Financial Performance - True Partner Capital Holding Limited reported audited annual results for the year ending December 31, 2023, in accordance with GEM listing rules[21]. - Total revenue for 2023 was HKD 13,289,000, a decrease of 70% compared to HKD 44,793,000 in 2022[23]. - Revenue from fund management business dropped by 72% to HKD 12,398,000 from HKD 44,106,000[23]. - Annual loss for 2023 was HKD 67,001,000, representing a 100% increase from HKD 33,508,000 in 2022[23]. - Basic and diluted loss per share for 2023 was HKD 16.75, up 99% from HKD 8.41 in 2022[23]. - The group's revenue for the reporting period was HKD 13.3 million, a decrease of HKD 31.5 million or approximately 70% compared to HKD 44.8 million in the same period of 2022[127]. - Gross profit for the group was HKD 11.7 million, down HKD 29.7 million or 72% from HKD 41.4 million in the same period of 2022[128]. - The group reported a pre-tax loss of HKD 65.5 million for 2023, compared to a loss of HKD 34.6 million in 2022, with total comprehensive loss attributable to owners of the company amounting to HKD 66.5 million in 2023[89]. Market Conditions - The MSCI World Index increased by 24.3% during the reporting period, with strong gains in Q1 (7.7%) and Q2 (7.4%) of 2023[27]. - The VIX index fell from 21.7 to 12.5 during the reporting period, indicating a significant drop in market volatility[27]. - The Put Protection Index rose by 19.2%, while the S&P 500 Total Return Index increased by 26.3%, showing a 7.1% underperformance of the protection strategy[27]. - The geopolitical situation and inflation risks are expected to pose significant threats to future market performance[56]. - The ongoing geopolitical tensions and sanctions are expected to contribute to long-term inflationary pressures, with potential consumer price increases of up to 5% in the short term and about 1% in the long term[104]. Company Strategy and Operations - The company focuses on liquidity market volatility trading, primarily in index futures, options, and exchange-traded funds (ETFs)[15]. - The company aims to leverage a scalable investment platform to capture potential growth opportunities in adjacent market segments[15]. - The company is committed to providing a diversified global investor base through its professional asset management division[15]. - The company is managing both fund products and managed accounts, with strategies deployed across these categories[50]. - The company has been investing to seize future opportunities despite the challenging market environment affecting fund performance and management fees[73]. - The company aims to provide tailored investment solutions that protect and enhance portfolios based on specific investor needs[64]. Management and Governance - The management team has been stable, with key personnel working together for nearly ten years, contributing to the company's growth[15]. - The board of directors confirmed that the information provided in the report is accurate and complete, with no misleading or fraudulent elements[13]. - The company emphasizes compliance and risk management, with board members experienced in overseeing financial integrity and regulatory adherence[169]. - The board includes independent directors who provide oversight and strategic guidance, ensuring compliance and governance[164]. - The company has established a board independence assessment mechanism to ensure strong independent judgment and protect shareholder interests[197]. Cost Management and Workforce - General and administrative expenses increased to HKD 78.3 million in 2023 from HKD 74.1 million in 2022, with a rise of HKD 4 million attributed to employee costs[40]. - The company reduced its workforce by 34.48% and implemented cost-cutting measures in general and administrative expenses[38]. - The group reduced its workforce by 34.48% as part of cost-cutting measures and expects to benefit from these adjustments in the next twelve months[129]. Technology and Innovation - The company utilizes proprietary technology that includes a range of models and tools to shape its trading methods[15]. - The company is focusing on enhancing its proprietary technology and infrastructure, including significant improvements to its backtesting systems and analytical tools[97]. - The company is actively involved in the financial technology space, leveraging its management team's expertise to drive innovation[180]. Future Outlook - The company anticipates benefiting from the adjustments made in the next twelve months despite uncertainties affecting expenses[38]. - The company is expected to focus on the Dutch pension transformation in 2024, leveraging proprietary analytical tools for detailed risk insights[94]. - The market anticipates up to six interest rate cuts in 2024 due to easing inflation[61]. Shareholder Engagement - The company has over 1,000 investors and potential clients in its customer relationship management system, enhancing engagement and outreach[67]. - The company continues to explore various avenues for creating potential value for shareholders, including potential business transactions with other companies[73].

