Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ʮ̡ Hong Kong Technology Venture Company Limited (Stock Code: 1137) (Incorporated in Hong Kong with limited liability under the Companies Ordinance) INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 GROUP FINANCIAL HIGHLIGHT 1. Amid intensifying competition in Hong Kong’s retail sector, the Group accelerated its market share expansion strategy through enhanced pricing, promotional and customer engagement initiatives during 1H2026. While these initiatives adversely impacted the Group’s short-term profitability, they contributed to continued growth in GMV and customer base. 2. During 1H2026, the Hong Kong Ecommerce business generated an adjusted EBITDA 1 (at cost basis) of HK$97.7 million (1H2025: HK$161.4 million) which was offset by New Ventures and Technology business’s adjusted EBITDA of HK$(73.4) million (1H2025: HK$(98.5) million), and headquarters and corporate expenses. The Group recorded a net loss for the period. a. Group GMV on order intake 2 increased by 6.9% to HK$4,469.8 million in 1H2026 (1H2025: HK$4,182.9 million); b. Adjusted EBITDA at HK$(6.2) million in 1H2026 (1H2025: HK$48.1 million); and c. Net loss of HK$78.1 million in 1H2026 (1H2025: net loss of HK$23.2 million). 3. Strong balance sheet with net cash and liquidity position of HK$477.6 million as at 30 June 2026 (31 December 2025: HK$488.2 million). HONG KONG ECOMMERCE BUSINESS HIGHLIGHT 1. Hong Kong Ecommerce business represents HKTVmall including Third-Party Logistics (“3PL”) service and ThePlace; 2. GMV on order intake increased by 5.8% to HK$4,232.4 million in 1H2026 (1H2025: HK$3,999.9 million); 3. The Year-Round Discount Campaign and Personalised Pricing Program accelerated market share expansion during 1H2026. The number of unique customers increased by 10.2% to 1,321,000 in 1H2026 (1H2025: 1,199,000); and 4. Monthly Active Unique Devices remained stable at approximately 1.6 million. NEW VENTURES AND TECHNOLOGY BUSINESS HIGHLIGHT 1. New Venture and Technology business mainly includes Wet Market Express, Fully Automated Retail Store and System, and Life Science Projects; 2. Aggregated GMV on order intake of HK$237.4 million was achieved in 1H2026 (1H2025: HK$188.8 million), representing year-on-year growth of 45.6%; and 3. An adjusted EBITDA of approximately HK$(73.4) million was incurred in 1H2026 (1H2025: HK$(98.5) million). The reduction in loss was mainly due to efficiency gain from expanding Wet Market Express business and the discontinuation of Everuts and UK operations during 1H2026.
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– 2 – 1 Adjusted EBITDA means profit/(loss) for the period plus income tax (credit)/expense, depreciation of property, plant and equipment (excluded depreciation on other properties leased for own use) and amortisation of intangible assets and deduct investment returns, adjusted by major non-cash items, excluded non-recurring items including government subsidies. Adjusted EBITDA is not a measure of performance under HKFRS Accounting Standards. This measure does not represent, and should not be used as a substitute for, net profit or cash flows from operations as determined in accordance with HKFRS Accounting Standards. This measure is not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. In addition, our definition of this measure may not be comparable to other similarly titled measures used by other companies. 2 Gross Merchandise Value (“GMV”) on order intake represents the total gross sales dollar value for merchandise sold through a particular marketplace over a certain timeframe, before deduction of any discounts offered by the marketplace, rebate used, cancellation and returns of merchandise sold.
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– 3 – CHAIRMEN’S STATEMENT Dear Shareholders, In the first half of 2026, competition in Hong Kong’s retail market continued to intensify. Over the past two years, traditional large-scale chain supermarkets and chain personal care retailers adopted an aggressive stance with frequent discount promotions. Major Mainland competitors, leveraging their supply chain advantages, also pursued assertive pricing strategies, further heightening market competition. Starting from late April 2026, HKTVmall under the Group launched “15% Discount Campaign”, offering 15% off discounts on supermarket products, personal care items, pet food, infant formula and diapers during selected weekends and public holidays. Facing discount and price wars from all sides, adopting a conservative, profit-focused strategy would reduce the sales for HKTVmall as a shopping mall and adversely affect the 6,000 merchants partnering with us. Therefore, we must take the initiative — participate in, and even lead, the discount trend. When chain supermarkets offer 12% off, HKTVmall offers 15% off, aiming to drive higher sales volume on discount days to offset the impact on margins through a thin-margin, high-volume approach. We fully recognised that initiating a price war is not an easy decision. However, earlier market rumors suggested a potential merger between two supermarket chains. Should only one major supermarket remain, its market share could reach as high as 65%. Such a scenario would be detrimental to suppliers, consumers and all large and small competitors, and would seriously disrupt the overall retail market ecosystem. To address this challenge, the Group must rapidly increase HKTVmall’s supermarket market share from the current approximately 10% to a target of 15% to 20%. Looking ahead to the second half of 2026, the Group will further focus on price competitiveness, to establish and reinforce the image that “HKTVmall. Always Low Prices”. We have already launched a new “Daily Price Check” feature on HKTVmall App homepage, tracking the supermarket prices of over 1,000 popular best-selling products. This allows customers to clearly see HKTVmall’s price advantages at a glance, significantly enhancing price transparency. Customers no longer need to visit different supermarkets in person to compare prices — one App provides access to the most competitive prices, effectively saving time and optimising the shopping experience.
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– 4 – During the year, the Group had also reviewed various services and projects under HKTVmall, consolidating resources to allow greater flexibility for future competition and development. This included terminating or adjusting the direction and scale of certain services, with the aim of reducing costs, and concentrating resources on the development of the Group’s core Ecommerce business, HKTVmall. At the same time, in response to evolving consumer preferences, we continuously review our business direction and the operational efficiency of different services to ensure more targeted resource allocation and improve overall effectiveness. Over the past six months, the Group had strongly encouraged all departments to enhance operational efficiency through artificial intelligence, while exploring how AI agents can enable new workflows and models. These arrangements are not limited to the Group’s technical teams, but apply equally to non-technical and support functions. Management hopes that the entire team will study, understand, and apply technological trends, elevating their skills to the next level. Fully Automated Retail Store and System in the UK The Group’s research and development team based in the United Kingdom has completed technical testing of the Fully Automated Retail Store and System. The In:Five App and the related stores in the UK have now ceased operations. Having overcome most of the known technical challenges, the Group will continue to invest in the related technology, with further development led by the Hong Kong team. The target is to open the first fully automated retail store in Hong Kong by the end of 2027. The Group has always adhered to the core principle that “Taking the long view; Pursuing long-term survival” outweighs “short-term profitability”. Facing intense competition and structural market changes in Hong Kong retail industry, we continue to seek solutions with an attitude of “Survive, Innovate and Change.” The price war is challenging, yet it is a path we must take when there is no other alternative. We will continue to adapt to the broader trend, making changes from the inside out, working hand in hand with merchants to provide customers with more affordable and convenient shopping options, while creating long-term value for shareholders. Mak Wing Sum, Alvin Chairman Wong Wai Kay, Ricky Vice Chairman Hong Kong, 26 August 2026
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– 5 – BUSINESS REVIEW The Hong Kong retail market became increasingly competitive during the six months ended 30 June 2026 (“1H2026”). While outbound travel by Hong Kong residents and cross-border consumption activities continued to influence local retail spending patterns, competition intensified further as local retailers increased promotional activities and major Mainland Ecommerce platforms leveraged their supply-chain advantages and aggressive pricing strategies to capture market share. Against this backdrop, to survive, the Group entered a new phase of strategic execution during 1H2026 to drive the long-term viability and sustainability of its business. Building on the strategic direction communicated in the Group’s 2025 annual report — namely a cost-unconstrained strategy of “Competing on Greater Product Choices, Lower Prices and Faster Logistics”, the Group focused on growing market share through enhanced pricing competitiveness, broader product assortment, fulfilment excellence and customer engagement initiatives. To achieve this in an increasingly competitive environment, the Group proactively invested in customer engagement and market share expansion to strengthen its long-term leading position in the Hong Kong Ecommerce sector. Furthermore, the Group continued to perform critical reviews on various investments made in the past few years in relation to customer engagement initiatives and New Venture projects. Necessary adjustments on resources allocation are made for those with served purposes or for better resources optimisation. As a result of the combined efforts from Hong Kong Ecommerce Business and New Venture and Technology Business, during the period under review, the Group achieved record high on its total Gross Merchandise Value (“GMV”) on order intake of HK$4,469.8 million (For the six months ended 30 June 2025 (“1H2025”): HK$4,182.9 million), representing a year-on-year increase of 6.9%, primarily contributed by the Hong Kong Ecommerce business and Wet Market Express. However, the Group suffered a loss on its adjusted EBITDA at HK$(6.2) million in 1H2026 (1H2025: Adjusted EBITDA at HK$48.1 million) to fight for long term survival.
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– 6 – Hong Kong Ecommerce Business Hong Kong Ecommerce business represents HKTVmall, including 3PL service and ThePlace. With a clear strategic direction on market share expansion and continued customer growth, the Hong Kong Ecommerce Business achieved the following during 1H2026: 1. GMV on Order Intake of approximately HK$4,232.4 million was recorded (1H2025: HK$3,999.9 million), representing a year-on-year growth of approximately 5.8%; 2. Customer engagement remained strong throughout the period, with number of unique customers increased 10.2% to 1,321,000 (1H2025: 1,199,000); 3. Quarterly average purchase frequency per customer remained stable at 4.7x in the second quarter of 2026 (“2Q2026”) (For the fourth quarter of 2025 (“4Q2025”): 4.7x); and 4. Quarterly average main categories purchased per customer remained stable at 2.7 main categories in 2Q2026 (4Q2025: 2.8 main categories). These achievements were driven by significant investments in marketing initiatives aimed at expanding the customer base and increasing GMV market share with the objective of generating future growth and returns. Key initiatives included the Year- Round Discount Campaign launched in 1H2026, the ongoing rollout of the Personalised Pricing Program introduced in 2025, and the Mall Dollar CASHBACK rewards program following its large-scale promotional campaign in October 2025. Key Pricing Competitiveness Initiatives The Year-Round Discount Campaign While business performance during the first four months of 2026 reflected normal seasonal consumption patterns, to further strengthen HKTVmall’s market position in the highly competitive Hong Kong grocery and daily essentials retail market, the Group officially launched the Year-Round Discount Campaign (the “Campaign”) in May 2026 following successful pilot runs conducted in late April and early May 2026.
