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].

Financial Performance - Total revenue for the nine months ended September 30, 2021, was HKD 42,780,000, a decrease of 54% compared to HKD 92,209,000 in the same period of 2020[19] - Management fee income decreased by 5% to HKD 42,399,000 from HKD 44,500,000 year-on-year[19] - Performance fee income was zero, down from HKD 47,193,000 in the previous year, indicating a significant decline in performance-based earnings[19] - Gross profit for the period was HKD 37,938,000, down 55% from HKD 84,426,000 in the prior year[19] - Operating loss for the period was HKD 13,894,000, compared to an operating profit of HKD 21,887,000 in the same period last year, reflecting a 163% decline[19] - The net loss attributable to owners of the company was HKD 18,071,000, a 245% increase from a profit of HKD 12,445,000 in the previous year[19] - Comprehensive loss for the period totaled HKD 18,297,000, compared to a comprehensive income of HKD 11,711,000 in the prior year, marking a 256% decline[19] - Adjusted net loss under non-HKFRS was HKD 18,071,000, down 173% from a profit of HKD 24,789,000 in the previous year[19] - Basic and diluted loss per share was HKD 4.52, compared to earnings of HKD 4.15 in the same period last year[19] Asset Management - As of September 30, 2021, the asset management scale was $1,665 million, an increase of 8% compared to $1,541 million as of September 30, 2020[26] - As of September 30, 2021, the group's assets under management amounted to USD 1,665 million, reflecting a significant increase from USD 1,500 million in 2020[50] - As of September 30, 2021, the asset management scale consisted of $762 million in mixed fund products and $903 million in managed accounts[53] - The increase in asset management scale in Q3 2021 was primarily due to the launch of a new customized tool for an institutional client[29] Market Conditions - The S&P 500 index realized volatility for the first nine months of 2021 was 12.8%, significantly lower than the long-term average of 20.0%[23] - The VIX index at the end of Q3 2021 was similar to its level at the beginning of 2020, indicating stable market conditions[24] - The company's relative value volatility trading strategy faced challenges due to lower realized volatility and declining short-term implied volatility[24] - The nominal yield of U.S. and Eurozone government bonds remained below inflation levels, indicating a challenging environment for traditional investments[81] - The average CPI year-on-year revision by the Cleveland Federal Reserve Bank was 3.5% as of September 30, 2021[82] - The company highlighted the potential for "stagflation" scenarios, where growth slows while inflation persists, posing risks to corporate profit margins[84] Operational Changes - The company has a stable and experienced management team that has worked together for nearly a decade, which may provide a foundation for future recovery[8] - The company's employee count increased in Q3 2021 due to the implementation of its expansion plan outlined in the prospectus[29] - The group actively engaged with investors and potential clients through webinars and industry conferences during the ongoing Covid-19 pandemic[30] - The group welcomed three experienced senior professionals to enhance its team, including a new Global CFO and a new Managing Director[30] - The company is in the process of obtaining an investment company license from the Dutch Authority for the Financial Markets to expand its business in Europe and Asia[30] Strategic Focus - The company remains confident in its investment strategy despite the challenging market conditions faced in 2021[66] - The company believes that past performance does not guarantee future results, but historically strong performance periods have followed challenging times[66] - The company plans to continue its focus on fund management and advisory services, with an emphasis on expanding its trading opportunities globally[136] - The investment strategy focuses on absolute returns, aiming to profit in various market environments, including alternative diversified investment tools like hedge funds and volatility trading[90] - The company anticipates a shift in market demand from bonds to alternative diversified investment tools, adjusting products accordingly to capitalize on this trend[90] Shareholder Information - As of September 30, 2021, major shareholders hold significant stakes in True Partner Capital Holding, with Alset EHome International Inc. owning 62,122,908 shares, representing 15.53%[99] - True Partner Participation Limited and its beneficial owner hold 58,337,399 shares, accounting for 14.58% of the company's equity[99] - The total number of unexercised stock options decreased from 8,997,804 to 7,947,488 between January 1, 2021, and September 30, 2021[112] - The company has not granted any stock options under the stock option plan since its adoption[113] - The company is focused on recognizing and rewarding employee contributions through stock option plans[112]