Financial Performance - Total revenue for the nine months ended September 30, 2023, was HKD 11,427,000, a decrease of 68% compared to HKD 35,493,000 in the same period of 2022[13]. - Revenue from fund management business decreased by 69% to HKD 10,829,000 from HKD 35,061,000 year-on-year[13]. - The company reported a net trading loss of HKD 11,000, compared to no trading loss in the previous year[13]. - Operating loss increased by 116% to HKD 45,134,000 from HKD 20,936,000 in the prior year[13]. - The total comprehensive loss for the period was HKD 45,808,000, up 115% from HKD 21,341,000 in the same period last year[13]. - Basic and diluted loss per share was HKD 11.36, compared to HKD 5.67 in the previous year, reflecting a 100% increase[13]. - For the nine months ended September 30, 2023, revenue was HKD 11.4 million, a decrease from HKD 35.5 million for the same period in 2022, primarily due to a reduction in assets under management and changes in the product portfolio[23]. - The pre-tax loss for the nine months ended September 30, 2023, was HKD 45.1 million, compared to a loss of HKD 22.3 million for the same period in 2022[23]. - General and administrative expenses increased to HKD 56.1 million for the nine months ended September 30, 2023, from HKD 53.6 million in the same period in 2022, driven by higher personnel costs and increased data and administrative expenses[23]. - The group's revenue for the nine months ended September 30, 2023, was HKD 11.4 million, a decrease from HKD 35.5 million for the same period in 2022, primarily due to changes in product structure and a reduction in assets under management[46]. - The group's pre-tax loss for the nine months ended September 30, 2023, was HKD 45.1 million, compared to a loss of HKD 22.3 million for the same period in 2022[48]. - General and administrative expenses for the nine months ended September 30, 2023, were HKD 56.1 million, an increase from HKD 53.6 million for the same period in 2022, mainly due to higher personnel costs[47]. - The company reported a total comprehensive loss of HKD 45,808,000 for the nine months ended September 30, 2023, compared to a total comprehensive loss of HKD 21,341,000 for the same period in 2022, reflecting an increase of 114.5%[110]. - The company reported a net loss of HKD 45,441,000 for the nine months ended September 30, 2023, compared to a net loss of HKD 22,548,000 for the same period in 2022, indicating a 101.5% increase in net loss[110]. Revenue Sources - Revenue from consulting services increased by 41% to HKD 609,000 from HKD 432,000 year-on-year[13]. - Revenue from Hong Kong for the nine months ended September 30, 2023, was HKD 8,389,000, down 71% from HKD 28,822,000 in 2022[120]. - Revenue from Chicago for the nine months ended September 30, 2023, was HKD 3,038,000, a decrease of 54% from HKD 6,671,000 in 2022[120]. - Major client A contributed HKD 6,604,000 in revenue for the nine months ended September 30, 2023, down 49% from HKD 13,099,000 in 2022[122]. Assets Under Management - The average assets under management as of September 30, 2023, were HKD 1,085 million, down from HKD 1,708 million as of September 30, 2022, reflecting a significant decline due to portfolio adjustments by certain investors[18]. - As of September 30, 2023, the company's assets under management (AUM) reached $1,085 million, comprising $168 million from mixed fund products and $917 million from managed accounts[34]. - The average management fee collected on the assets under management decreased compared to the nine months ended September 30, 2022, due to the challenging market environment[23]. - As of September 30, 2023, the group's fund tools had assets under management of USD 168 million, down from USD 447 million as of September 30, 2022[50]. Market Conditions - The market environment showed signs of central banks tightening policies further, yet global stock markets experienced a rebound during the reporting period[36]. - The MSCI World Index increased by 12.9% during the reporting period, following a 7.7% rise in the previous quarter, while the Bloomberg Global Government Bond Index rose by 1.5%[38]. - The VIX index decreased from 21.7 to 17.5 over the first nine months of the year, indicating a decline in implied volatility[39]. - The geopolitical landscape has become more fragile, with ongoing conflicts such as the Russia-Ukraine war and recent escalations in the Middle East, which may impact economic stability[62]. - The ongoing geopolitical tensions and the potential for further fragmentation of global supply chains could lead to long-term inflationary pressures, with estimates suggesting consumer prices could rise by up to 5% in the short term[62]. - The current market environment may lead investors to consider diversification