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].

Financial Performance - Total revenue for the first half of 2022 was HKD 24,996,000, a decrease of 15% compared to HKD 29,274,000 in the same period of 2021[9] - Revenue from fund management activities was HKD 24,564,000, down 15% from HKD 28,893,000 year-on-year[9] - The company reported a gross profit of HKD 22,841,000, which is a 12% decline from HKD 25,990,000 in the previous year[9] - Operating loss increased by 62% to HKD 13,090,000 from HKD 8,101,000 in the same period last year[9] - The total comprehensive loss for the period was HKD 11,953,000, a 7% increase compared to HKD 11,214,000 in the previous year[9] - Basic and diluted loss per share was HKD 3.55, representing a 26% increase from HKD 2.82 in the same period of 2021[9] - The net loss attributable to the company's owners for the first half of 2022 was HKD 14.2 million (after tax), compared to a loss of HKD 11.3 million in the same period of 2021[24] - The company reported a loss before income tax of HKD 13.9 million for the first half of 2022, compared to a loss of HKD 9.7 million in the same period of 2021[64] - The company reported a net loss of HKD 14,060,000 for the six months ended June 30, 2022, compared to a net loss of HKD 11,096,000 for the same period in 2021, representing a 26.5% increase in loss[136] - The company reported a loss attributable to owners of HKD 14,188,000 for the six months ended June 30, 2022, compared to a loss of HKD 11,261,000 for the same period in 2021, representing a 25.5% increase in loss[176] Revenue Breakdown - Revenue from consulting services increased by 13% to HKD 432,000 from HKD 381,000 year-on-year[9] - The group's revenue for the reporting period was HK$25.0 million, compared to HK$29.3 million for the six months ended June 30, 2021, indicating a decrease attributed to changes in product structure[24] - Management fee income for the six months ended June 30, 2022, was HKD 24,558,000, down 15.8% from HKD 28,893,000 in the previous year[167] - Performance fee income for the six months ended June 30, 2022, was HKD 6,000, compared to HKD 0 in the same period of 2021[167] - Revenue from consulting services for the six months ended June 30, 2022, was HKD 24,564,000, a decrease from HKD 28,893,000 in the prior year[167] Market Environment - In the first half of 2022, the MSCI World Index experienced a decline of 18.0%, reversing most of the 24.4% gain from 2021[11] - The Bloomberg Global Government Bond Index, hedged to USD, fell by 7.7%, with negative returns of 4.2% in Q1 and 3.6% in Q2[11] - The overall market environment in the first half of 2022 was characterized by limited volatility response despite stock market losses[12] - The first half of 2022 was marked by a lack of significant market volatility, contrasting sharply with previous periods of substantial stock market declines[12] - The actual volatility of the MSCI World Index was approximately 20% in the first half of 2022, compared to nearly 60% in February and March 2020[51] - The stock market has shown signs of underperformance, with the Nasdaq index lagging behind the S&P 500, indicating potential risks for high-growth stocks[83] Asset Management - As of June 30, 2022, the assets under management (AUM) were $1,717 million, an increase from $1,568 million as of June 30, 2021, and $1,675 million as of December 31, 2021, reflecting positive net inflows[24] - The group's assets under management reached $1,717 million as of June 30, 2022, an increase of $149 million or 9.5% compared to $1,568 million as of June 30, 2021[66] - The asset management scale of fund tools was $492 million, while managed accounts reached $1,225 million as of June 30, 2022, compared to $817 million and $751 million respectively as of June 30, 2021[66] - The average revenue per unit of assets under management decreased during the reporting period compared to the six months ended June 30, 2021, due to a shift in investor focus towards performance fees rather than management fees[24] Operational Challenges - The company reported a significant increase in revenues, with a total of $1,800 million in 2022 compared to $1,500 million in 2021, reflecting a growth of 20%[33] - The company’s trading strategy faced challenges during the first half of 2022, particularly during periods of stock market decline and low volatility[59] - True Partner Fund has historically performed best during periods of stock market declines and rising implied volatility, although the first half of 2022 did not yield ideal returns[60] Corporate Developments - The