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. DEEP SOURCE HOLDINGS LIMITED ʮ̡ * (Formerly known as Theme International Holdings Limited) (Incorporated in Bermuda with limited liability) (Stock Code: 990) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 The board (the “Board”) of directors (the “Directors”) of Deep Source Holdings Limited (formerly known as Theme International Holdings Limited) (the “Company”) is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively referred to as the “Group”) for the six months ended 30 June 2026 ( “Interim Period ”) together with the comparative figures for the corresponding period in 2025. CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 HK$’000 HK$’000 Notes (unaudited) (unaudited) (restated) Continuing operations Revenue 3 14,963,871 10,011,548 Cost of sales (14,511,468) (9,775,722) Gross profit 452,403 235,826 Other income, gain and loss 120,275 41,215 Selling and distribution expenses (45,573) (16,901) Administrative expenses (132,242) (94,924) Profit from operations 394,863 165,216 Finance costs 4(a) (16,662) (8,849) Share of profits of associates 134,457 140,354 Profit before taxation 512,658 296,721 Income tax 5 (72,745) (26,553) Profit for the period from continuing operations 439,913 270,168
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– 2 – Six months ended 30 June 2026 2025 HK$’000 HK$’000 Notes (unaudited) (unaudited) (restated) Discontinued operations Profit for the period from discontinued operations 6 73,502 99,738 Profit for the period 513,415 369,906 Attributable to: – Owners of the Company 378,848 321,849 – Non-controlling interests 134,567 48,057 513,415 369,906 Other comprehensive income: Item that will not be reclassified to profit or loss: Fair value changes of financial assets at fair value through other comprehensive income 875 581 Items that may be reclassified to profit or loss: Share of associates’ exchange differences on translating foreign operations 42,964 2,508 Exchange differences on translating foreign operations 131,766 73,030 174,730 75,538 Other comprehensive income for the period, net of tax 175,605 76,119 Total comprehensive income for the period 689,020 446,025 Attributable to: – Owners of the Company 551,793 406,224 – Non-controlling interests 137,227 39,801 689,020 446,025 Earnings per share Basic and diluted (HK cents) 7 2.58 2.39 From continuing operations Basic and diluted (HK cents) 7 2.20 1.82 From discontinued operations Basic and diluted (HK cents) 7 0.38 0.57
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– 3 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 30 June 31 December 2026 2025 HK$’000 HK$’000 Notes (unaudited) (audited) Non-current assets Property, plant and equipment 9 298,456 155,313 Right-of-use assets 29,812 41,900 Goodwill 917 917 Interest in associates 10 2,771,547 2,573,487 Financial assets at fair value through other comprehensive income ( “FVTOCI”) 21,270 20,395 Financial assets at fair value through profit or loss ( “FVTPL”) 149,277 1,879 Deferred tax assets 40,770 32,217 3,312,049 2,826,108 Current assets Inventories 11 4,463,703 3,527,077 Trade and bills receivables 12 4,881,050 3,744,904 Accounts receivables 13 145,116 2,771,690 Financial assets at FVTPL 276,758 348,503 Financial assets at FVTOCI 696 44,119 Derivative instruments 14 1,222,544 703,050 Prepayments, deposits and other receivables 15 2,646,211 946,326 Cash and bank balances 16 3,725,672 7,719,611 17,361,750 19,805,280 Assets classified as held for sales 6 7,967,347 — TOTAL ASSETS 28,641,146 22,631,388
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– 4 – 30 June 31 December 2026 2025 HK$’000 HK$’000 Notes (unaudited) (audited) Current liabilities Trade and bills payables 17 8,656,906 5,805,074 Trust receipt loans 283,861 110,889 Bank borrowings 521,887 435,091 Accounts payables 18 45,489 4,903,174 Contract liabilities 1,268,345 725,750 Accruals and other payables 631,965 272,122 Amount due to an associate — 1,170,000 Derivative instruments 14 1,317,761 634,924 Lease liabilities 8,834 19,676 Current tax payable 172,881 137,709 12,907,929 14,214,409 Liabilities directly associated with assets classified as held for sales 6 6,304,750 — Non-current liabilities Bank borrowings 803 603 Lease liabilities 4,008 6,006 Deferred tax liabilities 8,139 9,287 12,950 15,896 TOTAL LIABILITIES 19,225,629 14,230,305 Capital and reserves Share capital 19 37,003 35,716 Reserves 8,214,441 7,295,044 Equity attributable to owners of the Company 8,251,444 7,330,760 Non-controlling interests 1,164,073 1,070,323 TOTAL EQUITY 9,415,517 8,401,083
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– 5 – CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2026 Attributable to owners of the Company Share capital Share premium account Capital reserve Investment revaluation reserve Foreign currency translation reserve Accumulated profits Total Non- controlling interests Total equity HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 At 1 January 2025 (audited) 33,679 1,877,644 486,616 (2,995) (278,229) 3,998,807 6,115,522 1,120,765 7,236,287 Profit for the period (unaudited) — — — — — 321,849 321,849 48,057 369,906 Other comprehensive income/(loss) the period (unaudited) — Exchange difference on translating foreign operations (unaudited) — — — — 83,794 — 83,794 (8,256) 75,538 — Fair value changes of financial assets FVTOCI (unaudited) — — — 581 — — 581 — 581 Total comprehensive income for the period (unaudited) — — — 581 83,794 321,849 406,224 39,801 446,025 Issue of new shares (unaudited) 2,037 405,363 — — — — 407,400 — 407,400 Capital injection by non-controlling interests of subsidiaries (unaudited) — — — — — — — 1,200 1,200 Capital redemption to non-controlling interests of non-wholly owned subsidiaries (unaudited) — — — — — — — (40,722) (40,722) Acquisition of non-controlling interests of a non-wholly owned subsidiary (unaudited) — — (1,885) — — — (1,885) (13,578) (15,463) At 30 June 2025 (unaudited) 35,716 2,283,007 484,731 (2,414) (194,435) 4,320,656 6,927,261 1,107,466 8,034,727 At 1 January 2026 (audited) 35,716 2,283,036 471,021 (2,081) (175,400) 4,718,468 7,330,760 1,070,323 8,401,083 Profit for the period (unaudited) — — — — — 378,848 378,848 134,567 513,415 Other comprehensive income the period (unaudited) — Exchange difference on translating foreign operations (unaudited) — — — — 129,106 — 129,106 2,660 131,766 — Fair value changes of financial assets at FVTOCI (unaudited) — — — 875 — — 875 — 875 — Share of other comprehensive income of associates (unaudited) — — 1,091 (1) 41,874 — 42,964 — 42,964 Total comprehensive income for the period (unaudited) — — 1,091 874 170,980 378,848 551,793 137,227 689,020 Issue of new shares (unaudited) 1,287 353,963 — — — — 355,250 — 355,250 Capital redemption to non-controlling interests of non-wholly owned subsidiaries (unaudited) — — — — — — — (43,477) (43,477) Share of other reserve of associates (unaudited) — — 13,641 — — — 13,641 — 13,641 At 30 June 2026 (unaudited) 37,003 2,636,999 485,753 (1,207) (4,420) 5,097,316 8,251,444 1,164,073 9,415,517