strategies, particularly in relative value volatility and volatility-targeted hedging[65]. Strategic Focus - The company aims to leverage its scalable investment platform to capture potential growth opportunities in adjacent market segments[5]. - The company is focused on expanding its business in Europe and Asia, as outlined in its prospectus dated September 30, 2020[23]. - The company is committed to expanding its business in Europe and Asia, as indicated by increased data and administrative expenses[73]. - The company has established its information technology department, indicating a strategic focus on expanding asset management activities[77]. - The company is focusing on diversifying investment tools, including hedge funds and volatility trading strategies, to capitalize on current market conditions[69]. Shareholder Information - As of September 30, 2023, major shareholders hold significant stakes in True Partner Capital Holding, with Chen Henghui owning 76,432,908 shares, representing 19.10% of the equity[88]. - True Partner International Limited and its parent companies collectively hold 15.58% of True Partner Capital Holding, with DSS Financial Management, Inc. also holding 62,336,908 shares, equating to 15.58%[88]. - Franca Kurpershoek-Hekster and Wong Rosa Maria, spouses of executive directors, hold 14.72% and 14.01% of the equity respectively, indicating strong insider ownership[89]. - The overall shareholder composition suggests a concentrated ownership model, which could impact liquidity and shareholder engagement strategies[88]. Governance and Compliance - The audit committee reviewed the unaudited condensed consolidated financial results for the nine months ended September 30, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[105]. - The company has adopted the corporate governance code as per GEM listing rules and has made no significant deviations from it, except for the combined role of the Chairman and CEO[98]. Employee and Operational Costs - General and administrative expenses increased to HKD 56.1 million for the nine months ended September 30, 2023, up HKD 2.5 million or about 5% from HKD 53.6 million in the same period of 2022, primarily due to higher employee costs[73]. - The total expenses for employee benefits, including salaries and other benefits, amounted to HKD 33,700,000 for the nine months ended September 30, 2023, an increase of 7.0% from HKD 31,344,000 in 2022[125]. Future Outlook - The company plans to benefit from adjustments made in the business review, which are expected to take effect in Q4 2023 and 2024[48]. - The company believes that the current market conditions present an opportunity for investors to hedge downside risks while retaining upside potential in the market[64].

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。 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） 截至二零二三年九月三十日止九個月 第三季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主 板買賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高 流通量的市場。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關True Partner Capital Holding Limited（「本公司」）的資料，本公司的董事 （「董事」或各為一名 ...

Financial Performance - Total revenue for the first half of 2023 was HKD 8,690,000, a decrease of 65% compared to HKD 24,996,000 in the same period of 2022[11]. - Management fee income dropped by 66% to HKD 8,372,000 from HKD 24,564,000 year-on-year[11]. - The company reported a gross profit of HKD 7,676,000, down 66% from HKD 22,841,000 in the previous year[11]. - Operating loss increased by 124% to HKD 29,297,000 compared to HKD 13,090,000 in the first half of 2022[11]. - The total loss for the period was HKD 29,704,000, representing an increase of 111% from HKD 14,060,000 in the same period last year[11]. - Loss attributable to owners of the company was HKD 29,704,000, up 109% from HKD 14,188,000 in the previous year[11]. - The comprehensive loss for the period totaled HKD 29,523,000, a 147% increase from HKD 11,953,000 in the first half of 2022[11]. - Basic and diluted loss per share was HKD 7.43, compared to HKD 3.55 in the same period last year, reflecting a 109% increase[11]. - The group’s revenue for the six months ended June 30, 2023, was HKD 8.7 million, a decrease from HKD 25 million for the same period in 2022, primarily due to changes in product structure and a reduction in assets under management[41]. - The group reported a loss before tax of HKD 29.5 million for the first half of 2023, compared to a loss of HKD 13.9 million for the same period in 2022[42]. - The company reported a loss of HKD 29,704,000, compared to a loss of HKD 14,188,000 for the same period in 2022, representing a 109% increase in losses year-over-year[160]. Assets Under Management - The average assets under management as of June 30, 