易通讯集团(08031) - 2025 - 中期财报

GEM Listing Rules Features The GEM market provides a listing platform for small and medium-sized companies, characterized by higher investment risks and potential market volatility - The GEM market is positioned to provide a listing platform for small and medium-sized companies, with higher investment risks, greater potential market fluctuations, and no guarantee of high liquidity[2] Financial Summary The first half of 2025 saw a slight revenue decrease and a significant decline in profit attributable to owners, impacting earnings per share 2025 Half-Year Financial Summary (HK$ thousand) | Indicator | 2025 Half-Year (HK$ thousand) | 2024 Half-Year (HK$ thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 42,625 | 42,768 | -0.3% | | Profit Attributable to Owners of the Company | 976 | 2,825 | -65.5% | | Earnings Per Share (HK cents) | 0.33 | 0.96 | -65.7% | Unaudited Condensed Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements, including income, position, equity changes, and cash flows Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, revenue slightly decreased, while profit and earnings per share significantly declined due to reduced other income and increased employee benefits Key Data from Condensed Consolidated Statement of Comprehensive Income (HK$ thousand) | Indicator | 2025 Half-Year (HK$ thousand) | 2024 Half-Year (HK$ thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 42,625 | 42,768 | -0.3% | | Other Income | 1,625 | 6,921 | -76.5% | | Employee Benefit Expenses | (37,974) | (35,360) | +7.4% | | Operating Profit | 1,037 | 3,014 | -65.6% | | Profit for the Period | 976 | 2,825 | -65.5% | | Basic and Diluted Earnings Per Share (HK cents) | 0.33 | 0.96 | -65.7% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, non-current assets significantly decreased, current assets slightly increased due to term deposits, and current liabilities decreased, leading to a modest rise in net assets Key Data from Condensed Consolidated Statement of Financial Position (HK$ thousand) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 3,721 | 7,938 | -53.1% | | Current Assets | 71,952 | 71,614 | +0.5% | | Current Liabilities | 14,289 | 18,785 | -23.9% | | Net Assets | 61,370 | 60,394 | +1.6% | | Term Deposits | 33,000 | – | N/A | | Cash and Cash Equivalents | 19,553 | 49,523 | -60.5% | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity slightly increased due to profit for the period, while share capital and share premium remained unchanged Key Data from Condensed Consolidated Statement of Changes in Equity (HK$ thousand) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Share Capital | 2,956 | 2,956 | 0 | | Share Premium | 3,488 | 3,488 | 0 | | Retained Profits | 29,302 | 28,326 | +976 | | Total Equity | 61,370 | 60,394 | +976 | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash from operating activities significantly decreased, while cash outflows from investing and financing activities increased, resulting in a net decrease in cash and cash equivalents Key Data from Condensed Consolidated Statement of Cash Flows (HK$ thousand) | Indicator | 2025 Half-Year (HK$ thousand) | 2024 Half-Year (HK$ thousand) | Year-on-Year Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 3,874 | 8,278 | -4,404 | | Net Cash Used in Investing Activities | (32,678) | (23,259) | -9,419 | | Net Cash Used in Financing Activities | (1,166) | (134) | -1,032 | | Net Decrease in Cash, Cash Equivalents and Bank Overdrafts | (29,970) | (15,115) | -14,855 | | Cash, Cash Equivalents and Bank Overdrafts at End of Period | 19,553 | 11,472 | +8,081 | Notes to Financial Information This section provides detailed notes on the financial information, covering general company data, accounting policies, segment performance, and various financial accounts 1. General Information The company was incorporated in the Cayman Islands on June 29, 2011, and listed on GEM of the Stock Exchange on January 9, 2012 - The company was incorporated as an exempted company in the Cayman Islands on June 29, 2011[11] - The company's shares have been listed on GEM of the Stock Exchange since January 9, 2012[11] 2. Basis of Preparation and Principal Accounting Policies The unaudited condensed consolidated interim financial information is prepared in accordance with HKAS 34 and GEM Listing Rules, with consistent accounting policies and no significant impact from new standards - The unaudited condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the GEM Listing Rules[12] - The accounting policies and basis of preparation adopted are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024[12] - The newly issued and revised Hong Kong Financial Reporting Standards have no significant impact on the preparation and presentation of the Group's current and prior period results and financial position[12] 3. Segment Information and Revenue The Group operates in outsourced customer contact services, manpower placement, equipment management, and other system-related services, with financial services terminated in late 2024 - Reportable operating segments include outsourced inbound/outbound