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]