REG - Worldsec Limited - Half-year Report
30/09/2025 16:30
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RNS Number : 4738B Worldsec Limited 30 September 2025
WORLDSEC LIMITED
Interim Report for the six months ended 30 June 2025
Worldsec Limited
Interim Report for the six months ended 30 June 2025
The board (the “Board”) of directors of Worldsec Limited (the
“Company”) hereby submits the interim report on the Company and its
subsidiaries (the “Group”) for the six months ended 30 June 2025 (the
“Interim Report”).
For the period under review, the Group recorded an unaudited net loss of
US$97,000 (equivalent to basic and diluted loss per share of 0.11 US cent)
against an unaudited net loss of US$146,000 (equivalent to basic and diluted
loss per share of 0.17 US cent) for the corresponding six months in 2024.
Dividend income increased by over US$100,000 to US$151,000 due primarily to
the dividend received in connection with the Group’s investment in ByteDance
Ltd. (“ByteDance”), held through the Homaer Asset Management Master Fund
SPC (the “Homaer Fund”), following ByteDance’s modest and measured
partial share buybacks. This was, nevertheless, offset in part by a reduction
in the positive contribution from the fair value change in the financial
assets of the Group at fair value through profit and loss. Accordingly, a net
loss narrowing of US$49,000 was recorded. Cash and cash equivalents, however,
decreased by US$224,000, reflecting basically the use of funds for working
capital and other operating activities.
At the date of the Interim Report, the investment portfolio of the Group
comprises a total of six investments:
ICBC Specialised Ship Leasing Investment Fund (the “ICBC Ship Fund”)
The Group’s investment in the ICBC Ship Fund, which is involved in marine
vessel leasing, continued to provide a stable return through monthly dividend
income, generating revenue amounting to US$48,000 for the six months ended 30
June 2025.
Animoca Brands Corporation Limited (“Animoca”) through VS SPC
Limited (“VS SPC”)
The Group holds, through the Class A Participating Shares of VS SPC, an
investment in the equity interest of Animoca.
Incorporated in Australia, Animoca was formerly listed on the Australian
Securities Exchange but was delisted in 2020. It is a holding company of a
technology group engaged in gamification, blockchain and tokenisation
activities and is committed to advancing digital property rights and building
an open metaverse. The operations of the Animoca group encompass three
integrated business pillars, comprising (i) Web3 businesses with native
projects including Moca Network, Open Campus, The Sandbox, as well as a
stablecoin joint venture with Standard Chartered and HKT; (ii) digital asset
advisory services including tokenomic advisory, liquidity provisioning and
institutional research; and (iii) investment management with a portfolio of
Web3 investments in over 570 companies including industry leaders Pudgy
Penguins, Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, OpenSea,
Dapper Labs, YGG, among many others. Animoca has received broad industry and
market recognitions as winners in Fortune Crypto 40, and Financial Times’
High Growth Companies Asia-Pacific, Top 50 Blockchain Game Companies 2025 and
Deloitte Tech Fast.
Having emerged from the perfect storm in 2023 and undergone foundational
rebuilding in 2024, the digital asset market and the Web3 economy are
experiencing a breakthrough year in 2025. Bitcoin prices have repeatedly set
record highs, signaling strong market confidence. DeFi is no longer
crypto-native as stablecoins have become widely accepted in cross-border
payments, remittances and B2B settlements, while tokenisation of RWAs has been
gaining significant traction. Financial institutions are increasingly
integrating digital assets and expanding offerings through crypto ETFs.
Exemplified by the enactment of the GENIUS Act in the United States, the
global regulatory landscape is gradually converging towards legal clarity,
fostering security, technological innovation and sustainable development
within the cryptosphere and the Web3 economy. Under these favourable
conditions, the Animoca group continues to strengthen its market leadership
through strategic and synergistic investments, partnerships and various
corporate initiatives.
In June 2025, after an extended delay due to the difficulty in dealing with
novel and complex accounting issues associated with the crypto sector, Animoca
moved a big step towards full financial disclosure compliance with the release
of its 2021 Annual Report that was audited with an unqualified
opinion. Thanks to the rapidly rising contributions from the blockchain and
digital asset activities, bookings, net assets and operating cash flow
jumped by orders of magnitude to A$450 million, A$337 million and A$382
million respectively. But because of the substantial amount of non-cash
accounting charges attributed to, inter alia, deferred revenue recognition,
share-based compensation, derivative instrument features and fair value
adjustments, a net loss of A$671 million was recorded. With the completion
of the audit for 2021, Animoca has laid the groundwork for expediting the
preparation of the outstanding audited financial statements for the subsequent
reporting periods.
Certain strategic and synergistic investments, partnerships and corporate
initiatives executed by the Animoca group are set out below:
* Between June and September 2025, Moca Foundation, the community-owned entity
initiated by the Animoca group to support the development, adoption and
growth of Moca Network, and Moca Network, the chain-agnostic decentralised
identity infrastructure project that provides one universal account for a
user’s assets, identity and reputation across multiple platforms, announced
a series of strategic moves to deepen Moca Network’s community engagement
and broaden its reach across Web3 verticals. Moca Chain will be launched as a
Layer-1 blockchain for self-sovereign and privacy-preserving user and data
verification. Testnet and mainnet have been slated for late 2025. The launch
of MocaPortfolio will offer MOCA Coin and Mocaverse NFT communities exposure
to the ecosystem of and access to token allocations of US$20 million from the
investment and partnership portfolio companies of the Animoca group. Through
the strategic partnership with Oyunfor, Moca Network’s AIR Kit software
development kit will be integrated into Turkey’s leading e-pin and digital
game-code marketplace to deliver personalised rewards and Web3 onboarding for
over 6.2 million Turkish gamers. In collaboration with Spree Finance and
BookIt.com, two blockchain-powered reward engines, Moca Network will set up a
verifiable loyalty platform, Air Shop, that will enable its users to earn
rewards from more than 2 million merchants in travel, entertainment and
premium retail. Additionally, Moca Coin was listed on Kraken, one of the
largest cryptocurrency exchanges, to enhance the accessibility and adoption of
Moca Network’s ecosystem.
