Financial Performance - Total revenue for the first half of 2022 was HKD 24,996,000, a decrease of 15% compared to HKD 29,274,000 in the same period of 2021[9] - Revenue from fund management activities was HKD 24,564,000, down 15% from HKD 28,893,000 year-on-year[9] - The company reported a gross profit of HKD 22,841,000, which is a 12% decline from HKD 25,990,000 in the previous year[9] - Operating loss increased by 62% to HKD 13,090,000 from HKD 8,101,000 in the same period last year[9] - The total comprehensive loss for the period was HKD 11,953,000, a 7% increase compared to HKD 11,214,000 in the previous year[9] - Basic and diluted loss per share was HKD 3.55, representing a 26% increase from HKD 2.82 in the same period of 2021[9] - The net loss attributable to the company's owners for the first half of 2022 was HKD 14.2 million (after tax), compared to a loss of HKD 11.3 million in the same period of 2021[24] - The company reported a loss before income tax of HKD 13.9 million for the first half of 2022, compared to a loss of HKD 9.7 million in the same period of 2021[64] - The company reported a net loss of HKD 14,060,000 for the six months ended June 30, 2022, compared to a net loss of HKD 11,096,000 for the same period in 2021, representing a 26.5% increase in loss[136] - The company reported a loss attributable to owners of HKD 14,188,000 for the six months ended June 30, 2022, compared to a loss of HKD 11,261,000 for the same period in 2021, representing a 25.5% increase in loss[176] Revenue Breakdown - Revenue from consulting services increased by 13% to HKD 432,000 from HKD 381,000 year-on-year[9] - The group's revenue for the reporting period was HK$25.0 million, compared to HK$29.3 million for the six months ended June 30, 2021, indicating a decrease attributed to changes in product structure[24] - Management fee income for the six months ended June 30, 2022, was HKD 24,558,000, down 15.8% from HKD 28,893,000 in the previous year[167] - Performance fee income for the six months ended June 30, 2022, was HKD 6,000, compared to HKD 0 in the same period of 2021[167] - Revenue from consulting services for the six months ended June 30, 2022, was HKD 24,564,000, a decrease from HKD 28,893,000 in the prior year[167] Market Environment - In the first half of 2022, the MSCI World Index experienced a decline of 18.0%, reversing most of the 24.4% gain from 2021[11] - The Bloomberg Global Government Bond Index, hedged to USD, fell by 7.7%, with negative returns of 4.2% in Q1 and 3.6% in Q2[11] - The overall market environment in the first half of 2022 was characterized by limited volatility response despite stock market losses[12] - The first half of 2022 was marked by a lack of significant market volatility, contrasting sharply with previous periods of substantial stock market declines[12] - The actual volatility of the MSCI World Index was approximately 20% in the first half of 2022, compared to nearly 60% in February and March 2020[51] - The stock market has shown signs of underperformance, with the Nasdaq index lagging behind the S&P 500, indicating potential risks for high-growth stocks[83] Asset Management - As of June 30, 2022, the assets under management (AUM) were $1,717 million, an increase from $1,568 million as of June 30, 2021, and $1,675 million as of December 31, 2021, reflecting positive net inflows[24] - The group's assets under management reached $1,717 million as of June 30, 2022, an increase of $149 million or 9.5% compared to $1,568 million as of June 30, 2021[66] - The asset management scale of fund tools was $492 million, while managed accounts reached $1,225 million as of June 30, 2022, compared to $817 million and $751 million respectively as of June 30, 2021[66] - The average revenue per unit of assets under management decreased during the reporting period compared to the six months ended June 30, 2021, due to a shift in investor focus towards performance fees rather than management fees[24] Operational Challenges - The company reported a significant increase in revenues, with a total of $1,800 million in 2022 compared to $1,500 million in 2021, reflecting a growth of 20%[33] - The company’s trading strategy faced challenges during the first half of 2022, particularly during periods of stock market decline and low volatility[59] - True Partner Fund has historically performed best during periods of stock market declines and rising implied volatility, although the first half of 2022 did not yield ideal returns[60] Corporate Developments - The group completed the acquisition of 49% of True Partner Advisor Hong Kong Limited on February 15, 2022, gaining full ownership to enhance investment management capabilities[25] - The group is actively expanding its business in Europe and Asia, including obtaining an investment company license from the Dutch Authority for the Financial Markets, issued on March 24, 2022[25] - The company plans to launch new fund products and joint brand fund products in collaboration with its subsidiaries, enhancing its product offerings[39] - The company has hired 10 new employees to strengthen compliance, risk management, accounting, trading, and IT teams as part of its expansion strategy[92] Governance and Compliance - The company has adopted the corporate governance principles and code of conduct as outlined in the GEM Listing Rules Appendix 15, ensuring compliance with the regulations[120] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial performance announcement for the reporting period, confirming compliance with applicable accounting standards and GEM Listing Rules[123] - The company will continue to assess and consider the separation of the roles of chairman and CEO to ensure a balance of power within the board[120] Shareholder Information - Major shareholders include Tobias Benjamin Hekster with 14.43% and Godefriedus Jelte Heijboer with 14.01% of the shares[100] - As of June 30, 2022, major shareholders hold significant stakes, with True Partner International Limited owning 62,122,908 shares, representing 15.53% of the equity[104] - The company has 7,947,488 stock options that remain unexercised as of June 30, 2022[114]
TRUE PARTNER(08657) - 2022 - 中期财报