Financial Performance - Total revenue for Q1 2023 was HKD 4,589,000, a decrease of 67% compared to HKD 14,046,000 in Q1 2022[13] - Gross profit for the quarter was HKD 4,082,000, down 68% from HKD 12,674,000 year-over-year[13] - Operating loss for the period was HKD 14,010,000, an increase of 146% compared to HKD 5,696,000 in the same period last year[13] - The total comprehensive loss for Q1 2023 was HKD 13,538,000, which is a 267% increase from HKD 3,692,000 in Q1 2022[13] - Basic and diluted loss per share for the quarter was HKD 3.53, compared to HKD 1.66 in the previous year, reflecting a 113% increase[14] - The pre-tax loss for the first quarter of 2023 was HKD 14 million, compared to a loss of HKD 6.4 million in the same period of 2022[27] - The group reported a pre-tax loss of HKD 14 million for Q1 2023, compared to a loss of HKD 6.4 million in the same period last year[57] - The company reported a loss before tax of HKD 14,103,000 for the three months ended March 31, 2023, compared to a loss of HKD 6,620,000 for the same period in 2022, indicating an increase in losses of approximately 112%[143] Assets Under Management (AUM) - As of March 31, 2023, the assets under management (AUM) decreased to $1,366 million, down from $1,618 million a year earlier and $1,516 million as of December 31, 2022[24] - As of March 31, 2023, the company's assets under management (AUM) totaled $1,366 million, comprising $281 million from mixed fund products and $1,085 million from managed accounts[45] - The group's assets under management totaled $1,366 million, a decrease of $252 million or 16% from $1,618 million as of March 31, 2022[58] - The group's fund tools' assets under management were $281 million, while managed accounts totaled $1,085 million as of March 31, 2023, compared to $578 million and $1,040 million respectively a year earlier[58] Market Environment - The VIX futures for April 2023 decreased by 19.8% to 20.8, indicating a challenging market environment[16] - The global stock market experienced a rebound in the first quarter of 2023, which positively impacted the company's performance[47] - Inflation remains a significant concern, with central banks continuing to raise inflation forecasts, impacting market sentiment[64] - The geopolitical situation remains unstable, particularly regarding the U.S. debt ceiling, which poses risks to the market[63] - The unexpected decline in Q1 GDP growth was 1.1% annually, compared to a market expectation of 1.9%, raising concerns about economic resilience[69] - The tightening of credit conditions is being reported by both banks and small businesses, indicating a broader economic slowdown[68] Expenses and Costs - General and administrative expenses for Q1 2023 were HKD 18.2 million, slightly lower than HKD 18.4 million in Q1 2022, reflecting various factors including increased employee costs due to business expansion[27] - Employee benefits, including salaries and other benefits, amounted to HKD 11,330,000 for the first quarter of 2023, up from HKD 10,656,000 in the same period of 2022, reflecting an increase of about 6.3%[142] - The interest expense on lease liabilities increased to HKD 37,000 in Q1 2023 from HKD 7,000 in Q1 2022, showing a significant rise of about 428.6%[138] Investment Strategies - The company continues to focus on absolute returns and alpha, despite the challenging environment for protection strategies in 2023 and 2022[22] - The company employs relative value trading strategies across its fund products and managed accounts, which are actively managed in major markets including the US, Europe, and Asia[44] - The True Partner Fund provided higher returns and alpha compared to the Eurekahedge asset-weighted hedge fund index since its inception in July 2011, despite having a negative beta to equities[20] - The relative value volatility strategy maintained capital in Q1 2023, achieving roughly flat returns, with gains in February and March offsetting January's losses[20] Shareholder Information - The company’s stock ownership includes significant holdings by key executives, with Tobias Benjamin Hekster holding approximately 14.55% of the shares[88] - Major shareholders include Franca Kurpershoek-Hekster with 58,215,018 shares (14.55%) and Wong Rosa Maria with 56,049,644 shares (14.01%) [94] - The company has a diverse shareholder structure with multiple individuals and entities holding significant stakes [94] - The overall ownership distribution reflects a mix of individual and corporate shareholders, enhancing governance and oversight [94] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules and has made no significant deviations from it, except for the combined roles of the chairman and CEO[103] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial results for the three months ended March 31, 2023, and confirmed compliance with applicable accounting standards[110]
TRUE PARTNER(08657) - 2023 Q1 - 季度财报