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– 7 – In particular, the Campaign featured a flat 15% discount during selected weekends and public holidays, applicable to purchases of HK$999 or above for home delivery orders and HK$299 or above for self-pick-up orders at HKTVmall online platform, covering product items across supermarket and personal care product categories, pet food, infant formula and diapers (“15% Discount Campaign”). The 15% Discount Campaign also applies to product items eligible for 8-hour delivery, and is subject to change from time to time in response to the market conditions and our internal strategy and planning. The Campaign represented an important milestone in executing the Group’s strategy of competing through broader product choices, lower prices and faster logistics services: 1. The Campaign generated encouraging results during its initial implementation period. Monthly GMV on Order Intake reached HK$827 million in May 2026, representing a year-on-year increase of 21.1%, while the number of unique customers reached a record high of approximately 687,000. Monthly Active Unique Devices also reached 1,651,000; and 2. During June 2026, despite continued competitive pressures from local retailers and China Mainland Ecommerce operators, the Hong Kong Ecommerce business maintained solid growth momentum. Monthly GMV on Order Intake reached HK$718 million, representing a year-on-year increase of 10.0%, while the number of unique customers increased by 8.2% to approximately 650,000. Personalised Pricing Program Furthermore, the introduction of the Personalised Pricing Program in 2025 has further enhanced price competitiveness at the individual customer level. Under this program, leveraging big data and AI-driven analytics, prices of selected products are differentiated and determined dynamically based on individual customers’ purchasing behaviours and consumption patterns. In July 2026, this program was extended to the Group’s merchant partners, enabling both the Group and its merchant partners offer more personalised pricing, deliver more targeted promotional offers and improve the relevance of discounts provided to customers, thereby enhancing promotional effectiveness. As a result, the Group is able to strengthen HKTVmall’s overall pricing competitiveness while achieving a more efficient allocation of promotional resources.
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– 8 – CASHBACK CASHBACK is an affiliate-based initiative designed to generate incremental revenue through partnerships with external merchants. The initiative extends HKTVmall’s offerings beyond its own marketplace by providing customers with access to a broader range of products and services, while creating additional traffic monetisation opportunities for the Group. Building on the large-scale promotional campaign launched in October 2025, featuring Ms. Carol Cheng and Mr. Dayo Wong and supported by territory-wide MTR advertising, television commercials and social media promotions, customer adoption of CASHBACK continued to grow, particularly among users booking through major travel platforms and shopping on participating merchants’ official online stores. Customers who complete eligible transactions are rewarded with Mall Dollars, which can be used for future purchases on HKTVmall, reinforcing customer spending within the HKTVmall ecosystem. During 1H2026, the Group further enhanced the CASHBACK platform through several new initiatives, including: 1. Travel Monday, under which customers are offered additional Mall Dollar rewards on selected travel products and partner platforms; 2. Lucky draw campaigns and other promotional activities designed to stimulate customer spending and engagement; 3. Participation in Hong Kong Travel Expo 2026; and 4. The introduction of enhanced cashback rewards, referral programmes and merchant promotions. By extending Mall Dollar rewards to a broader range of travel, lifestyle and online shopping activities, the Group further expanded the reach of the Mall Dollar ecosystem. These initiatives also created additional monetisation opportunities for the Group’s monthly active user base of approximately 1.6 million unique devices, strengthening customer engagement beyond purchases made directly on HKTVmall and enhanced the value generated from the Group’s traffic and customer network.
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– 9 – Product categories distribution (based on GMV on completed orders) 3 While the Group aggressively expands the market share, Groceries remains the traffic catalyst on customer acquisition and retention. On order completion basis, the Hong Kong Ecommerce business generated a GMV of HK$4,189.9 million in 1H2026 (1H2025: HK$3,952.4 million) and the product categories distribution is illustrated in the chart below: Product categories distribution (based on GMV on completed orders) 25.8% 11.7% 8.1% 3.8% 42.0% 8.6% 25.3% 10.6% 8.8% 4.3% 42.4% 8.6% 1H2026 GMV on completed orders of HK$ 4.19 bn 1H2026 GMV on completed orders of HK$ 4.19 bn 1H2025 GMV on completed orders of HK$ 3.95 bn Groceries HK$ 1.76 bn Groceries HK$1.76 bn Beauty and Health HK$ 1.08 bn Beauty and Health HK$1.08 bn Digital and Electronics HK$ 0.34 bn Digital and Electronics HK$0.34 bn Mother and Baby HK$ 0.16 bn Mother and Baby HK$0.16 bn Others HK$ 0.36 bn Others HK$0.36 bn Pets HK$ 0.49 bn Pets HK$0.49 bn Groceries HK$ 1.68 bn Groceries HK$1.68 bn Beauty and Health HK$ 1.00 bn Beauty and Health HK$1.00 bn Digital and Electronics HK$ 0.35 bn Digital and Electronics HK$0.35 bn Mother and Baby HK$ 0.16 bn Mother and Baby HK$0.16 bn Others HK$ 0.34 bn Others HK$0.34 bn Pets HK$ 0.42 bn Pets HK$0.42 bn 1. Groceries remained the primary traffic and frequency driver, supporting recurring customer visits and purchases across the Group’s platform. 2. The Pets product category continued to outperform, recording a 16.7% year-on-year increase in GMV on completed orders to HK$494.8 million in 1H2026 (1H2025: HK$423.6 million), reflecting the continued demand of this product category. Aggressive Product Gross Margin for Market Share Capturing Hong Kong Ecommerce business continued to adopt hybrid business model composed of Direct Merchandise Sales (“1P Business”) and Merchant Concessionaire Sales (“3P Business”) to ensure consistent and stable supplies of groceries for recurring traffic, while the enlarging merchant base and the long tail effect on product varieties enrich consumer choices. The proportion between 1P Business and 3P Business remained stable in 1H2026 at 28.5% and 71.5% of total GMV on completed orders respectively (1H2025: 28.4% and 71.6% respectively). 3 GMV on completed orders represents the total gross sales dollar value for merchandise sold through a particular marketplace and the customer has obtained control of the promised goods and services ordered over a certain time frame, after deduction of any discounts offered by the marketplace, cancellation and returns of merchandise, and is before the deduction of certain Mall Dollars and certain discounts offered by Personalised Pricing Program, and use of promotional coupon which is considered as advertising and marketing expenses under management reporting purpose.
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– 10 – In response to the strategic direction to aggressively capture market share particularly on grocery and daily essentials, during the period under review, the Group proactively adjusted pricing to compete with traditional offline supermarket and personal care chains and offerings from major Mainland Ecommerce platforms. This is an effective way to drive consumption shifting structurally from offline to online platforms. The Group’s gross contribution performance is summarized below: Gross profit margin and blended commission rate In thousands of Hong Kong dollars unless specified except for ratios On completed orders and on adjusted basis 3 For the six months ended 30 June 2026 For the six months ended 30 June 2025 HK$’000 HK$’000 (restated) 7 Direct merchandise sales GMV on completed orders 3,4 1,194,210 1,116,047 Cost of inventories (918,555) (850,229) Gross profit 275,655 265,818 Gross profit margin 23.1% 23.8% Income from concessionaire sales and related service income GMV on completed orders 3 2,995,704 2,836,385 Merchant payments 5 (2,298,113) (2,169,896) Income from concessionaire sales and other service income 5 697,591 666,489 Blended commission rate 23.3% 23.5% Multimedia advertising income 77,884 72,469 Other service income 31,249 10,390 Gross contribution from Hong Kong Ecommerce business segment 1,082,379 1,015,166 Income from New Ventures and Technology business segment 6 53,772 38,261 Gross contribution from Ecommerce and New Ventures and Technology business segments 1,136,151 1,053,427
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– 11 – 4 For direct merchandise sales, the GMV on completed orders is before the deduction of Mall Dollars of HK$1,344,000 (1H2025: HK$1,281,000), use of promotional coupon of HK$29,944,000 (1H2025: HK$16,548,000) and the deduction of discounts from Personalised Pricing Program of HK$6,770,000 (1H2025: nil). 5 For income from concessionaire sales and other service income, it is before the addition of net Mall Dollars of HK$1,742,000 (1H2025: deduction of HK$791,000) and included merchant annual fee amortisation and service income which is directly attributed to 3P Business. 6 For income from New Ventures and Technology business segment, it is before the deduction of net loyalty points from New Ventures and Technology business segment of HK$71,000 (1H2025: HK$109,000). 7 The 1H2025 “Merchant payments” figure is restated to reflect the reclassification of certain income that is not (i) directly derived from GMV transactions nor (ii) directly and solely attributable to 3P Business, to “Other service income” for comparable purposes. As illustrated above, within the Hong Kong Ecommerce business, GMV on completed orders and the aggregate of gross profit from the 1P Business together with income from concessionaire sales and service income from the 3P Business increased by 6.0% and 4.4%, respectively, reflecting continued growth in the overall scale of the business. 1. Deliberated decrease in 1P Business gross profit margin to 23.1% (1H2025: 23.8%) To enhance price competitiveness, the Group proactively reviewed the pricing of key 1P products on an ongoing basis, ensuring that they were priced at levels comparable to, or more attractive than, those offered by major competitors. As a result, the gross profit margin of 1P Business decreased slightly to 23.1% (1H2025: 23.8%). Nevertheless, gross profit increased by 3.7% year-on-year, supported by growth in GMV on completed orders by 7.0% in 1H2026. 2. Stabilise 3P blended commission rate at 23.3% (1H2025: 23.5%) 3P Business is composed of commissions, other service income directly and solely attributable to merchant partnership and concessionaire sales, and service income from 3PL service. The multiple business models, warehouse fulfilment options and last mile delivery options built over past years have largely enhanced the merchant base and product choices, as well as the order delivery lead time. Particularly, benefiting from the 3-hour and 8-hour express delivery options, the adoption of 3PL service from merchant partners continued to grow, which has enhanced the contribution to the 3P Business. Together with 1P Business, as of June 2026, the Hong Kong Ecommerce business maintained its product offerings to approximately 2,075,000 product items to consumers (June 2025: approximately 2,050,000 product items). These products were offered by approximately 6,000 merchants and suppliers during the 1H2026 (1H2025: approximately 6,400 merchants and suppliers) to support the growth of the Hong Kong Ecommerce business.
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– 12 – 3. Sustained multimedia advertising income of HK$77.9 million (1H2025: HK$72.5 million) Despite the challenging operating environment in Hong Kong, the Group recorded a year-on-year growth of 7.4% in multimedia advertising income in 1H2026. This growth highlights the value of the Group’s strong digital ecosystem, which is supported by the increasing adoption of digital marketing and engagement channels by suppliers, merchants and business partners, and the approximately 1.6 million monthly active unique devices. Overall, the 1P Business, 3P Business, multimedia advertising income and other service income have contributed to a more profitable revenue mix and enhanced monetization efficiency within the Hong Kong Ecommerce business. As a result, gross contribution from Hong Kong Ecommerce business segment increased to HK$1,082.4 million in 1H2026 (1H2025: HK$1,015.2 million), representing a year-on-year improvement by 6.6%.