group completed the acquisition of 49% of True Partner Advisor Hong Kong Limited on February 15, 2022, gaining full ownership to enhance investment management capabilities[25] - The group is actively expanding its business in Europe and Asia, including obtaining an investment company license from the Dutch Authority for the Financial Markets, issued on March 24, 2022[25] - The company plans to launch new fund products and joint brand fund products in collaboration with its subsidiaries, enhancing its product offerings[39] - The company has hired 10 new employees to strengthen compliance, risk management, accounting, trading, and IT teams as part of its expansion strategy[92] Governance and Compliance - The company has adopted the corporate governance principles and code of conduct as outlined in the GEM Listing Rules Appendix 15, ensuring compliance with the regulations[120] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial performance announcement for the reporting period, confirming compliance with applicable accounting standards and GEM Listing Rules[123] - The company will continue to assess and consider the separation of the roles of chairman and CEO to ensure a balance of power within the board[120] Shareholder Information - Major shareholders include Tobias Benjamin Hekster with 14.43% and Godefriedus Jelte Heijboer with 14.01% of the shares[100] - As of June 30, 2022, major shareholders hold significant stakes, with True Partner International Limited owning 62,122,908 shares, representing 15.53% of the equity[104] - The company has 7,947,488 stock options that remain unexercised as of June 30, 2022[114]

Financial Performance - Total revenue for Q1 2022 was HKD 14,046,000, a decrease of 5% compared to HKD 14,795,000 in Q1 2021[14] - Gross profit for the same period was HKD 12,674,000, down 4% from HKD 13,136,000 year-over-year[14] - Operating loss increased to HKD 5,696,000, representing a 120% rise from HKD 2,589,000 in the previous year[14] - The total loss for the period was HKD 6,492,000, which is 48% higher than the loss of HKD 4,375,000 in Q1 2021[14] - Loss attributable to owners of the company was HKD 6,620,000, up 48% from HKD 4,464,000 in the same quarter last year[14] - The comprehensive loss for the period was HKD 3,692,000, a 33% improvement compared to HKD 4,497,000 in Q1 2021[14] - Basic and diluted loss per share was HKD 1.66, compared to HKD 1.12 in the prior year, reflecting a 48% increase in loss per share[14] Market Environment - The overall market environment in Q1 2022 was described as unusual, impacting the alpha opportunities for the trading strategy[22] - The VIX index rose from 17.22 to 20.56 during the quarter, reflecting increased market volatility[23] - The MSCI World Total Return Index declined by 4.5%, recovering only part of the previous quarter's 8.2% gain[18] - The Nasdaq index underperformed the S&P 500 in Q1 2022, suggesting a shift in market dynamics favoring value stocks over growth stocks[91] - The ongoing geopolitical risks from the Russia-Ukraine conflict are expected to exacerbate inflation issues and impact commodity markets[85] Trading Strategy and Performance - The trading strategy faced challenges in Q1 2022, with small losses in January, slight gains in February, and losses in March[24] - The relative value trading strategy performed best historically during periods of market downturns and rising volatility, but faced limited opportunities in Q1 2022[24] - In quarters where the S&P 500 Total Return Index dropped by 4% or more, the Put Protection Index historically outperformed by an average of 4.17%[22] - The Put Protection Index fell 7.85% in Q1 2022, underperforming the S&P 500 Total Return Index, which declined 4.60%, resulting in a relative performance difference of 3.25%[59] Assets Under Management (AUM) - As of March 31, 2022, the assets under management (AUM) were $1,618 million, an increase from $1,550 million as of March 31, 2021, but a decrease from $1,675 million as of December 31, 2021[27] - The group reported a pre-tax loss of 6.4 million HKD for Q1 2022, compared to a loss of 3.7 million HKD in Q1 2021[31] - The net inflow for managed accounts was positive, while the net inflow for fund products was negative, leading to a net increase in overall AUM[31] - Assets under management (AUM) reached $1,800 million in Q1 2022, up from $1,500 million in Q1 2021, representing a growth of 20%[44] Business Expansion and Strategy - The group is actively expanding its business in Europe and Asia, including obtaining an investment company license from the Dutch