For the six months ended June 30) | Region | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Hong Kong | 3,143 | 3,412 | | Chicago | 1,641 | 1,614 | | **Total** | **4,784** | **5,026** | Revenue Information from Major Clients (For the six months ended June 30) | Client | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Client A | 1,908 | 1,191 | | Client B | 1,641 | 1,321 | | Client C | – | 729 | [Revenue](index=38&type=section&id=Revenue) The Group's revenue primarily comprises management fees (**HKD 2,867 thousand**), performance fees (**HKD 682 thousand**), and consulting service income (**HKD 1,310 thousand**) for the six months ended June 30, 2025 Revenue Analysis (For the six months ended June 30) | Revenue Source | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | **Revenue from Funds and Managed Accounts** | | | | Management fee income | 2,867 | 3,534 | | Performance fee income | 682 | – | | **Subtotal** | **3,549** | **3,534** | | Revenue from Consulting Services | 1,310 | 840 | | **Subtotal** | **4,859** | **4,374** | | Other sources: Net (Loss)/Gain from Derivative Instruments | (75) | 652 | | **Total Revenue** | **4,784** | **5,026** | Timing of Revenue Recognition (For the six months ended June 30) | Timing of Recognition | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | At a point in time | 1,310 | 840 | | Over time | 3,549 | 3,534 | | **Total** | **4,859** | **4,374** | [Loss Before Income Tax](index=39&type=section&id=Loss%20Before%20Income%20Tax) Loss before income tax narrowed to **HKD 15,926 thousand** for the six months ended June 30, 2025, primarily due to reduced staff benefits, auditor's remuneration, short-term lease expenses, and exchange losses Loss Before Income Tax is Arrived at After Charging (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Auditor's remuneration | 550 | 568 | | Short-term lease expenses | 688 | 720 | | Staff benefits (including directors' emoluments) | 11,693 | 18,494 | | Exchange losses | 71 | 451 | | Management fee expenses recognized as direct costs | 516 | 479 | | Interest expense on lease liabilities | 3 | 36 | [Income Tax Expense](index=39&type=section&id=Income%20Tax%20Expense) Income tax expense decreased to **HKD 41 thousand** for the six months ended June 30, 2025, with no tax in Cayman Islands, Hong Kong entities taxed at **8.25%** or **16.5%**, and no provision for other entities Income Tax Expense (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Current tax — Hong Kong | 41 | 93 | - The Group is not subject to income tax in the Cayman Islands[102](index=102&type=chunk) - Hong Kong entities are subject to profits tax at a rate of **8.25%** or **16.5%**[102](index=102&type=chunk) - No tax provision was made for the Group's entities in the United States, the Netherlands, Singapore, and China due to no estimated taxable profits[102](index=102&type=chunk)[103](index=103&type=chunk) [Dividends](index=40&type=section&id=Dividends) The Board does not recommend any dividend payment for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[103](index=103&type=chunk) [Loss Per Share](index=40&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share improved to **3.86 HK cents** for the six months ended June 30, 2025, from **6.72 HK cents** in the prior year, driven by reduced loss attributable to owners Loss Per Share Calculation Data (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (15,967) | (26,871) | | Weighted average number of ordinary shares | 413,574,586 | 400,000,000 | | Basic and diluted loss per share (HK cents) | (3.86) | (6.72) | - As there were no potential ordinary shares in issue as of June 30, 2025, and 2024, the diluted loss per share is the same as the basic loss per share[106](index=106&type=chunk) [Financial Assets/Liabilities at Fair Value Through Profit or Loss](index=41&type=section&id=Financial%20Assets%2FLiabilities%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, current derivative financial assets were **HKD 321 thousand** (long positions in China-listed derivatives), and liabilities were **HKD 154 thousand** (short positions), both decreased from December 31, 2024 Financial Assets/Liabilities at Fair Value Through Profit or Loss (As of June 30) | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Current assets: Long positions in China-listed derivative instruments | 321 | 577 | | Current liabilities: Short positions in China-listed derivative instruments | 154 | 311 | [Trade Receivables](index=41&type=section&id=Trade%20Receivables) Total trade receivables increased to **HKD 