Financial Performance - Total revenue for the first half of 2021 was HKD 29,274,000, a decrease of 60% compared to HKD 73,087,000 in the same period of 2020[20] - Management fee income decreased by 2% to HKD 28,893,000 from HKD 29,428,000 year-on-year[20] - Performance fee income was zero, down from HKD 43,143,000 in the previous year, indicating a significant decline[20] - Gross profit fell by 62% to HKD 25,990,000 compared to HKD 67,710,000 in the prior year[20] - Operating loss for the period was HKD 8,101,000, a decline of 142% from a profit of HKD 19,383,000 in the same period last year[20] - Total comprehensive loss for the period was HKD 11,214,000, compared to a total comprehensive income of HKD 11,854,000 in the previous year, marking a 195% decline[20] - The adjusted net loss under non-HKFRS was HKD 11,261,000, down 146% from a profit of HKD 24,358,000 in the same period of 2020[20] - Basic and diluted loss per share was HKD 2.82, compared to earnings of HKD 4.26 in the same period last year[20] - The company reported a loss of HK$11.3 million for the six months ended June 30, 2021, compared to a profit of HK$12.8 million for the same period in 2020[30] - The pre-tax loss for the first half of 2021 was HK$9.7 million, compared to a profit of HK$21.7 million in the same period of 2020[31] - The adjusted net loss for the first half of 2021 was HKD 11.3 million, while the adjusted net profit for the same period in 2020 was HKD 24.4 million[82] - The group reported a loss before tax of HKD 9.7 million for the first half of 2021, compared to a profit of HKD 21.7 million in the same period of 2020[75] - The net loss attributable to owners of the company for the six months ended June 30, 2021, was HKD 11,261,000, compared to a profit of HKD 12,790,000 for the same period in 2020[149] - The group incurred a loss before tax of HKD 9,747,000 for the six months ended June 30, 2021, compared to a profit of HKD 21,671,000 in the same period of 2020[147] Asset Management and Growth - The company's asset management scale as of June 30, 2021, was $1,568 million, a 16% increase from $1,357 million as of June 30, 2020[28] - As of June 30, 2021, the company's assets under management (AUM) reached $1,568 million[59] - The AUM for fund tools was $817 million, while managed accounts reached $751 million as of June 30, 2021, compared to $849 million and $508 million respectively a year earlier[84] - The revenue growth is closely tied to the increase in AUM, which reflects the company's strategic focus on asset management[59] - The company has established partnerships with third parties for investment management, further expanding its AUM[59] - The company continues to focus on volatility trading in liquid markets, primarily in index futures, options, and ETFs[7] - The company is focused on expanding its fund management and advisory services, aiming to enhance its market position and operational efficiency[163] Market Conditions and Challenges - The VIX index decreased by approximately 30% during the first half of 2021, from 22.8 to 15.8, indicating a decline in implied volatility[26] - The company's investment strategy faced challenges in the first half of 2021, with performance varying based on market opportunities[27] - The U.S. CPI inflation rate was 5.4% year-on-year as of June 30, 2021, marking the highest level since 2015[91] - The 10-year real yield on U.S. Treasury Inflation-Protected Securities (TIPS) was -0.88% as of June 30, 2021, down from -0.26% at the end of Q1 2020[91] - The company emphasizes the importance of diversifying assets in light of rising inflation and potential market volatility[92] Corporate Governance and Management - The management team has a stable background, with key personnel having worked together for nearly a decade[9] - The company welcomed three experienced senior professionals to its team, including a new Global CFO and a new Managing Director[31] - The board consists of four executive directors and three independent non-executive directors as of the report date[142] - The company has adopted the corporate governance code and confirmed compliance by all directors for the six months ending June 30, 2021[140] - The company will continue to review its corporate governance practices to ensure compliance with the corporate governance code[140] Operational Adjustments and Digital Engagement - The company actively engaged with investors and potential clients through webinars and other digital platforms during the ongoing Covid-19 pandemic[30] - The company successfully adapted to challenges posed by Covid-19 by expanding digital content and utilizing technology for communication with global investors[86] - The company continues to engage with investors through various digital platforms and third-party events despite