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]
TRUE PARTNER(08657) - 2021 Q1 - 季度财报