TRUE PARTNER(08657)发布公告，预期截至2025年6月30日止6个月本公司拥有人应占综合亏损将较截 至2024年6月30日止6个月约2690万港元大幅减少不少于40%。亏损大幅减少主要由于员工成本、专业及 行政开支减少所致。 ...

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 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: True Partner Capital Holding Limited 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08657 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | ...

Group 1: Major Contracts and Financial Performance - China Railway Group (00390.HK) recently won multiple major engineering contracts with a total bid amount of approximately RMB 91.2 billion, accounting for about 8.52% of the company's revenue under Chinese accounting standards for 2021 [1] - China People's Insurance Group (01339.HK) reported a total insurance premium income of RMB 452.46 billion from January to August 2022, representing a year-on-year growth of 9.89% [2] - China Coal Energy (01898.HK) announced that its coal sales volume in August reached 25.96 million tons, a year-on-year increase of 1.3%, while coal production was 10.92 million tons, up 22.3% year-on-year [3] Group 2: Share Buybacks and Stake Increases - Bohai Bank (09668.HK) announced that several employees plan to voluntarily purchase at least 25 million H-shares using their own funds, reflecting confidence in the bank's long-term business development [4] - China Communications Construction (01800.HK) disclosed that its controlling shareholder has cumulatively increased its stake by approximately 264.47 million H-shares, representing 1.64% of the company's total issued shares [5] - Shougang Holding (00697.HK) reported that its major shareholder has entered into an agreement to sell 728 million shares to Beijing Guoguan Investment Holdings, which will acquire about 10% of the company's total issued shares [6] Group 3: Market Activities and Corporate Actions - Jianye Real Estate (00832.HK) announced plans to repurchase shares in the open market based on market conditions [7] - China Pacific Insurance (02601.HK) reported cumulative original insurance business income of RMB 290.9 billion from January to August [8] - China Property & Casualty Insurance (02328.HK) reported a premium income of RMB 340.25 billion from January to August, reflecting a year-on-year growth of 9.8% [9]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 9,569,000, a decrease of 28% compared to HKD 13,289,000 in 2023[15]. - Revenue from fund management activities dropped by 54% to HKD 5,752,000 from HKD 12,398,000[15]. - Consulting service fees increased by 123% to HKD 1,944,000 from HKD 873,000[15]. - Net trading income surged by 10,306% to HKD 1,873,000 from HKD 18,000[15]. - Gross profit decreased by 26% to HKD 8,594,000 from HKD 11,687,000[15]. - Operating loss improved by 27% to HKD (47,962,000) from HKD (65,429,000)[15]. - Annual loss narrowed by 28% to HKD (48,506,000) from HKD (67,001,000)[15]. - Basic and diluted loss per share was HKD (12.13), down from HKD (16.75) in the previous year, representing a 28% improvement[15]. Assets Under Management - The company's assets under management decreased to $501 million as of December 31, 2024, down from $885 million as of December 31, 2023, primarily due to investor portfolio adjustments[25]. - As of December 31, 2024, the company's assets under management totaled $501 million, comprising $43 million from the flagship True Partner Fund and $458 million from managed accounts or similar arrangements[63]. - The AUM for fund instruments was $43 million and for managed accounts was $458 million as of December 31, 2024, compared to $157 million and $728 million respectively as of December 31, 2023[81]. - The average assets under management and average management fees decreased in 2024 compared to 2023 due to the reduction in asset management scale[30]. Strategic Initiatives - True Partner Capital is focused on leveraging proprietary technology and scalable investment platforms to capture growth opportunities in adjacent market segments[9]. - The company launched a new product in collaboration with institutional investors, currently in managed account form, with plans to consider a mixed fund version[28]. - The company is actively seeking additional investors for the newly launched product, which utilizes proprietary quantitative tools[28]. - The company plans to extend the timeline for utilizing the remaining unutilized proceeds from its IPO to December 31, 2025, while maintaining the outlined use of proceeds[31]. - The company is exploring new strategies and potential partnerships to launch products based on these strategies, which could become future revenue sources[77]. Cost Management - The group's general and administrative expenses for 2024 are projected to be HKD 57.9 million, down from HKD 78.3 million in 2023, primarily due to reductions in employee costs and professional fees[31]. - The group has reduced its workforce by 36% and implemented cost-cutting measures, expecting additional benefits from these adjustments over the next twelve months[31]. - The company's general and administrative expenses for 2024 were HKD 57.9 million, down from HKD 78.3 million in 2023, mainly due to reductions in employee costs and professional expenses[77]. Market Conditions - The relative value volatility strategy achieved a positive return of 0.5% in the first half of 2024, despite challenging market conditions[22]. - The annualized volatility for the MSCI World Index was 12.5% in the second half of 2024, up from 8.5% in