customer contact services, manpower placement services, customer contact centre equipment management services, financial services related to credit financing (terminated operations), and others (system and software sales, license service fees, system maintenance fees, and human resources services)[14] - Financial services related to credit financing ceased operations on December 27, 2024[14] 2025 Half-Year Segment Revenue and Results (HK$ thousand) | Segment | Revenue | Results | | :--- | :--- | :--- | | Outsourced Inbound Customer Contact Services | 6,506 | 527 | | Manpower Placement Services | 28,567 | 2,829 | | Customer Contact Centre Equipment Management Services | 1,542 | 278 | | Others | 6,010 | 1,450 | | Total | 42,625 | 5,084 | 2024 Half-Year Segment Revenue and Results (HK$ thousand) | Segment | Revenue | Results | | :--- | :--- | :--- | | Outsourced Inbound Customer Contact Services | 8,421 | 824 | | Manpower Placement Services | 26,768 | 1,494 | | Customer Contact Centre Equipment Management Services | 3,312 | 861 | | Financial Services | 12 | 6,182 | | Others | 4,255 | 976 | | Total | 42,768 | 10,337 | Reconciliation of Segment Results to Profit Before Tax (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Segment Results of Reportable Segments | 5,084 | 10,337 | | Unallocated Other Income | 1,625 | 172 | | Unallocated Depreciation and Amortization | (652) | (318) | | Corporate and Other Unallocated Expenses | (4,952) | (7,066) | | Profit Before Tax | 976 | 3,002 | 4. Employee Benefit Expenses Total employee benefit expenses, including directors' emoluments, increased for the six months ended June 30, 2025, compared to the prior period Employee Benefit Expenses (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Salaries and Allowances | 36,762 | 34,258 | | Pension Costs – Defined Contribution Plans | 1,575 | 1,467 | | Total Employee Benefit Expenses | 38,337 | 35,725 | | Less: Capitalized Amount | (363) | (365) | | Total | 37,974 | 35,360 | 5. Profit Before Income Tax For the six months ended June 30, 2025, total depreciation and amortization significantly increased, while short-term lease-related expenses substantially decreased Items Deducted from Profit Before Tax (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 214 | 231 | | Depreciation of Right-of-Use Assets | 1,144 | 140 | | Amortization of Intangible Assets | 404 | 468 | | Total Depreciation and Amortization | 1,762 | 839 | | Short-term Lease Related Expenses | 100 | 1,218 | | Research and Development Costs | 404 | 468 | 6. Income Tax Expense For the six months ended June 30, 2025, the company incurred no income tax expense, unlike the prior period which had current income tax expense Income Tax Expense (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Current Income Tax | – | 177 | | Deferred Income Tax | – | – | | Total | – | 177 | - Hong Kong Profits Tax is provided at a rate of 16.5%, with no significant timing differences in the first half of 2025, hence no deferred tax provision[23][25] 7. Interim Dividend The Board does not recommend paying any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[26] 8. Earnings Per Share Basic and diluted earnings per share for the six months ended June 30, 2025, were 0.33 HK cents, a significant decrease from 0.96 HK cents in the prior period, primarily due to reduced profit attributable to owners Earnings Per Share (HK cents) | Indicator | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 0.33 | 0.96 | - The decrease in earnings per share is primarily due to the reduction in profit attributable to owners of the company from HK$2,825,000 to HK$976,000, while the weighted average number of ordinary shares outstanding remained unchanged[27] 9. Financial Assets at Fair Value Through Profit or Loss As of June 30, 2025, the company held no unlisted equity investments measured at fair value through profit or loss Financial Assets at Fair Value Through Profit or Loss (HK$ thousand) | Investment Description | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unlisted Equity Investments | – | – | 10. Trade and Other Receivables As of June 30, 2025, net trade receivables increased, while other receivables, deposits, and prepayments significantly decreased, with a notable portion of trade receivables over 90 days Trade and Other Receivables (HK$ thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables – Net | 12,369 | 8,354 | | Other Receivables, Deposits and Prepayments – Net | 6,667 | 12,706 | | Total | 19,036 | 21,060 | - The Group's average credit period for sales is 30 days[30] Ageing Analysis of Trade Receivables (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 10,357 | 5,609 | | 31 to 60 days | 687 | 1,539 | | 61 to 90 days | 1,401 | 666 | | Over 90 days | 10,677 | 11,261 | | Total | 23,122 | 19,075 | 11. Cash and Cash Equivalents Cash and cash equivalents primarily consist of bank and cash balances held with reputable banks, earning interest at floating rates - Bank balances earn interest at floating rates based on daily bank deposit rates[31] - Cash and cash equivalents comprise bank and cash balances held with