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– 6 – CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 HK$’000 HK$’000 Note (unaudited) (unaudited) Operating activities Cash from operations 2,615,708 2,390,684 Bank Interest received 31,875 38,017 Tax paid (39,464) (49,377) Net cash generated from operating activities 2,608,119 2,379,324 Investing activities Purchase of property, plant and equipment (145,407) (9,698) Decrease in restricted deposits 69,445 — Prepayment for equity interest subscription (361,605) — Proceeds from disposal of financial assets at FVTPL and derivative instrument 320,022 — Acquisition of financial assets at FVTPL (332,797) (35,258) Net cash used in investing activities (450,342) (44,956) Financing activities Net proceeds from issue of new shares 355,250 407,400 Capital injection by non-controlling interest of subsidiaries — 1,200 Capital redemption to non-controlling interests of non-wholly owned subsidiaries (43,477) (40,722) Acquisition of non-controlling interests of a non-wholly owned subsidiary — (15,463) Payment of lease liabilities (12,208) (9,389) Repayment of trust receipt loans and bank borrowings (798,538) (1,108,197) Interest paid (18,251) (8,865) Proceeds from bank borrowings and trust receipt loans 1,043,521 — Repayment to an associate (1,170,000) (361,920) Net cash used in financing activities (643,703) (1,135,956) Net increase in cash and cash equivalents 1,514,074 1,198,412 Cash and cash equivalents at beginning of the period 1,962,296 2,165,073 Effect of changes in foreign exchange rates (3,473) 11,193 Cash and cash equivalents at end of the period 3,472,897 3,374,678 Analysis of cash and cash equivalents Cash and bank balances – General accounts 16 3,066,182 3,374,678 Cash and bank balances – General accounts, included in disposal group classified as assets held for sale 406,715 — 3,472,897 3,374,678
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– 7 – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 1. Basis of Preparation This unaudited condensed consolidated financial statements of Deep Source Holdings Limited (formerly known as Theme International Holdings Limited) (the “Company”) and its subsidiaries (collectively referred to as the “Group”) have been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities (the “Listing Rules”) 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 (“HKICPA”). These condensed consolidated financial statements should be read in conjunction with the 2025 annual financial statements. The accounting policies and methods of computation used in the preparation of these condensed consolidated financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2025 as well as the accounting policies applied to the new transactions that occurred during the interim reporting period, as set out in Note 2. The preparation of a condensed consolidated financial statements in conformity with HKAS 34 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. This condensed consolidated financial statements contain condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2025 annual financial statements. The condensed consolidated financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with HKFRS Accounting Standards. The condensed consolidated interim financial statements are unaudited, but have been reviewed by the audit committee of the Company. The condensed consolidated financial statements have been prepared on a going concern basis. The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which have been measured at fair values, as appropriate.
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– 8 – 2. Changes in accounting policies and disclosures (a) New and amended standards adopted by the Group A number of new or amended standards and interpretation became applicable for the current reporting period. The adoption of these new standards and amendments did not have material impact on the Group ’s financial position or operating result and did not require retrospective adjustment. Effective for accounting periods beginning on or after Amendments to HKFRS 7 and HKFRS 9 - Amendments to the Classification and Measurement of Financial Instruments 1 January 2026 Amendments to HKFRS 7 and HKFRS 9 - Contracts referencing nature-dependent electricity 1 January 2026 Annual improvements to HKFRS - Annual improvements to HKFRS Accounting Standards – Volume 11 1 January 2026 The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. (b) New and amended standards not yet adopted The following new or amended accounting standards have been issued but are not effective for the financial year beginning on 1 January 2026 and have not been early adopted by the Group: Standards and amendments Effective for accounting periods beginning on or after HKFRS 18 - Presentation and Disclosure in Financial Statements 1 January 2027 HKFRS 19 and its amendments - Subsidiaries without Public Accountability: Disclosures 1 January 2027 Amendments to HKAS 21 - Translation to hyperinflationary presentation currency 1 January 2027 Amendments to HKFRS 10 and HKAS 28 - Sale or contribution of Assets between an Investor and its Associate or Joint Venture To be determined The Group has already commenced an assessment of the impact of these new and amended standards and has concluded on a preliminary basis that adoption of these new and amended standards, except for HKFRS 18, is not expected to have a significant impact on the financial performance and positions of the Group when they become effective.
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– 9 – HKFRS 18 will replace HKAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though HKFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group ’s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified: Although the adoption of HKFRS 18 will have no impact on the Group ’s net profit, the Group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. The line items presented on the primary financial statements might change as a result of the application of the concept of ‘useful structured summary’ and the enhanced principles on aggregation and disaggregation. The Group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for: • management-defined performance measures; • a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss – this break-down is only required for certain nature expenses; and • for the first annual period of application of HKFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying HKFRS 18 and the amounts previously presented applying HKAS 1. (c) Non-current assets (or disposal groups) held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and groups of contracts within the scope of HKFRS 17 Insurance Contracts, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition.
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– 10 – Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the statement of financial position. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. 3. Revenue and Segment Information (a) Revenue An analysis of the Group’s revenue for the period is as follows: Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) (restated) Continuing operations Revenue from contracts with customers Sales from trading and processing of goods 14,548,386 9,742,731 Less: sales taxes and levies (8,019) (5,615) Commission income and brokerage fees from the provision of financial services 4,427 — 14,544,794 9,737,116 Other Revenue Gain from derivative trading 419,077 274,432 Total revenue 14,963,871 10,011,548
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– 11 – Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) (restated) Discontinued operations Revenue from contracts with customers Commission income and brokerage fees from the provision of financial services 280,582 287,209 Other Revenue Interest income from trust and segregated accounts 95,734 108,461 Total revenue 376,316 395,670 (b) Segment information The Group determines its operating segments and measurement of segment profit based on the internal reports to executive directors, the Group ’s chief operating decision makers, for the purposes of resource allocation and making strategic decision. During the period ended 30 June 2026, the Group’s reportable and operating segments are as follows: h Distribution, trading and processing business – distribution, trading and processing of bulk commodities and related products in Hong Kong, Singapore and the People ’s Republic of China (the “PRC”); and h Financial services business – provision of securities and derivatives financial services, margin financing and fund management in Hong Kong and Singapore.