the first half[22]. - The VIX index decreased from 21.7 to 12.5 in 2023, indicating a significant compression in implied volatility[50]. - In 2024, the VIX index rose from 12.5 to 17.4, reflecting a more challenging market environment[50]. - The macroeconomic environment remains a critical factor influencing investment strategies, with a focus on volatility trading likely to benefit from current conditions[98]. Investor Relations - The team engaged with investors through webinars and in-person meetings, enhancing investor relations and brand visibility[53]. - The group has maintained active communication with investors through webinars and one-on-one online meetings, discussing fund performance and investment outlook[82]. Governance and Management - The company has a stable and experienced management team with key personnel having worked together for nearly a decade[9]. - The company has a strong leadership team with extensive experience in trading and technology, including over 21 years in proprietary trading and quantitative research[185]. - The independent non-executive director has a background in investment management and has founded multiple financial institutions, enhancing the company's strategic oversight[192]. - The company emphasizes the importance of independent oversight through its audit and compensation committees, ensuring transparency and accountability[191]. Future Outlook - The company aims to remain resilient and prepared to capitalize on potential market turnarounds despite current challenges[31]. - The company is optimistic about higher demand for its strategies in the coming year, despite the inherent challenges in market predictions[138]. - The company is developing a strategy to capitalize on the volatility opportunities in Chinese stocks, which are currently trading at a substantial discount compared to other markets[131].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 9,569,000, a decrease of 28% compared to HKD 13,289,000 in 2023[18] - Revenue from fund management activities dropped by 54% to HKD 5,752,000 from HKD 12,398,000[18] - Consulting service fees revenue increased by 123% to HKD 1,944,000 from HKD 873,000[18] - Trade income net amount surged by 10,306% to HKD 1,873,000 from HKD 18,000[18] - Gross profit for the year was HKD 8,594,000, down 26% from HKD 11,687,000[18] - Operating loss for the year was HKD 47,962,000, a reduction of 27% from HKD 65,429,000[18] - Annual loss amounted to HKD 48,506,000, a decrease of 28% compared to HKD 67,001,000 in the previous year[18] - Loss attributable to owners of the company was HKD 48,506,000, reflecting a 28% decline from HKD 67,001,000[18] - Total comprehensive loss for the year was HKD 49,475,000, down 26% from HKD 66,510,000[18] - Basic and diluted loss per share was HKD 12.13, a decrease of 28% from HKD 16.75 in the previous year[18] Assets Under Management - The company's assets under management decreased to USD 501 million as of December 31, 2024, down from USD 885 million at the end of 2023, indicating a significant reduction[28] - The company's revenue for 2024 is HKD 9.6 million, down from HKD 13.3 million in 2023, primarily due to a decrease in asset management scale and changes in the product mix[34] - Average assets under management (AUM) and management fees decreased compared to 2023, reflecting a challenging market environment[34] - The AUM for fund instruments was $43 million and for managed accounts was $458 million as of December 31, 2024, compared to $157 million and $728 million respectively as of December 31, 2023[84] Market Conditions - The VIX index rose from 12.5 to 17.4 during the reporting period, indicating increased market volatility[25] - The MSCI World Index experienced a total return increase of 21.2% during the reporting period, with the strongest quarterly growth of 10.2% in Q1 2024[22] - The global bond index saw a return increase of 3.6% during the reporting period, reflecting a stable bond market environment[22] - The average annualized volatility for the MSCI World Index was 12.5% in the second half of 2024, indicating a recovery in market volatility compared to the first half[25] Cost Management - General and administrative expenses for 2024 were HKD 57.9 million, down from HKD 78.3 million in 2023, mainly due to reductions in employee costs and professional fees[34] - The company has reduced its workforce by 36% and implemented cost-cutting measures to enhance operational efficiency[34] - The company reported a pre-tax loss of HKD 48.4 million for 2024, an improvement from a loss of HKD 65.5 million in 2023[34] Strategic Initiatives - A new product is set to launch in the second half of 2024, currently in managed account form, with plans for a mixed fund version[34] - The company is actively seeking additional investors for the new product, which utilizes proprietary quantitative tools[34] - The company plans to extend the timeline for utilizing unspent proceeds from its IPO to December 31, 2025, while maintaining the outlined plans[34] - The company is focused on expanding its business footprint and enhancing its infrastructure in technology and locations to capture growth opportunities[63] Investor Relations - The company actively engaged with investors through webinars and one-on-one meetings, enhancing investor relations and brand visibility[56] - The company participated in various global industry events, including the Tokyo Global Volatility Summit and the London