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– 13 – Regarding the product category performance of the Hong Kong Ecommerce business, the trends in the gross profit margin and blended commission rate for major product categories are summarised as below: 20 0 40 0 600 800 1,000 1,200 0 200 400 600 800 1,000 1,200 0 0 % 10% 20% 30% 40% 50% 60% 0% 10% 20% 30% 40% 50% 60% 75.8 95.7 110.2 131.8 160.5 201.6 228.1 218.1 234.7 291.3 330.6 515.3 656.2 809.9 742.4 840.5 787.7 869.2 860.7 1,109.1 947.2 981.4 967.5 882.6 837.7 900.5 885.1 889.3 851.0 878.2 857.6 852.9 826.5 878.6 828.0 865.9 894.7 75.8 95.7 110.2 131.8 160.5 201.6 228.1 218.1 234.7 291.3 330.6 515.3 656.2 809.9 742.4 840.5 787.7 869.2 860.7 1,109.1 947.2 981.4 967.5 882.6 837.7 900.5 885.1 889.3 851.0 878.2 857.6 852.9 826.5 878.6 828.0 865.9 894.7 26.7% 25.4% 23.7% 23.7% 24.6% 25.7% 26.5% 27.0% 26.1% 23.8% 27.1% 28.1% 28.3% 26.7% 26.5% 24.6%25.1% 24.9%25.1% 25.2%25.5% 25.1%24.9% 24.9% 24.5% 25.0% 25.1% 25.9% 26.1% 26.8% 26.8% 26.3% 25.0% 25.8% 25.8% 25.9% 24.7% 28.6% 35.9% 33.9% 36.5% 36.8% 42.0% 41.0% 35.9% 37.4% 42.0% 42.4% 40.6% 46.2% 50.0% 48.5% 52.9%54.6% 49.1% 50.7% 48.4% 50.7% 47.0% 49.2% 45.4% 41.4% 42.8% 41.4% 43.4% 42.1% 42.9% 41.3% 42.6% 42.4% 44.2% 42.5% 42.8% 41.3% 28.6% 35.9% 33.9% 36.5% 36.8% 42.0% 41.0% 35.9% 37.4% 42.0% 42.4% 40.6% 46.2% 50.0% 48.5% 52.9%54.6% 49.1% 50.7% 48.4% 50.7% 47.0% 49.2% 45.4% 41.4% 42.8% 41.4% 43.4% 42.1% 42.9% 41.3% 42.6% 42.4% 44.2% 42.5% 42.8% 41.3% H K $’m n Groceries Q2 20 1 7 Q3 20 1 7 Q4 20 1 7 Q1 2 0 1 8 Q2 2 0 1 8 Q3 2 0 1 8 Q4 2 0 1 8 Q1 2 0 1 9 Q2 2 0 1 9 Q3 2 0 1 9 Q4 2 0 1 9 Q1 2 0 2 0 Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 Q2 20 1 7 Q3 20 1 7 Q4 20 1 7 Q1 2 0 1 8 Q2 2 0 1 8 Q3 2 0 1 8 Q4 2 0 1 8 Q1 2 0 1 9 Q2 2 0 1 9 Q3 2 0 1 9 Q4 2 0 1 9 Q1 2 0 2 0 Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 10 0 20 0 300 400 500 600 0 0% 5% 10% 15% 20% 25% 30% 19.0 24.6 46.3 56.1 73.6 51.9 79.4 126.5 136.8 150.6 171.1 336.5 297.3 309.8 320.8 269.4 285.3 334.6 353.5 478.2 384.7 420.0 445.0 448.8 504.6 518.3 549.6 506.5 508.1 511.3 532.8 503.4 498.3 491.2 490.9 486.9 587.6 100 200 300 400 500 600 0 0% 5% 10% 15% 20% 25% 30% 19.0 24.6 46.3 56.1 73.6 51.9 79.4 126.5 136.8 150.6 171.1 336.5 297.3 309.8 320.8 269.4 285.3 334.6 353.5 478.2 384.7 420.0 445.0 448.8 504.6 518.3 549.6 506.5 508.1 511.3 532.8 503.4 498.3 491.2 490.9 486.9 587.6 21.3% 20.0% 19.1% 19.6% 19.3% 19.3% 19.1% 19.0% 17.7% 18.4% 20.0% 21.2% 21.8% 20.9% 22.9% 22.5%22.3% 21.3%20.4% 22.9% 23.1% 22.9% 21.4% 20.5% 20.2% 20.3%20.0% 20.3% 20.5% 20.7% 21.2% 21.4% 21.9% 21.2% 24.0% 21.6% 23.1% 7.2% 9.2% 14.3% 15.5% 16.9% 10.8% 14.3% 21.8% 21.7% 22.0% 26.5% 21.0% 19.1% 21.0% 17.5% 19.2% 19.5% 20.2% 20.8% 21.9% 19.6% 21.1% 21.6% 23.1% 24.9% 24.6% 25.7% 24.7% 25.2% 25.0% 25.7% 25.1% 25.6% 24.7% 25.2% 21.6% 27.1% 7.2% 9.2% 14.3% 15.5% 16.9% 10.8% 14.3% 21.8% 21.7% 22.0% 26.5% 21.0% 19.1% 21.0% 17.5% 19.2% 19.5% 20.2% 20.8% 21.9% 19.6% 21.1% 21.6% 23.1% 24.9% 24.6% 25.7% 24.7% 25.2% 25.0% 25.7% 25.1% 25.6% 24.7% 25.2% 21.6% 27.1% H K $’m n Q2 2 0 1 7 Q3 2 0 1 7 Q4 2 0 1 7 Q1 2 0 1 8 Q2 2 0 1 8 Q3 2 0 1 8 Q4 2 0 1 8 Q1 2 0 1 9 Q2 2 0 1 9 Q3 2 0 1 9 Q4 2 0 1 9 Q1 2 0 2 0 Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 020 Q1 2 021 Q2 2 021 Q3 2 021 Q4 2 021 Q1 2 022 Q2 2 022 Q3 2 022 Q4 2 022 Q1 2 023 Q2 2 023 Q3 2 023 Q4 2 023 Q1 2 024 Q2 2 024 Q3 2 024 Q4 2 024 Q1 2 025 Q2 2 025 Q3 2 025 Q4 2 025 Q1 2 026 Q2 2 026 Q2 2 0 1 7 Q3 2 0 1 7 Q4 2 0 1 7 Q1 2 0 1 8 Q2 2 0 1 8 Q3 2 0 1 8 Q4 2 0 1 8 Q1 2 0 1 9 Q2 2 0 1 9 Q3 2 0 1 9 Q4 2 0 1 9 Q1 2 0 2 0 Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 020 Q1 2 021 Q2 2 021 Q3 2 021 Q4 2 021 Q1 2 022 Q2 2 022 Q3 2 022 Q4 2 022 Q1 2 023 Q2 2 023 Q3 2 023 Q4 2 023 Q1 2 024 Q2 2 024 Q3 2 024 Q4 2 024 Q1 2 025 Q2 2 025 Q3 2 025 Q4 2 025 Q1 2 026 Q2 2 026 Beauty and Health 50 100 150 200 250 0 0 % 5% 10% 15% 20% 25% 30% 35% 50 100 150 200 250 0 0% 5% 10% 15% 20% 25% 30% 35% 1.9 2.1 2.9 4.0 5.1 20.3 22.3 24.7 30.3 33.2 37.3 41.5 66.8 72.8 88.6 105.0 147.9131.5 174.7 210.8 211.6 212.0186.5177.211.8 17.5 18.4 47.2 51.1 81.9 122.2 161.2 194.9 223.6 231.9 252.8215.8 1.9 2.1 2.9 4.0 5.1 20.3 22.3 24.7 30.3 33.2 37.3 41.5 66.8 72.8 88.6 105.0 147.9131.5 174.7 210.8 211.6 212.0186.5177.211.8 17.5 18.4 47.2 51.1 81.9 122.2 161.2 194.9 223.6 231.9 252.8215.8 0.7% 0.8% 0.9% 1.1% 1.2% 3.0% 3.2% 3.2% 3.2% 2.4% 2.3% 2.3% 3.4% 3.9% 3.7% 4.5% 5.9% 6.8% 10.2% 10.6% 10.9% 10.9% 11.5% 11.5% 11.7% 7.7% 8.2% 8.6% 9.5% 2.5% 3.1% 2.7% 3.1% 4.2% 5.3% 7.3% 9.2% 0.7% 0.8% 0.9% 1.1% 1.2% 3.0% 3.2% 3.2% 3.2% 2.4% 2.3% 2.3% 3.4% 3.9% 3.7% 4.5% 5.9% 6.8% 10.2% 10.6% 10.9% 10.9% 11.5% 11.5% 11.7% 7.7% 8.2% 8.6% 9.5% 2.5% 3.1% 2.7% 3.1% 4.2% 5.3% 7.3% 9.2% 26.1% 26.3% 26.1% 26.8% 25.8% 27.1% 28.7%27.9% 27.8% 27.4% 27.4% 30.8% 30.5% 26.5% 22.6% 26.1% 26.2% 16.0% 12.5% 17.5% 17.6% 17.2% 16.8% 16.5% 16.3% 18.1% 18.4% 18.4%18.6% 18.8%19.1% 16.5%16.5% 16.3% 16.3% 16.5% 16.1% H K $’m n Pets Q2 2 0 1 7 Q3 2 0 1 7 Q4 2 0 1 7 Q1 2 0 1 8 Q2 2 0 1 8 Q3 2 0 1 8 Q4 2 0 1 8 Q1 2 0 1 9 Q2 2 0 1 9 Q3 2 0 1 9 Q4 2 0 1 9 Q1 2 0 2 0 Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 Q2 2 0 1 7 Q3 2 0 1 7 Q4 2 0 1 7 Q1 2 0 1 8 Q2 2 0 1 8 Q3 2 0 1 8 Q4 2 0 1 8 Q1 2 0 1 9 Q2 2 0 1 9 Q3 2 0 1 9 Q4 2 0 1 9 Q1 2 0 2 0 Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 Quarterly GMV on completed orders (HK$ million) Quarterly proportion of GMV on completed orders Quarterly gross profit margin and blended commission rate
Page 14
– 14 – 50.0 100.0 150.0 200.0 250.0 300.0 0 0 % 2% 6% 10% 14% 18% 4% 8% 12% 16% 20% 26.8 31.4 44.7 58.9 77.9 95.8 92.5 103.2 108.1 96.2 103.2 165.8 183.3 196.3 172.1 160.5 154.8 203.2 248.4218.3 247.0 264.8 228.1 229.2 258.5 249.8 240.3 217.3 208.4 206.1 204.4 183.3 168.3 158.0 153.9 167.4 176.4 50.0 100.0 150.0 200.0 250.0 300.0 0 0% 2% 6% 10% 14% 18% 4% 8% 12% 16% 20% 26.8 31.4 44.7 58.9 77.9 95.8 92.5 103.2 108.1 96.2 103.2 165.8 183.3 196.3 172.1 160.5 154.8 203.2 248.4218.3 247.0 264.8 228.1 229.2 258.5 249.8 240.3 217.3 208.4 206.1 204.4 183.3 168.3 158.0 153.9 167.4 176.4 10.4% 11.0% 10.7% 10.6% 10.9% 10.2% 9.7% 14.4% 13.7% 13.1% 12.1% 11.7% 10.0% 13.0% 12.3% 12.2% 12.5% 12.7% 15.1% 15.1% 14.6% 15.0% 14.7% 14.0% 10.0% 10.0% 9.7% 9.5% 9.5% 10.0% 9.7% 9.7% 9.8%9.3% 10.0% 9.6% 9.9%10.1% 11.8% 13.8% 16.3% 17.9% 20.0% 16.6% 17.0% 17.2% 13.9% 13.2% 13.0% 12.1% 11.2% 10.4% 10.4% 11.4% 12.1% 11.8% 12.8% 11.9% 11.2% 10.6% 10.3% 10.1% 11.9% 12.5% 11.3% 13.5% 12.9% 9.8% 9.2% 8.6% 7.9% 7.9% 8.3% 8.1% 10.1% 11.8% 13.8% 16.3% 17.9% 20.0% 16.6% 17.0% 17.2% 13.9% 13.2% 13.0% 12.1% 11.2% 10.4% 10.4% 11.4% 12.1% 11.8% 12.8% 11.9% 11.2% 10.6% 10.3% 10.1% 11.9% 12.5% 11.3% 13.5% 12.9% 9.8% 9.2% 8.6% 7.9% 7.9% 8.3% 8.1% H K $’m n Q2 20 17 Q3 20 17 Q4 20 17 Q1 2 0 18 Q2 20 18 Q3 20 18 Q4 20 18 Q1 20 19 Q2 20 19 Q3 2 019 Q4 2 019 Q1 2 020 Q2 2 020 Q3 2 020 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 Q2 20 17 Q3 20 17 Q4 20 17 Q1 2 0 18 Q2 20 18 Q3 20 18 