reputable banks that have no recent history of default[31] 12. Trade and Other Payables As of June 30, 2025, total trade and other payables decreased compared to December 31, 2024 Trade and Other Payables (HK$ thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | – | – | | Other Payables and Accruals | 10,767 | 14,480 | | Total | 10,767 | 14,480 | 13. Share Capital As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged Share Capital Structure (HK$ thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorized Share Capital (Number of Ordinary Shares) | 5,000,000,000 | 5,000,000,000 | | Authorized Share Capital (HK$ thousand) | 50,000 | 50,000 | | Issued and Fully Paid Share Capital (Number of Ordinary Shares) | 295,625,000 | 295,625,000 | | Issued and Fully Paid Share Capital (HK$ thousand) | 2,956 | 2,956 | 14. Related Party Transactions For the six months ended June 30, 2025, there were no related party transactions for property lease expenses, but key management personnel compensation increased Related Party Transactions (HK$ thousand) | Related Party Name | Nature of Transaction | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | :--- | | Star Yue Development Limited | Property Lease Expenses | – | 436 | | Fook Wu Investment Limited | Property Lease Expenses | – | 61 | Key Management Personnel Compensation (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Salaries and Short-term Employee Benefits | 305 | 240 | | Post-employment Benefits | 3 | 3 | | Total | 308 | 243 | 15. Contingent Liabilities As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[39] 16. Approval of Unaudited Condensed Consolidated Interim Financial Information The unaudited condensed consolidated interim financial information was approved by the Board of Directors on August 7, 2025 - The unaudited condensed consolidated interim financial information was approved by the Board of Directors on August 7, 2025[40] Management Discussion and Analysis This section provides an overview of the Group's business operations, financial performance, and future outlook, including strategic initiatives and challenges Business Review and Prospects The Group provides multimedia customer contact services and system solutions, facing challenges from rising labor costs and macroeconomic uncertainties, while actively integrating AI technology - The Group is primarily engaged in the business of providing comprehensive multimedia customer contact centre services and system solutions[42] - While the Hong Kong economy shows robust growth, ongoing geopolitical tensions and unpredictable international trade policies challenge macroeconomic conditions[42] - The local labor market faces challenges in recruiting customer contact centre staff, leading to increased wages and initial recruitment costs, impacting profit margins[42] - Management has placed greater emphasis on talent retention programs aimed at retaining experienced employees to help reduce employment costs[42] - The Group is collaborating closely with several local AI companies to integrate AI technology into customer contact centre systems and services to achieve fully automated customer service and enhance operational efficiency and productivity[43] - Management holds a cautiously optimistic outlook for the Group's financial performance in 2025, expecting innovative developments, particularly AI integration, to bring new momentum to the business[44] Interests in an Associate The Group holds approximately 40% equity in Yuanzheng Group Limited, an associate providing asset tokenization consulting services, with a carrying value of approximately HK$203,000 - The Group holds 1,000,000 shares in Yuanzheng Group Limited, representing approximately 40% of its issued share capital, with a carrying value of approximately HK$203,000[45][46] - Yuanzheng Group Limited is an unlisted company that provides consulting services in asset tokenization through professional process management services[45] Financial Assets at Fair Value Through Profit or Loss The Group holds an 18% equity interest in Cloudgo Limited, which had no carrying value as of June 30, 2025, reflecting impairment losses recognized in 2020 - The Group acquired a total of 2,470 shares in Cloudgo Limited in 2019, representing approximately 18% of its total issued share capital[47] - As of June 30, 2025, the Group's shares in Cloudgo had no carrying value, reflecting the impairment loss on FAFVTPL investments recognized in 2020[47] Use of Proceeds from Issue of Convertible Bonds under General Mandate As of June 30, 2025, the Group had fully utilized the net proceeds from convertible bonds for expanding financial services and general working capital Use of Net Proceeds from Convertible Bonds (HK$ thousand) | Purpose | Intended Use | Actual Use as of June 30, 2025 | Unutilized Balance as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Expansion of Financial Services Business | 6,200 | 6,200 | – | | General Working Capital | 5,017 | 5,017 | – | | Total | 11,217 | 11,217 | – | - As of June 30, 2025, the Group had fully utilized the unutilized net proceeds according to the allocation method stated