Financial Performance - Total revenue for the first half of 2024 was HKD 5,026,000, a decrease of 42% compared to HKD 8,690,000 in the same period of 2023[6] - Income from management business funds dropped by 58% to HKD 3,534,000 from HKD 8,372,000 year-on-year[6] - Consulting service income increased by 164% to HKD 840,000 compared to HKD 318,000 in the previous year[6] - Gross profit decreased by 41% to HKD 4,547,000 from HKD 7,676,000 year-on-year[6] - Operating loss narrowed to HKD 26,611,000 from HKD 29,297,000, a reduction of 9%[6] - Loss attributable to owners of the company was HKD 26,871,000, down 10% from HKD 29,704,000 in the previous year[6] - Total comprehensive loss amounted to HKD 27,234,000, an 8% decrease from HKD 29,523,000 year-on-year[6] - Basic and diluted loss per share was HKD 6.72, a 10% improvement from HKD 7.43 in the same period of 2023[6] - The company reported a loss before tax of HKD 26.8 million for the first half of 2024, compared to a loss of HKD 29.5 million in the same period of 2023[11] - The group reported a net gain from derivatives of HKD 652,000, which was not recorded in the previous year[79] - The group incurred a loss before tax of HKD 18,494,000 for the six months ended June 30, 2024, compared to HKD 22,771,000 in the previous year[80] Assets Under Management - The average assets under management decreased to $512 million as of June 30, 2024, down from $1,164 million a year earlier and $885 million at the end of 2023[10] - As of June 30, 2024, the company's assets under management totaled $512 million, comprising $87 million from mixed fund products and $425 million from managed accounts or similar arrangements[15] - The AUM for fund tools as of June 30, 2024, was $87 million, down from $253 million as of June 30, 2023, while managed accounts AUM decreased to $425 million from $911 million[23] - As of June 30, 2024, the company reported a net cash balance of HKD 18.1 million and fixed bank deposits of HKD 35.7 million, maintaining a current ratio of 8.75 times[48] Cost Management - General and administrative expenses for the first half of 2024 were HKD 31.7 million, down from HKD 37.7 million in the same period of 2023, reflecting cost-cutting measures[11] - The company's general and administrative expenses for the first half of 2024 were HKD 31.7 million, down from HKD 37.7 million in the first half of 2023, representing a decrease of approximately 16%[22] - The company reduced its workforce by 37.5% as part of its cost-cutting plan to enhance operational efficiency[11] - The company anticipates additional benefits from cost-cutting measures implemented in response to market uncertainties[22] Market Conditions - The MSCI World Index increased by 13.8% during the reporting period, with a strong rise of 10.2% in Q1 2024 and a smaller increase of 3.2% in Q2 2024[8] - The annualized volatility of the MSCI World Index was 8.5%, approximately half of its long-term average of 16.5%[8] - The VIX ETF decreased by 30.0% during the reporting period, indicating a decline in market volatility expectations[8] - The ongoing geopolitical tensions, particularly the conflict in Ukraine and the Middle East, continue to pose risks to market stability[32] Strategic Initiatives - The company continues to leverage proprietary technology and a scalable investment platform to explore growth opportunities in adjacent market segments[2] - The company is exploring new strategies for potential investors, which have shown promise as a future revenue source for its fund management business[22] - The company has established partnerships with Northern Trust, focusing on opportunities related to pension fund transitions in the Netherlands[25] - The company has actively engaged with investors through webinars and one-on-one online meetings, discussing fund performance and outlook for 2024[24] Shareholder Information - Major shareholders include True Partner Participation Limited with 58,337,399 shares, representing 14.58% of equity[52] - DSS, Inc. holds 62,336,908 shares, representing 15.58% of the equity[53] - Chen Henghui owns 77,082,908 shares, accounting for 19.27% of the equity[53] - The company has adopted a share option scheme to reward individual employees for their contributions[49] Future Outlook - The company plans to extend the timeline for utilizing the remaining unutilized proceeds from its IPO to 2025[22] - The expected timeline for utilizing the remaining unutilized net proceeds has been extended to December 31, 2025[41] - The company anticipates that the current market environment may lead to increased investor interest in diversification options, including relative value volatility and volatility directional hedging[38] - The company expects to see significant volatility and disruption in stock index volatility, leading to optimistic outlooks for investment opportunities[39]
TRUE PARTNER(08657) - 2024 - 中期财报