Q4 20 18 Q1 20 19 Q2 20 19 Q3 2 019 Q4 2 019 Q1 2 020 Q2 2 020 Q3 2 020 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 D igital and Electronics 20 40 60 80 100 120 140 0 0 % 5% 10% 15% 20% 25% 30% 3.6% 13.9% 17.9% 15.8% 17.6% 14.1%13.4% 15.8% 17.0% 15.2% 16.5% 18.1% 19.6% 18.9% 18.8% 18.7% 21.7% 21.0% 21.4% 21.5% 21.7% 21.9% 21.6% 21.6% 19.5% 18.5% 17.2% 17.2% 16.7% 17.6% 17.1% 17.2% 17.0% 17.2% 16.5% 16.4% 15.5% 16.3% 3.3% 4.0% 4.0% 4.7% 5.0% 5.4% 5.8% 5.9% 6.3% 5.9% 5.5% 4.8% 4.6% 4.8% 3.7% 3.9% 3.9% 3.6% 3.3% 3.2% 3.4% 3.3% 4.2% 4.7% 4.5% 4.5% 4.4% 4.5% 4.3% 4.3% 4.3% 4.3% 4.0% 4.1% 3.9% 3.9% 9.5 8.9 13.0 14.5 20.6 23.7 29.8 35.3 36.7 43.7 46.3 69.7 68.3 75.2 72.7 56.9 58.1 67.0 68.963.1 72.3 62.5 67.3 81.0 95.3 94.2 95.7 90.0 90.6 87.1 88.5 86.7 82.9 80.1 80.9 78.1 84.4 20 40 60 80 100 120 140 0 0% 5% 10% 15% 20% 25% 30% 3.6% 3.3% 4.0% 4.0% 4.7% 5.0% 5.4% 5.8% 5.9% 6.3% 5.9% 5.5% 4.8% 4.6% 4.8% 3.7% 3.9% 3.9% 3.6% 3.3% 3.2% 3.4% 3.3% 4.2% 4.7% 4.5% 4.5% 4.4% 4.5% 4.3% 4.3% 4.3% 4.3% 4.0% 4.1% 3.9% 3.9% 9.5 8.9 13.0 14.5 20.6 23.7 29.8 35.3 36.7 43.7 46.3 69.7 68.3 75.2 72.7 56.9 58.1 67.0 68.963.1 72.3 62.5 67.3 81.0 95.3 94.2 95.7 90.0 90.6 87.1 88.5 86.7 82.9 80.1 80.9 78.1 84.4 H K $’m n Q2 2 0 1 7 Q3 2 0 1 7 Q4 2 0 1 7 Q1 2 0 18 Q2 20 18 Q3 20 18 Q4 20 18 Q1 20 19 Q2 20 19 Q3 2 019 Q4 2 019 Q1 2 020 Q2 2 020 Q3 2 020 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 Mother and Baby Q2 2 0 1 7 Q3 2 0 1 7 Q4 2 0 1 7 Q1 2 0 18 Q2 20 18 Q3 20 18 Q4 20 18 Q1 20 19 Q2 20 19 Q3 2 019 Q4 2 019 Q1 2 020 Q2 2 020 Q3 2 020 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Q3 2 0 2 1 Q4 2 0 2 1 Q1 2 0 2 2 Q2 2 0 2 2 Q3 2 0 2 2 Q4 2 0 2 2 Q1 2 0 2 3 Q2 2 0 2 3 Q3 2 0 2 3 Q4 2 0 2 3 Q1 2 0 2 4 Q2 2 0 2 4 Q3 2 0 2 4 Q4 2 0 2 4 Q1 2 0 2 5 Q2 2 0 2 5 Q3 2 0 2 5 Q4 2 0 2 5 Q1 2 0 2 6 Q2 2 0 2 6 20 40 80 120 160 60 100 140 180 200 0 0 % 5% 10% 20% 30% 40% 15% 25% 35% 45% 50% 20.8% 19.3% 19.8% 19.8% 18.9% 20.9% 20.1% 20.8% 21.6% 22.9% 20.6% 24.8% 23.5% 24.3% 23.6% 23.0% 23.9% 21.9% 19.5% 21.3% 20.2% 20.0% 19.9% 20.5% 20.8% 20.4% 20.1% 20.4% 21.0% 17.4% 19.1% 18.8% 19.1% 18.6% 19.1% 18.1% 15.1% 49.8% 38.9% 33.2% 26.7% 22.6% 19.7% 17.5% 19.7% 13.2% 12.0% 12.7% 11.7% 10.2%11.8% 10.7% 10.1% 10.5% 9.1% 10.7% 9.7% 10.0% 8.8% 8.7% 8.2% 8.3% 8.3% 8.9% 9.6% 7.8%8.6%8.9% 9.0% 8.3% 14.4% 13.0% 8.6% 8.4% 132.2 103.8 107.7 96.4 98.5 94.6 109.4 106.3 90.1 90.1 103.1 152.7 180.7 189.8 180.9 164.3 152.6 172.6 184.3 198.6 210.3 192.9 206.1 170.3 179.4 181.7 192.5 169.6 174.2 171.2 181.0 164.7 161.7 165.4 173.2 195.0 168.8 20 40 80 120 160 60 100 140 180 200 0 0% 5% 10% 20% 30% 40% 15% 25% 35% 45% 50% 49.8% 38.9% 33.2% 26.7% 22.6% 19.7% 17.5% 19.7% 13.2% 12.0% 12.7% 11.7% 10.2%11.8% 10.7% 10.1% 10.5% 9.1% 10.7% 9.7% 10.0% 8.8% 8.7% 8.2% 8.3% 8.3% 8.9% 9.6% 7.8%8.6%8.9% 9.0% 8.3% 14.4% 13.0% 8.6% 8.4% 132.2 103.8 107.7 96.4 98.5 94.6 109.4 106.3 90.1 90.1 103.1 152.7 180.7 189.8 180.9 164.3 152.6 172.6 184.3 198.6 210.3 192.9 206.1 170.3 179.4 181.7 192.5 169.6 174.2 171.2 181.0 164.7 161.7 165.4 173.2 195.0 168.8 H K $’m n Others Q2 20 17 Q3 20 17 Q4 20 1 7 Q1 2 0 18 Q2 20 18 Q3 20 18 Q4 20 18 Q1 20 19 Q2 20 19 Q3 2 019 Q4 2 019 Q1 2 020 Q2 2 020 Q3 2 020 Q4 2 020 Q1 2 021 Q2 2 021 Q3 2 021 Q4 2 021 Q1 2 022 Q2 2 022 Q3 2 022 Q4 2 022 Q1 2 023 Q2 2 023 Q3 2 023 Q4 2 023 Q1 2 024 Q2 2 024 Q3 2 025 Q4 2 025 Q1 2 026 Q2 2 026Q3 2 024 Q4 2 024 Q1 2 025 Q2 2 025 Q2 20 17 Q3 20 17 Q4 20 1 7 Q1 2 0 18 Q2 20 18 Q3 20 18 Q4 20 18 Q1 20 19 Q2 20 19 Q3 2 019 Q4 2 019 Q1 2 020 Q2 2 020 Q3 2 020 Q4 2 020 Q1 2 021 Q2 2 021 Q3 2 021 Q4 2 021 Q1 2 022 Q2 2 022 Q3 2 022 Q4 2 022 Q1 2 023 Q2 2 023 Q3 2 023 Q4 2 023 Q1 2 024 Q2 2 024 Q3 2 025 Q4 2 025 Q1 2 026 Q2 2 026Q3 2 024 Q4 2 024 Q1 2 025 Q2 2 025 Quarterly GMV on completed orders (HK$ million) Quarterly proportion of GMV on completed orders Quarterly gross profit margin and blended commission rate
Page 15
– 15 – Planned and Disciplined Fulfilment Cost Efficiency The fulfilment costs as a % of GMV on completed orders for the Hong Kong Ecommerce business (including HKTVmall and 3PL service operating costs) increased in 2Q2026 comparing to 1Q2026, primarily reflecting the upfront provisioning of fulfilment capability and infrastructure ahead of the anticipated increase in order volume associated with the 15% Discount Campaign. -40 -30 -20 -10 0 10 20 30 40 50 60 -26.3% -19.3% -12.9% -6.1% -1.1% -0.9% 0.9% 0.4% 2.0% 3.3% 3.6% 5.7% 4.8%4.6% 12.0%8.2% 12.5% 13.4% 12.7% 11.1% 10.3% 12.5% 11.6% 11.8% 11.5%-40.2% 13.5%13.1% 11.4% 11.2% 10.6% 9.8% 10.4%10.2% 12.2% 10.9%11.0%10.7%10.6%10.9%10.8%10.9% -26.3% -19.3% -12.9% -6.1% -1.1% -0.9% 0.9% 0.4% 2.0% 3.3% 3.6% 5.7% 4.8%4.6% 12.0%8.2% 12.5% 13.4% 12.7% 11.1% 10.3% 12.5% 11.6% 11.8% 11.5%-40.2% 13.5%13.1% 11.4% 11.2% 10.6% 9.8% 10.4%10.2% 12.2% 10.9%11.0%10.7%10.6%10.9%10.8%10.9% 18.5% 23.0% 22.0% 21.9% 22.1% 21.5% 21.0% 20.2% 20.4% 19.8% 20.5% 21.3%21.6% 21.1% 20.7% 22.1% 24.6% 25.0% 24.5% 24.3% 24.3% 24.6% 22.4%23.3% 23.2% 23.7% 22.2% 23.4% 23.1% 22.7% 21.9% 22.3% 22.6% 23.2% 23.3% 23.7% 23.4% 23.6%23.1% 23.8% 23.8% 24.6% 18.5% 23.0% 22.0% 21.9% 22.1% 21.5% 21.0% 20.2% 20.4% 19.8% 20.5% 21.3%21.6% 21.1% 20.7% 22.1% 24.6% 25.0% 24.5% 24.3% 24.3% 24.6% 22.4%23.3% 23.2% 23.7% 22.2% 23.4% 23.1% 22.7% 21.9% 22.3% 22.6% 23.2% 23.3% 23.7% 23.4% 23.6%23.1% 23.8% 23.8% 24.6% 21.9% 19.3% 20.1% 17.8% 17.2% 18.0% 16.7% 15.4% 15.9% 13.9% 11.5% 11.5% 12.5% 11.2%11.8% 11.6% 12.2% 58.7% 49.3% 41.3% 34.8% 28.2% 22.6% 12.1% 11.2% 11.6% 11.6% 11.6% 11.3% 11.0% 11.4% 11.4% 12.0% 12.5% 12.3% 12.5% 12.8% 13.3% 13.6% 13.4% 12.4% 12.7% Sp r ea d = (B ) - (A ) Q u a r ter ly F u lfi lmen t C o s ts a s a % o f G M V o n completed o r d er s (A ) Q u a r ter ly B len d ed G r o s s M a r g in / C o m mis s io n R a t e (B ) Sp r ea d = (B ) - (A ) Q u a r ter ly F u lfi lmen t C o s ts a s a % o f G M V o n completed o r d er s (A ) Q u a r ter ly B len d ed G r o s s M a r g in / C o m mis s io n R a t e (B ) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q1 2026 Q2 2026 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q1 2026 Q2 2026 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 % of GMV on completed orders Remark: 1. Quarterly Fulfilment Costs as a % of GMV on completed orders include the interest on lease liabilities under HKFRS 16 in relation to fulfilment centre, which is grouped under finance costs in the consolidated income statement. 2. Quarterly Blended Gross Margin/Commission Rate for 3Q2021 and 4Q2021 have absorbed the merchant incentive rebate for 2021 which yield to a lower rate. 3. Quarterly Fulfilment Costs as a % of GMV on completed orders for 4Q2022 onwards includes 3PL service fulfilment costs incurred. 4. Blended Gross Margin/Commission Rate is calculated before deduction of Mall Dollars and use of promotional coupon which is considered as advertising and marketing expenses under management reporting purpose, and net of merchant annual fee, delivery and other income.