Authority for the Financial Markets[32] - The group completed the acquisition of 49% of True Partner Advisor Hong Kong Limited on February 15, 2022, gaining full ownership to enhance investment management capabilities[32] - The company is leveraging proprietary technology and a scalable investment platform to explore growth opportunities in adjacent market segments[5] - The firm continues to expand its product offerings and market presence, focusing on both fund products and managed accounts[51] Expenses and Financial Management - General and administrative expenses for Q1 2022 were 18.4 million HKD, up from 15.7 million HKD in Q1 2021, mainly due to increased personnel costs[31] - The average revenue per unit of AUM slightly decreased in Q1 2022 compared to Q1 2021 due to a shift in fee structures[31] - The company reported a loss before tax of HKD (6,378,000), compared to a loss of HKD (3,683,000) in the previous year, indicating a deterioration of 73.5%[133] - The group incurred current tax expenses of HKD 114,000 for the three months ended March 31, 2022, compared to HKD 692,000 for the same period in 2021[158] Shareholding and Corporate Governance - The total equity ownership of the major shareholders indicates a significant concentration of shares among a few individuals and entities[111] - The company continues to maintain compliance with the Securities and Futures Ordinance regarding the disclosure of shareholdings[110] - The board does not recommend any dividend payment for the three months ended March 31, 2022, consistent with the previous year[98] - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15, ensuring compliance with governance standards[123]

Financial Performance - True Partner Capital Holding reported a significant growth in assets under management, reaching $1.2 billion, an increase of 25% compared to the previous year[24]. - The company achieved a net profit of $30 million for the fiscal year 2021, representing a 15% increase year-over-year[24]. - Total revenue for the year 2021 was HKD 58,917,000, a decrease of 55% compared to HKD 132,013,000 in 2020[27]. - Management fee income decreased by 4% to HKD 57,963,000 from HKD 60,266,000 in the previous year[27]. - The company reported an operating loss of HKD 22,103,000, a significant decline of 160% from a profit of HKD 36,838,000 in 2020[27]. - The annual loss attributable to the company's owners was HKD 26,020,000, representing a 200% decrease from a profit of HKD 26,149,000 in 2020[27]. - The adjusted net loss under non-Hong Kong Financial Reporting Standards was HKD 26,020,000, down 166% from HKD 39,243,000 in the previous year[27]. - Basic and diluted loss per share was HKD 6.51, a decline of 180% from earnings of HKD 8.15 in 2020[27]. - The revenue for 2021 was HKD 58.9 million, a decrease from HKD 132 million in 2020, primarily due to the absence of performance fees in 2021[39]. - General and administrative expenses increased to HKD 74.6 million in 2021 from HKD 70.2 million in 2020, attributed to higher other expenses despite a reduction in compensation costs[39]. - The company reported a loss before tax of HKD 24.5 million in 2021, compared to a profit of HKD 38.1 million in 2020, with a net loss attributable to owners of HKD 26.0 million in 2021 versus a profit of HKD 26.1 million in 2020[43]. - The total comprehensive loss attributable to the company's owners for 2021 was HKD 25.8 million, compared to a profit of HKD 25.3 million in 2020[149]. - True Partner Fund experienced a decline of 10.3% in 2021 after a gain of 7.2% in 2020, with most losses occurring in the first half of the year[145]. - The company reported an adjusted net loss of HKD 26.0 million for the year ended December 31, 2021, compared to an adjusted profit of HKD 39.2 million in 2020[156]. - The adjusted loss per share for 2021 was HKD 6.51, down from an adjusted profit per share of HKD 12.22 in 2020[154]. Assets Under Management - The company's assets under management increased to USD 1,675 million, up USD 90 million from USD 1,585 million at the end of 2020[36]. - The total assets under management increased to USD 1.8 billion in 2021 from USD 1.5 billion in 2020, reflecting a growth of approximately 20%[95]. - As of December 31, 2021, the company's assets under management (AUM) totaled USD 1,675 million, representing a 6% increase from USD 1,585 million as of December 31, 2020[164]. - The AUM for fund instruments was USD 644 million, while the AUM for managed accounts was USD 1,031 million as of December 31, 2021[164]. - The increase in AUM was driven by positive