* In April 2025, Animoca and its supported education-focused decentralised
autonomous organisation, Open Campus, which is the foundation behind EDU
Chain, jointly deployed US$10 million in liquidity as loan collateral to
facilitate DeFi student loans on the Pencil Finance platform. Pencil Finance
is a decentralised lending protocol designed to connect investors and trusted
loan originators through tokenised bundles. It is co-incubated by Animoca and
HackQuest on EDU Chain. The inaugural US$1 million tokenised bundle marks the
first on-chain issuance of student loan capital, with funds allocated in
tranches at fixed and variable annual percentage yield to ErudiFi for students
in the Philippines and Indonesia and to Transcend Network for edtech founders
and unlocking new opportunities for education financing.
* Through a US$20.7 million placement led by Animoca, the Animoca group became a
strategic investor in DigitalX, the only crypto fund manager listed on the
Australian Securities Exchange. US$19.7 million of the placement proceeds have
been deployed to fund DigitalX’s Bitcoin-focused treasury activities.
* Animoca has signed a non-binding memorandum of understanding with DDC
Enterprise, the leading Asian food platform that is listed on the NYSE
American stock exchange and that has built a substantial Bitcoin treasury as a
core part of its business model, and will allocate up to US$100 million
Bitcoin towards DDC Enterprise’s yield-enhancement strategies. Animoca’s
co-founder and executive chairman will also join the Bitcoin Visionary Council
newly formed under DDC Enterprise to provide leadership and guidance.
* Animoca and Provenance Blockchain Labs have entered into a strategic
partnership to co-develop NUVA, a chain-agnostic vault marketplace connecting
RWA issuers with investors. Built on the Provenance Blockchain, which holds
over $15.7 billion in RWAs, NUVA is scheduled to debut in the fourth quarter
of 2025 with institutional-grade vaults backed by Figure Technologies’
flagship digitally native products, YLDS, the SEC-registered yielding
stablecoin, and HELOCs, a pool of fixed-interest rate home equity loans.
Separately, Animoca has teamed up with Fosun Wealth, a digital global wealth
management platform, and FinChain, an innovator in blockchain finance, to
drive the development of the RWA ecosystem in Asia. The collaboration aims to
bridge traditional finance with emerging Web3 capital markets and plans to
distribute Fosun Wealth’s RWAs via NUVA.
* Animoca, together with Coinbase, one of the largest cryptocurrency exchanges
listed on the Nasdaq Stock Exchange, Fabric Ventures, a venture capital
contributor, and Founders Factory, a star-up builder, have unveiled a
multi-million-pound accelerator in the United Kingdom to supercharge
blockchain and AI startups. The accelerator program offers founders capital
funding and expert training in tokenomics, community-led go to market planning
and fundraising. Backed by the United Kingdom government, the accelerator aims
to position the United Kingdom as a global innovation leader by fostering
product-market fit and scaling frontier technologies across the Web3 and AI
sectors.
* In line with the global trend of regulatory frameworks gradually converging
towards legal clarity, Hong Kong has enacted the Stablecoins Ordinance in an
effort to strengthen its crypto hub position. Having gained early mover
experience through the joint participation in the HKMA stablecoin issuer
sandbox since July 2024, Animoca, Standard Chartered and HKT have proceeded to
establish a strategic joint venture focussing on the issuance and advancement
of licensed stablecoins. The strategic joint venture, Anchorpoint, has
submitted a formal expression of interest to the HKMA on 1 August 2025, the
very first day the Stablecoins Ordinance becoming effective.
* The Animoca group has officially planted its footprint in the Middle East,
with a strategic presence in Dubai, United Arab Emirates, to serve the rising
influx of Web3 organisations entering the region, and a managing director to
oversee its Middle Eastern operations has been appointed.
The crypto space appears to be approaching a pivotal inflection point, as
regulatory frameworks around the world are gradually converging towards legal
clarity. This evolving environment is accompanied by a marked change in
sentiment, from an era of hostility and skepticism to one that fosters
innovation in blockchain, digital asset and decentralised technologies. The
enhanced global regulatory landscape is building a robust foundation for
institutional adoption and broad public trust and confidence and the crypto
assets are poised for mass integration into mainstream economic systems. From
banking and financing, investment and smart contracting to healthcare
management, insurance fraud prevention and claims automation, identity and
credential verification and beyond, blockchain-based solutions have the
transformative potential to revolutionise traditional operational practices
across industries. As a leader in the crypto space and a pioneer at the
forefront of the crypto revolution, the Animoca group is uniquely placed to
capitalise on the vast opportunities and revolutionary benefits arising in the
trailblazing Web3 digital age.
ByteDance through the Homaer Fund
The Group holds, through the Unicorn Equity Investment Portfolio Class A
Shares of the Homaer Fund, an investment in the equity interest of ByteDance.
Incorporated in the Cayman Islands, ByteDance is an unlisted holding company
of a technology group that operates a series of mobile app platforms powered
by AI across cultures and geographies. The ByteDance group has a portfolio of
products and services that includes TikTok, TikTok Shop, CapCut, Lark, as well
as Douyin, Douyin E-commerce, Toutiao, Xigua and Feishu which are specific to
the China market, and has over 150,000 employees in nearly 120 cities around
the world.
During the first half of 2025, the ByteDance group continued to deliver strong
financial performance amid macroeconomic challenges and geopolitical tensions.
Reuters reported that, for the first quarter of 2025, the Chinese technology
giant achieved revenue exceeding US$43 billion, surpassing Meta’s US$42.3
billion and becoming the world’s number one social media conglomerate by
sales. Growth momentum followed through to the second quarter of 2025. Revenue
grew year-on-year by 25% to US$48 billion, most of which was derived from the
domestic market. For the full year in 2025, the ByteDance group has reportedly
set a revenue target with a 20 percent growth over 2024 to US$186 billion.
With strong financial performance, ByteDance conducted partial investor share
buybacks, albeit in a modest and measured manner, giving rise to the dividend
received by the Group during the 2025 first half as mentioned in the results
review paragraph above.
ByteDance has placed AI at the heart of its strategic roadmap, adopting a dual
track strategy with consumer products funding and fueling the open-source
technology development and the open-source innovation in turn providing the
foundational capabilities to empower the growth and enhancement of the
consumer applications. This virtuous cycle is exemplified by two cornerstone
projects of the ByteDance group. Seed-OSS-36B, an open-source LLM with 36
billion parameters released under Apache 2.0, achieves state-of-the-art
benchmark scores in various domains. Doubao, the consumer-facing chatbot of
the ByteDance group, has more than 150 million monthly active users to become
one of China’s most widely adopted AI assistants, and is seamlessly
integrated across the ByteDance group’s app ecosystem from Feishu to CapCut
delivering fast, fluent and multimodal interactions.
