海外产能布局与拓展

As of December 31, 2022, 2023 and 2024 and June 30, 2025, total client equity from our overseas futures, securities, and leveraged foreign exchange brokerage services stood at approximately HK$11.9 billion, HK$12.5 billion, HK$13.8 billion, and HK$17.8 billion, respectively, while our overseas asset management business had an AUM of approximately HK$2.0 billion, HK$2.3 billion, HK$2.5 billion, and HK$3.4 billion, respectively.

As of the Latest Practicable Date, we held memberships on 16 overseas exchanges and maintained 14 clearing seats, including those at CME, LME, SGX, and ICE-US.

Operating profit growth during the Track Record Period was driven by our continued international expansion, which resulted in increases in our client base, trading activities and client equity, particularly in the overseas market.

In 2025, we commenced to establish our overseas POS presence in Thailand, Indonesia and Hong Kong, which remained in the early exploratory stage and of very limited scale.

Since July 2025, we have been exploring the establishment of POS in Hong Kong.

Taking into account that (i) our existing business operation has been conducted and our revenue has been derived substantially in the PRC; (ii) our suppliers and customers are substantially located within the PRC and/or PRC entities; and (iii) we do not expect to expand into the US market or engage in any trade activities with US entities in the foreseeable future, we consider that such tariff increases implemented by the U.S. government would not have any material adverse impact on our business operation and financial conditions.

We have deployed autonomous driving products and solutions in over 30 cities across 11 countries, including China, the UAE, Saudi Arabia, Switzerland, France, Singapore and Japan, as of the Latest Practicable Date.

We have over 100 robotaxis in the Middle East, where we believe our robotaxis deliver superior unit economics and higher profitability.

We expand through a replicable model of responsible entry and local partnerships, focusing on Europe, the Middle East and Southeast Asia where adoption potential and cost-performance dynamics are favorable.

Our express delivery operations span 13 countries, covering seven countries across Southeast Asia, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia and Singapore, and China, as well as other markets, including Saudi Arabia, UAE, Mexico, Brazil and Egypt.

Each of these countries presented unique operational challenges ranging from under-developed infrastructure, limited connectivity in certain areas, political instability to complex regulatory regimes.

During the Track Record Period, each country in the New Markets incurred a gross loss, as our operations in these markets are still in the ramp-up stage.