in the announcement[49] Financial Review The Group's total revenue slightly decreased in the first half of 2025, with a significant contraction in gross profit margin and a substantial reduction in profit attributable to owners 2025 Half-Year Financial Review Key Data (HK$) | Indicator | 2025 Half-Year (HK$) | 2024 Half-Year (HK$) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Unaudited Total Revenue | 42,600,000 | 42,800,000 | -0.5% | | Gross Profit Margin | 11.9% | 24.2% | -12.3 percentage points | | Profit Attributable to Owners of the Company | 1,000,000 | 2,800,000 | -64.3% | Revenue and Segment Results Segment performance varied, with outsourced inbound and equipment management services declining, while manpower placement and other services (Weisi-related) showed growth Outsourced Inbound Customer Contact Services Revenue and segment results for outsourced inbound customer contact services decreased, with a narrower gross profit margin, primarily due to fewer customer sales orders Performance of Outsourced Inbound Customer Contact Services (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,500 | 8,400 | -22.6% | | Segment Results | 500 | 800 | -37.5% | | Gross Profit Margin | 8.1% | 9.8% | -1.7 percentage points | - The decrease in revenue was primarily due to a reduction in customer sales orders during the period[52] Manpower Placement Services Manpower placement services saw growth in both revenue and segment results, with a significantly improved gross profit margin, driven by increased customer demand and reduced expected credit losses Performance of Manpower Placement Services (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 28,600 | 26,800 | +6.7% | | Segment Results | 2,800 | 1,500 | +86.7% | | Gross Profit Margin | 9.9% | 5.6% | +4.3 percentage points | - The increase in revenue was primarily due to growing customer demand for manpower placement services during the period[53] - The rise in gross profit margin was mainly attributable to a reduction in expected credit losses[53] Customer Contact Centre Equipment Management Services Revenue and segment results for customer contact centre equipment management services significantly declined, with a narrower gross profit margin, mainly due to reduced customer service demand Performance of Customer Contact Centre Equipment Management Services (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,500 | 3,300 | -53.4% | | Segment Results | 300 | 900 | -66.7% | | Gross Profit Margin | 18% | 26% | -8 percentage points | - The decrease in revenue was primarily due to reduced customer demand for services[55] Others The "Others" segment, primarily Weisi-related customer contact centre system services, experienced growth in both revenue and gross profit, reflecting increased market demand Performance of Other Segment (Weisi-related Services) (HK$ thousand) | Indicator | 2025 Half-Year | 2024 Half-Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,000 | 4,300 | +39.5% | | Gross Profit | 1,500 | 1,000 | +50.0% | - The increase in gross profit was primarily due to increased demand for Weisi-related other services[56] Other Income Other income significantly decreased, primarily due to a reduction in the reversal of expected credit loss allowance for financial assets Other Income (HK$) | Indicator | 2025 Half-Year | 2024 Half-Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 1,600,000 | 6,900,000 | -76.8% | - The significant decrease in other income was due to a reduction in the reversal of expected credit loss allowance for financial assets[57] Other Operating Expenses Other operating expenses include expected credit losses, auditor's remuneration, insurance, legal and professional fees, short-term lease expenses, and various administrative costs - Other operating expenses primarily include expected credit losses, auditor's remuneration, insurance, legal and professional expenses, expenses related to short-term leases and rates, repairs and maintenance, subcontracting expenses, telephone expenses, travel, entertainment, and utilities expenses[58] Profit Attributable to Owners of the Company Profit attributable to owners of the company significantly decreased, mainly due to a reduction in the reversal of expected credit loss allowance for financial assets Profit Attributable to Owners of the Company (HK$) | Indicator | 2025 Half-Year | 2024 Half-Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 1,000,000 | 2,800,000 | -64.3% | - The decrease in profit was primarily due to a reduction in the reversal of expected credit loss allowance for financial assets[59] Corporate Governance and Other Information This section details the company's adherence to corporate governance standards, directors' conduct, shareholdings, and other relevant disclosures Corporate Governance The company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules throughout the reporting period - For the entire period of the six months ended June 30, 2025, the company has complied with all code provisions set out in the Corporate Governance Code in Appendix C1 of the GEM Listing Rules[60] Code of Conduct for Securities