Financial Performance - True Partner Capital Holding reported a significant growth in assets under management, reaching $1.2 billion, an increase of 25% compared to the previous year[24]. - The company achieved a net profit of $30 million for the fiscal year 2021, representing a 15% increase year-over-year[24]. - Total revenue for the year 2021 was HKD 58,917,000, a decrease of 55% compared to HKD 132,013,000 in 2020[27]. - Management fee income decreased by 4% to HKD 57,963,000 from HKD 60,266,000 in the previous year[27]. - The company reported an operating loss of HKD 22,103,000, a significant decline of 160% from a profit of HKD 36,838,000 in 2020[27]. - The annual loss attributable to the company's owners was HKD 26,020,000, representing a 200% decrease from a profit of HKD 26,149,000 in 2020[27]. - The adjusted net loss under non-Hong Kong Financial Reporting Standards was HKD 26,020,000, down 166% from HKD 39,243,000 in the previous year[27]. - Basic and diluted loss per share was HKD 6.51, a decline of 180% from earnings of HKD 8.15 in 2020[27]. - The revenue for 2021 was HKD 58.9 million, a decrease from HKD 132 million in 2020, primarily due to the absence of performance fees in 2021[39]. - General and administrative expenses increased to HKD 74.6 million in 2021 from HKD 70.2 million in 2020, attributed to higher other expenses despite a reduction in compensation costs[39]. - The company reported a loss before tax of HKD 24.5 million in 2021, compared to a profit of HKD 38.1 million in 2020, with a net loss attributable to owners of HKD 26.0 million in 2021 versus a profit of HKD 26.1 million in 2020[43]. - The total comprehensive loss attributable to the company's owners for 2021 was HKD 25.8 million, compared to a profit of HKD 25.3 million in 2020[149]. - True Partner Fund experienced a decline of 10.3% in 2021 after a gain of 7.2% in 2020, with most losses occurring in the first half of the year[145]. - The company reported an adjusted net loss of HKD 26.0 million for the year ended December 31, 2021, compared to an adjusted profit of HKD 39.2 million in 2020[156]. - The adjusted loss per share for 2021 was HKD 6.51, down from an adjusted profit per share of HKD 12.22 in 2020[154]. Assets Under Management - The company's assets under management increased to USD 1,675 million, up USD 90 million from USD 1,585 million at the end of 2020[36]. - The total assets under management increased to USD 1.8 billion in 2021 from USD 1.5 billion in 2020, reflecting a growth of approximately 20%[95]. - As of December 31, 2021, the company's assets under management (AUM) totaled USD 1,675 million, representing a 6% increase from USD 1,585 million as of December 31, 2020[164]. - The AUM for fund instruments was USD 644 million, while the AUM for managed accounts was USD 1,031 million as of December 31, 2021[164]. - The increase in AUM was driven by positive net inflows, partially offset by negative investment performance[164]. Market Expansion and Strategy - The company plans to expand its market presence in Asia and Europe, targeting a 30% increase in market share over the next two years[24]. - The company continued to expand its business in Europe and Asia, obtaining an investment company license from the Dutch Authority for the Financial Markets on March 24, 2022[44]. - The company plans to launch its first derivative fund product in China later this year, reflecting progress in its onshore business[120]. - The company has established strategic partnerships with three major financial institutions to enhance its service offerings[24]. - The company is exploring potential acquisition opportunities in the fintech sector to diversify its portfolio[24]. - The company has expanded its team in Amsterdam to a total of 13 employees while applying for a MIFID II asset management license in the Netherlands[120]. - The company plans to expand its operations in Hong Kong, Amsterdam, London, and Chicago by hiring 9 new personnel for compliance, risk management, accounting, trading, and IT[194]. Technology and Innovation - True Partner Capital is investing in new trading technologies, with a budget allocation of $5 million for research and development in 2022[24]. - The company continues to expand its technology team to support its growth initiatives[44]. - The company operates a proprietary trading platform designed for its specific trading strategies, enabling real-time pricing and risk management[123]. - The company’s proprietary technology continues to be a significant competitive advantage, with ongoing investments to strengthen its technological infrastructure and investment expertise[174]. - The company launched a new customized tool for institutional clients in Q3 2021, enhancing its service offerings[165]. - The company’s trading system has been migrated to a new platform to improve resilience, high availability, and security requirements[174]. - The company is actively exploring opportunities to deploy and further enhance its technological infrastructure to expand business activities[174]. Client Engagement and Marketing - User engagement metrics showed a 40% increase in active clients, with the total number of clients rising to 5,000[24]. - The company actively utilized technology to enhance marketing effectiveness during the ongoing Covid-19 pandemic, engaging with investors through webinars and industry events[44]. - The company emphasizes the importance of face-to-face interactions with clients to better understand their needs and enhance investment outcomes[107]. - The firm has adapted to market changes by hosting webinars and participating in virtual events, maintaining client engagement during challenging times[107]. - The company continues to engage with investors through webinars and one-on-one meetings, highlighting the performance of its True Partner Fund[165]. Economic Outlook and Market Conditions - The company anticipates a shift in investment strategies due to inflation pressures and potential central bank actions in the post-pandemic era[113]. - The firm believes that active investment strategies will become increasingly valuable in navigating volatile markets, providing opportunities for alpha generation[114]. - The company remains confident in its investment approach despite the underperformance in 2021, noting that past difficult periods were often followed by strong performance[145]. - The company expects positive growth in the third and fourth quarters of 2021, despite a weakening growth outlook due to the Omicron variant of COVID-19[186]. - The company anticipates economic growth to be more reliant on production and supply chain improvements in the future, as monetary and fiscal policy incentives are expected to gradually weaken[186]. Governance and Compliance - The management team emphasized a commitment to maintaining compliance and governance standards, with ongoing audits planned for 2022[24]. - The board has recommended not to declare dividends for the year ending December 31, 2021, reflecting a focus on future growth opportunities[120]. - The company believes that adjusted financial metrics provide additional information for investors to assess its operational performance[156]. - The company emphasizes that adjusted metrics should not be considered in isolation when evaluating its financial performance[156]. - The financial metrics presented may not be comparable to similar measures used by other companies listed on the Hong Kong Stock Exchange[156].
TRUE PARTNER(08657) - 2021 - 年度财报