challenges in traditional due diligence processes[87] Shareholder Structure and Equity - True Partner Capital Holding has significant shareholdings, with Ralph Paul Johan van Put holding 58,337,399 shares, representing 14.58% of the equity[120] - The company has a notable concentration of ownership, with the top four shareholders collectively holding approximately 55.3% of the total shares[120] - The company has a diverse shareholder base, including significant stakes held by family members of executives, reflecting potential alignment of interests[128] - The total number of shares held by major shareholders indicates a stable ownership structure, which may contribute to long-term strategic planning[126] Future Plans and Investments - The company plans to expand operations in Hong Kong, Amsterdam, London, and Chicago, having hired 6 new employees for compliance, risk management, accounting, trading, and IT[101] - The company is in the process of obtaining an investment company license from the Dutch Authority for the Financial Markets, aiming to expand its business in Europe and Asia[88] - The enhancement of the company's IT systems and sales and marketing efforts are progressing as expected, although COVID-19 has impacted the plans[102] - The company anticipates using the remaining net proceeds as originally planned, despite the current market conditions[102] Financial Metrics and Cash Flow - The group reported cash and cash equivalents of HKD 187,672,000 as of June 30, 2021, slightly down from HKD 188,589,000 as of December 31, 2020[151] - The group’s equity decreased to HKD 218,650,000 as of June 30, 2021, from HKD 236,703,000 as of December 31, 2020[153] - For the six months ended June 30, 2021, the company reported a net cash inflow from operating activities of HKD 9,994,000, a decrease of 31.5% compared to HKD 14,647,000 for the same period in 2020[159] - The company incurred tax expenses of HKD 1,349,000 for the six months ended June 30, 2021, compared to HKD 8,495,000 for the same period in 2020[181]

Financial Performance - Total revenue for Q1 2021 was HKD 14,795,000, a decrease of 70% compared to HKD 49,598,000 in Q1 2020[12] - Gross profit for the quarter was HKD 13,136,000, down 72% from HKD 46,804,000 in the same period last year[12] - Operating loss for the quarter was HKD 2,589,000, compared to an operating profit of HKD 13,761,000 in Q1 2020, representing a 119% decline[12] - The net loss attributable to the company’s owners was HKD 4,464,000, a 142% decrease from a profit of HKD 10,644,000 in the previous year[12] - Total comprehensive loss for the quarter was HKD 4,497,000, compared to a total comprehensive income of HKD 9,641,000 in Q1 2020, marking a 147% decline[12] - Adjusted net loss under non-HKFRS was HKD 4,464,000, down 121% from a profit of HKD 21,242,000 in the same quarter last year[12] - Basic and diluted loss per share was HKD 1.12, compared to earnings of HKD 3.55 per share in Q1 2020[12] - The company recorded a pre-tax loss of HKD 3.7 million in Q1 2021, compared to a profit of HKD 16.1 million in Q1 2020, indicating a significant decline in performance[21] - The adjusted net loss attributable to the company's owners for Q1 2021 was HKD 4.5 million, down from a profit of HKD 10.6 million in the same period last year[21] - The group reported a loss of HKD 4.5 million for Q1 2021, compared to a profit of HKD 10.6 million in Q1 2020[61] Management and Strategy - The company operates in a highly volatile market, focusing on liquidity trading strategies across global markets[5] - The management team has a stable background, with key personnel having worked together for nearly a decade[5] - The company successfully adapted to challenges posed by Covid-19 by expanding digital content and utilizing technology to interact with global investors[22] - True Partner Capital Holding is in the process of expanding its business in Europe and Asia, including obtaining an investment company license from the Dutch Authority for the Financial Markets[22] - The company welcomed three experienced senior professionals to its team as part of its expansion strategy, enhancing its operational capabilities[22] - The company is focusing on expanding its fund products and managed accounts, which are expected to drive future growth[48] - The company plans to enhance its investment strategies and product offerings to capture more market share[49] - The company is actively exploring opportunities to deploy and strengthen its technological infrastructure and investment expertise to further expand business activities[79] Assets Under Management (AUM) - The assets under management (AUM) increased to USD 1,550 million as of March 31, 2021, up from USD 1,373 million a year earlier, reflecting a growth driven by positive net inflows[18] - Total Assets Under Management (AUM) increased from $1,500 million in 2020 to $1,800 million in 2021, representing a growth