Transactions by Directors The company adopted a code of conduct for directors' securities transactions, no less exacting than GEM Listing Rules, and all directors confirmed compliance - The company has adopted a code of conduct for securities transactions by directors on terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[61] - Following enquiry, all directors and former directors confirmed that they have complied with the required standard of dealings for securities transactions for the six months ended June 30, 2025[61] Directors' Rights to Acquire Shares Except for the share option scheme, neither the company nor its associated corporations engaged in arrangements allowing directors to acquire shares or debentures during the period - Save for the share option scheme, at no time during the six months ended June 30, 2025, was the company or any of its associated corporations a party to any arrangement to enable the directors to acquire benefits by means of the acquisition of shares or debentures of the company or any other body corporate[62] Share Option Scheme For the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled under the 2021 share option scheme - For the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled under the share option scheme conditionally adopted by the shareholders of the company on May 4, 2021, and which became unconditional on May 6, 2021[63] Directors' Interests in Competing Business To the best of the directors' knowledge, no director or substantial shareholder had any interest in businesses competing with the Group or any other conflicts of interest during the reporting period - To the best knowledge of the directors, for the six months ended June 30, 2025, no director or substantial shareholder/controlling shareholder of the company had any interest in a business that competes or is likely to compete with the Group's business, nor any other conflicts of interest with the Group[64] Directors' and Chief Executive's Interests and/or Short Positions in Shares, Underlying Shares and Debentures of the Company and/or its Associated Corporations As of June 30, 2025, Executive Director and CEO Mr. Tang Yiu Sing held a 71.04% interest in the company's shares through Man Shing Ta Enterprises Limited, as part of the late Mr. Tang Shing Bor's will Directors' and Chief Executive's Long Positions in Shares of the Company | Name of Director/Chief Executive | Capacity | Nature of Interest | Number of Shares/Underlying Shares Held | Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Tang Yiu Sing | Executor or Administrator of the Will of the late Mr. Tang Shing Bor | Corporate Interest | 210,000,000 | 71.04% | - These interests are held by Man Shing Ta Enterprises Limited and form part of the will of the late Mr. Tang Shing Bor[65] Substantial Shareholders' Interests and/or Short Positions in Shares and/or Underlying Shares of the Company As of June 30, 2025, Mr. Tang Yiu Sing, as co-executor of the late Mr. Tang Shing Bor's will, held a 71.04% interest in the company's shares through Man Shing Ta Enterprises Limited Substantial Shareholders' Long Positions in Shares of the Company | Name of Director/Chief Executive | Capacity | Nature of Interest | Number of Shares/Underlying Shares Held | Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Tang Yiu Sing | Co-executor of the Will of the late Mr. Tang Shing Bor | Corporate Interest | 210,000,000 | 71.04% | - These interests are held by Man Shing Ta Enterprises Limited and form part of the will of the late Mr. Tang Shing Bor[67] Audit Committee The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, confirming compliance with accounting principles and disclosure requirements - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[69] - The Committee is of the opinion that the Group's accounting policies are in compliance with Hong Kong Financial Reporting Standards, the Stock Exchange's requirements, and legal provisions, and that adequate disclosures have been made[69] Pre-emptive Rights Neither the company's articles of association nor Cayman Islands law contains pre-emptive rights provisions requiring pro-rata new share offerings to existing shareholders - There are no pre-emptive rights provisions in the company's articles of association or the laws of the Cayman Islands that would require the company to offer new shares pro-rata to existing shareholders[70] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities - For the six months ended June 30, 2025, the company did not redeem any of its listed securities, and neither the company nor any of its subsidiaries purchased or sold any of the company's listed securities[71] By Order of the Board This report was approved by the Board of Directors on August 7, 2025, and signed by Executive Director and CEO Mr. Tang Yiu Sing - This report was signed and issued by Mr. Tang Yiu Sing, Executive Director and Chief Executive Officer, on behalf of the Board of Directors on August 7, 2025[71] - This report has been published on the Stock Exchange's website (www.hkexnews.hk) and the company's website (www.etsgroup.com.hk)[71](index=71&type=chunk)