2023, were USD 1,164 million, down from USD 1,717 million on June 30, 2022, and USD 1,516 million on December 31, 2022[16]. - As of June 30, 2023, the company's assets under management (AUM) reached $1,164 million, comprising $253 million from mixed fund products and $911 million from managed accounts[33][34]. - The group's fund tools had assets under management of USD 253 million, while managed accounts had USD 911 million as of June 30, 2023, compared to USD 492 million and USD 1,225 million, respectively, as of June 30, 2022[44]. - The average assets under management as of June 30, 2023, were USD 1,164 million, down 32% from USD 1,717 million as of June 30, 2022, and decreased from USD 1,366 million as of March 31, 2023[44]. Market Conditions - The company's investment strategy faced challenges due to market conditions, impacting performance fees and overall revenue[20]. - The overall market environment in the first half of 2023 showed signs of a rebound in global equity markets despite indications of further tightening by central banks[35]. - The MSCI World Index rose 15.7% in the first half of 2023, following a 7.7% increase in the fourth quarter of 2022[8]. - The VIX index decreased from 21.7 to 13.4 during the first half of 2023, reflecting a significant drop in market volatility[8]. - The Put Protection Index rose 12.4% in the first half of 2023, while the S&P 500 Total Return Index increased by 16.9%, indicating a 4.5% underperformance of the Put Protection Index[8]. - The global bond index rose 3.2% in the first half of 2023, following a flat performance in the fourth quarter of 2022[8]. Expenses and Costs - The company's general and administrative expenses for the first half of 2023 were HKD 37.7 million, compared to HKD 35.9 million in the same period of 2022, with the increase attributed to a higher number of employees and related costs[22]. - General and administrative expenses increased to HKD 37.7 million, an increase of HKD 1.8 million or about 5% compared to HKD 35.9 million in the same period of 2022[74]. - The company incurred a total of HKD 21,859,000 in employee benefits, an increase of 10.4% from HKD 19,726,000 in the prior year[152]. Governance and Management - The company is committed to adhering to the corporate governance code and has established an audit committee to oversee financial reporting and internal controls[122]. - The company has a significant ownership structure, with Mr. Chen holding 58.58% of DSS, Inc., which is the parent company of DSS Financial Management, Inc.[4]. - The company is led by Ralph Paul Johan van Put, who serves as both the chairman and CEO, providing strong leadership for strategic development[116]. - The company has not identified any conflicts of interest among its directors or major shareholders in relation to its business operations[112]. Shareholder Information - Tobias Benjamin Hekster holds 58,759,018 shares, representing approximately 14.68% of the equity[94]. - Godefriedus Jelte Heijboer owns 56,055,644 shares, accounting for approximately 14.01% of the equity[94]. - Ralph Paul Johan van Put has interests in 58,337,399 shares, which is about 14.58% of the equity[94]. - Roy van Bakel holds 27,686,280 shares, representing approximately 6.92% of the equity[94]. - True Partner International Limited holds 62,336,908 shares, accounting for approximately 15.58% of the equity[98]. - Chen Henghui has interests in 70,784,908 shares, which is about 17.69% of the equity[101]. - Nardinc Beheer B.V. holds 36,196,000 shares, representing approximately 9.04% of the equity[101]. Dividend and Equity - The board did not recommend the payment of an interim dividend for the reporting period, consistent with the previous period where no dividend was paid[91]. - The company did not declare any dividends during the six months ended June 30, 2023, compared to HKD 27,000 paid in dividends in the same period of 2022[140]. - The company's issued and paid-up capital remained at HKD 157,074,000 as of June 30, 2023, unchanged from the previous year[170]. Technology and Innovation - The company's technology team focused on enhancing the stability, resilience, and security of its core proprietary systems in the first half of 2023[47]. - The company's trading decisions are supported by an internal proprietary trading platform designed for specific trading methods, enhancing real-time pricing and risk management[32].

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。 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） 截至二零二三年六月三十日止六個月 中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主 板買賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高 流通量的市場。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關True Partner Capital Holding Limited（「本公司」）的資料，本公司的董事 （「董事」或各為一名「董 ...

