Financial Performance - True Partner Capital Holding Limited reported audited annual results for the year ending December 31, 2023, in accordance with GEM listing rules[21]. - Total revenue for 2023 was HKD 13,289,000, a decrease of 70% compared to HKD 44,793,000 in 2022[23]. - Revenue from fund management business dropped by 72% to HKD 12,398,000 from HKD 44,106,000[23]. - Annual loss for 2023 was HKD 67,001,000, representing a 100% increase from HKD 33,508,000 in 2022[23]. - Basic and diluted loss per share for 2023 was HKD 16.75, up 99% from HKD 8.41 in 2022[23]. - The group's revenue for the reporting period was HKD 13.3 million, a decrease of HKD 31.5 million or approximately 70% compared to HKD 44.8 million in the same period of 2022[127]. - Gross profit for the group was HKD 11.7 million, down HKD 29.7 million or 72% from HKD 41.4 million in the same period of 2022[128]. - The group reported a pre-tax loss of HKD 65.5 million for 2023, compared to a loss of HKD 34.6 million in 2022, with total comprehensive loss attributable to owners of the company amounting to HKD 66.5 million in 2023[89]. Market Conditions - The MSCI World Index increased by 24.3% during the reporting period, with strong gains in Q1 (7.7%) and Q2 (7.4%) of 2023[27]. - The VIX index fell from 21.7 to 12.5 during the reporting period, indicating a significant drop in market volatility[27]. - The Put Protection Index rose by 19.2%, while the S&P 500 Total Return Index increased by 26.3%, showing a 7.1% underperformance of the protection strategy[27]. - The geopolitical situation and inflation risks are expected to pose significant threats to future market performance[56]. - The ongoing geopolitical tensions and sanctions are expected to contribute to long-term inflationary pressures, with potential consumer price increases of up to 5% in the short term and about 1% in the long term[104]. Company Strategy and Operations - The company focuses on liquidity market volatility trading, primarily in index futures, options, and exchange-traded funds (ETFs)[15]. - The company aims to leverage a scalable investment platform to capture potential growth opportunities in adjacent market segments[15]. - The company is committed to providing a diversified global investor base through its professional asset management division[15]. - The company is managing both fund products and managed accounts, with strategies deployed across these categories[50]. - The company has been investing to seize future opportunities despite the challenging market environment affecting fund performance and management fees[73]. - The company aims to provide tailored investment solutions that protect and enhance portfolios based on specific investor needs[64]. Management and Governance - The management team has been stable, with key personnel working together for nearly ten years, contributing to the company's growth[15]. - The board of directors confirmed that the information provided in the report is accurate and complete, with no misleading or fraudulent elements[13]. - The company emphasizes compliance and risk management, with board members experienced in overseeing financial integrity and regulatory adherence[169]. - The board includes independent directors who provide oversight and strategic guidance, ensuring compliance and governance[164]. - The company has established a board independence assessment mechanism to ensure strong independent judgment and protect shareholder interests[197]. Cost Management and Workforce - General and administrative expenses increased to HKD 78.3 million in 2023 from HKD 74.1 million in 2022, with a rise of HKD 4 million attributed to employee costs[40]. - The company reduced its workforce by 34.48% and implemented cost-cutting measures in general and administrative expenses[38]. - The group reduced its workforce by 34.48% as part of cost-cutting measures and expects to benefit from these adjustments in the next twelve months[129]. Technology and Innovation - The company utilizes proprietary technology that includes a range of models and tools to shape its trading methods[15]. - The company is focusing on enhancing its proprietary technology and infrastructure, including significant improvements to its backtesting systems and analytical tools[97]. - The company is actively involved in the financial technology space, leveraging its management team's expertise to drive innovation[180]. Future Outlook - The company anticipates benefiting from the adjustments made in the next twelve months despite uncertainties affecting expenses[38]. - The company is expected to focus on the Dutch pension transformation in 2024, leveraging proprietary analytical tools for detailed risk insights[94]. - The market anticipates up to six interest rate cuts in 2024 due to easing inflation[61]. Shareholder Engagement - The company has over 1,000 investors and potential clients in its customer relationship management system, enhancing engagement and outreach[67]. - The company continues to explore various avenues for creating potential value for shareholders, including potential business transactions with other companies[73].
TRUE PARTNER(08657) - 2023 - 年度业绩