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– 12 – Segment information and results: The following is an analysis of the Group’s revenue and results by reportable segments: For the six months ended 30 June 2026 (unaudited) Continuing operations Discontinued operations Distribution, trading and processing Financial services Financial services Total HK$’000 HK$’000 HK$’000 HK$’000 Revenue 14,540,367 423,504 376,316 15,340,187 Segment profit 335,210 165,655 79,636 580,501 Finance costs (13,438) (3,224) (89) (16,751) Unallocated other income, gain and loss (96,960) Share of profits of associates 134,457 Corporate expenses and other finance costs (8,953) Profit before taxation 592,294 For the six months ended 30 June 2025 (unaudited) (restated) Continuing operations Discontinued operations Distribution, trading and processing Financial services Financial services Total HK$’000 HK$’000 HK$’000 HK$’000 Revenue 9,737,116 274,432 395,670 10,407,218 Segment profit 132,980 52,138 107,804 292,922 Finance costs (7,226) (1,571) (16) (8,813) Unallocated other income, gain and loss (14,762) Share of profits of associates 140,354 Corporate expenses and other finance costs (5,193) Profit before taxation 404,508
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– 13 – The accounting policies of the reportable and operating segments are the same as the Group ’s accounting policies. Segment result represents the profit earned by each segment without allocation of, certain other income, certain other gains and losses, share of profit of associate, finance costs and taxation. This is the measure reporting to the executive directors for the purposes of resource allocation and making strategic decision. Segment assets and liabilities: The following is an analysis of the Group’s assets and liabilities by reportable segments: As at 30 June 2026 (unaudited) Continuing operations Discontinued operations Distribution, trading and processing Financial services Financial services Total HK$’000 HK$’000 HK$’000 HK$’000 Segment assets 15,008,310 2,042,716 7,967,347 25,018,373 Segment liabilities 10,621,804 1,436,097 6,304,750 18,362,651 As at 31 December 2025 (audited) Distribution, trading and processing Financial services Total HK$’000 HK$’000 HK$’000 Segment assets 11,978,443 7,663,760 19,642,203 Segment liabilities 6,710,520 5,662,040 12,372,560
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– 14 – Geographical information: Disaggregation of revenue from contracts with customers: Six months ended 30 June 2026 2025 Continuing operations Discontinued operations Continuing operations Discontinued operations Segments Distribution, trading and processing Financial services Financial services Total Distribution, trading and processing Financial services Financial services Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (restated) (restated) (restated) (restated) Geographical market Hong Kong 19,155 4,427 46,142 69,724 90,852 — 53,259 144,111 Singapore 8,160,108 — 234,440 8,394,548 2,671,403 — 233,950 2,905,353 The PRC 6,361,104 — — 6,361,104 6,974,861 — — 6,974,861 Revenue from contracts with customers 14,540,367 4,427 280,582 14,825,376 9,737,116 — 287,209 10,024,325 Major products/service Trading and processing of bulk commodities 14,540,367 — — 14,540,367 9,737,116 — — 9,737,116 Commission income and brokerage fees — 4,427 280,582 285,009 — — 287,209 287,209 Total 14,540,367 4,427 280,582 14,825,376 9,737,116 — 287,209 10,024,325 Timing of revenue recognition At a point in time 14,540,367 4,427 280,582 14,825,376 9,737,116 — 287,209 10,024,325
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– 15 – 4. Profit before Taxation Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) (restated) Continuing operations Profit before taxation has been arrived at after charging/(crediting): (a) Finance costs Bills discounting interest expenses and interest expenses on trust receipt loans 16,532 8,498 Lease liabilities 130 351 16,662 8,849 (b) Other items Interest income on bank deposits (31,875) (28,334) Loss on fair value changes of financial assets at FVTPL 108,053 13,405 Provision for impairment an inventories 26,525 — Net realised gain on derivative instruments (170,941) — Depreciation — property, plant and equipment 1,243 1,244 — right-of-use assets 6,813 4,808 Exchange (gains)/loss, net (37,690) 519 Directors’ remuneration (note a) 3,727 3,040 Other staff costs (note b) 91,182 63,790 Notes: (a) Directors ’ remuneration include fees, remunerations, bonuses and retirement benefits scheme contributions paid or payable to directors of the Company. (b) Other staff costs (excluding directors ’ remuneration) include salaries, bonuses, allowances and retirement benefits scheme contributions paid or payable to other employees of the Group.
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– 16 – 5. Income Tax Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) (restated) Continuing operations Current tax – Hong Kong Profits Tax Provision for the period — 53 Current tax – PRC Corporate Income Tax Provision for the period 3,905 16,163 Current tax – Singapore Corporate Income Tax Provision for the period 77,393 10,337 Deferred tax (8,553) — 72,745 26,553 Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) (restated) Discontinued operations Current tax – Hong Kong Profits Tax Provision for the period 96 596 Current tax – Singapore Corporate Income Tax Provision for the period 6,038 7,454 6,134 8,050
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– 17 – Hong Kong Profits Tax is calculated at 16.5% (2025: 16.5%) of the estimated assessable profits in respect of the Group’s operating entities in Hong Kong for the year, except for one subsidiary of the Group which is a qualifying corporation under the two-tiered Profits Tax rate regime. For this subsidiary, the first HK$2 million of assessable profits are taxed at 8.25% (2025: 8.25%) and the remaining assessable profits are taxed at 16.5%. Singapore Corporate Income Tax is provided using the Singapore standard rate of income tax of 17% or the concession rate of 5% for the periods ended 30 June 2026 and 2025. With the Global Trader Programme ( “GTP”) incentive awarded to Deep Source Pte. Ltd., a wholly-owned subsidiary of the Company by the Inland Revenue Authority of Singapore with effect from 1 January 2017 and further revised in late 2019, certain qualified income generated during the periods ended 30 June 2026 and 2025 from the distribution and trading business of the Group has been charged at a tax concessionary rate of 5% since then. Any other income not qualified for the GTP incentive has been charged at the standard rate of 17% during the periods ended 30 June 2026 and 2025. Besides, those VCC funds incorporated in Singapore are awarded by the Monetary Authority of Singapore as a Tax Exemption Scheme for Resident Funds with effect from 7 September 2020. Save as those PRC incorporation categories as Small Low-Profit Business which enjoy tax cuts until end of 2025, the income tax provision in respect of operations in the PRC is calculated at 25% on the estimated assessable profits for the year based on existing legislation, interpretations and practices in respect thereof. The Group has operations mainly in Singapore, PRC and Hong Kong. It is within the scope of the Organisation for Economic Co-operation and Development ( “OECD”) Pillar Two model rules. The Pillar Two model rules in Singapore and Hong Kog come into effect from 1 January 2025. The Group entities, except for those subsidiaries in Singapore and Hong Kong, apply the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group is subject to the global minimum top-up tax under the Pillar Two tax legislation effective from 1 January 2025. Under the legislation, the Group is liable to pay a top-up tax for the difference between their Global Anti-Base Erosion effective tax rate per jurisdiction and the 15% minimum rate. The top-up tax relates to the Group’s operations in Hong Kong and Singapore, where the effective tax rate for entities was below 15% during the period ended 30 June 2026.
