TRUE PARTNER (08657) announced that the group expects to end September 3, 2023...
According to the Zhitong Finance App, TRUE PARTNER (08657) announced that the group expects to obtain a net loss attributable to company owners of approximately HK$41 million to HK$50 million in the nine months ending September 30, 2023, and a net loss attributable to company owners of HK$22.7 million within the nine months ending September 30, 2022.
According to the announcement, the estimated loss for the nine months ended September 30, 2023 was mainly due to a decrease in earnings from HK$35.5 million to HK$11.4 million for the nine months ended September 30, 2022. The scale of asset management within the nine months ended September 30, 2023 decreased overall compared to the nine months ended September 30, 2022, and the related product structure also changed. The shift in the scale of asset management mainly reflects a number of factors, including unusual changes in a number of relevant clients and the impact of an overall challenging trading environment. Overall, the impact of changes in the scale of asset management and product structure also includes that the expected relative contribution of management fees and performance fees to the income of each unit of asset management scale has increased focus on performance fees rather than management fees. A combination of these factors led to a decrease in the average return per unit of asset management scale for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The combination of these factors also led to a decrease in overall earnings for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.