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– 16 – New Venture and Technology Business During the period under review, the Group continued to maintain a disciplined approach to monitor project progress and critically assessing the viability and strategic direction of each venture project. Embraced by the continued growth on Wet Market Express, the gross contribution of New Venture and Technology Business increased significantly to HK$53.8 million in 1H2026 (1H2025: HK$38.3 million), representing a year-on-year improvement by 40.5%. Wet Market Express: 3-Hr Mart Wet Market Express complements HKTVmall’s ambient, chilled, and frozen product offerings by delivering fresh produce directly from nine major wet markets across Hong Kong Island, Kowloon, and the New Territories, with delivery available in as quick as 3-hour. Leveraging this express delivery capability, the Group launched the “3-Hr Mart” service in March 2026, extended this option to supermarket groceries, daily necessities, health and beauty products, mother and baby items, pet supplies, etc.. This initiative has significantly enhanced both customer convenience and product choices, further strengthening the Group’s competitiveness and customer value proposition. In 1H2026, Wet Market Express continued to record robust growth, with GMV on order intake increasing by 45.6% year-on-year to HK$237.3 million (1H2025: HK$163.0 million). While the business had yet to achieve sufficient scale to attain profitability, its adjusted EBITDA of HK$(39.5) million (1H2025: HK$(39.7) million) reflected improved operating efficiency and economy of scale in 1H2026. Self-Invented Fully Automated Retail Store and System Following the completion of the technical development and testing of the Group’s Fully Automated Retail Store and System in the UK, the associated operations and stores were discontinued in 1H2026. The Group believes that fully automated retail store and system will become one of the most cost-efficient operating models for the global retail industry, particularly in the convenience store, supermarket and pharmacy sectors. In this regard, leveraging the insights and technological expertise gained from the UK operations, the Group will continue to invest in the development of such technologies and further enhance the relevant technological capabilities in Hong Kong. Subject to operational and market conditions, the Group aims to establish its first pilot store at its Tseung Kwan O headquarters by the end of 2026, with a view to progressively introducing fully automated retail stores in Hong Kong thereafter.
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– 17 – FINANCIAL REVIEW During 1H2026, the Group recorded a 7.1% increase in GMV on completed orders to HK$4,429.3 million (1H2025: HK$4,137.6 million). The Group’s turnover increased by 8.3% to HK$2,045.3 million (1H2025: HK$1,888.4 million) which is composed of: 1. HK$1,193.0 million from direct merchandise sales (1H2025: HK$1,103.3 million); 2. HK$774.4 million from concessionaire sales and other service income (1H2025: HK$712.6 million); and 3. HK$77.9 million from multimedia advertising income (1H2025: HK$72.5 million). In 1H2026, there was a 8.1% increase in direct merchandise sales while the cost of inventories increased by 10.8% to HK$945.5 million (1H2025: HK$853.7 million), which led to a decrease in gross profit margin (before the deduction of Mall Dollars, use of promotional coupon and Personalised Pricing Program discount) to 23.2% (1H2025: 23.9%). Income from concessionaire sales and other service income mainly includes commissions and other service income received from 3P Business at HKTVmall, Wet Market Express, Everuts and ThePlace, service income from 3PL services, commission income from affiliated partners and other service income. The blended commission rate slightly decreased to 23.2% in 1H2026 (1H2025: 23.7%). In 1H2026, other operating expenses increased by HK$117.1 million to HK$1,183.4 million (1H2025: HK$1,066.3 million).
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– 18 – The breakdown of other operating expenses is as below which is on cost basis before considering any inter-segment mark-up: 1H2026 1H2025 As a % of GMV on completed orders HK$ million As a % of GMV on completed orders HK$ million Fulfilment costs (note 1) 12.6% 526.1 13.1% 516.0 Marketing, promotional and O2O shop marketing expenses 4.4% 184.7 2.1% 81.1 O2O shop operating expenses (note 2) 1.4% 57.5 1.5% 58.0 Ecommerce operation and supporting costs 5.7% 238.7 5.6% 222.2 Hong Kong Ecommerce business segment key operating expenses 24.1% 1,007.0 22.3% 877.3 New Ventures and Technology business segment key operating expenses (note 3) 120.0 135.3 Other unallocated operating expenses (note 4) 41.4 26.5 Total key operating expenses 1,168.4 1,039.1 Major non-cash items (note 5) 77.0 79.4 Less: Elimination of allocated common expenses (note 5) (17.0) (23.0) Less: Marketing, promotional and O2O shop marketing expenses deducted in turnover (36.4) (18.7) Less: Interest on lease liabilities included in finance costs (8.6) (10.5) Total other operating expenses 1,183.4 1,066.3
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– 19 – Notes: 1. Including depreciation — other properties leased for own use of HK$43.3 million (1H2025: HK$43.4 million) and interest on lease liabilities of HK$6.7 million (1H2025: HK$8.5 million). 2. Including depreciation — other properties leased for own use of HK$19.7 million (1H2025: HK$22.1 million) and interest on lease liabilities of HK$1.2 million (1H2025: HK$1.4 million). 3. Including depreciation — other properties leased for own use of HK$7.7 million (1H2025: HK$5.5 million) and interest on lease liabilities of HK$0.7 million (1H2025: HK$0.6 million). 4. Including depreciation — other properties leased for own use of HK$0.3 million (1H2025: nil). 5. Excluded depreciation — other properties leased for own use of HK$71.0 million (1H2025: HK$70.9 million). On Hong Kong Ecommerce business segment, the key operating expenses include fulfilment costs, marketing, promotional and O2O shop marketing expenses, O2O shop operating expenses, and Ecommerce operation and supporting costs, which as a percentage of GMV on completed orders, has increased to 24.1% in 1H2026 (1H2025: 22.3%), with details as below: (1) Fulfilment costs incurred for warehousing and logistics functions included O2O shop pick up costs allocation. Total fulfilment costs as a percentage of GMV on completed orders improved from 13.1% in 1H2025 to 12.6% in 1H2026. The improvement was primarily attributable to higher GMV on completed orders resulting in enhanced operating leverage and improved overall operational efficiency. The benefit was partially offset by additional logistics and fulfilment resources deployed during 2Q2026 in anticipation of higher order volumes arising from the launch of the 15% Discount Campaign. Fulfilment costs increased by HK$10.1 million compared with 1H2025, mainly due to higher leased vehicle expenses and additional in-house and outsourced logistics manpower deployed to support the increased order volume generated by various marketing initiatives. The increase was partially mitigated by further efficiency improvements achieved through the continued expansion of the Group’s 3PL operations during 1H2026. (2) Marketing, promotional and O2O shop marketing expenses comprise promotional coupons, Mall Dollar grant, discounts offered under Personalised Pricing Program, digital and offline marketing expenses, television commercials, promotional leaflets, O2O shop marketing costs, etc., and all related functions’ Talent costs. Total marketing, promotional and O2O shop marketing expenses to HK$184.7 million in 1H2026 (1H2025: HK$81.1 million), representing 4.4% of GMV on completed orders (1H2025: 2.1%). These expenses included the promotional coupons utilised, Mall Dollar grants and discounts offered under the Personalised Pricing Program amounting to HK$36.4 million (1H2025: HK$18.7 million), which were deducted from the turnover.
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– 20 – In response to the increasingly competitive retail landscape in Hong Kong, the Group substantially increased its investment in marketing and promotional initiatives during 1H2026. Key initiatives included the Personalised Pricing Program, the 15% Discount Campaign and the Mall Dollar CASHBACK reward programme. These initiatives were aimed at accelerating customer engagement, expanding market share in grocery and daily essential product categories, particularly from traditional supermarket operators, and driving customer adoption of new services and initiatives within the HKTVmall digital ecosystem. The increased level of marketing and promotional expenses reflects the Group’s strategic focus on strengthening its long-term competitive position through enhanced pricing competitiveness, customer engagement, and ecosystem expansion. (3) O2O shop operating expenses comprises shop operating expenses and related Talent costs, decreased from 1.5% of GMV on completed orders in 1H2025 to 1.4% in 1H2026. During 1H2026, the Group continued to optimise its O2O network through strategic store actions including store closures, relocations, and consolidations, with the objective of enhancing operational efficiency. At the same time, the Group continued to expand its customer order pick-up network. Following the partnerships established with Circle K and Hongkong Post last year, the Group further extended its network through collaborations with JHC stores and 759 stores in June 2026. As a result, the total number of pick-up points increased to 489 as at June 2026 (June 2025: 287 pick-up points), in addition to 74 self-operated O2O shops (June 2025: 73 shops). The expanded pick-up network enhanced customer convenience and provided a cost-efficient fulfilment channel to support the Group’s growing order volume. (4) Ecommerce operation and supporting costs includes payment processing charges, merchant relations and acquisition, customer service, allocated non-capitalised technical costs incurred for Ecommerce business, and other supporting functions for HKTVmall, ThePlace and 3PL. The Ecommerce operation and supporting costs slightly increased to 5.7% of GMV on completed orders in 1H2026 (1H2025: 5.6%). New Ventures and Technology business segment key operating expenses decreased by HK$15.3 million in 1H2026. The decrease was mainly attributable to (i) efficiency gains achieved by Wet Market Express as a result of increased business scale and operational optimisation; (ii) lower operating expenses following the scaling down of Everuts after the cessation decision made in December 2025; and (iii) reduced operating costs arising from the discontinuation of the UK Fully Automated Retail Store and System operations during 1H2026.
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– 21 – Other unallocated operating expenses mainly represented the expenses of head office and corporate expenses not allocated to Hong Kong Ecommerce business or New Ventures and Technology business. Such expenses increased by HK$14.9 million in 1H2026, primarily attributable to higher corporate expenses and group level activities being absorbed by head office in support of group-wide strategic direction and business development. Major non-cash items mainly include depreciation on property, plant and equipment (excluding depreciation on other properties leased for own use) and amortisation of intangible assets. The decrease was mainly due to HK$3.2 million decrease in amortisation of intangible assets and HK$0.3 million decrease in depreciation on property, plant and equipment (excluding depreciation on other properties leased for own use) resulting from the impairment loss for certain fixed assets of Fully Automated Retail Store and System recognised in 2025. A valuation loss on the Group’s investment properties of HK$16.3 million (1H2025: HK$22.6 million) was recognised in 1H2026 based on the valuation carried out by an independent firm of surveyors. Other income, net, of HK$31.1 million was recorded in 1H2026 (1H2025: HK$41.5 million), which is mainly composed of investment returns generated from other financial assets and bank deposits of HK$6.8 million (1H2025: HK$10.5 million) and rental income from investment properties of HK$11.9 million (1H2025: HK$11.9 million), net exchange gain of HK$0.5 million (1H2025: HK$6.3 million), the unrealised fair value gain on units in investment funds measured at FVPL of HK$2.5 million (1H2025: gain of HK$4.6 million) and reversal of expected credit losses on debit securities measured at FVOCI of HK$0.2 million (1H2025: reversal of HK$0.9 million). Finance costs are mainly composed of interest on lease liabilities of HK$8.6 million (1H2025: HK$10.5 million). An income tax credit of HK$0.2 million was recognised in 1H2026 (1H2025: HK$0.6 million).
