True Partner Capital Holding Limited provided consolidated earnings guidance for the nine months ended 30 September 2023. The Group is expected to record a net loss attributable to owners of the Company for the nine months ended 30 September 2023 in the range of approximately HKD 41 million to HKD 50 million as compared to a net loss attributable to owners of the Company of HKD 22.7 million for the nine months ended 30 September 2022. Based on the information currently available to the Company, the Board believes that the estimated loss for the nine months ended 30 September 2023 was mainly attributed to a decrease in revenue, from HKD 35.5 million in the nine months ended 30 September 2022, to HKD 11.4 million.

Comparing the nine months ended 30 September 2023 to the nine months ended 30 September 2022, assets under management declined overall as detailed in the regular monthly filings and there were changes in underlying product mix. The changes in AUM primarily reflected factors including idiosyncratic changes with some underlying clients, as well as the effects of a challenging trading environment in general. Overall, the effects of the changes in AUM and product mix also included that the expected relative contribution of management fees and performance fees to revenues per unit of AUM became more focused on performance fees and less focused on management fees.

The combination of these factors led to a decrease in the average revenue per unit of AUM for the nine months ended 30 September 2023 as compared to the nine months ended 30 September 2022. In combination, these factors also led to a decrease in overall revenues for the nine months ended 30 September 2023 as compared to the nine months ended 30 September 2022.