Volatility Investment Event, to share market insights and build brand recognition[57] Leadership and Governance - The company has a strong leadership team with extensive experience in trading and technology, including over 27 years in proprietary trading and quantitative research[189] - The independent non-executive director has a background in investment management and has founded multiple investment firms, enhancing the company's strategic oversight[196] - The company emphasizes the importance of independent oversight through its audit and remuneration committees[194] Future Outlook - The company anticipates attractive volatility trading opportunities in the future due to near-peak market valuations and significant policy uncertainty[137] - The company expects higher demand for its strategies in the coming year, despite the challenges of predicting market conditions[141] - The company is developing a strategy to capitalize on the volatility opportunities in Chinese stocks, which are currently trading at a substantial discount compared to other markets[134]

Financial Performance - Total revenue for the first half of 2024 was HKD 5,026,000, a decrease of 42% compared to HKD 8,690,000 in the same period of 2023[6] - Income from management business funds dropped by 58% to HKD 3,534,000 from HKD 8,372,000 year-on-year[6] - Consulting service income increased by 164% to HKD 840,000 compared to HKD 318,000 in the previous year[6] - Gross profit decreased by 41% to HKD 4,547,000 from HKD 7,676,000 year-on-year[6] - Operating loss narrowed to HKD 26,611,000 from HKD 29,297,000, a reduction of 9%[6] - Loss attributable to owners of the company was HKD 26,871,000, down 10% from HKD 29,704,000 in the previous year[6] - Total comprehensive loss amounted to HKD 27,234,000, an 8% decrease from HKD 29,523,000 year-on-year[6] - Basic and diluted loss per share was HKD 6.72, a 10% improvement from HKD 7.43 in the same period of 2023[6] - The company reported a loss before tax of HKD 26.8 million for the first half of 2024, compared to a loss of HKD 29.5 million in the same period of 2023[11] - The group reported a net gain from derivatives of HKD 652,000, which was not recorded in the previous year[79] - The group incurred a loss before tax of HKD 18,494,000 for the six months ended June 30, 2024, compared to HKD 22,771,000 in the previous year[80] Assets Under Management - The average assets under management decreased to $512 million as of June 30, 2024, down from $1,164 million a year earlier and $885 million at the end of 2023[10] - As of June 30, 2024, the company's assets under management totaled $512 million, comprising $87 million from mixed fund products and $425 million from managed accounts or similar arrangements[15] - The AUM for fund tools as of June 30, 2024, was $87 million, down from $253 million as of June 30, 2023, while managed accounts AUM decreased to $425 million from $911 million[23] - As of June 30, 2024, the company reported a net cash balance of HKD 18.1 million and fixed bank deposits of HKD 35.7 million, maintaining a current ratio of 8.75 times[48] Cost Management - General and administrative expenses for the first half of 2024 were HKD 31.7 million, down from HKD 37.7 million in the same period of 2023, reflecting cost-cutting measures[11] - The company's general and administrative expenses for the first half of 2024 were HKD 31.7 million, down from HKD 37.7 million in the first half of 2023, representing a decrease of approximately 16%[22] - The company reduced its workforce by 37.5% as part of its cost-cutting plan to enhance operational efficiency[11] - The company anticipates additional benefits from cost-cutting measures implemented in response to market uncertainties[22] Market Conditions - The MSCI World Index increased by 13.8% during the reporting period, with a strong rise of 10.2% in Q1 2024 and a smaller increase of 3.2% in Q2 2024[8] - The annualized volatility of the MSCI World Index was 8.5%, approximately half of its long-term average of 16.5%[8] - The VIX ETF decreased by 30.0% during the reporting period, indicating a decline in market volatility expectations[8] - The ongoing geopolitical tensions, particularly the conflict in Ukraine and the Middle East, continue to pose risks to market stability[32] Strategic Initiatives - The company continues to leverage proprietary technology and a scalable investment platform to explore growth opportunities in adjacent market segments[2] - The company is exploring new strategies for potential investors, which have shown promise as a future revenue source for its fund management business[22] - The company has established partnerships with Northern Trust, focusing on opportunities related to pension fund transitions in the Netherlands[25] - The company has actively engaged with investors through webinars and one-on-one online meetings, discussing fund performance and outlook for 2024[24] Shareholder Information - Major shareholders include True Partner Participation Limited with 58,337,399 shares, representing 14.58% of equity[52] - DSS, Inc. holds 62,336,908 shares, representing 15.58% of the equity[53] - Chen Henghui owns 77,082,908 shares, accounting for 19.27% of the equity[53] - The company has adopted a share option scheme to reward individual employees for their contributions[49] Future Outlook - The company plans to extend the timeline for utilizing the remaining unutilized proceeds from its IPO to 2025[22] - The expected timeline for utilizing the remaining unutilized net proceeds has been extended to December 31, 2025[41] - The company anticipates that the current market environment may lead to increased investor interest in diversification options, including relative value volatility and volatility directional hedging[38] - The company expects to see significant volatility and disruption in stock index volatility, leading to optimistic outlooks for investment opportunities[39]