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– 22 – Overall, the Group incurred a loss for the period of HK$78.1 million for 1H2026 (1H2025: HK$23.2 million) and an adjusted EBITDA of HK$(6.2) million (1H2025: HK$48.1 million). If excluding the adjusted EBITDA (at cost basis) for New Ventures and Technology business segments, unallocated head office and corporate net income/(expense), and the inter-segment margin, the adjusted EBITDA (at cost basis) for Hong Kong Ecommerce business is HK$97.7 million in 1H2026 (1H2025: HK$161.4 million). On New Ventures and Technology business segment, it incurred an adjusted EBITDA (at cost basis) of HK$(73.4) million in 1H2026 (1H2025: HK$(98.5) million) mainly for the below New Venture projects: (1) Wet Market Express of HK$(39.5) million (1H2025: HK$(39.7) million); (2) Fully Automated Retail Store and System of HK$(21.1) million (1H2025: HK$(30.9) million); (3) Life Science Projects of HK$(8.9) million (1H2025: HK$(8.0) million); and (4) Everuts and others of HK$(1.9) million (1H2025: HK$(16.1) million). LIQUIDITY AND CAPITAL RESOURCES As at 30 June 2026, the Group had a total cash position representing cash and cash equivalents and time deposits of HK$359.6 million (31 December 2025: HK$346.5 million). The increase in total cash position was mainly due to the net realisation from financial assets of the investment portfolio of HK$31.3 million, the cash inflow generated from operating activities of HK$122.5 million and net investment income received of HK$2.6 million, partially net off by the payment of capital and interest element of lease rentals of HK$75.7 million, payment made for purchases of property, plant and equipment of HK$55.9 million and HK$15.2 million payment for the addition to intangible assets.
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– 23 – On investment in other financial assets, the Group has invested, at fair value, HK$118.0 million as at 30 June 2026 (as at 31 December 2025: HK$141.8 million) and there was a net surplus of HK$13.3 million being recorded in fair value reserve (non-recycling and recycling) (31 December 2025: surplus of HK$9.7 million). During the period, the total fair value change on other financial assets (after netting of expected credit losses reversed) amounted to a surplus of HK$6.3 million (for the year ended 31 December 2025: HK$11.4 million), in which a surplus of HK$2.7 million (for the year ended 31 December 2025: HK$5.5 million), surplus of HK$0.7 million (for the year ended 31 December 2025: HK$2.6 million) and surplus of HK$2.9 million (for the year ended 31 December 2025: HK$3.3 million) were recorded in profit or loss, fair value reserve (recycling) and fair value reserve (non-recycling) respectively. Consistent with the overall treasury objectives and policy, the Group undertakes treasury management activities with respect to its surplus cash assets. The criteria for selection of investments include the relative risk profile involved, the liquidity of an investment, the after tax equivalent yield of an investment, and investments that are not speculative in nature. In line with its liquidity objectives, the Group invests mostly in liquid instruments, products or equities, such as investment grade products, constituent stocks of defined world indices or state owned or controlled companies. Investment in fixed income products are structured in different maturity profile to cope with ongoing business development and expansion need. Moreover, as and when additional cash is expected to be required to fund the business, the investments can be realised as appropriate. As at 30 June 2026, the Group had utilised facilities of HK$29.4 million (31 December 2025: HK$29.0 million), leaving HK$667.4 million (31 December 2025: HK$663.2 million) uncommitted banking facilities available for future utilisation subject to the collateral value (if applicable). Our total cash and cash equivalents consisted of cash at banks and in hand, and time deposits within three months of maturity, if any. As at 30 June 2026 and 31 December 2025, the Group had not pledged any bank deposits as security for the bank facilities granted by a bank for foreign exchange and interest rate hedging arrangement. The Group was in a net cash position as of 30 June 2026 and 31 December 2025 and hence no gearing ratio was presented. The Directors are of the opinion that, after taking into consideration the internal available financial resources and the current banking facilities, the Group has sufficient funds to finance its operations and to meet the financial obligations as and when they fall due. During 1H2026, the Group invested HK$55.9 million on capital expenditure as compared to HK$24.1 million in 1H2025. For the upcoming capital expenditure requirements, we will remain cautious and it is expected to be funded by internal resources within the Group and the available banking facilities. Overall, the Group’s financial position remains sound for continued business expansion.
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– 24 – Fund raising activity For the purpose of strengthening the Group’s financial position and the medium term funding of its expansion and growth plan, on 11 February 2020, the Company entered into a placing agreement (“Placing Agreement”) with Top Group International Limited (“Vendor”) and UBS AG Hong Kong Branch (“placing agent”) and a subscription agreement (“Subscription Agreement”) with the Vendor, pursuant to which the placing agent agreed to place, on a fully underwritten basis, 90,000,000 existing ordinary shares of the Company to not less than six independent placees at HK$5.15 per share (“Placing”), and the Vendor agreed to subscribe for 90,000,000 new ordinary shares of the Company (“Subscription Shares”) at HK$5.15 per share (“Subscription”). The completion of the Placing and the Subscription took place on 14 February 2020 and 24 February 2020, respectively. The gross proceeds amounted to approximately HK$463.5 million and the net proceeds from the Subscription amounted to approximately HK$453.2 million. The net placing price is approximately HK$5.04 per share. The Subscription Shares represent approximately 10.96% of the issued share capital of the Company as at the date of the Placing Agreement and the Subscription Agreement and approximately 9.88% of the issued share capital of the Company as enlarged by the Subscription. The Subscription Shares have a market value of approximately HK$540.9 million based on the closing price of the shares as at 11 February 2020. The Company intends to use the net proceeds from the Subscription for (1) expansion of the Ecommerce and related business of the Group; and (2) general working capital, which is consistent with the intentions disclosed in the Company’s announcements dated 12 February 2020 and 24 February 2020. Details of the use of net proceeds are as follows: Intended use of net proceeds Amount intended to be utilised Amount utilised as at 31 December 2025 Amount utilised as at 30 June 2026 Expected timeline of utilisation HK$ million HK$ million HK$ million Expansion of the Ecommerce and related business of the Group (i) Expansion of e-fulfilment centre at Tseung Kwan O Headquarters 200 200.0 200.0 By the end of 2023 (ii) Adding the 6th fulfilment centre 40 40.0 40.0 By the end of 2022 (iii) Adding around 200 to 250 delivery trucks Around 90 to 110 72.5 73.7 By the end of 2027 (iv) Upgrading computer hardware and software 50 50.0 50.0 By the end of 2021 General working capital of the Group Around 53.2 to 73.2 73.2 73.2 By the end of 2021 Total 453.2 435.7 436.9
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– 25 – Charge on Group Assets As of 30 June 2026, the Group’s banking facilities of HK$696.8 million were secured by the Group’s other financial assets of HK$58.3 million and cash of HK$34.1 million held by a bank. Exchange Rates Substantially all of the Group’s monetary assets and liabilities are primarily denominated in Hong Kong dollars and United States dollars. Given the exchange rate of the Hong Kong dollar to the United States dollar has remained close to the current pegged rate of HKD7.80 = USD1.00 since 1983, management does not expect significant foreign exchange gains or losses between these two currencies. Contingent Liabilities As of 30 June 2026 and 31 December 2025, the Group had no material contingent liabilities or off-balance-sheet obligations. PROSPECTS Hong Kong Ecommerce Business The Board believes Hong Kong’s retail market is undergoing accelerating structural transformation. As the boundaries between local retail, cross-border commerce and Mainland Ecommerce continue to narrow, future competition is expected to be increasingly driven by scale, pricing competitiveness, product assortment and fulfilment efficiency. The encouraging results achieved during the initial phase of the Year-Round Discount Campaign have reinforced management’s confidence in its accelerated market expansion strategy. While continued investments are required to support customer engagement, pricing initiatives and the fulfilment expansion in anticipation of future sales growth, and such investments may continue to place pressure on the Group’s short-term profitability, the Board believes these investments are necessary to strengthen the Group’s long-term competitiveness and market position. The Board believes the Group remains well positioned to benefit from the ongoing migration of consumer spending towards Ecommerce. Building on the initial success of the Year-Round Discount Campaign, the Group further expanded its promotional initiatives in July 2026 through the introduction of Weekday Exclusive Offers across selected product categories including electronics and home appliances, beauty and health, alcoholic beverages and contact lenses, demonstrating its commitment to enhancing pricing competitiveness and customer engagement.
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– 26 – As part of the Group’s broader strategy to simplify its customer value proposition through the Year-Round Discount Campaign and Personalised Pricing Program, HKTVplus membership programme will be phased out during the second half of 2026. The Group believes this will enable a more streamlined customer proposition and allow management resources, marketing investments and technology development efforts to be more effectively directed towards initiatives that drive GMV growth, customer engagement and long-term shareholder value. Looking ahead, the Group will continue to focus on expanding market share in grocery and daily essential categories, optimising and refining the Year-Round Discount Campaign, enhancing customer acquisition, retention and purchase frequency, further developing Personalised Pricing capabilities, improving fulfilment productivity and customer experience, strengthening supplier partnerships and sourcing capabilities, and maintaining disciplined financial management while pursuing sustainable long-term growth. The Board believes the Group’s extensive fulfilment infrastructure, growing customer base, merchant ecosystem, technology capabilities and established brand positioning provide a strong foundation for future growth. These strengths will continue to differentiate HKTVmall from traditional retailers. While the competitive environment is expected to remain intense and market conditions may continue to evolve, the Board remains mindful of the challenges presented by the competitive landscape. The Group will continue to review the effectiveness of its initiatives and adjust its strategies and resource allocation where appropriate to respond to changing market dynamics. Artificial Intelligence (“AI”)- AI-enabled culture The Group has been actively promoting the adoption of AI technologies across all business functions, including both front-end and back-end operations, as well as technical and non-technical teams. The initial focus is on the practical application of AI to simplify workflows, automate repetitive tasks and enhance day-to-day operating efficiency.
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– 27 – To support AI adoption across the organisation, the Group has implemented several initiatives: 1. AI Learning & Development Initiatives — over the past few years, the Learning and Development team has actively sourced and delivered a wide range of AI- related training programmes and workshops to support the practical adoption of AI throughout the organisation. These initiatives include AI Agent Training, n8n workflow automation workshops, AI-powered image and content generation training, OpenClaw seminars, AI bootcamps covering image and text-to-video creation, and no-code and low-code application development workshops. 2. AI Ambassadors — dedicated AI Ambassadors from the Group’s technology teams have been assigned to individual departments to help identify suitable use cases, facilitate AI adoption and support the deployment of AI-driven solutions. 3. AI Governance Work Team — an AI Governance Work Team has been established to develop a robust governance framework and company-wide foundation for internal AI development, ensuring a clear understanding of how AI is utilised, where potential risks may arise, and how responsible and ethical AI practices can be applied in a structured and systematic manner. AI solutions are being progressively deployed across a broad range of operational areas, including process automation, anomaly detection, compliance checking, report generation, workflow monitoring, customer support, product content management and software development. Examples include proactive monitoring and report health checks, automated reconciliation and anomaly detection, AI-assisted quality assurance and testing, customer service automation, contract review and document generation, as well as delivery and logistics monitoring. The Group also encourages its Talents to integrate AI tools into their daily work and professional development. Through the combination of technology deployment, governance and continuous talent development, the Group aims to foster an AI-enabled culture across the organisation. As AI becomes increasingly embedded in everyday business operations, the Group will continue to encourage practical application, experimentation and knowledge sharing among its Talents, enabling them to adapt to evolving technologies and business needs while supporting the Group’s long-term competitiveness.