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– 18 – 6. Discontinued operations and assets and liabilities classified as held for sale On 9 July 2026, (i) the sellers, being indirect wholly-owned subsidiaries of BPI Financial Group Limited, a non-wholly owned subsidiary of the Company (the “Sellers”), (ii) BPI Financial Group Limited as the Sellers ’ guarantor, and (ii) Marex Group Limited as the purchaser (the “Purchaser”), entered into the sale and purchase agreement (the “SP Agreement”), pursuant to which the Sellers have agreed to jointly and Severally sell, and the Purchaser has agreed to purchase, the entire equity interests held by the Sellers, comprising 100% of each of Bright Point International Futures Limited, Bright Point International Digital Assets Pte. Ltd., Bright Point International Financial (UK) Limited, Bright Point International Financial (SG) Pte. Ltd., Guang Dian (Shanghai) International Trading Limited (Έᓃ ( ɪऎ) ʮ̡), Majulah Equity Partners Pte. Ltd. and Multi Excellence Portfolio VCC (the “Target Group”). The consideration shall be determined in accordance with the formula and adjustments set out in the SP Agreement and, for reference, is estimated to be approximately HK$1,304 million (based on the Target Group ’s net asset value as at May 2026 to calculate the estimated tangible net asset value). Upon completion, the Target Group will cease to be subsidiaries of the Company and their financial results, assets and liabilities will no longer be consolidated into the consolidated financial statements of the Group. For details, please refer to the announcement of the Company dated 9 July 2026. As of the date of the condensed consolidated financial statements, the transaction is still in progress in accordance with the SP Agreement, which is expected to be completed within 12 months period. (a) The financial results The Target Group has been classified as discontinued operations for the six months ended 30 June 2026. The financial results of discontinued operations are as follows: Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) Revenue 376,316 395,670 Cost of sales (258,843) (260,582) Gross profits 117,473 135,088 Other income 8,953 15,195 Selling and distribution expenses — (360) Administrative expenses (46,701) (42,119) Finance costs (89) (16) Profit before income tax 79,636 107,788 Income tax (6,134) (8,050) Profit for the period from discontinued operations 73,502 99,738
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– 19 – (b) The financial positions The following assets and liabilities were reclassified as held for sale as at 30 June 2026. 30 June 2026 HK$’000 (unaudited) Assets classified as held for sale Property, plant and equipment 840 Right-of-use assets 4,170 Accounts receivables 2,873,322 Prepayments, deposits and other receivables 89,993 Cash and bank balances 4,999,022 Total assets classified as held for sale 7,967,347 Liabilities directly associated with assets classified as held for sale Accounts payables 6,260,595 Accruals and other payables 27,140 Lease liabilities 4,219 Current tax payable 12,796 Total liabilities classified as held for sale 6,304,750 * Included in the financial positions of the Target Group contained amounts due from non-Target Group subsidiaries totalling HK$14,477,000 and amounts due to non-Target Group subsidiaries totalling HK$978,240,000, which were eliminated in the condensed consolidated statement of financial position as at 30 June 2026. (c) The cash flow statements The cash flows of discontinued operations are as follows: 30 June 2026 HK$’000 (unaudited) Cash flows used in operating activities (102,890) Cash flows used in investing activities (21) Cash flows used in financing activities (4,211) Net cash flows (107,122)
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– 20 – 7. Earnings per Share (a) Basic earnings per share The calculation of basic earnings per share from continuing operations and discontinued operations attributable to owners of the Company was based on the profit for the period attributable to the owners of the Company, and the weighted average number of ordinary shares in issue during the Interim Period and the Corresponding Period. Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) (restated) Profit: Profit for the period attributable to owners of the Company for the purpose of basic earnings per share: – Continuing operations 322,656 245,427 – Discontinued operations 56,192 76,422 378,848 321,849 ’000 ’000 Number of shares: Weighted average number of ordinary shares for the purpose of basic earnings per share 14,676,151 13,484,853 (b) Diluted earnings per share There is no instrument with potential dilutive shares issued by the Company during the periods ended 30 June 2026 and 2025. Therefore, the basic and diluted earnings per share for the respective periods are equal. 8. Dividends Six months ended 30 June 2026 2025 (unaudited) (unaudited) HK$’000 HK$’000 Dividends recognised as distribution during the period: 2026: Nil (2025: Nil) — — The directors do not recommend the payment of an interim dividend in respect of the period ended 30 June 2026 (2025: Nil).
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– 21 – 9. Movements in Property, Plant and Equipment During the six months ended 30 June 2026, there was an addition of approximately HK$145,407,000 to the Group’s property, plant and equipment (six months ended 30 June 2025: HK$9,698,000). No property, plant and equipment were disposed of during the six months ended 30 June 2026 (six months ended 30 June 2025: Nil). 10. Interests in Associates 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Unlisted Investments: In PRC 631,367 566,027 In Singapore 2,140,180 2,007,460 2,771,547 2,573,487 The following table shows information of associates that are material to the Group. These associates are accounted for in the condensed consolidated financial statements using the equity method. The summarised financial information presented is based on the HKFRS financial statements of the associates. Name Principal place of business and place of incorporation Principal activities % of ownership interests/ voting rights held by the Group 30 June 2026 31 December 2025 ʮ̡ ( “㒥ஷ”) The PRC Ore commodity trading and processing 30% 30% Green Esteel Pte. Ltd. (“Green Esteel”) Singapore Investment holding and trading of iron ore and hot briquetted iron 20.2% 20.2% ʮ̡ ( “ฯ”) The PRC Ore commodity trading, import and export of goods 49% 49%
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– 22 – 11. Inventories 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Raw materials and finished goods 4,512,671 3,549,520 Less: provision for impairment (48,968) (22,443) 4,463,703 3,527,077 12. Trade and Bills Receivables 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Trade and bills receivables 4,881,050 3,744,904 Trade and bills receivables as at the end of reporting period mainly represent receivables from trading customers and relevant bills issuing banks in relation to the sale of commodities. The majority of the Group ’s sales have required the payments in advances prior to the issuance of goods sold and the remaining are on letter of credit or document against payment. The remaining sales are with average credit period of 30 to 90 days (31 December 2025: 30 to 90 days). The aging analysis of trade receivables, based on the invoice due date and before loss allowance, is as follows: 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) 0 to 90 days 3,663,529 2,308,575 91 to 180 days 89,020 92 Over 180 days 158,299 4,921 3,910,848 2,313,588 The Group has policy of providing allowance for bad and doubtful debts which is based on the evaluation of collectability and aging analysis of accounts and on management ’s judgment including credit worthiness and past collection history of each debtor.
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– 23 – In determining the recoverability of the trade and bills receivables and interest receivables, the Group considers any changes in the credit quality of the trade and bills receivables and interest receivables from the date credit was initially granted up to the end of the reporting period. No allowance for bad and doubtful debts are provided for trade receivables and bills receivables during the Interim Period and at the end of the reporting period. 13. Accounts Receivables 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Arising from the business of dealing in futures contracts: — Brokers and dealers — representing customer balances — 2,700,498 — representing house balances 145,116 47,616 145,116 2,748,114 Arising from financial services provided: — Customers — 23,576 145,116 2,771,690 Accounts receivables from brokers and dealers are all current and repayable on demand. No aging analysis is disclosed as in the opinion of Directors, the aging analysis does not give additional value in view of the nature of broking business. The Group has a policy for determining the allowance for impairment based on the evaluation of collectability and management’s judgment, including the creditworthiness, collateral and past collection history of the counter- parties.