Financial Performance - Total revenue for Q1 2023 was HKD 4,589,000, a decrease of 67% compared to HKD 14,046,000 in Q1 2022[13] - Gross profit for the quarter was HKD 4,082,000, down 68% from HKD 12,674,000 year-over-year[13] - Operating loss for the period was HKD 14,010,000, an increase of 146% compared to HKD 5,696,000 in the same period last year[13] - The total comprehensive loss for Q1 2023 was HKD 13,538,000, which is a 267% increase from HKD 3,692,000 in Q1 2022[13] - Basic and diluted loss per share for the quarter was HKD 3.53, compared to HKD 1.66 in the previous year, reflecting a 113% increase[14] - The pre-tax loss for the first quarter of 2023 was HKD 14 million, compared to a loss of HKD 6.4 million in the same period of 2022[27] - The group reported a pre-tax loss of HKD 14 million for Q1 2023, compared to a loss of HKD 6.4 million in the same period last year[57] - The company reported a loss before tax of HKD 14,103,000 for the three months ended March 31, 2023, compared to a loss of HKD 6,620,000 for the same period in 2022, indicating an increase in losses of approximately 112%[143] Assets Under Management (AUM) - As of March 31, 2023, the assets under management (AUM) decreased to $1,366 million, down from $1,618 million a year earlier and $1,516 million as of December 31, 2022[24] - As of March 31, 2023, the company's assets under management (AUM) totaled $1,366 million, comprising $281 million from mixed fund products and $1,085 million from managed accounts[45] - The group's assets under management totaled $1,366 million, a decrease of $252 million or 16% from $1,618 million as of March 31, 2022[58] - The group's fund tools' assets under management were $281 million, while managed accounts totaled $1,085 million as of March 31, 2023, compared to $578 million and $1,040 million respectively a year earlier[58] Market Environment - The VIX futures for April 2023 decreased by 19.8% to 20.8, indicating a challenging market environment[16] - The global stock market experienced a rebound in the first quarter of 2023, which positively impacted the company's performance[47] - Inflation remains a significant concern, with central banks continuing to raise inflation forecasts, impacting market sentiment[64] - The geopolitical situation remains unstable, particularly regarding the U.S. debt ceiling, which poses risks to the market[63] - The unexpected decline in Q1 GDP growth was 1.1% annually, compared to a market expectation of 1.9%, raising concerns about economic resilience[69] - The tightening of credit conditions is being reported by both banks and small businesses, indicating a broader economic slowdown[68] Expenses and Costs - General and administrative expenses for Q1 2023 were HKD 18.2 million, slightly lower than HKD 18.4 million in Q1 2022, reflecting various factors including increased employee costs due to business expansion[27] - Employee benefits, including salaries and other benefits, amounted to HKD 11,330,000 for the first quarter of 2023, up from HKD 10,656,000 in the same period of 2022, reflecting an increase of about 6.3%[142] - The interest expense on lease liabilities increased to HKD 37,000 in Q1 2023 from HKD 7,000 in Q1 2022, showing a significant rise of about 428.6%[138] Investment Strategies - The company continues to focus on absolute returns and alpha, despite the challenging environment for protection strategies in 2023 and 2022[22] - The company employs relative value trading strategies across its fund products and managed accounts, which are actively managed in major markets including the US, Europe, and Asia[44] - The True Partner Fund provided higher returns and alpha compared to the Eurekahedge asset-weighted hedge fund index since its inception in July 2011, despite having a negative beta to equities[20] - The relative value volatility strategy maintained capital in Q1 2023, achieving roughly flat returns, with gains in February and March offsetting January's losses[20] Shareholder Information - The company’s stock ownership includes significant holdings by key executives, with Tobias Benjamin Hekster holding approximately 14.55% of the shares[88] - Major shareholders include Franca Kurpershoek-Hekster with 58,215,018 shares (14.55%) and Wong Rosa Maria with 56,049,644 shares (14.01%) [94] - The company has a diverse shareholder structure with multiple individuals and entities holding significant stakes [94] - The overall ownership distribution reflects a mix of individual and corporate shareholders, enhancing governance and oversight [94] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules and has made no significant deviations from it, except for the combined roles of the chairman and CEO[103] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial results for the three months ended March 31, 2023, and confirmed compliance with applicable accounting standards[110]

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。 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） 截至二零二三年三月三十一日止三個月 第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關True Partner Capital Holding Limited （「本公司」）的資料，本公司的董事 （「董事」或各為一名「 ...