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– 28 – RESULTS The Board of Directors (the “Board” or the “Directors”) of Hong Kong Technology Venture Company Limited (“HKTV” or the “Company”) hereby announce the consolidated income statement and consolidated statement of comprehensive income for the six months ended 30 June 2026 and the consolidated statement of financial position as at 30 June 2026 of the Company and its subsidiaries (collectively referred to as the “Group”), which are unaudited. UNAUDITED CONSOLIDATED INCOME STATEMENT For the six months ended 30 June 2026 (Expressed in Hong Kong dollars) Six months ended 30 June 2026 30 June 2025 Note HK$’000 HK$’000 Turnover 3 2,045,281 1,888,407 Direct merchandise sales 3 1,193,020 1,103,341 Cost of inventories (945,516) (853,709) 247,504 249,632 Income from concessionaire sales and other service income 3 774,377 712,597 Multimedia advertising income 3 77,884 72,469 Valuation losses on investment properties (16,250) (22,570) Other operating expenses (1,183,359) (1,066,250) Other income, net 4 31,064 41,514 Finance costs 5(a) (9,444) (11,244) Loss before taxation 5 (78,224) (23,852) Income tax credit 7 164 647 Loss for the period (78,060) (23,205) Loss per share Basic and diluted 9 HK$(0.10) HK$(0.03)
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– 29 – UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 (Expressed in Hong Kong dollars) Six months ended 30 June 2026 30 June 2025 Note HK$’000 HK$’000 Loss for the period (78,060) (23,205) Other comprehensive income for the period 6 Items that will not be reclassified subsequently to profit or loss: Equity instruments designated at fair value through other comprehensive income — net movement in fair value reserve (non-recycling) 2,885 3,334 Remeasurement of defined benefit plan obligations (414) (1,305) Items that may be reclassified subsequently to profit or loss: Exchange difference on translation of financial statements of overseas subsidiaries 1,390 (4,761) Debt securities measured at fair value through other comprehensive income — net movement in fair value reserve (recycling) 694 2,563 Other comprehensive income for the period 4,555 (169) Total comprehensive income for the period (73,505) (23,374)
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– 30 – UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 (Expressed in Hong Kong dollars) 30 June 2026 31 December 2025 Note HK$’000 HK$’000 Non-current assets Property, plant and equipment 1,586,180 1,644,376 Intangible assets 161,094 158,285 Long-term receivables, deposits and prepayments 59,886 59,210 Other financial assets 10 117,983 111,493 Deferred tax assets 94,807 94,811 2,019,950 2,068,175 Current assets Other receivables, deposits and prepayments 139,275 116,394 Inventories 149,718 126,889 Other current financial assets 10 – 30,290 Time deposits 172,978 – Cash and cash equivalents 186,600 346,465 648,571 620,038 Current liabilities Accounts payable 11 477,078 355,904 Other payables and accrued charges 11 458,137 498,185 Deposits received 5,757 5,757 Tax payable – 508 Lease liabilities 134,160 133,359 1,075,132 993,713 Net current liabilities (426,561) (373,675) Total assets less current liabilities 1,593,389 1,694,500
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– 31 – 30 June 2026 31 December 2025 Note HK$’000 HK$’000 Non-current liabilities Deferred tax liabilities 2,091 2,079 Other payables and accrued charges 19,436 17,102 Lease liabilities 208,696 238,648 230,223 257,829 NET ASSETS 1,363,166 1,436,671 CAPITAL AND RESERVES 12 Share capital 1,810,937 1,810,937 Reserves (447,771) (374,266) TOTAL EQUITY 1,363,166 1,436,671
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– 32 – Notes: 1 BASIS OF PREPARATION The interim results set out in the announcement are extracted from the Group’s unaudited interim financial report which has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), including compliance with Hong Kong Accounting Standard (“HKAS”) 34, Interim financial reporting , issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”). The unaudited interim financial report has been prepared in accordance with the same accounting policies adopted in the 2025 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2026 annual financial statements. Details of any changes in accounting policies are set out in note 2. Notwithstanding the net current liabilities of HK$426,561,000 as at 30 June 2026, the Group’s interim financial report has been prepared on a going concern basis because the directors are of the opinion that the Group would have adequate funds to meet its obligations, as and when they fall due, having regard to the following: (a) the Group is expected to generate positive operating cash flows in connection with its principal activities; and (b) financial investments of HK$117,983,000 which are readily realisable. The financial information relating to the financial year ended 31 December 2025 that is included in this announcement of the interim results as comparative information does not constitute the Company’s statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Further information relating to these statutory financial statements disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows: The Company has delivered the financial statements for the year ended 31 December 2025 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance. The Company’s auditor has reported on those financial statements. The auditor’s report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under section 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance. 2 CHANGES IN ACCOUNTING POLICIES The Group has applied the amendments to HKFRS 9, Financial instruments and HKFRS 7, Financial instruments: Disclosures — Amendments to the classification and measurement of financial instruments issued by the HKICPA to this announcement for the current accounting period. The amendments do not have a material impact on this announcement. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
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– 33 – 3 TURNOVER AND SEGMENT INFORMATION (a) Turnover The principal activities of the Group are Ecommerce business, including but not limited to the end-to-end online shopping mall operation, multimedia production and other related services (“Ecommerce business”) and new ventures and technology solution business (“New Ventures and Technology business”). Further details regarding the Group’s principal activities are disclosed in note 3(b). Disaggregation of revenue Disaggregation of revenue from contracts with customers by nature and by timing of revenue recognition are as follows: Six months ended 30 June 2026 30 June 2025 HK$’000 HK$’000 Revenue from contracts with customers within the scope of HKFRS 15 Disaggregated by nature — Direct merchandise sales 1,193,020 1,103,341 — Income from concessionaire sales and other service income 774,377 712,597 — Multimedia advertising income 77,884 72,469 2,045,281 1,888,407 Disaggregated by timing of revenue recognition — Point in time 1,913,370 1,765,479 — Over time 131,911 122,928 2,045,281 1,888,407 (b) Segment information The Group manages its businesses by divisions, which are organised by a mixture of both business lines (product and services) and geography. In a manner consistent with the way in which information is reported internally to the Group’s chief operating decision maker for the purpose of resource allocation and performance assessment. The Group has two reporting segments as follows: — Hong Kong Ecommerce business: The Group’s Ecommerce business segment derives revenue from the end-to-end online shopping mall operation (including fulfilment and logistics), multimedia production and other related services in Hong Kong. These products and services are either sourced externally or are produced in the Group’s properties located in Hong Kong.
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– 34 – — New Ventures and Technology business: The Group’s New Ventures and Technology business segment mainly derives revenue from (1) new venture projects performing research and development activities on new business models and technologies, and operating business by adopting the new business models and technologies globally; and (2) providing technology solution to the Group’s Ecommerce business segment or external customer to operate online shopping operation. (i) Segment results, assets and liabilities For the purposes of assessing segment performance and allocating resources between segments, the Group’s chief operating decision maker monitors the results, assets and liabilities attributable to each reportable segment on the following bases: Segment assets include all tangible, intangible assets and current assets with the exception of investments in financial assets and other corporate assets. Segment liabilities include accounts payable, other payables and accrued charges and lease liabilities attributable to the sales activities of the individual segments. Revenue and expenses are allocated to the reportable segments with reference to turnover generated by those segments and the expenses incurred by those segments or which otherwise arise from the depreciation or amortisation of assets attributable to those segments. Earnings before interest (including investment returns), taxes, depreciation and amortisation (“EBITDA”) means profit/(loss) for the period plus income tax expense/ (credit), depreciation on property, plant and equipment (excluded depreciation on other properties leased for own use) and amortisation of intangible assets and deduct investment returns. Adjusted EBITDA means EBITDA adjusted by major non-cash items and excluded non- recurring items including the government subsidies. In addition to receiving segment information concerning segment profit, management is provided with segment information concerning inter-segment sales, interest income and expense from cash balances managed directly by the segments, depreciation, amortisation and impairment losses and additions to non-current segment assets used by the segments in their operations. Inter-segment sales are priced with reference to prices charged to external parties for similar orders.
