Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 9,569,000, a decrease of 28% compared to HKD 13,289,000 in 2023[18] - Revenue from fund management activities dropped by 54% to HKD 5,752,000 from HKD 12,398,000[18] - Consulting service fees revenue increased by 123% to HKD 1,944,000 from HKD 873,000[18] - Trade income net amount surged by 10,306% to HKD 1,873,000 from HKD 18,000[18] - Gross profit for the year was HKD 8,594,000, down 26% from HKD 11,687,000[18] - Operating loss for the year was HKD 47,962,000, a reduction of 27% from HKD 65,429,000[18] - Annual loss amounted to HKD 48,506,000, a decrease of 28% compared to HKD 67,001,000 in the previous year[18] - Loss attributable to owners of the company was HKD 48,506,000, reflecting a 28% decline from HKD 67,001,000[18] - Total comprehensive loss for the year was HKD 49,475,000, down 26% from HKD 66,510,000[18] - Basic and diluted loss per share was HKD 12.13, a decrease of 28% from HKD 16.75 in the previous year[18] Assets Under Management - The company's assets under management decreased to USD 501 million as of December 31, 2024, down from USD 885 million at the end of 2023, indicating a significant reduction[28] - The company's revenue for 2024 is HKD 9.6 million, down from HKD 13.3 million in 2023, primarily due to a decrease in asset management scale and changes in the product mix[34] - Average assets under management (AUM) and management fees decreased compared to 2023, reflecting a challenging market environment[34] - The AUM for fund instruments was $43 million and for managed accounts was $458 million as of December 31, 2024, compared to $157 million and $728 million respectively as of December 31, 2023[84] Market Conditions - The VIX index rose from 12.5 to 17.4 during the reporting period, indicating increased market volatility[25] - The MSCI World Index experienced a total return increase of 21.2% during the reporting period, with the strongest quarterly growth of 10.2% in Q1 2024[22] - The global bond index saw a return increase of 3.6% during the reporting period, reflecting a stable bond market environment[22] - The average annualized volatility for the MSCI World Index was 12.5% in the second half of 2024, indicating a recovery in market volatility compared to the first half[25] Cost Management - General and administrative expenses for 2024 were HKD 57.9 million, down from HKD 78.3 million in 2023, mainly due to reductions in employee costs and professional fees[34] - The company has reduced its workforce by 36% and implemented cost-cutting measures to enhance operational efficiency[34] - The company reported a pre-tax loss of HKD 48.4 million for 2024, an improvement from a loss of HKD 65.5 million in 2023[34] Strategic Initiatives - A new product is set to launch in the second half of 2024, currently in managed account form, with plans for a mixed fund version[34] - The company is actively seeking additional investors for the new product, which utilizes proprietary quantitative tools[34] - The company plans to extend the timeline for utilizing unspent proceeds from its IPO to December 31, 2025, while maintaining the outlined plans[34] - The company is focused on expanding its business footprint and enhancing its infrastructure in technology and locations to capture growth opportunities[63] Investor Relations - The company actively engaged with investors through webinars and one-on-one meetings, enhancing investor relations and brand visibility[56] - The company participated in various global industry events, including the Tokyo Global Volatility Summit and the London Volatility Investment Event, to share market insights and build brand recognition[57] Leadership and Governance - The company has a strong leadership team with extensive experience in trading and technology, including over 27 years in proprietary trading and quantitative research[189] - The independent non-executive director has a background in investment management and has founded multiple investment firms, enhancing the company's strategic oversight[196] - The company emphasizes the importance of independent oversight through its audit and remuneration committees[194] Future Outlook - The company anticipates attractive volatility trading opportunities in the future due to near-peak market valuations and significant policy uncertainty[137] - The company expects higher demand for its strategies in the coming year, despite the challenges of predicting market conditions[141] - The company is developing a strategy to capitalize on the volatility opportunities in Chinese stocks, which are currently trading at a substantial discount compared to other markets[134]
TRUE PARTNER(08657) - 2024 - 年度业绩