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– 24 – 14. Derivative Instruments Contract/ Notional amount Assets Liabilities Contract/ Notional amount Assets Liabilities 30 June 2026 30 June 2026 30 June 2026 31 December 2025 31 December 2025 31 December 2025 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 (unaudited) (unaudited) (unaudited) (audited) (audited) (audited) Future contracts — Sales 18,055,789 799,020 (418,288) 14,272,761 163,369 (450,511) — Purchases 16,832,942 423,524 (899,473) 13,498,571 539,681 (184,413) Total derivative instruments 1,222,544 (1,317,761) 703,050 (634,924) 15. Prepayments, Deposits and Other Receivables 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Prepayments for goods 1,000,215 207,181 Prepayment for equity interest subscription 592,900 221,779 Prepayment under framework supply agreement 572,453 166,334 Loans granted to third parties 78,700 78,700 Value added tax (“VAT”) receivables 272,680 175,940 Other deposits and receivables 123,762 90,634 Other prepayments 5,501 5,758 2,646,211 946,326
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– 25 – 16. Cash and Bank Balances 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Cash at bank — General accounts 3,066,182 1,962,296 — Restricted deposits 659,490 725,462 — Trust and segregated accounts — 5,031,853 3,725,672 7,719,611 The Group’s restricted bank deposits mainly represented deposits for securing bill payables and banking facilities granted to the Group to the condensed consolidated financial statements. The Group maintains segregated trust accounts with licensed financial institutions and approved bank incorporated outside Hong Kong to hold clients ’ monies arising from its normal course of business. The Group has classified the clients’ monies as bank trust account balances under the current assets section of the condensed consolidated statement of financial position and recognised the corresponding accounts payables to respective clients on the ground that it is liable for any loss or misappropriation of the client ’s monies. The Group is not permitted to use the clients’ monies to settle its own obligations. 17. Trade and Bills Payables 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Trade and bills payables 8,656,906 5,805,074 The aging analysis of trade payables, based on the date of receipt of goods, is as follows: 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Within 90 days 5,921,173 4,886,167 91–180 days 902,772 260,648 181–365 days 745,608 17,537 Over 1 year 4,381 12,088 7,573,934 5,176,440
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– 26 – 18. Accounts Payables 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Arising from the business of dealing in futures contracts 45,489 4,903,174 Accounts payables arising from business of dealing in futures contracts are margin deposits received from clients for their trading of these contracts. The required margin deposits are repayable upon the closure of the corresponding futures contracts position. The excess of the outstanding amounts over the required margin deposits stipulated are repayable to clients on demand. 19. Share Capital Number of ordinary shares of HK$0.0025 each ’000 HK$’000 Authorised: At 1 January 2025 (audited), 31 December 2025 (audited) and 30 June 2026 (unaudited) 200,000,000 500,000 Issued and fully paid: At 1 January 2025 (audited) and 31 December 2025 (audited) 14,286,345 35,716 Issue of new shares under the General Mandate (i) 515,000 1,287 At 30 June 2026 (unaudited) 14,801,345 37,003 Note: On 18 December 2025, the Company and the Subscribers entered into the subscription agreements, in which a total 515,000,000 new ordinary shares of par value of HK$0.0025 each of the Company would be issued at HK$0.69 per subscription share with an aggregate consideration of approximately HK$355.3 million. The issue of new shares under the general mandate was completed on 13 February 2026. Approximately HK$1,287,500 was credited to share capital and the remaining balance of approximately HK$354 million (net of issuing expenses of approximately HK$100,000) was credited to the share premium account. For details, please refer to the announcements of the Company dated 18 December 2025, 28 January 2026 and 13 February 2026.
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– 27 – 20. Related Party Transactions Except for the related party transactions disclosed elsewhere in the condensed consolidated financial statements, the Group has the following material transactions with its related parties as defined in HKAS 24 and/or connected person as defined in the Listing Rules during the period: Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) Key management compensation Salaries, allowances and other benefits in kind 3,625 2,940 Retirement benefits scheme contributions 102 100 3,727 3,040 Balances with related parties 30 June 2026 31 December 2025 HK$’000 HK$’000 (unaudited) (audited) Outstanding balances with related parties: Financial services: Accounts payable to the ultimate controlling shareholder of the Company 54 54 Accounts payable to a related party controlled by a close family member of the ultimate controlling shareholder of the Company 55,217 40,339 Accounts payable to a related party owned by the ultimate controlling shareholder of the Company 43,769 347,282 Accounts payable to a non-controlling interest party 29,259 25,829 Accounts payable to an associate of the Company 17,917 17,053 Distribution, trading and processing: Trade receivables from a related party owned by the ultimate controlling shareholder of the Company 18,236 — Trade receivables from related parties controlled by a close family member of the ultimate controlling shareholder of the Company 35,824 56,649 Deposits paid to related parties controlled by a close family member of the ultimate controlling shareholder of the Company 41,602 18,335 Trade payables to related parties controlled by a close family member of the ultimate controlling shareholder of the Company 31,149 90,252 Trade receivables from an associate of the Company 3,463 140,696 Deposits paid to an associate to the Company 2,277 — Deposits received from an associate of the Company 13,184 — Other payables to an associate of the Company 161,906 — Deposits paid to a related party controlled by associates of a director 398,982 —
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– 28 – As at 30 June 2026, the Group had accounts receivable from related parties and accounts payable to related parties which were arising from the Group’s ordinary course of commodities and futures broking and derivatives dealing. Accounts receivable/payable from/to related parties are set at the same terms as those normally offered to third party clients. Other transactions with related parties Six months ended 30 June 2026 2025 HK$’000 HK$’000 (unaudited) (unaudited) Material transactions with related parties: Financial services: Brokerage and commission fee income from related party controlled by a close family member of the ultimate controlling shareholder of the Company 1,486 2,516 Brokerage, interest income and commission fee income from a related party owned by the ultimate controlling shareholder of the Company 9,165 19,517 Brokerage and commission fee income from a certain non-controlling interest party 363 300 Distribution, trading and processing: Sales of trading commodities to a related party owned by the ultimate controlling shareholder of the Company 66,898 33,215 Purchase of trading commodities from a related party owned by the ultimate controlling shareholder of the Company 141,173 117,505 Sales of trading commodities to and processing income from related parties controlled by a close family member of the ultimate controlling shareholder of the Company 50,526 101,471 Purchase of trading commodities from related parties controlled by a close family member of the ultimate controlling shareholder of the Company 6,789 2,333 Logistics fees paid to related parties controlled by a close family member of the ultimate controlling shareholder of the Company 93,570 108,118 Purchase of trading commodities from an associate of the Company 64,704 — Sales of trading commodities to associates of the Company 2,454,017 34,413 Others: Lease payment made to a related party owned by the ultimate controlling shareholder of the Company 5,420 4,730 Lease payment made to an associate of the Company 4,655 2,882 Loan repayment to an associate of the Company 1,170,000 361,920
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– 29 – Brokerage income and commission fee was received from related companies in the ordinary course of the Group’s business of commodities and futures broking and derivatives dealing. It is inclusive of the brokerage and commission fees paid to the Group ’s service suppliers, which are the direct members of Singapore Exchange, Nasdaq Futures, ICE Futures US, New York Mercantile Exchange and London Metal Exchange. Commission rates are set at the same level as those normally offered to third party clients. 21. Fair Value Measurements The carrying amounts of the Group ’s financial assets and financial liabilities as reflected in the condensed consolidated statement of financial position approximate their respective fair values. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following disclosures of fair value measurements use a fair value hierarchy that categorises into three levels the inputs to valuation techniques used to measure fair value: Level 1 inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2 inputs: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs: unobservable inputs for the asset or liability. The Group’s policy is to recognise transfers into and transfers out of any of the three levels as of the date of the event or change in circumstances that caused the transfer.