of 20%[34] - As of March 31, 2021, the company's assets under management totaled $1,550 million, comprising $870 million in fund products and $680 million in managed accounts[54] - The AUM decreased from USD 1,585 million at the end of 2020 to USD 1,550 million by March 31, 2021, primarily due to negative investment performance offset by positive net inflows[73] - The group's fund tools AUM was USD 870 million, while managed accounts AUM was USD 680 million as of March 31, 2021[73] Expenses and Costs - General and administrative expenses decreased to HKD 15.7 million in Q1 2021 from HKD 22.5 million in Q1 2020, primarily due to reduced salary costs[21] - The company’s equity-settled share-based payment expenses amounted to HKD 581,000 for the three months ended March 31, 2021[144] - Financing costs amounted to approximately HKD 22,000, a decrease of HKD 15,000 or about 41% compared to the same period last year, primarily due to reduced interest expenses on lease liabilities[89] - The company incurred listing expenses of HKD 15,726,000 during the reporting period, compared to HKD 22,500,000 in the previous year, indicating a decrease of 30.3%[118] Market Conditions - The VIX index decreased by 15% to 19.4 during the quarter, reflecting a decline in market volatility[17] - The True Partner Fund experienced a decline of 5.5% in Q1 2021, following a gain of 7.2% in 2020, reflecting challenges in the current market environment[57] - The fixed income market experienced significant changes, with U.S. government bonds undergoing the worst quarterly performance since 1980, with a decline of 4.25%[81] - The company noted that stock valuations are high relative to the past 15 years, reflecting optimism about economic recovery and reduced Covid-19 restrictions[83] Corporate Governance - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[112] - The company continues to comply with the GEM Listing Rules and has adopted the corporate governance code as per the requirements[112] Shareholder Information - Major shareholders include Tobias Benjamin Hekster with 13.91% and Godefriedus Jelte Heijboer with 13.90% of the shares[92] - Franca Kurpershoek-Hekster holds 55,609,018 shares, representing 13.91% of the equity[100] - Wong Rosa Maria owns 55,607,644 shares, accounting for 13.90% of the equity[100] - True Partner Participation Limited has 55,577,399 shares, which is 13.89% of the equity[100] - Chen Henghui has a beneficial interest of 44,808,908 shares, equivalent to 11.20% of the equity[100] - Chen Jiangyu Jiao holds 62,122,908 shares, representing 15.53% of the equity[100] - Edo Bordoni owns 29,839,153 shares, which is 7.46% of the equity[100] - Nardinc Beheer B.V. holds 36,196,000 shares, accounting for 9.04% of the equity[100] Future Outlook - The financial summary indicates a positive outlook for the upcoming quarters, with expectations of continued revenue and profit growth[44] - The company aims to expand its market presence and enhance its fund management services in response to market trends[133] - The management will continue to assess the impact of the COVID-19 pandemic on the group's operations and financial performance, adjusting the use of remaining proceeds accordingly[87]

Financial Performance - The company reported a significant growth in assets under management, reaching $1.2 billion, an increase of 15% compared to the previous year[23]. - Total revenue for 2020 reached HKD 132,013,000, a 197% increase from HKD 44,478,000 in 2019[26]. - Fund management business revenue grew to HKD 130,747,000, up 200% from HKD 43,584,000 in the previous year[26]. - The adjusted net profit for 2020 was HKD 39,243,000, compared to a loss of HKD 14,261,000 in 2019[30]. - Basic and diluted earnings per share for 2020 were HKD 8.15, recovering from a loss of HKD 7.25 in 2019[26]. - Operating profit for 2020 was HKD 36,838,000, a significant turnaround from a loss of HKD 19,338,000 in 2019[26]. - The pre-tax profit margin for 2020 was 29%, indicating strong operational performance[31]. - The company reported a profit before tax of HKD 38.1 million in 2020, compared to a loss of HKD 20.7 million in 2019[93]. - Adjusted net profit for 2020 was HKD 39.2 million, a turnaround from a loss of HKD 14.3 million in 2019, with adjusted earnings per share of HKD 0.1222[93][96]. - The company recorded a comprehensive income attributable to owners of HKD 25.3 million in 2020, compared to a loss of HKD 22.8 million in 2019[121]. Growth and Expansion - The company anticipates a revenue growth of 10% for the next fiscal year, projecting total revenues to reach $132 million[23]. - New product launches are expected to contribute an additional $20 million in revenue, with a focus on innovative trading technologies[23]. - The company is expanding its market presence in Asia, aiming to increase its client base by 30% in the region over the next two years[23]. - The company plans to expand its