The ByteDance group is also building a modular suite of generative AI tools
that cover multiple modalities in text, image, video, audio and 3D and 4D
environments, supported by a layered architecture of specialised models
designed for creative generation, complex reasoning and agentic execution.
Flagship components include Seedream 4.0, a unified image generation and
editing model with multi-reference input and sequential storytelling
capabilities, XVerse, a multi-subject image composer with token-specific
modulation for fine-grained control, OmniHuman, which transforms static images
into animated avatars capable of natural gestures and lip sync, and VINCIE-3B,
a diffusion transformer for in-context image editing from video sequences. The
modular suite of the ByteDance group is designed for interoperability,
allowing outputs from one model to feed into another. This synergistic effect
is amplified by the ByteDance group’s massive user base across Douyin,
TikTok and other mobile app platforms, enabling real-time deployment and
feedback loops at scale.
To further advance the AI ambition of ByteDance, the ByteDance group has
expanded its robotics research and development team to about 150 employees,
with efforts focusing on autonomous mobile robots. Engineered for indoor
material transport, the wheeled bots are actively deployed in the ByteDance
group’s internal operations, including TikTok and Douyin e-commerce
warehouses, and have commenced servicing external logistics clients. At the
frontier of embodied AI, the ByteDance group has also developed GR-3, a
large-scale vision-language-action model that enables robots to understand
natural-language instructions and perform sophisticated long-horizon household
tasks in real-world settings. Integrated with GR-3 AI, the bimanual robotic
platform, ByteMini, is capable of folding laundry, hanging clothes and
clearing dining tables, showcasing human-like dexterous manipulation and
spatial reasoning. By leveraging its AI expertise to build generalist robots
that could assist in everyday life, the ByteDance group is expanding into
consumer robots and intelligent automation.
To power ByteDance’s ambitious vision in AI, the ByteDance group has
reportedly earmarked over US$20 billion capital expenditure for 2025. The
preponderance of the funds is directed towards AI infrastructure with huge
spending on data centres, chip procurement, networking equipment, compute
resources and cloud capacity to support the training and inference of its
growing model fleet. The investments also aim to scale the ByteDance group’s
AI applications spanning developer tools, chatbots and image and video
generators. The colossal amount of capital expenditure underscores
ByteDance’s deep commitment to forging a competitive AI ecosystem that will
power foundational research and consumer product growth in the long term.
Meanwhile, TikTok continues to dominate headlines. In Europe, its entrenched
popularity and extensive market penetration have drawn admiration and
scrutiny. With over 200 million monthly active users across 32 countries,
TikTok reaches roughly one in three Europeans, solidifying the short-video
platform’s status as a cultural and commercial force. However, the latent
influence inherent in its extensive reach has attracted regulatory attention.
In May 2025, the Irish Data Protection Commission imposed a fine of €530
million on the local TikTok entity for allegedly transferring European user
data to China without adequate safeguards. The short-video platform company
has made an appeal contesting the €485 million and €45 million components
of the penalty, with a full hearing scheduled for October 2025.
Across the Atlantic, TikTok faces continued regulatory challenges. Although
the Canadian government has ordered TikTok’s local entity to dissolve its
operations over national security concerns, the short-video platform remains
accessible to users. In the United States, the long-running divestiture saga
of TikTok appears to be approaching a finale. After years of political
pressure, wrangling and legal manoeuvring, the short-video platform has
seemingly fulfilled its role as a bargaining chip in the conflict between the
two economic superpowers. On 25 September 2025, President Trump signed an
executive order addressing national security concerns under the 2024
ban-or-divest law by approving a US$14 billion deal to restructure TikTok’s
operations in the United States into an entity to be majority-owned by
American investors, including Oracle, Silver Lake and MGX, with ByteDance
retaining less than 20% ownership and limited control. Upon the restructuring,
the recommendation algorithm of TikTok will be retrained with United States
user data. Data security will be monitored and overseen by Oracle. As
additional time is required to complete the divestiture, the enforcement
deadline of the 2024 ban-or-divest law has been extended to 16 December 2025.
On top of navigating a complex and fragmented regulatory landscape, TikTok is
doubling down on a global push for TikTok Shop, rolling out its e-commerce
platform across continental Europe, including France, Germany, Italy, Spain
and Poland, as well as Japan and Brazil throughout 2025. The ambitious and
aggressive rollout represents a strategic endeavour to monetise TikTok’s
massive global user base, which exceeds 1.6 billion registered users, by
seamlessly integrating shopping directly into the short-form video and
livestream ecosystem. The business model of TikTok Shop uniquely blends
content-driven commerce with viral engagement, enabling creators and brands to
convert views into purchases in real-time. This positions TikTok as a
disruptive force in the global e-commerce space, evolving from a social media
platform into a full-fledged commerce engine capable of challenging incumbents
such as Amazon, Rakuten and Mercado Libre.
Likewise, Douyin, TikTok’s sister short-video app in China, has also taken
steps to strengthen its market position through expansion in e-commerce and
content production. In 2024, Douyin Ecommerce achieved a gross merchandise
value of US$490 billion, establishing itself as China’s third-largest
e-tailer, behind Alibaba’s Taotian Group and Pinduoduo and surpassing
JD.com. To further consolidate its presence in the fast-growing instant
commerce sector, Douyin has merged Douyin Supermarket with Douyin Hourly
Delivery, integrating shelf-based shopping with rapid fulfillment
capabilities. This pits Douyin Ecommerce directly against Taobao Instant
Commerce, JD Instant Delivery and Meituan in the race to capture a share of
China’s projected US$279 billion instant retail market by 2030.
Concurrently, the Chinese short video platform is actively ramping up efforts
on original content production, especially in the realm of short dramas, to
enhance platform engagement and intellectual property control. It has recently
set up a short drama copyright centre responsible for managing content rights
and supply with a view to improving copyright oversight and elevate
production quality. Hongguo Short Drama, a Douyin-affiliated platform, has
emerged as a leading player in China’s short drama market, which had grown
from US$0.5 billion in 2021 to US$7 billion in 2024 and has been projected to
top US$16.2 billion by 2030.