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– 30 – Disclosures of level in fair value hierarchy: At 30 June 2026 Fair value measurements using: Description Level 1 Level 2 Level 3 Total HK$’000 HK$’000 HK$’000 HK$’000 (unaudited) (unaudited) (unaudited) (unaudited) Recurring fair value measurements: Financial assets at FVTOCI: Bills receivables measured at fair value — — 696 696 Private equity investment in the PRC — — 21,270 21,270 — — 21,966 21,966 Financial assets at FVTPL: Listed securities in Hong Kong and overseas 212,604 — — 212,604 Private equity investment — — 69,389 69,389 Unlisted funds — — 144,042 144,042 212,604 — 213,431 426,035 Derivative instruments — Assets 1,222,544 — — 1,222,544 — Liabilities (1,317,761) — — (1,317,761) (95,217) — — (95,217) Total recurring fair value measurements 117,387 — 235,397 352,784
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– 31 – At 31 December 2025 Fair value measurements using: Description Level 1 Level 2 Level 3 Total HK$’000 HK$’000 HK$’000 HK$’000 (audited) (audited) (audited) (audited) Recurring fair value measurements: Financial assets at FVTOCI: Bills receivables measured at fair value — — 44,119 44,119 Private equity investment in the PRC — — 20,395 20,395 — — 64,514 64,514 Financial assets at FVTPL: Listed securities in Hong Kong and overseas 319,323 — — 319,323 Unlisted funds — — 31,059 31,059 319,323 — 31,059 350,382 Derivative instruments — Assets 703,050 — — 703,050 — Liabilities (634,924) — — (634,924) 68,126 — — 68,126 Total recurring fair value measurements 387,449 — 95,573 483,022 During the six months ended 30 June 2026 and year ended 31 December 2025, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3. The Group’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.
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– 32 – Movements in Level 3 fair value measurements Description Financial assets at FVTPL Funds Financial assets at FVTPL Equity investment Financial assets at FVTOCI Bills receivables Financial assets at FVTOCI Equity investment Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 At 1 January 2026 (audited) 31,059 — 44,119 20,395 95,573 Purchase/(redemption) 112,983 69,389 (43,423) — 138,949 Total gains or losses recognised — in profit or loss (#) (unaudited) — — — — — — in other comprehensive income (unaudited) — — — 875 875 At 30 June 2026 (unaudited) 144,042 69,389 696 21,270 235,397 (#) Include gains or losses for assets held at end of reporting period — — — — — Description Financial assets at FVTPL Funds Financial assets at FVTOCI Equity investment Total HK$’000 HK$’000 HK$’000 At 1 January 2025 (audited) 80,158 19,572 99,730 Purchase — — — Total gains or losses recognised — in profit or loss (#) (unaudited) (13,405) — (13,405) — in other comprehensive income (unaudited) — 581 581 At 30 June 2025 (unaudited) 66,753 20,153 86,906 (#) Include gains or losses for assets held at end of reporting period (13,405) — (13,405)
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– 33 – The Group’s chief financial officer is responsible for the fair value measurements of assets and liabilities required for financial reporting purposes, including level 3 fair value measurements. The chief financial officer reports directly to the Board of Directors for these fair value measurements. Discussions of valuation processes and results are held between the chief financial officer and the Board of Directors at least twice a year. For level 3 fair value measurements, the Group will normally engage external valuation experts with the recognised professional qualifications and recent experience to perform the valuations. The valuation methods currently adopt for these level 3 financial assets at fair value are: At 30 June 2026 Description Valuation Technique Unobservable inputs Fair value Effect on fair value for increase of inputs HK$’000 (unaudited) Unlisted equity securities classified as equity investment at FVTOCI and FVTPL Market approach — Guideline Transaction Method Reference to the most recent shares transactions of the target company with independent third party 90,659 Increase Marketability discount and P/E multiple Decrease Bills receivables measured at FV TOCI Discounted cash flows Discount rate 696 Decrease Unlisted funds classified as equity investment at FVTPL Net asset approach Net asset value 144,042 Increase
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– 34 – At 31 December 2025 Description Valuation Technique Unobservable inputs Fair value Effect on fair value for increase of inputs HK$’000 (audited) Unlisted equity securities classified as equity investment at FVTOCI Market approach — Guideline Transaction Method Reference to the most recent shares transactions of the target company with independent third party 20,395 Increase Marketability discount and P/E multiple Decrease Bills receivables measured at FVTOCI Discounted cash flows Discount rate 44,119 Decrease Unlisted funds classified as equity investment at FVTPL Net assets approach Net asset value 31,059 Increase 22. Capital Commitments As at 30 June 2026, the Group had no material capital commitments (31 December 2025: Nil).
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– 35 – 23. Events after the Reporting Period On 9 July 2026, (i) the sellers, being indirect wholly-owned subsidiaries of BPI Financial Group Limited, a non-wholly owned subsidiary of the Company (the “Sellers”), (ii) BPI Financial Group Limited as the Sellers ’ guarantor, and (ii) Marex Group Limited as the purchaser (the “Purchaser”), entered into the sale and purchase agreement (the “SP Agreement”), pursuant to which the Sellers have agreed to jointly and severally sell, and the Purchaser has agreed to purchase, the entire equity interests held by the Sellers, comprising 100% of each of Bright Point International Futures Limited, Bright Point International Digital Assets Pte. Ltd., Bright Point International Financial (UK) Limited, Bright Point International Financial (SG) Pte. Ltd., Guang Dian (Shanghai) International Trading Limited (Έᓃ ( ɪऎ) ʮ̡), Majulah Equity Partners Pte. Ltd. and Multi Excellence Portfolio VCC (the “Target Group”). The consideration shall be determined in accordance with the formula and adjustments set out in the SP Agreement and, for reference, is estimated to be approximately HK$1,304 million (based on the Target Group ’s net asset value as at May 2026 to calculate the estimated tangible net asset value). Upon completion, the Target Group will cease to be subsidiaries of the Company and their financial results, assets and liabilities will no longer be consolidated into the consolidated financial statements of the Group. For details, please refer to the announcement of the Company dated 9 July 2026. On 9 July 2026, the Company announced that the conditions precedent to completion under the sale and purchase agreement dated 26 August 2025 in relation to the acquisition of 60% equity interest in τᏏูϪ㛬௴Άุ၍ଣ ʮ̡ had not been fulfilled. Accordingly, the sale and purchase agreement has lapsed and the acquisition will not proceed. The Board considers that the lapse of the sale and purchase agreement and the termination of the acquisition will not have any material adverse effect on the business, operations or financial position of the Group. For details, please refer to the announcement of the Company dated 9 July 2026. Save as disclosed in Note 6 and disclosed as above, the Directors are not aware of any other significant events requiring disclosure that have taken place subsequent to 30 June 2026 and up to the date of this interim announcement. 24. Approval of Condensed Consolidated Financial Statements The condensed consolidated financial statements were approved and authorised for issue by the Board of Directors on 31 August 2026.