2,643 thousand** as of June 30, 2025, with a notable increase in performance fees receivable to **HKD 558 thousand** Trade Receivables Breakdown (As of June 30) | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Consulting service fees receivable | 931 | 1,113 | | Management fees receivable | 1,154 | 1,427 | | Performance fees receivable | 558 | – | | **Total** | **2,643** | **2,540** | Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Less than 30 days | 2,237 | 1,536 | | 31 to 60 days | 108 | 179 | | 61 to 90 days | 298 | 179 | | Over 90 days | – | 646 | | **Total** | **2,643** | **2,540** | [Other Receivables](index=42&type=section&id=Other%20Receivables) Total other receivables significantly decreased to **HKD 1,847 thousand** as of June 30, 2025, primarily due to reduced deposits and prepayments Other Receivables Breakdown (As of June 30) | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Deposits | 483 | 979 | | Other receivables | 84 | 138 | | Prepayments | 1,280 | 2,004 | | **Total** | **1,847** | **3,121** | [Accrued Expenses and Other Payables](index=43&type=section&id=Accrued%20Expenses%20and%20Other%20Payables) Total accrued expenses and other payables significantly decreased to **HKD 3,883 thousand** as of June 30, 2025, mainly due to reduced accrued employee benefits and expenses Accrued Expenses and Other Payables Breakdown (As of June 30) | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Accrued employee benefits | 875 | 2,705 | | Accrued expenses | 2,809 | 3,935 | | Other payables | 199 | 135 | | **Total** | **3,883** | **6,775** | [Share Capital](index=43&type=section&id=Share%20Capital) As of June 30, 2025, total issued shares were **419,500,000**, with share capital of **HKD 4,195 thousand** and share premium of **HKD 160,179 thousand**, including **19,500,000** new shares from a **HKD 7,300 thousand** subscription Changes in Share Capital (As of June 30) | Item | Number of Shares | Share Capital (Thousand HKD) | Share Premium (Thousand HKD) | Total (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | As of December 31, 2024, January 1, 2025, and June 30, 2025 | 400,000,000 | 4,000 | 153,074 | 157,074 | | Subscription of new shares | 19,500,000 | 195 | 7,105 | 7,300 | | As of June 30, 2025 (Unaudited) | 419,500,000 | 4,195 | 160,179 | 164,374 | - The subscription was completed on February 24, 2025, with the allotment and issue of **19,500,000** new shares to True Partner International Limited, generating net proceeds of approximately **HKD 7,300 thousand**[110](index=110&type=chunk) [Related Party Transactions](index=44&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group generated **HKD 1,908 thousand** in management and performance fees from True Partner Fund, an increase from the prior year Related Party Transactions (For the six months ended June 30) | Name of Related Party | Nature of Transaction | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | :--- | | True Partner Fund ("TPF") | Management and performance fee income | 1,908 | 1,190 | | True Partner Volatility Fund ("TPVF") | Management fee income | – | 729 | Key Management Personnel Remuneration (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Short-term employee benefits | 5,713 | 7,682 | | Post-employment benefits — pension scheme contributions | 77 | 133 | | **Total** | **5,790** | **7,815** | [Approval of Interim Financial Information](index=45&type=section&id=Approval%20of%20Interim%20Financial%20Information) The interim financial information was approved and authorized for issue by the Board on August 28, 2025 - The interim financial information was approved and authorized for issue by the Board on August 28, 2025[115](index=115&type=chunk) [Risk Management and Capital Structure](index=47&type=section&id=Risk%20Management%20and%20Capital%20Structure) The Group manages foreign exchange and credit risks, maintains a stable liquidity position with a 10.6x current ratio and no corporate debt, and has no pledged assets or significant contingent liabilities [Principal Risks and Uncertainties](index=47&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces foreign exchange risk from major currency fluctuations and credit risk from counterparty defaults, mitigated by close monitoring and credit approval processes - The Group's revenue, cost of sales, administrative expenses, and investments and borrowings are primarily denominated in HKD, USD, EUR, SGD, RMB, and GBP, exposing it to foreign exchange risk[121](index=121&type=chunk) - Hong Kong operates a linked exchange rate