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 44,793,000, a decrease of 24% compared to HKD 58,917,000 in 2021[16] - Revenue from fund management activities was HKD 44,106,000, down 24% from HKD 57,963,000 in the previous year[16] - The company reported an operating loss of HKD 32,150,000, which is a 45% increase from the operating loss of HKD 22,103,000 in 2021[16] - The annual loss for 2022 was HKD 33,508,000, representing a 31% increase from HKD 25,487,000 in 2021[16] - Loss attributable to owners of the company was HKD 33,636,000, up 29% from HKD 26,020,000 in the prior year[16] - Basic and diluted loss per share for 2022 was HKD 8.41, compared to HKD 6.51 in 2021, reflecting a 29% increase[16] - The group's revenue for the reporting period was HKD 44.8 million, a decrease of HKD 14.1 million or approximately 24% compared to HKD 58.9 million in the same period last year[155] - Gross profit for the group was HKD 41.4 million, down HKD 11 million or 21% from HKD 52.4 million for the year ended December 31, 2021, primarily due to a decrease in average revenue per unit of assets under management[156] Market Conditions - The MSCI World Index experienced a decline of 15.4% for the full year 2022, partially reversing a 24.4% gain from 2021[10] - The S&P 500 Total Return Index rose by 57% over the past five years, while the MSCI World Index increased by over 40% in the same period[10] - The Bloomberg Global Government Bond Index fell by 10.0% during the reporting period, with a slight positive return of 0.1% in Q4 2022[10] - The S&P 500 Total Return Index declined by 18.1%, while the Put Protection Index and VIX Tail Hedge Index fell by 19.8% and 26.1%, respectively[27] - The VIX index increased from 17.2 at the end of 2021 to 21.7 at the end of 2022, indicating a rise in implied volatility[27] - The Euro Stoxx 50 VSTOXX index rose from 19.3 to 29.0 during the same period, reflecting increased market uncertainty[27] - The report highlights a limited response in stock index volatility despite overall market declines, indicating an unusual market environment[10] - The firm did not observe significant alpha opportunities during the reporting period due to limited market reactions[10] Investment Strategy and Performance - True Partner Capital's strategy focuses on absolute returns and alpha generation, differing significantly from traditional protective strategies[27] - True Partner Fund achieved an average quarterly return of 6.1% during the eleven negative quarters of the MSCI World Index, contrasting with an average loss of 8.6% for the index[10] - The True Partner Fund outperformed the CBOE Eurekahedge relative value volatility hedge fund index and the CBOE long volatility hedge fund index in both absolute and alpha terms since its inception in July 2011[33] - The fund's investment strategy faced challenges during the reporting period, with slight losses in Q1, Q3, and Q4, partially offset by small gains in Q2[31] - The overall stock market downturn did not lead to significant alpha opportunities for the company's strategy during the reporting period[82] Technology and Operations - The company utilizes proprietary technology that includes a range of models and tools to shape its trading approach[8] - True Partner Capital expanded its capabilities in 2022 by investing heavily in improving proprietary trading technology, enhancing data, analytical tools, and backtesting capabilities[62] - The company is focused on enhancing its core proprietary systems, including Typhoon Trader and Observatory, to improve stability, resilience, and security[102] - The company aims to enhance its trading infrastructure and technology capabilities to improve operational efficiency and market responsiveness[188] - The company is committed to improving its quantitative research infrastructure, investing in data and analytical tools to enhance strategy testing capabilities[103] Regulatory and Licensing - True Partner Capital received its investment company license from the Dutch Authority for the Financial Markets on March 24, 2022, and a Qualified Foreign Institutional Investor (QFII) license from the China Securities Regulatory Commission on August 24, 2022[40] - The company received an expanded QFII license in 2022, allowing it to trade onshore in the Chinese stock market and access various onshore derivatives markets[62] Future Outlook - Future growth opportunities are anticipated in adjacent market segments through a scalable investment platform[8] - The company expresses optimism for 2023, anticipating improved opportunities despite the challenging market environment faced in 2022[64] - The company plans to enhance its trading