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– 36 – MANAGEMENT DISCUSSION AND ANALYSIS Deep Source Holdings Limited (formerly known as Theme International Holdings Limited) (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are principally engaged in (i) distribution, trading and processing of bulk commodities and related products in Hong Kong, Singapore and the PRC; and (ii) provision of securities and derivatives financial services, margin financing and fund management in Hong Kong and Singapore. Financial and Business Review Revenue, profit for the period and basic earnings per share of the Group for the six months period ended 30 June 2026 and 2025 are summarised as follows: Revenue from continuing operations Profit for the period Basic earnings per share 2026 2025 2026 2025 2026 2025 HK$’000 HK$’000 HK$’000 HK$’000 (restated) From operations 14,963,871 10,011,548 513,415 369,906 HK2.58 cents HK2.39 cents The Group recorded a total revenue from continuing operations of approximately HK$14,963,871,000 (2025: approximately HK$10,011,548,000) for the six months period ended 30 June 2026 (the “Interim Period”) representing an increase of approximately 49% over the six months period ended 30 June 2025 (the “Corresponding Period”). Further analysis of the Group ’s revenue from continuing operations in the Interim Period and Corresponding Period is as follows: Six months ended 30 June 2026 2025 Revenue Revenue HK$’000 HK$’000 (restated) Products Iron Ore 11,968,938 5,951,531 Other commodities and processing income (Note) 2,571,429 3,785,585 Distribution, trading and processing 14,540,367 9,737,116 Financial Services 423,504 274,432 14,963,871 10,011,548 Note: Other commodities mainly represent steel products, nickel ore and chrome ore, etc.
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– 37 – The distribution, trading and processing business contributed to the majority of the Group’s revenue in the Interim Period. Iron ore trading represented the main commodity products of the distribution, trading and processing business. During the Interim Period, we also had other commodities trading such as chrome ore, nickel ore, and steel products. Revenue from the distribution, trading and processing business increased from approximately HK$9,737,116,000 in the Corresponding Period to approximately HK$14,540,367,000 in the Interim Period. The increase was mainly due to the increase in the trading volume of iron ore. During the Interim Period, the Group recorded revenues from the provision of financial services from continuing operations of approximately HK$423,504,000 (2025: approximately HK$274,432,000). The increase in revenue during the Interim Period was due to the increase of the trading activities. Gross profit from continuing operations of the Group increased from approximately HK$235,826,000 in the Corresponding Period to approximately HK$452,403,000 in the Interim Period, mainly due to stable development of the Group ’s existing distribution, trading and processing segment and financial services segment. Other gains of approximately HK$120,275,000 (2025: other gains of approximately HK$41,215,000) were recorded during the Interim Period. Interest income on bank deposits totalling HK$31,875,000 (2025: approximately HK$28,334,000) was recorded during the Interim Period. Also, exchange gains amounted to approximately HK$37,690,000 during the Interim Period. Besides, during the Interim Period, we recorded net realised gain on derivative instruments of approximately HK$170,941,000, which was partly offset by loss on fair value changes of financial assets through profit or loss of approximately HK$108,053,000 (2025: approximately HK$13,405,000). Also, we recorded provision for impairment on inventories of approximately HK$26,525,000 during the Interim Period. Selling and distribution expenses of approximately HK$45,573,000 (2025: approximately HK$16,901,000) were incurred during the Interim Period, mainly attributable to the charges paid when importing cargoes into China. Administrative expenses increased from approximately HK$94,924,000 during the Corresponding Period to approximately HK$132,242,000 in the Interim Period, mainly due to the increase in staff cost. Finance costs of approximately HK$16,662,000 (2025: approximately HK$8,849,000) were incurred during the Interim Period for the factoring of the Group ’s trade receivables and for the settlement of interests arising from outstanding trust receipt loans. Share of profits of associates totalling HK$134,457,000 (2025: HK$140,354,000) was recorded during the Interim Period. They mainly arose from the share of profits of associates named ஹථಥ ʮ̡ (Lianyungang Hengxintong Mining Co., Ltd.*), Green Esteel Pte. Ltd. and ʮ̡.
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– 38 – Income tax expense amounted to approximately HK$72,745,000 in the Interim Period (2025: HK$26,553,000). The rise was due to the increase in net profits. Profits from discontinued operations amounted to HK$73,502,000 during the Interim Period (2025: HK$99,738,000). The net profit for the Interim Period rose from around HK$369,906,000 in the Corresponding Period to approximately HK$513,415,000 in the Interim Period. The increase in net profit was primarily due to stable development of the Group ’s existing distribution, trading and processing segment and financial services segment. Net profit for the Interim Period attributable to shareholders of the Company rose from approximately HK$321,849,000 in the Corresponding Period to approximately HK$378,848,000 in the Interim Period. The Group recorded a basic earnings per share of approximately HK2.58 cents in the Interim Period as compared to a basic earnings per share of approximately HK2.39 cents in the Corresponding Period. Future Prospects In 2026, while continuing to develop the financial services business and the distribution, trading and processing business, the Group will actively explore and evaluate potential development opportunities and gradually establish the direction of strategic transformation. (i) Financial Services Business The principal activities of the Company includes the provision of a wide range of financial services. – Money Lending The Group carried out money lending business in Hong Kong through Asia Develop Limited, a company incorporated in Hong Kong and a wholly-owned subsidiary of the Company, which has a money lender ’s licence in Hong Kong under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong). Target customers include corporate customers in Hong Kong, with target loans mainly denominated in Hong Kong dollars for a period of one year in general but could be extended to mutual agreement. The loans are usually secured by collaterals or backed by guarantee.
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– 39 – – Assets Management and Fund Management In December 2020, the Monetary Authority of Singapore approved the registration of a subsidiary of the Group as a Registered Fund Management Company. The subsidiary was subsequently transitioned to a Licensed Fund Management Company in July 2024. The Licensed Fund Management Company manages collective investment funds that focus on trading listed derivatives and other capital market products. Its investors comprise accredited investors, and the Company plans to expand its offerings by launching additional funds to further diversify investment opportunities. In 2025, the Securities and Futures Commission of Hong Kong has also granted to the Group licences to carry out Type 4 (advising on securities) and Type 9 (asset management) regulated activity under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). (ii) Distribution, Trading and Processing Business In 2026, the market in China remained stable. The Group continues to focus on its development and expansion in Hong Kong, Singapore and China. The Group is actively seeking merger and acquisition opportunities, with a strategic focus on the Chinese, Indonesian, Australian and Malaysian markets. This initiative is intended to steadily broaden our business footprint and enhance our resource portfolio. Please refer to our prior announcements for further information.
