True Partner Capital Holding Limited provided consolidated earnings guidance for the six months ended 30 June 2023. The Group is expected to record a net loss attributable to owners of the Company for the six months ended 30 June 2023 in the range of approximately HKD 26 million to HKD 32 million as compared to a net loss attributable to owners of the Company of HKD 14.2 million for the six months ended 30 June 2022. Based on the information currently available to the Company, the Board believes that the estimated loss for the six months ended 30 June 2023 was mainly attributed to the effect of a decrease in revenue.

Comparing the six months ended 30 June 2023 to the six months ended 30 June 2022, assets under management declined overall as detailed in 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 first half of 2023 as compared to the first half of 2022. In combination, these factors also led to a decrease in overall revenues for the six months ended 30 June 2023 as compared to the six months ended 30 June 2022. As a result, revenue over the six months ended 30 June 2023 declined by 65% from HKD 25 million to HKD 8.7 million (unaudited).