system, ensuring the stability of the HKD against the USD. RMB currency risk arises from deposits related to derivatives transactions settled in RMB[121](index=121&type=chunk) - The Group is exposed to credit risk, which is the risk of financial loss if a counterparty fails to meet its obligations, and mitigates this through close monitoring and credit approval processes[122](index=122&type=chunk) [Liquidity, Current Ratio and Capital Structure](index=47&type=section&id=Liquidity%2C%20Current%20Ratio%20and%20Capital%20Structure) As of June 30, 2025, the Group maintains a stable liquidity position with **HKD 16.5 million** net cash, **HKD 12.8 million** fixed deposits, and a **10.6x** current ratio, with no corporate bank borrowings - The Group monitors and maintains adequate levels of cash and cash equivalents to provide working capital and mitigate the impact of cash flow fluctuations[123](index=123&type=chunk) - As of June 30, 2025, the Group's net cash balance was **HKD 16.5 million**, with fixed bank deposits of **HKD 12.8 million**[123](index=123&type=chunk) - The Group's current ratio (current assets divided by current liabilities) was **10.6x**, with no corporate bank borrowings, and net cash exceeding net debt[123](index=123&type=chunk) - As of June 30, 2025, the Group's shareholders' equity was **HKD 38.7 million**, with a total of **419,500,000** shares in issue[124](index=124&type=chunk) [Pledged Assets](index=48&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had not pledged any assets as collateral for overdrafts or other loan financing - As of June 30, 2025, the Group had not pledged any assets as collateral for overdrafts or other loan financing[125](index=125&type=chunk) [Future Plans for Material Investments or Capital Assets](index=48&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no specific plans for material investments or capital assets - As of June 30, 2025, the Group had no specific plans regarding material investments or capital assets[127](index=127&type=chunk) [Contingent Liabilities](index=48&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities or guarantees - As of June 30, 2025, the Group had no significant contingent liabilities or guarantees[128](index=128&type=chunk) [Other Company Information](index=48&type=section&id=Other%20Company%20Information) The Group made HKD 98,000 in donations, did not recommend an interim dividend, reduced staff to 16, and disclosed directors' and substantial shareholders' interests, share option scheme, and corporate governance compliance [Donations for Charitable or Other Purposes](index=48&type=section&id=Donations%20for%20Charitable%20or%20Other%20Purposes) During the reporting period, the Group made donations of approximately **HKD 98,000** for charitable and community activities, consistent with the prior year - During the reporting period, the Group made donations of approximately **HKD 98,000** for charitable or other purposes such as sponsoring community activities (for the six months ended June 30, 2024: **HKD 98,000**)[129](index=129&type=chunk) [Interim Dividend](index=48&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the reporting period, consistent with the prior year - The Board does not recommend the payment of an interim dividend for the reporting period (for the six months ended June 30, 2024: nil)[130](index=130&type=chunk) [Human Resources Management](index=48&type=section&id=Human%20Resources%20Management) As of June 30, 2025, the Group employed **16** staff, a decrease from **20** in 2024, with remuneration based on merit, and a share option scheme in place - As of June 30, 2025, the Group employed a total of **16** staff members (as of June 30, 2024: **20**)[131](index=131&type=chunk) - Employee remuneration is determined with reference to individual qualifications and performance, ensuring all staff are provided with adequate training and continuous professional opportunities[131](index=131&type=chunk) - The Group has adopted a share option scheme to reward individual employees for their contributions to the Group[132](index=132&type=chunk) [Directors' and Chief Executive's Interests](index=49&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2025, directors and chief executives held significant long positions in Company shares, with Mr. Chan Hang Fai holding **23.02%**, Mr. Tobias Benjamin Hekster **14.08%**, and Mr. Godefriedus Jelte Heijboer **13.36%** Directors' and Chief Executive's Long Positions in Shares (As of June 30, 2025) | Name of Director/Chief Executive | Capacity/Nature