Financial Performance - Total revenue for the first half of 2023 was HKD 8,690,000, a decrease of 65% compared to HKD 24,996,000 in the same period of 2022[11]. - Management fee income dropped by 66% to HKD 8,372,000 from HKD 24,564,000 year-on-year[11]. - The company reported a gross profit of HKD 7,676,000, down 66% from HKD 22,841,000 in the previous year[11]. - Operating loss increased by 124% to HKD 29,297,000 compared to HKD 13,090,000 in the first half of 2022[11]. - The total loss for the period was HKD 29,704,000, representing an increase of 111% from HKD 14,060,000 in the same period last year[11]. - Loss attributable to owners of the company was HKD 29,704,000, up 109% from HKD 14,188,000 in the previous year[11]. - The comprehensive loss for the period totaled HKD 29,523,000, a 147% increase from HKD 11,953,000 in the first half of 2022[11]. - Basic and diluted loss per share was HKD 7.43, compared to HKD 3.55 in the same period last year, reflecting a 109% increase[11]. - The group’s revenue for the six months ended June 30, 2023, was HKD 8.7 million, a decrease from HKD 25 million for the same period in 2022, primarily due to changes in product structure and a reduction in assets under management[41]. - The group reported a loss before tax of HKD 29.5 million for the first half of 2023, compared to a loss of HKD 13.9 million for the same period in 2022[42]. - The company reported a loss of HKD 29,704,000, compared to a loss of HKD 14,188,000 for the same period in 2022, representing a 109% increase in losses year-over-year[160]. Assets Under Management - The average assets under management as of June 30, 2023, were USD 1,164 million, down from USD 1,717 million on June 30, 2022, and USD 1,516 million on December 31, 2022[16]. - As of June 30, 2023, the company's assets under management (AUM) reached $1,164 million, comprising $253 million from mixed fund products and $911 million from managed accounts[33][34]. - The group's fund tools had assets under management of USD 253 million, while managed accounts had USD 911 million as of June 30, 2023, compared to USD 492 million and USD 1,225 million, respectively, as of June 30, 2022[44]. - The average assets under management as of June 30, 2023, were USD 1,164 million, down 32% from USD 1,717 million as of June 30, 2022, and decreased from USD 1,366 million as of March 31, 2023[44]. Market Conditions - The company's investment strategy faced challenges due to market conditions, impacting performance fees and overall revenue[20]. - The overall market environment in the first half of 2023 showed signs of a rebound in global equity markets despite indications of further tightening by central banks[35]. - The MSCI World Index rose 15.7% in the first half of 2023, following a 7.7% increase in the fourth quarter of 2022[8]. - The VIX index decreased from 21.7 to 13.4 during the first half of 2023, reflecting a significant drop in market volatility[8]. - The Put Protection Index rose 12.4% in the first half of 2023, while the S&P 500 Total Return Index increased by 16.9%, indicating a 4.5% underperformance of the Put Protection Index[8]. - The global bond index rose 3.2% in the first half of 2023, following a flat performance in the fourth quarter of 2022[8]. Expenses and Costs - The company's general and administrative expenses for the first half of 2023 were HKD 37.7 million, compared to HKD 35.9 million in the same period of 2022, with the increase attributed to a higher number of employees and related costs[22]. - General and administrative expenses increased to HKD 37.7 million, an increase of HKD 1.8 million or about 5% compared to HKD 35.9 million in the same period of 2022[74]. - The company incurred a total of HKD 21,859,000 in employee benefits, an increase of 10.4% from HKD 19,726,000 in the prior year[152]. Governance and Management - The company is committed to adhering to the corporate governance code and has established an audit committee to oversee financial reporting and internal controls[122]. - The company has a significant ownership structure, with Mr. Chen holding 58.58% of DSS, Inc., which is the parent company of DSS Financial Management, Inc.[4]. - The company is led by Ralph Paul Johan van Put, who serves as both the chairman and CEO, providing strong leadership for strategic development[116]. - The company has not identified any conflicts of interest among its directors or major shareholders in relation to its business operations[112]. Shareholder Information - Tobias Benjamin Hekster holds 58,759,018 shares, representing approximately 14.68% of the equity[94]. - Godefriedus Jelte Heijboer owns 56,055,644 shares, accounting for approximately 14.01% of the equity[94]. - Ralph Paul Johan van Put has interests in 58,337,399 shares, which is about 14.58% of the equity[94]. - Roy van Bakel holds 27,686,280 shares, representing approximately 6.92% of the equity[94]. - True Partner International Limited holds 62,336,908 shares, accounting for approximately 15.58% of the equity[98]. - Chen Henghui has interests in 70,784,908 shares, which is about 17.69% of the equity[101]. - Nardinc Beheer B.V. holds 36,196,000 shares, representing approximately 9.04% of the equity[101]. Dividend and Equity - The board did not recommend the payment of an interim dividend for the reporting period, consistent with the previous period where no dividend was paid[91]. - The company did not declare any dividends during the six months ended June 30, 2023, compared to HKD 27,000 paid in dividends in the same period of 2022[140]. - The company's issued and paid-up capital remained at HKD 157,074,000 as of June 30, 2023, unchanged from the previous year[170]. Technology and Innovation - The company's technology team focused on enhancing the stability, resilience, and security of its core proprietary systems in the first half of 2023[47]. - The company's trading decisions are supported by an internal proprietary trading platform designed for specific trading methods, enhancing real-time pricing and risk management[32].
TRUE PARTNER(08657) - 2023 - 中期财报