From time to time, ByteDance conducts share buybacks from the employees of the
ByteDance group. For the latest round of the buyback offer slated for the
autumn of the current year, it has reportedly valued itself at US$330 billion
on the back of strong financial performance. Regulatory filings by major
ByteDance investors actually revealed a range of valuations exceeding the
US$330 billion amount.
Dingdong (Cayman) Limited (“Dingdong”)
Subsequent to the listing of Dingdong on the New York Stock Exchange, the
Group directly holds its investment in the American depositary shares of
Dingdong (the “Dingdong ADS”).
Dingdong is the holding company of an e-commerce group that principally
operates a mobile app, Dingdong Maicai, providing users and households with
fresh groceries, prepared food and other food products supported by an
extensive self-operated frontline fulfillment grid. The operations of the
Dingdong group cover dozens of cities across China with a significant portion
of revenue derived from the Yangtze River Delta Megalopolis. The Dingdong
group has also launched a series of private label products, spanning a variety
of food categories mostly supported by self-operated production facilities.
Based on the unaudited quarterly reports of the first and second quarters of
2025 filed by Dingdong with the regulatory authority (the “First Quarterly
Report” and the “Second Quarterly Report”), the Dingdong group
maintained its growth momentum through the first half of 2025, marking six
consecutive quarters of GAAP profitability and year-on-year revenue growth. In
the first and second quarters of 2025, despite the decline in food prices and
the continued impact of the strategic adjustments to suspend coverage of
non-performing cities, revenue grew year-on-year by 9.1% and 6.7% to RMB$5.48
billion and RMB$5.98 billion respectively. This was driven by the rise in the
number of orders consequent to the increase in the number of transacting users
and the increased order frequency, supplemented by the network expansion to
deepen market penetration in East China.
For the first half of 2025, and based on the calculations derived from the
unaudited figures found in the First Quarterly Report and the Second Quarterly
Report, gross profit margin decreased to 29.3% from 30.3% in the same period
of 2024, reflecting the additional costs associated with product mix changes
stemming from the implementation of the “4G strategy” of "good users, good
products, good services and good mindshare" to boost customer
satisfaction. Fulfillment and other expenses, on the other hand, were
effectively managed and contained. Net margin at the bottom-line, either on
the non-GAAP(*) or the GAAP basis, therefore remained broadly unchanged.
Coupled with the growth in revenue, the Dingdong group continued to deliver in
the highly competitive industry. For the first half of 2025, non-GAAP net
income grew year-on-year by 9.3% to a total of RMB158.2 million and GAAP net
income considerably by 45.1% to a total of RMB115.2 million.
On the back of continued profitability, cash flow remained robust. Net cash
generated from operating activities recorded eight consecutive quarterly
gains, amounting to RMB85.2 million and RMB101.4 million for the first and
second quarters of 2025 respectively. As at 30 June 2025, net cash
balance, calculated by deducting short-term borrowings from the sum of cash
and cash equivalents, restricted cash and short-term investments, stood at
RMB2.95 billion, providing ample wherewithal to fund capital expenditure.
Working capital, on the other hand, was practically financed by suppliers.
The ratio of accounts payable net of supplier advances to the sum of net
accounts receivable and net inventory of over 2.6 times as at 30 June 2025 was
a solid indicator that pointed to a negative cash conversion cycle, a classic
feature of the business model of a successful grocer with strong bargaining
power to secure essentially interest-free financing with extended payment
terms from suppliers. Indeed, the operations of the Dingdong group have become
self-sustaining and scalable.
In March 2025, Dingdong announced a new share repurchase program of up to
US$20 million for a 12-month period until March 2026. The repurchases were
expected to be funded by internal resources, yet again highlighting the
enduring confidence of the Dingdong group on its financial position and cash
generating capacity.
Apart from the continued efforts in expanding its online grocery business, the
Dingdong group has taken a strategic step with a view to broadening and
diversifying revenue streams. In collaboration with DFI, a company listed on
the Equity Shares (Transition) category of the London Stock Exchange and a
member of the Jardine Matheson Group, Dingdong aims to build a digitalised
cross-border supply chain to offer a selected variety of competitively priced
fresh produce to Hong Kong consumers. Leveraging the nationwide sourcing and
logistics capabilities of the Dingdong group alongside DFI’s extensive Hong
Kong retail network of nearly 280 Wellcome stores, Wellcome Online Shop and
foodpanda on-demand platform, and with the support of AI-driven inventory
management with predictive analytics and traceability technology for product
transparency, the collaboration targets sales of HK$100 million for the first
year. In less than a month since launch, Hong Kong consumers have reportedly
purchased more than 100,000 kilograms of vegetables of the Dingdong group via
DFI’s retail network. Through the collaboration with DFI, Dingdong is
positioning itself as a trusted cross-border supplier and building brand
mindshare beyond its domestic market.
* Non-GAAP measures are widely considered to be a useful indicator of the
underlying business trend by excluding the non-cash charges of share-based
compensation.
Seyond Holdings Ltd. (“Seyond”, formerly Innovusion Holdings Ltd.) through
the Hermitage Fund Twelve SP (the “Hermitage Fund Twelve”)
The Group holds, through the Class A Participating Shares of the Hermitage
Fund Twelve, an investment in the equity interest in Seyond.
Founded and headquartered in Silicon Valley in California in the United
States, Seyond is an unlisted holding company of a technology group that
specialises in the design, development and production of automotive-grade
LiDAR solutions for autonomous driving and other automotive and
non-automotive application scenarios. The product portfolio of the Seyond
group includes the ultra-long-range LiDAR, the Falcon series which utilises
the 1550nm wavelength technology, the mid-range wide field of view LiDAR and
the long-range LiDAR, the Robin series which utilises the 905nm wavelength
technology, the newly launched latest-generation pure solid-state LiDAR,
Hummingbird D1, as well as the self-developed software platform, OmniVidi
which extends the functionality of the sensor hardware, and the intelligent
transport system platform, SIMPL, which is an AI and LiDAR-powered traffic
management system. According to China Insights Industry Consultancy
(“CIC”), an independent market research and consulting firm, the Seyond
group was the world’s first provider of automotive-grade high-performance
LiDAR solutions to achieve volume production.