net inflows, partially offset by negative investment performance[164]. Market Expansion and Strategy - The company plans to expand its market presence in Asia and Europe, targeting a 30% increase in market share over the next two years[24]. - The company continued to expand its business in Europe and Asia, obtaining an investment company license from the Dutch Authority for the Financial Markets on March 24, 2022[44]. - The company plans to launch its first derivative fund product in China later this year, reflecting progress in its onshore business[120]. - The company has established strategic partnerships with three major financial institutions to enhance its service offerings[24]. - The company is exploring potential acquisition opportunities in the fintech sector to diversify its portfolio[24]. - The company has expanded its team in Amsterdam to a total of 13 employees while applying for a MIFID II asset management license in the Netherlands[120]. - The company plans to expand its operations in Hong Kong, Amsterdam, London, and Chicago by hiring 9 new personnel for compliance, risk management, accounting, trading, and IT[194]. Technology and Innovation - True Partner Capital is investing in new trading technologies, with a budget allocation of $5 million for research and development in 2022[24]. - The company continues to expand its technology team to support its growth initiatives[44]. - The company operates a proprietary trading platform designed for its specific trading strategies, enabling real-time pricing and risk management[123]. - The company’s proprietary technology continues to be a significant competitive advantage, with ongoing investments to strengthen its technological infrastructure and investment expertise[174]. - The company launched a new customized tool for institutional clients in Q3 2021, enhancing its service offerings[165]. - The company’s trading system has been migrated to a new platform to improve resilience, high availability, and security requirements[174]. - The company is actively exploring opportunities to deploy and further enhance its technological infrastructure to expand business activities[174]. Client Engagement and Marketing - User engagement metrics showed a 40% increase in active clients, with the total number of clients rising to 5,000[24]. - The company actively utilized technology to enhance marketing effectiveness during the ongoing Covid-19 pandemic, engaging with investors through webinars and industry events[44]. - The company emphasizes the importance of face-to-face interactions with clients to better understand their needs and enhance investment outcomes[107]. - The firm has adapted to market changes by hosting webinars and participating in virtual events, maintaining client engagement during challenging times[107]. - The company continues to engage with investors through webinars and one-on-one meetings, highlighting the performance of its True Partner Fund[165]. Economic Outlook and Market Conditions - The company anticipates a shift in investment strategies due to inflation pressures and potential central bank actions in the post-pandemic era[113]. - The firm believes that active investment strategies will become increasingly valuable in navigating volatile markets, providing opportunities for alpha generation[114]. - The company remains confident in its investment approach despite the underperformance in 2021, noting that past difficult periods were often followed by strong performance[145]. - The company expects positive growth in the third and fourth quarters of 2021, despite a weakening growth outlook due to the Omicron variant of COVID-19[186]. - The company anticipates economic growth to be more reliant on production and supply chain improvements in the future, as monetary and fiscal policy incentives are expected to gradually weaken[186]. Governance and Compliance - The management team emphasized a commitment to maintaining compliance and governance standards, with ongoing audits planned for 2022[24]. - The board has recommended not to declare dividends for the year ending December 31, 2021, reflecting a focus on future growth opportunities[120]. - The company believes that adjusted financial metrics provide additional information for investors to assess its operational performance[156]. - The company emphasizes that adjusted metrics should not be considered in isolation when evaluating its financial performance[156]. - The financial metrics presented may not be comparable to similar measures used by other companies listed on the Hong Kong Stock Exchange[156].