Financial Performance - Total revenue for the first half of 2024 was HKD 5,026,000, a decrease of 42% compared to HKD 8,690,000 in the same period of 2023[3] - Income from managed fund operations dropped by 58% to HKD 3,534,000 from HKD 8,372,000 year-on-year[3] - Consulting service revenue increased significantly by 164% to HKD 840,000 from HKD 318,000 in the previous year[3] - The gross profit for the first half of 2024 was HKD 4,547,000, down 41% from HKD 7,676,000 in the first half of 2023[3] - The operating loss narrowed to HKD 26,611,000, a 9% improvement from HKD 29,297,000 in the same period last year[3] - Loss attributable to owners of the company was HKD 26,871,000, a 10% decrease from HKD 29,704,000 in the previous year[3] - The total comprehensive loss for the period was HKD 27,234,000, down 8% from HKD 29,523,000 in the first half of 2023[3] - The basic and diluted loss per share was HKD 6.72, compared to HKD 7.43 in the same period last year, reflecting a 10% improvement[4] - The company reported a loss before tax of $26.8 million for the first half of 2024, compared to a loss of $29.5 million in the same period of 2023[7] - Fund management income for the first half of 2024 was HKD 3.5 million, a decrease of 58.3% compared to HKD 8.4 million in the same period of 2023[16] Asset Management and Market Conditions - The asset management scale decreased to $512 million as of June 30, 2024, down from $1,164 million a year earlier and $885 million as of December 31, 2023[6] - The average asset management scale and average management fees collected decreased compared to the first half of 2023, impacting overall revenue[7] - The company emphasized that the changes in asset management scale were primarily due to specific client reasons and did not reflect a change in investment strategy[6] - As of June 30, 2024, the company's assets under management totaled $512 million, comprising $87 million from mixed fund products and $425 million from managed accounts[11][12] - The company's trading strategies primarily focus on relative value in major markets, including the US, Europe, and Asia[11] - The True Partner Fund outperformed the Eurekahedge asset-weighted hedge fund index in terms of returns and alpha since its inception in July 2011, despite having a negative beta compared to equities[6] Expenses and Cost Management - General and administrative expenses for the first half of 2024 were $31.7 million, down from $37.7 million in the same period of 2023, mainly due to reductions in employee costs and professional fees[7] - The company reduced its workforce by 37.5% and implemented cost-cutting measures in general and administrative expenses[7] - The management fee structure was adjusted to 1% management fee and 20% performance fee, down from a previous 2% management fee[16] - The average revenue per unit of AUM decreased due to changes in product structure and a challenging trading environment[17] Future Plans and Strategies - The company plans to extend the timeline for utilizing the remaining unutilized proceeds from its IPO to December 31, 2025, while maintaining the outlined plans[7] - The company is exploring new strategies and markets through derivative trading, which may provide potential future income sources[17] - The company plans to enhance marketing activities and participate in industry events, including the Global Volatility Summit in New York in the second half of 2024[21] - The company believes the current market environment presents opportunities for investors to reconsider their portfolio construction and long-term asset allocation[28] Market Performance and Economic Indicators - The MSCI World Index increased by 13.8% during the reporting period, with a strong first quarter rise of 10.2%[5] - The annualized volatility of the MSCI World Index was 8.5%, approximately half of its long-term average of 16.5%[13] - The expected U.S. consumer price inflation rate for 2024 was initially projected at 2.6% but rose to 3.1% by June 2024, indicating persistent inflation concerns[24] - The anticipated reduction in the U.S. federal funds rate by over 150 basis points by the end of 2024 has been widely viewed as supportive for the stock market[24] - The geopolitical landscape remains fragile, with ongoing conflicts in Ukraine and the Middle East, which could impact market stability and investor sentiment[25] Corporate Governance and Compliance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, with no significant deviations noted except for the combined roles of Chairman and CEO[88] - Ralph Paul Johan van Put serves as both Chairman and CEO, providing strong leadership and strategic direction for the company[89] - An Audit Committee has been established in accordance with GEM Listing Rules and corporate governance code, comprising three independent non-executive directors[93] - The Audit Committee reviewed the unaudited consolidated financial results for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and GEM Listing Rules[93]