Through the announcement made on 20 December 2024 by TechStar Acquisition
Corporation (“TechStar”), a special purpose acquisition company listed on
the Stock Exchange of Hong Kong, Seyond unveiled its listing plan by way of a
de-SPAC transaction with TechStar (the “De-SPAC Transaction”).
Subsequently, on 25 August 2025, an updated application proof in connection
with the De-SPAC Transaction (the “Updated Application Proof”) was
published. As highlighted in the Updated Application Proof, the Seyond group
had achieved significant progress in the design, development and, in
particular, the commercialisation of its products. In 2022, it commenced
volume production of Falcon LiDAR solutions for Nio, a leading company in the
premium smart electric vehicle market and a major investor in Seyond. By 31
March 2025, the Seyond group had achieved cumulative deliveries exceeding
493,000 units of LiDARs, the majority of which were from the Falcon series and
were taken up by NIO.
Since then, in May and August 2025, Seyond has secured two landmark contracts
for the exclusive supply of the E1X LiDAR solutions under the Robin series.
The first is with a top-tier Chinese automotive group and the second with a
globally renowned joint-venture automaker. This marks a pivotal step on the
part of the Seyond group in diversifying its customer base beyond NIO and
reducing its reliance on the Falcon series. Under the first contract, Seyond
will exclusively supply the Robin E1X LiDAR solutions to multiple brands
within the Chinese automotive group. Mass production of the Robin LiDAR-
equipped models is scheduled to commence in 2026, with sales projected to
reach hundreds of thousands of units within the next three years. The key
terms of the second contract are quite similar. The Seyond group has been
granted by the joint-venture automaker the exclusive supplier status for the
Robin E1X LiDAR solutions, which will be integrated into hundreds of thousands
of units across selected models also slated for mass production in 2026. The
securing of these crucial contracts from the industry giants is a testament to
the Seyond group’s technical capabilities and underscores its expanding role
and rising prominence in the autonomous driving supply chain.
Another noteworthy achievement of the Seyond group involves the
latest‑generation pure solid‑state LiDAR, the Hummingbird D1. Under a
designated contract secured in July 2025, the newly launched LiDAR solutions
have been selected for a high-end intelligent model of a premium brand of a
top Chinese automotive manufacturer. Built on a pure solid-state electronic
scanning architecture with no mechanical moving components, the
Hummingbird D1 LiDAR delivers reliable and seamlessly integrated
full-spectrum perception with comprehensive detection and minimal blind spots.
Through the designated contract, Seyond establishes itself among the first to
mass produce pure solid‑state LiDAR solutions for passenger vehicles.
Certain other business deals recently executed by the Seyond group are set out
below:
* Within the autonomous driving and other automotive application sector, Seyond
has also secured from other OEMs and ADAS and ADS companies a number of
design-wins, which would generally translate into sales orders in about a
year.
* For the non-automotive application sector, the Seyond group has been selling
LiDAR solutions to end users and system integrators across industries,
including intelligent transportation, railway, shipping, mining, industrial
automation and robotics. Notably, Seyond has rapidly been expanding deployment
of SIMPL, the AI and LiDAR-powered intelligent transportation system platform
that is designed to manage traffic, strengthen transport infrastructure,
enhance road safety and protect lives, in the United States and Scandinavia
through strategic partnerships with government and transportation agencies,
distributors and integration specialists.
In tandem with the significant progress in business development, the Seyond
group had achieved equally promising improvement in cutting losses and
advancing towards sustained profitability. Based on the draft financial
information contained in the Updated Application Proof, following the
commencement of the Falcon LiDAR solutions, revenue grew considerably on a
sequential basis from US$66.3 million in 2022 to US$159.6 million in 2024.
However, the upward revenue trajectory was temporally interrupted in the first
quarter of 2025. Revenue decreased slightly year-on-year by 3.5% to US$25.3
million due primarily to a decrease in the sales of the Falcon series as the
sales volume of the Falcon LiDAR-equipped vehicles of Nio experienced a dip.
Nevertheless, the loss cutting trend remained intact. Gross loss was US$41.3
million in 2022, edging up slightly to US$42.4 million in 2023 as sales that
had yet to turn profitable grew, before falling considerably to US$13.9
million in 2024. By the first quarter of 2025, gross profit of US$3.2 million
was attained. Within a matter of three and a quarter years, gross margin went
from a negative 62.4% at the beginning of mass production to a positive 12.6%
on the back of the significant progress in product commercialisation. The
remarkable improvement was primarily driven by cost reductions arising from
product design optimisation and economies of scale enabled by volume
production and increased material procurement, and demonstrated that the
Seyond group was on track to achieving sustained profitability.
Meanwhile, the De-SPAC Transaction, valued at HK$11.7 billion, represents a
significant milestone for Seyond. Pursuant to, among other things, a business
combination agreement dated 20 December 2024, TechStar will effectively be
acquired and delisted, with Seyond emerging as the listed successor. The
De-SPAC Transaction, which will include the PIPE investments grossing a total
of HK$551.3 million from three parties, Huangshan Construction Investment
Capital, Wealth Strategy and Zhuhai Hengqin Huagai, may also involve a placing
of permitted equity financing with professional investors for an aggregate
subscription amount of up to HK$500 million. The funds raised will provide the
Seyond group with fresh capital for its business needs, including research and
development, construction and upgrade of production facilities, global
expansion and general corporate purposes. The De-SPAC Transaction is subject
to, among other conditions, the approvals of the relevant regulators and the
shareholders of TechStar. As additional time is needed to complete the
regulatory approval process, Seyond has resubmitted the new listing
application and the Updated Application Proof to the Stock Exchange of Hong
Kong on 25 August 2025. In the subsequent announcement made on 25 September
2025 by TechStar, the TechStar extraordinary general meeting in respect of the
De-SPAC Transaction was expected to be convened in or around December 2025.
According to the projection of CIC, the global automotive-grade LiDAR market
will grow at a CAGR of 70.4% from US$2.2 billion in 2025 to US$32.1 billion by
2030. China continues to lead the adoption efforts as Chinese automotive
manufacturers have been aggressively integrating LiDARs into vehicles across
the premium and the mass market segments. Industry sources suggested that
between 120 and 150 LiDAR-equipped models could be launched in China in 2025,
overwhelmingly outpacing the 15 to 20 models in Europe and 5 to 10 models in
the United States. Based on the draft financial information contained in the
Updated Application Proof, the Seyond group consistently generated over 95% of
revenue from the China market. Notwithstanding the various tariff and
protectionist measures imposed by a host of countries, including most
prominently the United States and the EU, against Chinese electric vehicles
and critical components such as LiDARs, the Seyond group should therefore
remain poised to tap into the rapid growth particularly in the domestic demand
for LiDAR products in the years ahead.