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– 35 – Disaggregation of revenue from contracts with customers by timing of revenue recognition, as well as information regarding the Group’s reportable segments as provided to the Group’s chief operating decision maker for the purposes of resource allocation and assessment of segment performance for the six months ended 30 June 2026 and 2025 is set out below. Hong Kong Ecommerce business New Ventures and Technology business Total For six months ended 30 June 2026 2025 2026 2025 2026 2025 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Disaggregated by timing of revenue recognition Point in time 1,832,708 1,723,845 80,662 41,634 1,913,370 1,765,479 Over time 131,911 122,928 – – 131,911 122,928 Revenue from external customers 1,964,619 1,846,773 80,662 41,634 2,045,281 1,888,407 Inter-segment revenue – – 62,623 65,021 62,623 65,021 Reportable segment revenue 1,964,619 1,846,773 143,285 106,655 2,107,904 1,953,428 Reportable segment profit/(loss) (EBITDA) 82,531 138,635 (55,093) (76,016) 27,438 62,619 Reportable segment profit/(loss) (adjusted EBITDA) 81,503 136,393 (57,209) (73,538) 24,294 62,855 Interest income 2 74 1 4 3 78 Inter-segment finance costs (2,812) (2,975) – – (2,812) (2,975) Depreciation and amortisation for the period (excluded depreciation on other properties leased for own use) (50,581) (51,135) (12,647) (15,405) (63,228) (66,540) As at 30 June/31 December Reportable segment assets 2,526,220 2,451,945 406,398 327,554 2,932,618 2,779,499 Additions to non-current segment assets during the period 73,119 142,958 28,255 75,198 101,374 218,156 Reportable segment liabilities 1,329,923 1,272,891 744,880 647,816 2,074,803 1,920,707
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– 36 – (ii) Reconciliation of reportable segment revenue, profit or loss Six months ended 30 June 2026 Six months ended 30 June 2025 HK$’000 HK$’000 Revenue Reportable segment revenue 2,107,904 1,953,428 Elimination of inter-segment revenue (62,623) (65,021) Revenue (note 3(a)) 2,045,281 1,888,407 Six months ended 30 June 2026 Six months ended 30 June 2025 HK$’000 HK$’000 Loss Reportable segment profit (EBITDA) 27,438 62,619 Income tax credit 176 722 Interest income 3 78 Depreciation — on property, plant and equipment (excluded depreciation on other properties leased for own use) (52,879) (53,040) Amortisation of intangible assets (10,349) (13,500) Unallocated head office and corporate net expense (42,449) (20,084) Loss for the period (78,060) (23,205) (iii) Reconciliation of reportable segment assets 30 June 2026 31 December 2025 HK$’000 HK$’000 Reportable segment assets 2,932,618 2,779,499 Elimination of inter-segment receivables (809,673) (716,690) Unallocated head office and corporate assets (included investments in financial assets) 545,576 625,404 Consolidated total assets 2,668,521 2,688,213
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– 37 – (iv) Reconciliation of reportable segment liabilities 30 June 2026 31 December 2025 HK$’000 HK$’000 Reportable segment liabilities 2,074,803 1,920,707 Elimination of inter-segment payables (809,673) (716,690) Unallocated head office and corporate liabilities 40,225 47,525 Consolidated total liabilities 1,305,355 1,251,542 (v) Geographic segment information As majority of the Group’s operations are conducted in Hong Kong and majority of the assets are located in Hong Kong, accordingly, no geographical segment information is presented. 4 OTHER INCOME, NET Six months ended 30 June 2026 30 June 2025 HK$’000 HK$’000 Bank interest income 3,229 6,289 Dividend and investment income from other financial assets 1,116 1,688 Interest income from other financial assets 2,415 2,530 Unrealised fair value gain on units in investment funds measured at fair value through profit or loss (“FVPL”) 2,454 4,627 Reversal of expected credit losses on debt securities measured at fair value through other comprehensive income (“FVOCI”) 218 923 Rentals from investment properties 11,887 11,887 Net exchange gain 505 6,270 Government subsidies 3,794 1,280 Unwinding the discounting effect of rental deposits 419 434 Others 5,027 5,586 31,064 41,514
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– 38 – 5 LOSS BEFORE TAXATION Loss before taxation is arrived at after charging/(crediting): Six months ended 30 June 2026 30 June 2025 HK$’000 HK$’000 (a) Finance costs Interest on lease liabilities 8,601 10,549 Bank charges 843 695 9,444 11,244 (b) Other items Advertising and marketing expenses (excluding HK$36,386,000 (six months ended 30 June 2025: HK$18,729,000) being deducted in turnover) 141,577 61,832 Depreciation — owned property, plant and equipment 38,114 38,484 — right-of-use assets 90,454 90,309 Amortisation of intangible assets 12,390 15,541 Loss/(gain) on disposal of property, plant and equipment 574 (1) Outsourced fulfilment expenses 210,559 196,586 Payment processing charges 50,014 47,344 Owned motor vehicles running expenses 26,503 22,608 Software licenses and registration fee 11,749 10,989 Utilities, consumables and office expenses 33,881 29,871 (c) Talent costs Wages and salaries 500,617 486,269 Retirement benefit costs — defined contribution plans 16,964 17,777 Less: Talent costs capitalised as intangible assets (15,127) (28,503) 502,454 475,543 Talent costs include all compensation and benefits paid to and accrued for all individuals employed by the Group, including Directors.
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– 39 – 6 OTHER COMPREHENSIVE INCOME (a) Tax effects relating to each component of other comprehensive income Six months ended 30 June 2026 30 June 2025 Before-tax amount Tax expense Net-of-tax amount Before-tax amount Tax expense Net-of-tax amount HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Equity instruments designated at FVOCI — net movement in fair value reserve (non-recycling) 2,885 – 2,885 3,334 – 3,334 Remeasurement of defined benefit plan obligations (414) – (414) (1,305) – (1,305) Exchange difference on translation of financial statements of overseas subsidiaries 1,390 – 1,390 (4,761) – (4,761) Debt securities measured at FVOCI — net movement in fair value reserve (recycling) 694 – 694 2,563 – 2,563 Other comprehensive income 4,555 – 4,555 (169) – (169) (b) Components of other comprehensive income, including reclassification adjustments Six months ended 30 June 2026 30 June 2025 HK$’000 HK$’000 Equity instruments designated at FVOCI — net movement in fair value reserve (non-recycling): — Changes in fair value recognised during the period 2,885 3,334 Debt securities measured at FVOCI — net movement in fair value reserve (recycling): — Changes in fair value recognised during the period 912 3,486 — Reclassified to profit or loss for reversal of expected credit losses (218) (923) 694 2,563
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– 40 – 7 INCOME TAX CREDIT The provision for Hong Kong Profits Tax for the six months ended 30 June 2026 is calculated at 16.5% (six months ended 30 June 2025: 16.5%) of the estimated assessable profits for the period, except for one subsidiary of the Group which is a qualifying corporation under the two-tiered Profits Tax rate regime which the first HK$2,000,000 of assessable profits are taxed at 8.25% (six months ended 30 June 2025: 8.25%) and the remaining assessable profits are taxed at 16.5% (six months ended 30 June 2025: 16.5%). Taxation for overseas branch of a subsidiary is calculated at 20% (six months ended 30 June 2025: 20%) of the estimated assessable profits for the period. The amount of income tax credit in the consolidated income statement represents: Six months ended 30 June 2026 30 June 2025 HK$’000 HK$’000 Current taxation Hong Kong Profits Tax – – Overseas 180 63 Deferred taxation Origination and reversal of temporary differences (16) 584 164 647 8 DIVIDENDS The Board of Directors has resolved not to declare any interim dividend for the six months ended 30 June 2026 (six months ended 30 June 2025: nil). 9 LOSS PER SHARE The calculation of basic loss per share is based on the loss attributable to equity shareholders of the Company for the period of HK$78,060,000 (six months ended 30 June 2025: HK$23,205,000) and the weighted average of 791,473,781 ordinary shares (six months ended 30 June 2025: 788,636,986 shares) in issue during the period. The diluted loss per share for the six months ended 30 June 2026 and 2025 is the same as the basic loss per share, as the Group’s share options would result in an anti-dilutive effect on loss per share.
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– 41 – 10 OTHER FINANCIAL ASSETS 30 June 2026 31 December 2025 HK$’000 HK$’000 Equity instruments designated at FVOCI (non-recycling) — Equity securities 39,184 36,068 — Perpetual bonds 15,661 15,359 54,845 51,427 Debt securities measured at FVOCI (recycling) — Maturity dates within 1 year – 30,290 — Maturity dates over 1 year 7,893 7,973 7,893 38,263 Units in investment funds measured at FVPL 55,245 52,093 117,983 141,783 Representing — Non-current portion 117,983 111,493 — Current portion – 30,290 117,983 141,783 All of these financial assets were carried at fair value as at 30 June 2026 and 31 December 2025.
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– 42 – 11 ACCOUNTS PAYABLE, OTHER PAYABLES AND ACCRUED CHARGES 30 June 2026 31 December 2025 HK$’000 HK$’000 Accounts payable (note (a)) 477,078 355,904 Contract liabilities 217,629 260,966 Other payables and accrued charges (note (b)) 240,508 237,219 458,137 498,185 935,215 854,089 Non-current other payables and accrued charges (note (b)) 19,436 17,102 954,651 871,191 (a) The ageing analysis of the accounts payable is as follows: 30 June 2026 31 December 2025 HK$’000 HK$’000 Current–30 days 465,924 324,794 31–60 days 6,765 22,101 61–90 days 2,898 2,383 Over 90 days 1,491 6,626 477,078 355,904 (b) Other payables and accrued charges Other payables and accrued charges primarily consist of accruals for Talent salaries and related costs, payables for purchase of property, plant and equipment, outsourced manpower services expenses and advertising and promotional expenses.
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– 43 – 12 CAPITAL AND RESERVES Attributable to equity shareholders of the Company Share capital Accumulated losses Revaluation reserve Fair value reserve (recycling) Fair value reserve (non- recycling) Exchange reserve Capital reserve Other reserve Total equity Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Balance at 1 January 2026 1,810,937 (561,242) 183,338 (680) 10,413 (1,817) – (4,278) 1,436,671 Changes in equity for the six months ended 30 June 2026: Loss for the period – (78,060) – – – – – – (78,060) Other comprehensive income 6 – – – 694 2,885 1,390 – (414) 4,555 Total comprehensive income – (78,060) – 694 2,885 1,390 – (414) (73,505) Balance at 30 June 2026 1,810,937 (639,302) 183,338 14 13,298 (427) – (4,692) 1,363,166 Attributable to equity shareholders of the Company Share capital Accumulated losses Revaluation reserve Fair value reserve (recycling) Fair value reserve (non- recycling) Exchange reserve Capital reserve Other reserve Total equity Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Balance at 1 January 2025 1,805,004 (150,606) 183,338 (5,890) 1,800 610 39,877 (2,514) 1,871,619 Changes in equity for the six months ended 30 June 2025: Loss for the period – (23,205) – – – – – – (23,205) Other comprehensive income 6 – – – 2,563 3,334 (4,761) – (1,305) (169) Total comprehensive income – (23,205) – 2,563 3,334 (4,761) – (1,305) (23,374) Transfer of loss on disposal of equity instruments designated at FVOCI to retained profits – 504 – – (504) – – – – Shares issued under share option scheme 689 – – – – – (196) – 493 Dividend approved in respect of the previous year – (299,777) – – – – – – (299,777) Balance at 30 June 2025 1,805,693 (473,084) 183,338 (3,327) 4,630 (4,151) 39,681 (3,819) 1,548,961
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– 44 – TALENT REMUNERATION Including the Directors, as at 30 June 2026, the Company had 2,148 permanent full- time Talents versus 2,295 as at 31 December 2025. The Company provides remuneration package consisting of basic salary, bonus and other benefits. Bonus payments are discretionary and dependent on both the Company’s and individual performances. The Company also provides comprehensive medical insurance coverage, competitive retirement benefits schemes, staff training programs and operates share schemes. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares) during the six months ended 30 June 2026. As at 30 June 2026, the Company did not hold any treasury shares. COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE Throughout the six months ended 30 June 2026, the Company complied with all the applicable code provisions as set out in the Corporate Governance Code of Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”). CODE OF CONDUCT FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules (“Model Code”) as the code of conduct for securities transactions by Directors. Having made specific enquiry with the Directors, all of them confirmed that they had complied with the required standard set out in the Model Code throughout the six months ended 30 June 2026. REVIEW BY AUDIT COMMITTEE The audit committee of the Company (“Audit Committee”) has reviewed and discussed with the management of the Company the unaudited interim results of the Company for the six months ended 30 June 2026. The Audit Committee comprises four Independent Non-executive Directors, namely Mr. Peh Jefferson Tun Lu (the Chairman of the Audit Committee), Mr. Mak Wing Sum, Alvin, Mr. Ann Yu Chiu, Andy and Mr. Yeung Chu Kwong.
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– 45 – INTERIM DIVIDEND The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2026 (six months ended 30 June 2025: nil) in view of current operating environment and for future development plans. By Order of the Board Hong Kong Technology Venture Company Limited Mak Wing Sum, Alvin Chairman Hong Kong, 26 August 2026 As at the date of this announcement, the Board comprises: Executive Directors: Mr. Cheung Chi Kin, Paul Mr. Wong Wai Kay, Ricky (Vice Chairman and Group Chief Executive Officer) Ms. Wong Nga Lai, Alice (Group Chief Financial Officer and Company Secretary) Mr. Lau Chi Kong (Chief Executive Officer (International Business)) Ms. Zhou Huijing (Chief Executive Officer (Hong Kong)) Independent Non-executive Directors: Mr. Mak Wing Sum, Alvin (Chairman) Mr. Peh Jefferson Tun Lu Mr. Ann Yu Chiu Andy Mr. Yeung Chu Kwong