product offerings by developing new asset management products tailored for specific clients, leveraging its partnership with Zhejiang Honglanmu Investment Management[38]. - The company aims to enhance its market presence through strategic acquisitions and collaborations in the financial services sector[38]. - The company is expanding its global business, including obtaining an investment company license from the Dutch Authority for the Financial Markets[96]. - The company is pursuing a license to operate as an investment company through the Dutch Financial Markets Authority, with an allocation of HKD 5.4 million, of which HKD 225,000 has been utilized[158]. User Engagement and Metrics - User engagement metrics showed a 25% increase in active accounts, totaling 50,000 users by the end of the reporting period[23]. - User data showed an increase in active users, reaching 1.2 million, which is a 15% increase compared to the previous quarter[186]. Strategic Initiatives - A strategic acquisition of a smaller asset management firm is in progress, which is expected to enhance the company's service offerings and client reach[23]. - A strategic acquisition of a tech startup was completed, valued at $100 million, aimed at enhancing product offerings[190]. - The company has established a partnership with Nanhua Futures, the first listed futures company on the Shanghai Stock Exchange, to enhance its asset management capabilities[38]. - The partnership with Nanhua Futures, a leading futures company in Shanghai, is expected to enhance the company's understanding of the Chinese financial services and fund management market[140]. Technology and Innovation - The company has invested $5 million in research and development for advanced trading algorithms, aiming to improve trading efficiency[23]. - The proprietary trading platform has been enhanced, leading to a 20% increase in transaction speed and efficiency[23]. - The company has focused on improving the stability, resilience, and security of its proprietary technology infrastructure in 2020, which includes enhancements to its core trading systems[144]. - The company is actively exploring opportunities to further strengthen its technological infrastructure and investment expertise to expand its business activities[144]. - The focus on technology and software development is critical for enhancing trading execution and risk management capabilities[177]. Compliance and Governance - The company is committed to maintaining compliance with regulatory standards, ensuring transparency and accountability in its operations[23]. - The company emphasizes the importance of risk management, with a focus on identifying and mitigating business risks[193]. - Edward Joseph Donnellan III has over 45 years of experience in the financial services industry, serving as the Chief Compliance Officer since July 2017[198]. - No regulatory reviews or investigations were conducted on the company's registered and licensed asset management firm in 2020, indicating a strong compliance framework[147]. Market Conditions and Economic Outlook - The International Monetary Fund (IMF) estimated a global real GDP decline of 3.5% in 2020, with China being the only major economy to record positive growth at 2.3%[105]. - The MSCI World Index closed the year up 14.3%, while the S&P 500 total return index increased by 18.4%[105]. - The VIX index rose from 13.8 at the end of 2019 to 22.8 at the end of 2020, indicating increased market volatility[108]. - The company believes that the lack of diversification in bonds during market downturns may present opportunities for other asset classes[107]. - The company acknowledges that the stock and bond markets are currently facing opposing forces, increasing the urgency for investors to reassess their investment portfolios[154]. Financial Metrics and Ratios - The group had a current ratio of 7.54 times, indicating a strong liquidity position[164]. - The group's net cash balance as of December 31, 2020, was higher than its net debt, indicating a strong capital structure[164]. - General and administrative expenses rose from HKD 49.7 million in 2019 to HKD 70.2 million in 2020, reflecting a 41% increase[121]. Leadership and Team - The management team has a stable background, with key personnel having worked together for nearly a decade, ensuring continuity and expertise[23]. - The company has a strong leadership team with extensive experience in proprietary trading and quantitative research, including over 22 years of experience from Hekster and 17 years from Heijboer[174][173]. - The technology director, van Bakel, has over 18 years of experience in trading technology development, previously working with Sfiss Financial Technology B.V. and Saen Options[177]. - The leadership team has a strong academic background, with multiple members holding advanced degrees in finance and related fields from reputable universities[178][183].