Oasis Education Group Limited (“Oasis Group”)
Oasis Group is a 50% joint venture of the Group. The operating subsidiary of
Oasis Group, Oasis Education Consulting (Shenzhen) Company Limited (“Oasis
Shenzhen”, 奧偉詩教育諮詢(深圳)有限公司), provides consulting
and support services to the Huizhou Kindergarten in the Guangdong Province in
China.
With a track record of over ten years navigating the evolving regulations and
development in the education sector, the Huizhou Kindergarten continued to
maintain a satisfactory level of pupil enrolment. Following the graduation of
100 pupils in the summer of 2025, it had enrolled 55 new pupils for the
academic term that commenced in September 2025. Based on the historical
enrolment statistics, further admissions are expected for the academic term
commencing in February 2026, thereby enabling the Huizhou Kindergarten to
maintain a stable level of pupil enrolment.
PROSPECTS
A review of the world economic activities in the first half of 2025 revealed
surprising resilience. According to the July 2025 World Economic Outlook
Update published by the International Monetary Fund, global growth for the
year was projected at 3.0%, marking an upward revision of 0.2 percentage point
compared with its earlier forecast in April 2025 when the Trump Administration
initiated a new round of sweeping punitive tariff policies targeting
practically all of the United States’ trading partners. The positive
revision was driven by, among other factors, the front-loading of trade by
importers anticipating increased trade restrictions and tariffs leading to a
temporary boost in trade volumes ahead of the policy implementation. However,
the uncertainties stemming from repeated delays in implementing and continual
adjustments to the tariff policies are likely to continue to dampen global
trade performance for the remainder of the year. Combined with the enduring
geopolitical tensions and the ongoing conflicts in Eastern Europe and the
Middle East, several premier institutions, including the Organisation for
Economic Co-operation and Development, Barclay Investment Bank and PwC
Network, have adopted a relatively conservative stance, projecting a
deceleration in global economic growth to 2.9%, 2.7% and 2.6% respectively for
2025 against the 3.3% estimate in 2024 and the pre-pandemic historical average
of 3.7% from 2000 to 2019. In terms of individual country, the 2025 growth
projections for the major economies were somewhat mixed, with the United
States at 1.9%, China at 4.8%, the Euro Area at 1.0%, the United Kingdom at
1.2% and Japan at 0.7%, down from the 2.8% and 5% estimates and up from the
0.9%, 1.1% and 0.2% estimates in 2024 respectively.
During the first half of 2025, global inflation continued to decline, though
at a slower pace than anticipated. The world consumer prices for the year,
projected in the July 2025 World Economic Outlook Update of the International
Monetary Fund, were 4.2%, a meaningful drop from the 5.6% estimate in 2024 and
the 6.6% estimate in 2023. While inflation rates projected for developed
economies, such as the United Kingdom at 3.1%(*) and Western Europe at
2.1%(*), were lower than the 4.2% global average, they remained above the
typical target rate of 2%, indicating pricing stickiness. In the United
States, where inflation was projected at 3%(*), there could be the potential
for an upward rebound due to persistent cost pressures in the service sector
and core goods especially under the influence of the tariff policies of the
Trump Administration. In contrast, China’s inflation rate remained close to
zero, reflecting the weak domestic demand and subdued consumer spending
weighing on price levels.
Despite the global economic slowdown and the persistent inflationary
pressures, equity markets, particularly in the United States, continue to show
sustained momentum, buoyed by the AI frenzy, robust corporate earnings and
expectations of monetary policy loosening which would provide increased
liquidity to the financial system. On the other hand, caught in the
crosscurrents of macroeconomic and geopolitical forces, global bond markets,
especially the long-duration sovereign debt segment, are experiencing elevated
volatility. In the United States, under the confluence of falling short-term
rates, widening term premiums and investor concerns over fiscal
sustainability, the yield curve has steepened sharply following a historically
prolonged inversion. Meanwhile, global economic activities are slowing, labour
conditions are softening, and entrenched protectionist sentiment keeps eroding
productive efficiency and productivity through trade fragmentation and supply
chain reshoring. Waxing political encroachment and erratic policy signals are
also undermining central bank independence, fueling worries about the
long-term credibility of inflation control. Under such circumstances, even as
monetary policies pivot towards easing, term premiums for long-duration bonds,
notably sovereign debts, are widening. This could pose as a time bomb,
exacerbating the debt servicing burdens of heavily-indebted corporations and
governments that could eventually trigger a wave of systemic financial
instability, stress and crisis internationally.
Armed with enormous dry powder raised during the low-interest-rate era, and
with investment horizons that generally do not exceed the tenure of
long-duration corporate financing, the private equity sector was largely
unfazed by the widening term premiums, and instead of retreating, sought to
exploit macroeconomic headwinds as opportunities to acquire attractively
priced assets. Deal activities were disrupted but not derailed by the
uncertainties arising from the tariff policies of the Trump Administration.
According to S&P Global Market Intelligence, global private equity and
venture capital deal value grew year-on-year by 19% to US$386 billion in the
first half of 2025. However, given dealmakers' preference for pursuing, if and
when available, big and high-value deals owing to the favourable
work-to-benefit ratio, deal count declined year-on-year by 6% to 6,188
transactions. AI-related investments remained the standout theme. As reported
by CNBC, AI startups in the United States raised an aggregate of $104 billion
in the first half of 2025, nearly matching the total of 2024. Nonetheless,
this figure is dwarfed by the stratospheric scale of planned investments in AI
capabilities, infrastructure and model training by global technology giants
across the globe from the United States to China.
Over the years, the Group has invested in companies in a diverse range of
industries. Included in its existing investment portfolio are two frontrunning
technology groups, ByteDance and Animoca, which are at the forefront of
developing AI and blockchain-related technologies and are in an excellent
position to benefit from the revolutionary advancements that are redefining
the future of the digital age.