of Interest | Number of Ordinary Shares Held | Approximate % of Interest | | :--- | :--- | :--- | :--- | | Tobias Benjamin Hekster | Beneficial owner | 59,049,018 | 14.08% | | Godefriedus Jelte Heijboer | Beneficial owner | 56,055,644 | 13.36% | | Ralph Paul Johan van Put | Interest in controlled corporation | 58,337,399 | 13.91% | | Roy van Bakel | Beneficial owner | 27,686,280 | 6.60% | | Chan Hang Fai | Interest in controlled corporation and beneficial owner | 96,582,908 | 23.02% | [Substantial Shareholders' Interests](index=50&type=section&id=Substantial%20Shareholders%27%20Interests) As of June 30, 2025, substantial shareholders included True Partner International Limited (**19.51%**) and Nardinc Beheer B.V. (**8.63%**), alongside directors' spouses holding interests Substantial Shareholders' Long Positions in Shares (As of June 30, 2025) | Name of Shareholder/Entity | Capacity/Nature of Interest | Number of Ordinary Shares Held | Approximate % of Interest | | :--- | :--- | :--- | :--- | | Franca Kurpershoek-Hekster | Spouse's interest | 59,049,018 | 14.08% | | Wong Rosa Maria | Spouse's interest | 56,055,644 | 13.36% | | True Partner Participation Limited | Beneficial owner | 58,337,399 | 13.91% | | Gong Yunliang | Spouse's interest | 58,337,399 | 13.91% | | True Partner International Limited | Beneficial owner | 81,836,908 | 19.51% | | DSS Financial Management, Inc. | Interest in controlled corporation | 81,836,908 | 19.51% | | DSS Securities, Inc. | Interest in controlled corporation | 81,836,908 | 19.51% | | DSS, Inc. | Interest in controlled corporation | 81,836,908 | 19.51% | | Chan Kong Yuk Kiu | Spouse's interest | 96,582,908 | 23.02% | | Edo Bordoni | Beneficial owner | 29,839,153 | 7.11% | | Anne Joy Bordoni | Spouse's interest | 29,839,153 | 7.11% | | Maria Victoria Diaz Basilio | Spouse's interest | 27,686,280 | 6.60% | | Nardinc Beheer B.V. | Beneficial owner | 36,200,000 | 8.63% | | SomethingEls B.V. | Interest in controlled corporation | 36,200,000 | 8.63% | | ERMA B.V. | Interest in controlled corporation | 36,200,000 | 8.63% | | Dasym Managed Accounts B.V. | Investment manager | 36,200,000 | 8.63% | | F.J. Botman Holding B.V. | Interest in controlled corporation | 36,200,000 | 8.63% | | Franciscus Johannes Botman | Interest in controlled corporation | 36,200,000 | 8.63% | [Share Option Scheme](index=53&type=section&id=Share%20Option%20Scheme) The Company adopted a GEM Listing Rules-compliant share option scheme on September 22, 2020, but no options have been granted since its adoption - The then shareholders of the Company adopted and approved a share option scheme on September 22, 2020, with terms established in accordance with Chapter 23 of the GEM Listing Rules[139](index=139&type=chunk) - No share options have been granted by the Company under the share option scheme since its adoption up to the date of this announcement[139](index=139&type=chunk) [Interests in Competing Business](index=53&type=section&id=Interests%20in%20Competing%20Business) As of June 30, 2025, no directors, substantial shareholders, or their associates held interests in any business competing with the Group - For the six months ended June 30, 2025, and up to the date of this announcement, none of the Company's directors, substantial shareholders, or their respective close associates had any interests in any business (other than the Group's business) that directly or indirectly competes or may compete with the Group's business[140](index=140&type=chunk) [Changes in Share Capital](index=53&type=section&id=Changes%20in%20Share%20Capital) On February 24, 2025, the Company issued **19,500,000** shares to True Partner International Limited, increasing issued share capital to **419,500,000** shares - On February 24, 2025, a total of **19,500,000** shares were allotted and issued to True Partner International Limited[141](index=141&type=chunk) - The subscription shares represented approximately **4.88%** of the Company's issued share capital immediately before the completion of the subscription, and approximately **4.65%** of the Company's issued share capital as enlarged by the allotment and issue of the subscription shares[141](index=141&type=chunk) - The Company's issued share capital immediately following the completion of the subscription was **419,500,000** shares[141](index=141&type=chunk) [Corporate Governance Code](index=54&type=section&id=Corporate%20Governance%20Code) The Group adopted the GEM Listing Rules' Corporate Governance Code, with no material deviation except for the combined