Financial Performance - Total revenue for the nine months ended September 30, 2020, was HKD 92,209,000, representing a 190% increase compared to HKD 31,797,000 in the same period of 2019[24]. - Fund management business revenue reached HKD 91,693,000, up 196% from HKD 30,993,000 year-over-year[24]. - Gross profit for the nine months was HKD 84,426,000, a 216% increase from HKD 26,720,000 in the previous year[24]. - Operating profit for the period was HKD 21,887,000, compared to an operating loss of HKD 5,385,000 in the same period last year[24]. - The company reported a net profit of HKD 13,044,000, recovering from a loss of HKD 6,594,000 in the previous year[24]. - Adjusted net profit, not in accordance with Hong Kong Financial Reporting Standards, was HKD 24,789,000, compared to a loss of HKD 7,108,000 in the prior year[24]. - Basic and diluted earnings per share were HKD 4.15, recovering from a loss of HKD 2.37 in the same period last year[24]. - Adjusted profit before tax for the first three quarters of 2020 was HKD 23.3 million, compared to a loss of HKD 6.5 million in the same period of 2019, resulting in a profit margin of 25%[28]. - The net profit attributable to the company's owners for the first three quarters of 2020 was HKD 12.4 million, a significant turnaround from a loss of HKD 7.1 million in the first three quarters of 2019[28]. - Earnings per share for the first three quarters of 2020 was HKD 0.0415, compared to a loss per share of HKD 0.0237 in the same period of 2019[28]. - The adjusted net profit for the first three quarters of 2020 was HKD 24.8 million, while in the same period of 2019, it was a loss of HKD 7.1 million[33]. - The total profit attributable to the company's owners for the first three quarters of 2020 was HKD 12.4 million, a turnaround from a loss of HKD 7.1 million in the same period of 2019[51]. - The earnings per share for the first three quarters of 2020 was HKD 0.0415, compared to a loss per share of HKD 0.0237 in the same period of 2019[56]. Revenue Sources - Revenue increased from HKD 31.8 million in the first three quarters of 2019 to HKD 92.2 million in the first three quarters of 2020, representing a growth of 190%[46]. - Revenue from management fees for the nine months ended September 30, 2020, was HKD 44,500,000, up from HKD 30,993,000 in 2019, reflecting a growth of 43%[143]. - Performance fee revenue for the nine months ended September 30, 2020, reached HKD 47,193,000, compared to HKD 0 in the same period of 2019, indicating a strong performance in this area[143]. - Revenue from consulting services for the nine months ended September 30, 2020, was HKD 91,693,516, significantly higher than HKD 30,993,804 in 2019, marking an increase of 195%[143]. - Major client A contributed HKD 53,002,000 to total revenue for the nine months ended September 30, 2020, up from HKD 23,741,000 in 2019, representing a growth of 123%[141]. Expenses and Costs - General and administrative expenses rose from HKD 32 million in the first three quarters of 2019 to HKD 50 million in the first three quarters of 2020, reflecting increased employee benefits costs[47]. - General and administrative expenses for the reporting period were HKD 50 million, an increase of HKD 18 million or approximately 56% compared to HKD 32 million in the same period last year, primarily due to an increase in team size and performance-linked employee benefits[80]. - The direct costs for the nine months ended September 30, 2020, were HKD 7,783,000, up from HKD 5,077,000 in the same period of 2019, indicating a rise of 53%[124]. - The company reported a tax expense of HKD 10,290,000 for the nine months ended September 30, 2020, compared to a tax expense of HKD 84,000 in the same period of 2019[124]. - The company incurred listing expenses in the first three quarters of 2020, impacting the net profit for the period[29]. - The company incurred listing expenses of HKD 12.3 million during the first three quarters of 2020, impacting the profit for the