(*) The projected inflation rates for individual countries and Western Europe
are sourced from the IMF DataMapper: April 2025 World Economic Outlook.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
30 September 2025
PRINCIPAL RISKS AND UNCERTAINTIES
The Group is exposed to a number of principal risks and uncertainties that
could materially and adversely affect its performance for the remaining six
months of the year ending 31 December 2025 and beyond. Such risks and
uncertainties, the directors believe, remain largely unchanged from those,
including, in particular, target market risk, key person risk, operational
risks and financial risks, set out on pages 18 and 19 of the Company¡¯s 2024
Annual Report.
RESPONSIBILITY STATEMENT
The Board, comprising Alastair GUNN-FORBES, Henry Ying Chew CHEONG, Ernest
Chiu Shun SHE, Mark Chung FONG, Martyn Stuart WELLS and Stephen Lister
d'Anyers WILLIS, confirms to the best of its knowledge and understanding that:
(a) the unaudited consolidated financial statements of the Group for the
six months ended 30 June 2025 have been prepared in accordance with
International Accounting Standard 34 as adopted by the European Union and give
a true and fair view of its assets, liabilities and financial position at that
date and its financial performance for the period then ended; and
(b) the Interim Report includes a fair review of the information, such
as important events and related party transactions that took place during the
six months ended 30 June 2025, that is required by Disclosure Guidance and
Transparency Rules 4.2.7R and 4.2.8R.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Unaudited
Six months ended
Notes 30.6.2025 30.6.2024
US$'000 US$'000
Revenue 4 151 48
Other income, gains and losses, net 5 33 92
Staff costs 7 (136) (126)
Other expenses (144) (152)
Finance costs 8 (1) (3)
Share of losses of a joint venture - (5)
Loss before income tax expense (97) (146)
Income tax expense 9 - -
Loss for the period (97) (146)
Other comprehensive income, net of income tax - -
Exchange differences on translating foreign operations - -
Other comprehensive income for the period,
net of income tax - -
Total comprehensive loss for the period (97) (146)
Loss for the period attributable to:
Owners of the Company (97) (146)
Total comprehensive loss for the period attributable to:
Owners of the Company (97) (146)
Loss per share - basic 10 US(0.11) US(0.17) cent
cent
Loss per share - diluted 10 US(0.11) US(0.17) cent
cent
The accompanying notes form an integral part of these interim financial
statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2025
Unaudited Audited
As at As at
Notes 30.6.2025 31.12.2024
US$'000 US$'000
Non-current assets
Interest in a joint venture 43 43
Financial assets at fair value through profit or loss 4,065 4,095
Right-of-use assets 16 48
4,124 4,186
Current assets
Other receivables 209 116
Deposits and prepayments 25 31
Financial assets at fair value through profit or loss 335 355
Amount due from a joint venture 257 257
Cash and cash equivalents 477 701
1,303 1,460
Current liabilities
Other payables and accruals 71 157
Lease liabilities 19 55
90 212
Net current assets 1,213 1,248
Net assets 5,337 5,434
Capital and reserves
Share capital 11 85 85
Reserves 5,252 5,349
Total equity 5,337 5,434
The accompanying notes form an integral part of these interim financial
statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Foreign
Contri- Share currency Accumu-
Share Share buted option translation Special lated
capital premium surplus reserve reserve reserve losses Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at 1 January 2024 254 (40) 625 (12,596) 5,498
85 7,524 9,646
- - - - - - (146) (146)
Total comprehensive loss for the period
Balance as at 30 June 2024 (Unaudited) 85 7,524 9,646 254 (40) 625 (12,742) 5,352
254 (49) 625 (12,651) 5,434
Balance as at 1 January 2025 85 7,524 9,646
Total comprehensive loss for the period - - - - - - (97) (97)
Balance as at 30 June 2025 (Unaudited) 85 7,524 9,646 254 (49) 625 (12,748) 5,337
The accompanying notes form an integral part of these interim financial
statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Unaudited
Six months ended
30.6.2025 30.6.2024
US$'000 US$'000
Cash flows from operating activities
Loss for the period (97) (146)
Adjustments for:
Bank interest income (6) (19)
Depreciation of right-of-use assets 32 32
Interest on lease liabilities 1 3
Share of losses of a joint venture - 5
Gain on disposal of financial assets at fair value through
profit or loss (24) (4)
Change in fair value of financial assets at fair value through profit or loss
(9) (58)
Operating loss before working capital changes (103) (187)
Decrease in deposits and prepayments 6 2
Increase in other receivables (93) (3)
Decrease in other payables and accruals (86) (118)
Net cash used in operating activities (276) (306)
Cash flows from investing activities
Bank interest income received 6 19
Investment in financial assets at fair value through profit and loss (90) -
Proceeds from disposal of financial assets at fair value through
profit or loss 173 52
Net cash from investing activities 89 71
Cash flows from financing activities
Repayment of principal portion of lease liabilities (36) (35)
Repayment of interest portion of lease liabilities (1) (3)
Net cash used in financing activities (37) (38)
Net decrease in cash and cash equivalents (224) (273)
Cash and cash equivalents at beginning of the period 701 1,122
Effects of exchange rate changes - -
Cash and cash equivalents at end of the period
Cash and bank balances 477 849
The accompanying notes form an integral part of these interim financial
statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
1. GENERAL INFORMATION
The Company is an exempted company incorporated in Bermuda and has a premium
listing on the Main Market of the London Stock Exchange. The addresses of the
registered office and principal place of business of the Company are disclosed
in the corporate information in the Interim Report.
2. BASIS OF PREPARATION
The unaudited consolidated financial statements of the Company and its
subsidiaries (the “Group”) for the six months ended 30 June 2025 (the
“Interim Financial Statements”) have been prepared in accordance with
International Accounting Standard 34 (“IAS 34”) issued by the
International Accounting Standards Board as adopted by the European
Union (the “EU”).
The Interim Financial Statements do not include all of the information
required in annual financial statements in accordance with International
Financial Reporting Standards (“IFRS”), International Accounting Standards
(“IAS”), Interpretations adopted by the EU, Interpretations adopted by the
International Financial Reporting Interpretations Committee and
Interpretations adopted by the Standing Interpretations Committee
(collectively referred to as “IFRSs”), and should be read in conjunction
with the annual financial statements of the Group for the year ended 31
December 2024. The Interim Financial Statements have neither been audited nor
reviewed by the external auditor.