technology and expand its strategies, particularly in the onshore Chinese market, to capitalize on future opportunities[64] - The company anticipates increased market volatility in the next twelve months, presenting opportunities for various investment strategies[122] Human Resources and Management - The company has hired 15 new personnel for compliance, risk management, accounting, trading, and IT since 2021 to expand its operations in Hong Kong, Amsterdam, London, and Chicago[127] - The management team has a strong academic background, with advanced degrees in applied physics, management science, and economics from reputable universities[189][192] - The management team is committed to fostering a culture of collaboration and knowledge sharing to drive the company's strategic initiatives forward[187] Financial Position - The group reported a pre-tax loss of HKD 34.6 million for the reporting period, compared to a loss of HKD 24.5 million in 2021[40] - The total loss attributable to the company's owners after tax was HKD 33.6 million, up from HKD 26 million in 2021[40] - As of December 31, 2022, the group's net cash balance was HKD 122.7 million, with a current ratio of 13.3 times, indicating a stable cash position[164] - The group's total equity and issued shares as of December 31, 2022, were HKD 161.8 million and 400,000,000 shares, respectively[166] Marketing and Investor Relations - The group actively utilized technology to enhance marketing effectiveness, engaging with investors through webinars and major industry conferences in Europe and the US[40] - The company is actively participating in various investment forums across Europe and the U.S. to engage with existing and potential investors[99] - The company continues to monitor the impact of COVID-19 travel and quarantine restrictions on attracting new overseas investors, with a focus on adjusting the timeline for utilizing unspent funds[131]

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 （根據開曼群島法律註冊成立的有限公司） （股份代號：8657） 截至二零二二年十二月三十一日止年度 全年業績公告 True Partner Capital Holding Limited（「本公司」）董事（「董事」）會（「董事會」）謹此 公佈，本公司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年 度經審核全年業績。本公告載有本公司二零二二年年報全文，符合香港聯合交易 所有限公司GEM證券上市規則（「GEM證券上市規則」）有關全年業績初步公告隨 附資料的相關規定。 承董事會命 True Partner Capital Holding Limited 主席兼行政總裁 Ralph Paul Johan van Put 香港，二零二三年三月二十九日 ...

Financial Performance - Total revenue for the nine months ended September 30, 2022, was HKD 35,493,000, a decrease of 17% compared to HKD 42,780,000 in the same period of 2021[18]. - Fund management business revenue was HKD 35,061,000, down 17% from HKD 42,399,000 year-on-year[18]. - The company reported a gross profit of HKD 32,669,000, which is a 14% decline from HKD 37,938,000 in the previous year[18]. - Operating loss increased to HKD 20,936,000, representing a 51% increase from HKD 13,894,000 in the same period last year[18]. - The total comprehensive loss attributable to owners of the company was HKD 21,341,000, up 17% from HKD 18,297,000 in the previous year[18]. - Basic and diluted loss per share was HKD 5.67, a 25% increase compared to HKD 4.52 in the same period of 2021[18]. - The group reported a pre-tax loss of HKD 22.3 million for the reporting period, compared to a loss of HKD 15.8 million in the same period of 2021[41]. - The loss attributable to the company's owners was HKD 22.7 million (after tax), compared to HKD 18.1 million in the same period of 2021[41]. - The group's revenue for the reporting period was HKD 35.5 million, a decrease of HKD 7.3 million or approximately 17% compared to HKD 42.8 million in the same period last year[189]. - Gross profit for the group was HKD 32.7 million, down HKD 5.3 million or 14% from HKD 37.9 million in the previous year, primarily due to a decrease in average revenue per unit of assets under management[189]. - General and administrative expenses increased to HKD 53.6 million, up HKD 1.8 million or approximately 3% from HKD 51.8 million in the same period last year, mainly due to higher employee costs and IT expenses[189]. Market Conditions - The stock market experienced unusual conditions, with most indices showing negative returns of 2.6%[21]. - The market environment was characterized by limited volatility response despite overall stock declines, leading to fewer alpha opportunities[25]. - The reporting period showed unusual conditions with limited market reactions despite significant stock market losses[25]. - The overall market environment during the reporting period presented fewer alpha opportunities due to limited reactions in the options market despite stock declines[158]. - The market began pricing in expectations for monetary easing in 2023 after the June 