period[50]. Market Presence and Strategy - The proprietary trading platform and advanced technology contributed to the company's trading strategies and market coverage[12][10]. - The company has established a global presence with offices in Asia, the US, and Europe, enabling 22-hour trading coverage[11]. - True Partner Capital Holding Limited focuses on volatility trading in liquid markets, primarily in index futures, options, and ETFs[6]. - The group focuses on liquidity market volatility trading, utilizing a global relative volatility value trading strategy across major markets[37]. - The company actively engaged with professional and institutional investors, participating in various virtual conferences during the COVID-19 pandemic[60][61]. - The company plans to continue hosting regular webinars for investors, which have become a quarterly activity[61]. - The group believes that the Chinese market will provide attractive long-term opportunities for skilled asset management professionals, leading to a partnership with Nanhua Futures[66]. - The group anticipates that ongoing uncertainties from COVID-19 will create opportunities for engaging with investors and advancing business development activities[72]. Corporate Governance and Compliance - The company aims to provide strong leadership by having Ralph Paul Johan van Put serve as both Chairman and CEO, which is considered beneficial for the overall interests of the company and its shareholders[102]. - The company has adopted corporate governance practices in accordance with GEM listing rules to ensure compliance and oversight of the board's operations[102]. - The company has established an audit committee to oversee the financial reporting process and internal control systems[106]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial results and found them compliant with applicable accounting standards and GEM listing rules[106]. - The company is committed to regularly reviewing its corporate governance practices to ensure ongoing compliance with the relevant standards[102]. - The company has not disclosed any significant conflicts of interest among its directors or major shareholders[100]. Share Issuance and Utilization - The company completed the issuance of 100,000,000 new ordinary shares at HKD 1.40 per share, raising a net amount of HKD 104 million[82]. - The net proceeds from the share issuance are intended to be used according to the plans disclosed in the prospectus, with most of the funds currently held in interest-bearing deposits at licensed banks in Hong Kong[83]. - The company has not utilized the net proceeds from the share issuance as of the report date[83]. - The majority of the unutilized proceeds are currently stored in a licensed bank in Hong Kong as interest-bearing deposits[83]. - The company has conditionally approved a total of 8,997,804 share options under the pre-IPO share option scheme, representing over 2.25% of the total issued share capital post-IPO[100]. - As of September 30, 2020, the company has not purchased, sold, or redeemed any of its listed securities during the nine months ending on that date[105]. Financial Highlights - The company reported a pre-tax profit of HKD 36,593,786 for the nine months ended September 30, 2020, compared to HKD 17,456,700 in the same period of 2019, showing a growth of 109%[151]. - The total comprehensive income for the nine months ended September 30, 2020, was HKD 11,711,000, compared to a loss of HKD 6,990,000 in the same period of 2019[127]. - Non-controlling interests contributed HKD 599,000 to the total comprehensive income for the nine months ended September 30, 2020, compared to HKD 514,000 in the same period of 2019[127]. - The company operates primarily in Hong Kong, with additional trading offices in Chicago to enhance trading opportunities globally[139]. - The effective tax rate for Hong Kong profits is 16.5%, with a reduced rate of 8.25% applicable to the first HKD 2,000,000 of taxable profits for qualifying subsidiaries[154].