Save for the adoption of the amendments to IFRSs as described in note 3 to
the Interim Financial Statements, which became effective for the year that
began on 1 January 2025, the accounting policies adopted in the Interim
Financial Statements were consistent with those used in the preparation of the
Group’s annual financial statements for the year ended 31 December 2024.
The Interim Financial Statements have been prepared on a going concern basis
using the historical cost convention, except for certain financial instruments
which were stated at fair value as appropriate.
The preparation of the Interim Financial Statements in conformity with IAS 34
as adopted by the EU required management to make judgments, estimates and
assumptions that could affect the application of accounting policies and
reported amounts of assets, liabilities, income and expenses on a year to date
basis. Actual results might differ from these estimates.
3. ADOPTION OF NEW AND REVISED IFRSs
The Group has applied the same accounting policies in the Interim Financial
Statements as in its annual financial statements for the year ended 31
December 2024, except that it has adopted the following amendments to IFRSs:
Amendments to IAS 21 Lack of Exchangeability
The application of the above amendments to IFRSs in the current interim period
had no material effect on the amounts reported and/or disclosures set out in
the Interim Financial Statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
4. REVENUE
The Group's revenue represented dividend income from financial assets at fair
value through profit or loss for the periods ended 30 June 2025 and 2024, an
analysis of which is as follows:
Unaudited
Six months ended
30.6.2025 30.6.2024
US$'000 US$'000
Dividend income from financial assets at fair value through profit or loss
151 48
5. OTHER INCOME, GAINS AND LOSSES, NET
Unaudited
Six months ended
30.6.20285 30.6.2024
US$'000 US$'000
Gain on disposal of financial assets at fair value through profit or loss
24 1
Change in fair value of financial assets at fair value through profit or loss
Bank interest income 9 60
Foreign exchange (loss)/gain, net 6 19
(6) 12
33 92
6. BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analyses are presented for the periods
ended 30 June 2025 and 2024 as the major operations and revenue of the Group
arose from Hong Kong. The Board considers that most of the Group's non-current
assets (other than the financial instruments) were located in Hong Kong.
7. STAFF COSTS
The aggregate staff costs (including directors' remuneration) of the Group
were as follows:
Unaudited
Six months ended
30.6.2025 30.6.2024
US$'000 US$'000
Wages and salaries 133 123
Contributions to pension and provident fund 3 3
136 126
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
7. STAFF COSTS (CONTINUED)
Key management personnel of the Company are the directors only.
The directors' remuneration was as follows:
Unaudited
Six months ended
30.6.2025 30.6.2024
US$'000 US$'000
Directors' fees 41 32
Other remuneration including contributions to pension and provident fund
- -
41 32
8. FINANCE COSTS
Unaudited
Six months ended
30.6.2025 30.6.2024
US$'000 US$'000
Interest on lease liabilities 1 3
9. INCOME TAX EXPENSE
No provision for taxation has been made as the Group did not generate any
assessable profits for United Kingdom Corporation Tax, Hong Kong Profits Tax
or tax in other jurisdictions during the periods ended 30 June 2025 and 2024.
10. LOSS PER SHARE
The loss and weighted average number of ordinary shares used in the
calculation of basic and diluted loss per share were as follows.
Unaudited
Six months ended
30.6.2025 30.6.2024
Loss for the period attributable to owners of the Company (US$'000)
(97) (146)
Weighted average number of ordinary shares for the purposes of basic and
diluted loss per share
85,101,870 85,101,870
Loss per share - basic US(0.11) cent US(0.17) cent
Loss per share - diluted US(0.11) cent US(0.17) cent
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
10. LOSS PER SHARE (CONTINUED)
Diluted loss per share was the same as basic loss per share for the
six months ended 30 June 2025 and 2024 as there were no potential dilutive
ordinary shares outstanding at the end of both periods.
11. SHARE CAPITAL
Number of Total value
shares US$'000
Authorised:
Ordinary shares of US$0.001 each
As at 1 January 2024, 31 December 2024, 1 January 2025 and 30 June 2025
60,000,000,000 60,000
Called up, issued and fully paid:
Ordinary shares of US$0.001 each
As at 1 January 2024, 31 December 2024, 1 January 2025 and 30 June 2025
85,101,870 85
12. RELATED PARTY TRANSACTIONS
Other than the compensation of key management personnel disclosed below, the
Group did not have any related party transactions during the six months ended
30 June 2025 and 2024.
Compensation of key management personnel
The remuneration of directors is set out in note 7 to the Interim Financial
Statements.
13. CONTINGENT LIABILITIES
The Group had no material contingent liabilities at 30 June 2025 and 31
December 2024.
14. INTERIM REPORT
The Interim Report was approved and authorised for issue by the Board on
30 September 2025.
CORPORATE INFORMATION
Board of Directors
Non-Executive Chairman
Alastair GUNN-FORBES*
Executive Directors
Henry Ying Chew CHEONG (Deputy Chairman)
Ernest Chiu Shun SHE
Non-Executive Directors
Mark Chung FONG*
Martyn Stuart WELLS*
Stephen Lister d'Anyers WILLIS*
* independent
Company Secretary
Vistra Company Secretaries Limited
First Floor, Templeback, 10 Temple Back, Bristol BS1 6FL, United Kingdom
Assistant Company Secretary
Ocorian Services (Bermuda) Limited
Victoria Place, 5(th) Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
Registered Office Address
Victoria Place, 5(th) Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
Registration Number
EC21466 Bermuda
Principal Banker
The Hongkong and Shanghai Banking Corporation Limited
1 Queen's Road, Central, Hong Kong
External Auditor
BDO Limited
25(th) Floor, Wing On Centre, 111 Connaught Road Central, Hong Kong
Principal Share Registrar and Transfer Office
Ocorian Management (Bermuda) Limited
Victoria Place, 5(th) Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
International Branch Registrar
MUFG Corporate Markets (Jersey) Limited
IFC 5, St Helier, Jersey, JE1 1RT, Jersey, Channel Islands
United Kingdom Transfer Agent
MUFG Corporate Markets
Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom
Investor Relations
For further information about Worldsec Limited, please contact:
Henry Ying Chew CHEONG,
Executive Director
Worldsec Group
Unit 607, 6(th) Floor, 308 Central Des Voeux, 308 Des Voeux Road Central,
Sheung Wan, Hong Kong
enquiry@worldsec.com (mailto:enquiry@worldsec.com)
Company's Website
http://www.worldsec.com
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