2022 FOMC meeting, indicating a potential shift in interest rate trends[177]. - The dynamics of inflation, monetary policy, and bonds are likely to have significant implications for the future stock market[178]. Investment Performance - True Partner Fund achieved an average quarterly return of 6.1% during the eleven negative quarters of the MSCI World Index, which had an average quarterly loss of 8.6%[22]. - The True Partner Fund's performance was notably different from the Put Protection Index and VIX Tail Hedge Index, focusing on absolute returns and alpha[28]. - The True Partner Fund outperformed the CBOE Eurekahedge relative value volatility hedge fund index and other benchmarks in both absolute and alpha terms since its inception in July 2011[33]. - The highest return for the True Partner Fund during these negative quarters was 23.3%, while the lowest was a decrease of 2.6%[158]. - The average return of the Put Protection Index and VIX Tail Hedge Index was slightly worse than the unprotected S&P 500 Total Return Index[26]. Asset Management - As of September 30, 2022, the asset management scale was $1,708 million, an increase from $1,665 million on September 30, 2021, and $1,675 million on December 31, 2021, driven by positive net inflows despite negative investment performance[36]. - The group's assets under management (AUM) reached USD 1,800 million in 2022, up from USD 1,500 million in 2021[132]. - As of September 30, 2022, the company's assets under management totaled $1,708 million, comprising $447 million from mixed fund products and $1,261 million from managed accounts[143][144]. - The group's fund tools AUM was USD 447 million, while managed accounts AUM was USD 1,261 million as of September 30, 2022[163]. - The average revenue per unit of asset management scale decreased during the reporting period compared to the nine months ending September 30, 2021, due to a shift in focus from management fees to performance fees[37]. Strategic Developments - The group actively engaged with investors and potential clients through webinars and industry conferences held in Europe and the US during Q2 and Q3 of 2022[41]. - The group obtained an investment company license from the Dutch Authority for the Financial Markets on March 24, 2022, and a Qualified Foreign Institutional Investor (QFII) license from the China Securities Regulatory Commission on August 24, 2022[41]. - The acquisition of 49% of TruePartner Advisor Hong Kong Limited was completed on February 15, 2022, granting the group full ownership to expand its investment mandates[42]. - The group plans to continue expanding its technology and marketing teams as part of its growth strategy[41]. - The group is focused on leveraging its expertise in the Chinese domestic capital market through the newly acquired QFII license[41]. - The group aims to enhance shareholder returns by utilizing the licensed asset management company for additional investment mandates[42]. - The board believes that the acquisition of TPAHK will optimize the asset management of the group and enhance shareholder returns[193]. Economic Factors - The yield on the 10-year U.S. Treasury bond rose from 1.51% at the end of 2021 to 3.83% by September 30, 2022, reflecting a significant increase in interest rates[149]. - The U.S. dollar index increased by 17.2%, rising from 95.67 to 112.12 during the reporting period, influenced by differing monetary policies between the U.S. Federal Reserve and the Bank of Japan[150]. - Inflation was initially thought to be transitory, but it has been widely accepted as a more persistent phenomenon, impacting monetary policy expectations[176]. - The potential for "stagflation" could negatively affect both stocks and bonds, creating conditions for market volatility and opportunities for certain volatility strategies[182]. - The geopolitical risks from the ongoing Russia-Ukraine conflict are expected to have lasting impacts on commodity markets, particularly energy costs in Europe[181]. Challenges and Risks - The company's trading strategy faced challenges during the reporting period, particularly in the first quarter of 2022, due to a lack of opportunities as stock indices declined and volatility remained subdued[32]. - Rising bond yields have decreased the relative attractiveness of stocks, particularly those reliant on long-term growth projections, impacting stock market valuations[182]. - The company's investment clients primarily consist of professional investors, including family offices, pension funds, and high-net-worth individuals[144]. - The group experienced positive net inflows driven by large clients, despite negative performance in some fund products[160].