Financial Performance - Total revenue for the first half of 2020 reached HKD 73,087,000, a 273% increase compared to HKD 19,577,000 in the same period of 2019[26] - Fund management business revenue was HKD 72,571,000, up 277% from HKD 19,244,000 year-on-year[27] - Gross profit increased to HKD 67,710,000, representing a 315% rise from HKD 16,321,000 in the previous year[29] - Operating profit for the period was HKD 19,383,000, compared to an operating loss of HKD 5,114,000 in the same period last year[30] - Net profit for the period was HKD 13,176,000, recovering from a loss of HKD 5,927,000 in the previous year[31] - Profit attributable to owners of the company was HKD 12,790,000, compared to a loss of HKD 6,237,000 in the same period of 2019[32] - Total comprehensive income for the period was HKD 11,854,000, compared to a loss of HKD 6,323,000 in the previous year[33] - Adjusted net profit reached HKD 24,358,000, significantly improving from a loss of HKD 6,237,000 in the same period last year[34] - Basic and diluted earnings per share were HKD 4.26, recovering from a loss of HKD 2.08 in the previous year[35] Assets Under Management - The company's assets under management (AUM) grew from USD 1,138 million at the end of 2019 to USD 1,219 million in the first half of 2020, reflecting a 19% increase[41] - The company's assets under management (AUM) reached $1,357 million as of June 30, 2020, indicating a significant growth in asset management scale[79] - The company's assets under management increased from USD 1,138 million as of December 31, 2019, to USD 1,357 million as of June 30, 2020, reflecting a growth of USD 219 million or 19%[119] - The growth in assets under management was driven by strong performance and net inflows, with fund tools increasing by USD 136 million and managed accounts by USD 83 million in the first half of 2020[119] - The asset management scale increased from USD 1,357 million as of June 30, 2020, to USD 1,541 million as of September 30, 2020, reflecting growth driven by fund products and managed accounts[133] - The company experienced a growth of USD 184 million in asset management scale during the third quarter of 2020, attributed to inflows from new and existing investors[133] Strategic Initiatives - The company is preparing for its listing on the GEM of the Hong Kong Stock Exchange scheduled for October 16, 2020, which has incurred listing expenses affecting the profit for the period[44] - The company successfully continued its strategic implementation despite the challenges posed by COVID-19, benefiting from its global operations in Asia, the US, and Europe[45] - The company engaged in several prominent conferences and hosted a series of webinars to interact with potential investors globally[45] - The company has established a partnership with Nanhua Futures to explore opportunities in the Chinese financial services and fund management market[124] - The company plans to leverage its investment in Honglanmu to gain insights into the Chinese market and develop new asset management products[125] - The company successfully transitioned to virtual marketing and participated in several virtual conferences during the COVID-19 pandemic, maintaining investor engagement[121] Market Conditions - The financial markets showed optimism at the beginning of the year, with the S&P 500 Index reaching an all-time high in mid-February 2020[85] - The rapid and substantial policy responses from governments and central banks in 2020 were more prompt than those following the 2008 financial crisis, leading to a swift reversal of market chaos[86] - The market environment remains uncertain due to the ongoing impact of COVID-19, which may create attractive trading opportunities for the company[132] Operational Efficiency - The company has maintained a strong track record over the past decade, with a focus on absolute returns and diversified investment portfolios[77] - The firm utilizes a global relative volatility trading strategy, actively trading listed derivatives across major markets including the US, Europe, and Asia[79] - The company emphasizes a technology-driven approach, with one-third of its team dedicated to technological advancements in trading[77] - The trading platform is being enhanced for greater intelligence and flexibility to support product differentiation and global expansion[109] - The company has invested in technology and operational infrastructure over the past few years, enabling it to adapt quickly to changing regulations and market conditions during the COVID-19 pandemic[82] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal control processes[191] - The audit committee reviewed the interim financial results and confirmed compliance with applicable accounting standards and GEM listing rules[191] - The company has adopted the corporate governance code as per GEM listing rules and regularly reviews its governance practices[191] - The chairman and CEO roles are currently held by the same individual, Ralph Paul Johan van Put, which is a deviation from the corporate governance code[191] - The company aims to ensure a balance of power and authority within the board by having independent non-executive directors provide oversight[191] - The financial statements reflect a true and fair view of the group's financial position as of June 30, 2020[198] - The company is committed to maintaining compliance with the GEM listing rules and corporate governance standards[191] - The audit firm has provided an unqualified opinion on the interim consolidated financial statements[198] Employee and Shareholder Information - The company had 25 employees as of June 30, 2020, an increase from 23 employees at the end of 2019[160] - The company has established a stock option plan to reward individual employees for their contributions[156] - The total number of shares held by the top shareholders indicates a concentrated ownership structure, which may impact governance and decision-making[175] - The beneficial ownership structure highlights the interconnectedness of major shareholders, which may influence corporate strategy and alignment[175] - The absence of competitive interests among directors suggests a stable management environment conducive to strategic growth[183] - The company is focused on recognizing and rewarding employee contributions through its stock option plan, which is designed to incentivize performance[183]