Financial Performance - Total revenue for the year 2023 was HKD 13,289,000, a decrease of 70% compared to HKD 44,793,000 in 2022[16] - Revenue from fund management business dropped by 72% to HKD 12,398,000 from HKD 44,106,000 in the previous year[16] - The company reported an operating loss of HKD 65,429,000, which is a 104% increase from the operating loss of HKD 32,150,000 in 2022[16] - The annual loss for 2023 was HKD 67,001,000, representing a 100% increase from HKD 33,508,000 in 2022[16] - Basic and diluted loss per share for 2023 was HKD 16.75, up 99% from HKD 8.41 in 2022[16] - The company reported a loss before tax of HKD 65.5 million for the reporting period, compared to a loss of HKD 34.6 million in 2022, with the loss attributable to shareholders amounting to HKD 67 million after tax, up from HKD 33.6 million in the previous year[31] - General and administrative expenses increased to HKD 78.3 million in 2023 from HKD 74.1 million in 2022, reflecting a rise of HKD 4 million during the reporting period[33] - The overall revenue decline in 2023 was influenced by a challenging trading environment and specific client-related changes[81] Market Conditions - The VIX ETF experienced a decline of 72.7% during the reporting period[19] - The overall market volatility decreased significantly in 2023, despite rising macro and geopolitical risks[50] - The geopolitical situation and inflationary pressures are expected to pose significant risks to future market performance[49] - The volatility indices, including the VIX, saw significant declines during the reporting period, with the VIX dropping from 21.7 to 12.5[20] - The MSCI World Index experienced a total return increase of 24.3% during the reporting period, with strong quarterly performances of 7.7% and 7.4% in Q1 and Q2, respectively, followed by a slight decline of -2.4% in Q3 and a rebound of 10.1% in Q4[20] - The current market backdrop may lead more investors to consider diversification options, such as relative value volatility and volatility-targeted hedging[99] Strategic Initiatives - The company implemented a cost-cutting plan, resulting in a 34.48% reduction in employee numbers, which is expected to yield benefits in the next twelve months[31] - The company adjusted its fee structure in October 2023 to a management fee of 1% and a performance fee of 20%, down from 2% and 20% respectively, which would have resulted in a return rate of 0.05% if the previous fee structure had been applied[25] - The company is preparing to launch its first derivative fund product in China later this year, indicating progress in its onshore business[61] - The company continues to invest in technology and infrastructure to expand its capabilities and meet the needs of global clients[59] - The company aims to enhance its client relationship management infrastructure and analytics, utilizing industry-leading software[86] Investment Strategy - The company's trading strategy primarily focuses on relative value, which historically performs best during market downturns and periods of rising volatility[26] - The investment strategy focuses on absolute returns, aiming to profit in various market conditions, and may benefit from alternative diversification tools like hedge funds and volatility trading[101] - Customized solutions are being developed to capitalize on the anticipated opportunities arising from increased volatility and strong negative returns in the stock market[101] Corporate Governance - The board has decided not to declare dividends for the year ending December 31, 2023, due to challenges in the market environment affecting fund performance[61] - The company emphasizes compliance and risk management, ensuring adherence to financial regulations and standards[162] - The board of directors is committed to maintaining good corporate governance standards to protect shareholder interests and enhance corporate value[182] - The company has established an independence assessment mechanism for the board to ensure strong independent judgment and protect shareholder interests[190] - All directors confirmed compliance with the code of conduct for the year ending December 31, 2023[183] Technology and Innovation - The company is committed to leveraging its technological advancements to improve trading efficiency and risk management[155] - The company made significant improvements to its proprietary backtesting systems and analytical tools in 2023, enhancing infrastructure stability and security[90] - The company has a strong focus on alternative investments and manager selection, with Kavanagh overseeing investment solutions[167] - The management team includes professionals with academic backgrounds in finance and technology, enhancing the company's strategic direction[150][156] Workforce Management - The company reduced its workforce by 34.48% as part of a cost-cutting initiative, aiming to benefit from these adjustments in the next twelve months[82] - The group employed a total of 25 staff as of December 31, 2023, down from 33 in the previous year[145] Financial Position - As of December 31, 2023, the group's net cash balance was HKD 66 million, with a current ratio of 8.6 times[132] - The group has no corporate bank borrowings and maintains a cash net position exceeding its debt net position[132] - The total equity and issued shares of the group as of December 31, 2023, were HKD 95.3 million and 400,000,000 shares, respectively[133]