Chairman and CEO roles, which the Board believes provides strong leadership - The Group has adopted the principles and code provisions set out in the Corporate Governance Code in Appendix C1 of the GEM Listing Rules[142](index=142&type=chunk) - The Group has no material deviation from the Corporate Governance Code, except for the deviation from code provision C.2.1 of the Corporate Governance Code (the roles of chairman and chief executive should be separate)[142](index=142&type=chunk) - The Directors believe that Mr. Ralph Paul Johan van Put serving concurrently as Chairman and Chief Executive Officer provides strong leadership to the Group, and this arrangement is beneficial and in the overall best interests of the Company and its shareholders[142](index=142&type=chunk) [Directors' Securities Transactions](index=54&type=section&id=Directors%27%20Securities%20Transactions) The Company adopted a code of conduct for directors' securities transactions, and all directors confirmed full compliance for the six months ended June 30, 2025 - The Company has adopted a code of conduct regarding directors' securities transactions on terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[145](index=145&type=chunk) - Following specific enquiries made to all Directors, all Directors have confirmed that they have fully complied with the code of conduct for the six months ended June 30, 2025[145](index=145&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=55&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Except for the issuance of **19,500,000** ordinary shares on February 24, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any Company securities during the reporting period - On February 24, 2025, the Company completed the additional issuance of **19,500,000** ordinary shares of the Company to True Partner International Limited[146](index=146&type=chunk) - Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities for the six months ended June 30, 2025[146](index=146&type=chunk) - As at the end of the reporting period, the Company did not hold any treasury shares[147](index=147&type=chunk) [Changes in Directors' Information](index=55&type=section&id=Changes%20in%20Directors%27%20Information) Mr. Chan Hang Fai was appointed Non-executive Director effective June 30, 2025, and Mr. Wei Mingde's external directorships changed effective June 23, 2025 - Mr. Chan Hang Fai was appointed as a Non-executive Director, effective June 30, 2025[148](index=148&type=chunk) - Mr. Wei Mingde was appointed as an external director of China Merchants Group Limited, effective June 23, 2025[148](index=148&type=chunk) - Mr. Wei Mingde resigned as an external director of China COSCO Shipping Corporation Limited, effective June 23, 2025[148](index=148&type=chunk) [Audit Committee](index=55&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors with Ms. Bai Wanting as Chairperson, oversees external auditors, financial statements, internal controls, and risk management, and has reviewed the interim financial results - The Company has established an Audit Committee in compliance with the GEM Listing Rules and the Corporate Governance Code, with written terms of reference[149](index=149&type=chunk) - The Audit Committee members include three independent non-executive directors: Ms. Bai Wanting (Chairperson), Mr. Jeronimus Mattheus Tielman, and Mr. Wei Mingde[149](index=149&type=chunk) - The Committee's primary responsibilities include making recommendations on the appointment and removal of external auditors, reviewing and overseeing financial statements, and monitoring internal control procedures and risk management systems[149](index=149&type=chunk) - The Audit Committee has reviewed the Company's unaudited condensed consolidated financial results for the six months ended June 30, 2025, and considers them to be in compliance with applicable accounting standards and the requirements of the GEM Listing Rules[150](index=150&type=chunk)

TRUE PARTNER CAPITAL HOLDING LIMITED （根據開曼群島法律註冊成立的有限公司） （股份代號：8657） 董事會召開日期 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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份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。 True Partner Capital Holding Limited（「本公司」）董事（「董事」）會（「董事會」）謹此 宣佈，本公司將於二零二五年八月二十八日（星期四）舉行董事會會議，藉以（其 中包括）考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月的 中期業績及其刊發，以及考慮派付中期股息（如有）。 承董事會命 True Partner Capital Holding Limited 主席兼行政總裁 Ralph Paul Johan van Put 香港，二零二五年八月十八日 於本公告日期，董事會包括執行董事Ralph Paul Johan van Put先生、Godefriedus Jelte Heijboer先生、Tobias B ...

智通财经APP讯，TRUE PARTNER(08657)发布公告，集团于2025年7月31日的未经审核资产管理规模约 为4.67亿美元。 TPF截至2025年7月的净回报为-0.77%。 ...

Group 1 - The company TRUE PARTNER (08657) announced that its unaudited assets under management as of July 31, 2025, are approximately $467 million [1] - As of July 2025, the net return for TPF is reported at -0.77% [1]

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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公司謹此公佈本公司及其附屬公司（「本集團」）於二零二五年七月三十一日的未 經審核資產管理規模約為4億6仟7百萬美元。 （附註1） TPF截至二零二五年七月的淨回報為-0.77%。 （附註2） 1 附註1： 本集團的資產管理規模按以下基準編製，資產管理規模數據按照各基金╱管理賬戶的管 理人╱託管人所報告的上月最後交易日（該日未必是該年度╱期間的最後一個營業日）重 新計算。按照一般市場慣例，達致資產管理規模數據時不會計入最後一個交易日的認購 及贖回。 附註2： 每月淨回報是以True Partner Offshore Fund B-1類別份額為基礎以及扣除基金管理人計算 及報告的所有費用，一般可代表TPF的整體表現，因為B-1類別系列份額自成立以來在所 有類別及系列份額中的表現記錄最長，且其條款相對於其他類別及系列份額而言屬普通 及標準。 附註3： True Partner Fund僅向專業投資者發售， ...

Core Viewpoint - TRUE PARTNER (08657) expects a significant reduction in the consolidated loss attributable to owners for the six months ending June 30, 2025, with a decrease of not less than 40% compared to the loss of approximately HKD 26.9 million for the six months ending June 30, 2024 [1] Financial Performance - The anticipated reduction in loss is primarily attributed to a decrease in employee costs, professional fees, and administrative expenses [1]

Group 1 - The company TRUE PARTNER (08657) expects a significant reduction in comprehensive losses attributable to owners for the six months ending June 30, 2025, with a decrease of not less than 40% compared to approximately 26.9 million Hong Kong dollars for the six months ending June 30, 2024 [1] - The substantial reduction in losses is primarily attributed to a decrease in employee costs, as well as reductions in professional and administrative expenses [1]

TRUE PARTNER CAPITAL HOLDING LIMITED 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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （根據開曼群島法律註冊成立的有限公司） （股份代號：8657） 盈利警告－虧損減少 本公告乃由本公司根據GEM上市規則第17.10條及證券及期貨條例第XIVA部項 下的內幕消息條文而作出。 董事會謹此通知股東及有意投資者，預期截至二零二五年六月三十日止六個月 本公司擁有人應佔綜合虧損將較截至二零二四年六月三十日止六個月約 26,900,000港元大幅減少不少於40%。虧損大幅減少主要由於員工成本、專業及 行政開支減少所致。 本公司股東及有意投資者在買賣本公司股份時務請審慎行事。 本公告乃由True Partner Capital Holding Limited（「本公司」，連同其附屬公司統稱 「本集團」）根據香港聯合交易所有限公司GEM證券上市規則（「GEM上市規則」）第 17.10條及香港法例第571章證券及期貨條例（「證券及 ...