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– 40 – (iii) Others Following the completion of the Company ’s name change in 2025, the Group has actively explored and evaluated potential development opportunities, and has progressively proposed and refined its development direction of focusing on the lithium value chain and areas related to artificial intelligence infrastructure for strategic transformation, based on its existing businesses and leveraging the controlling shareholder ’s global footprint and deep expertise in the resources and energy sectors. Management believes that the lithium value chain is an important connection for the Group to extend from its traditional commodities business into the new energy sector. Since 2026, the Group has continued to promote the development of businesses related to the lithium value chain, advancing industrial layout and talent acquisition around segments such as spodumene ore, processing, lithium products and upstream resources, with a view to expanding the Group’s presence across the entire lithium supply chain. Management believes that the rapid development of the artificial intelligence industry is not only reshaping the global industrial order and the landscape of technological competition, but is also redefining the value of resources and energy. The Group possesses advantages in cross- border resource allocation, supply chain management and industrial cooperation, and, with the support of the controlling shareholder, has a solid foundation and development potential to further expand related businesses. The Group has commenced planning and implementation of relevant initiatives to support future business activities and subsequent business growth, and will make announcements in due course in accordance with applicable rules and relevant requirements. Looking ahead to the second half of the year, the Group plans to further refine its strategic layout and operational framework to support future business expansion, thereby promoting the steady implementation of the Group’s strategic transformation and creating long-term value for shareholders.
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– 41 – Fund Raising Activities Issue of new shares under the General Mandate in June 2025 On 13 June 2025, the Company entered into certain subscription agreements with no fewer than 6 independent third parties to allot and issue an aggregate of 815,000,000 new shares of the Company at the subscription price of HK$0.5 per subscription share. These subscription agreements have been fulfilled and the completion of the subscription took place on 27 June 2025. The net proceeds from the subscription was approximately HK$407,400,000. The net proceeds from the Subscription will be used as follows: (i) as to approximately 10-20% for expansion of the Group ’s business in Indonesia through acquisitions or joint ventures; (ii) as to approximately 30-40% for acquisition of mining of nickel and bauxite deposits; (iii) as to approximately 20-30% for trading and processing of nickel and bauxite; (iv) as to approximately 10-20% for construction of logistics transportation systems and fleets; and (v) the balance for general working capital. Details of the subscription are set out in the announcements of the Company dated 13 June 2025, 17 June 2025 and 27 June 2025, and in the “Use of Proceeds” section below. Issue of new shares under the General Mandate in December 2025 On 18 December 2025, the Company entered into certain subscription agreements with no fewer than 6 independent third parties to allot and issue an aggregate of 515,000,000 new shares of the Company at the subscription price of HK$0.69 per subscription share. These subscription agreements have been fulfilled and the completion of the subscription took place on 13 February 2026. The net proceeds from the subscription was approximately HK$355,300,000. The net proceeds from the Subscription will be used to finance the establishment of the operating joint venture and to enter into and perform the offtake agreement in Australia. Details of the subscription are set out in the announcements of the Company dated 18 December 2025, 28 January 2026 and 13 February 2026, and in the “Use of Proceeds” section below.
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– 42 – Use of Proceeds The Company has conducted the following fund raising activities in the past twelve months immediately before the date of this interim announcement: Date of announcements Fund raising activity Net proceeds raised Proposed use of the net proceeds Actual use of the net proceeds as at the date of this interim announcement (approximately) 13 June 2025, 17 June 2025 and 27 June 2025 Subscription of 815,000,000 new shares under the general mandate HK$407.4 million (i) as to approximately 10-20% for expansion of the Group ’s business in Indonesia through acquisitions or joint ventures; Approximately HK$1.6 million has been used for the part (i) for expansion of the Group’s business in Indonesia through acquisitions or joint ventures; and approximately HK$122 million has been used for the part (iii) trading and processing of nickel and bauxite. The remaining funds of approximately HK$283.8 million were still unused and expected to be utilized by the end of 2026. (ii) as to approximately 30-40% for acquisition of mining of nickel and bauxite deposits; (iii) as to approximately 20-30% for trading and processing of nickel and bauxite; (iv) as to approximately 10-20% for construction of logistics transportation systems and fleets; and (v) the balance for general working capital 18 December 2025, 28 January 2026 and 13 February 2026 Subscription of 515,000,000 new shares under the general mandate HK$355.3 million to finance the establishment of the Operating JV and to enter into and perform the Offtake Agreement in Australia Remain unused and expected to be utilized by the end of 2026. Save as disclosed above, the Company has not conducted any other equity fund raising activities in the Interim Period and the period immediately prior to the date of this interim announcement.
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– 43 – SUSPECTED BREACH OF FIDUCIARY DUTIES AND MISAPPROPRIATION OF FUNDS As disclosed in the announcement of the Company dated 9 August 2024, the management of the Company has discovered and reported to the Board that a director (also acting as the chief executive officer) and certain employees of an indirect non-wholly owned subsidiary of the Company in Singapore (the “SG Subsidiary”), are suspected to have breached fiduciary duties and misappropriated certain funds of the SG Subsidiary (the “Suspected Misappropriation ”), which is mainly engaged in trade facilitation services of physical gold and silver. The Company had made provisions of approximately HK$167 million during the year ended 31 December 2024. The Company has already reported the Suspected Misappropriation to the Singapore Police on 19 July 2024 and began legal proceedings against the suspected director, certain employees and certain counterparties. The suspected director and certain employees of the SG Subsidiary have been terminated from employment. The SG Subsidiary has been instructed to cease all operations pending conclusion of the case. The legal proceedings in relation to the Suspected Misappropriation are still on-going. The Company places great importance on effective internal control systems, and is committed to preventing the re-occurrence of a similar issue. In light of the Suspected Misappropriation and to enhance the internal control of the Company, the Company has commissioned an internal control review of the SG Subsidiary by RSM SG Corporate Advisory Pte. Ltd. ( “RSM Advisory ”), the Singapore branch of a reputable global audit firm. The Company has considered the findings and has adopted and implemented the recommendations of RSM Advisory. For details, please refer to the section headed “(M) Key Findings of the Internal Control Review of the SG Subsidiary involved in the Suspected Misappropriation ” of the Corporate Governance Report contained in the 2024 Annual Report of the Company. In addition, the Board has commissioned professional experts to carry out investigation and forensic work for the purpose of clearly identifying and supporting the extent of loss to be recovered from the individuals and/or parties involved in the Suspected Misappropriation and confirming that the irregularities were confined to the SG subsidiary and the involved individuals. Investigation and Forensic Work have been completed. The Board would make all reasonable efforts to resolve this matter and recover funds. However, the legal proceedings in this connection are on-going and would not be completed in the near future. To the best knowledge, information and belief of the Board, its assessment is that the Suspected Misappropriation did not impact the day-to-day operations of the Group and would not have a material adverse effect on its cash flow, financial position and business operations. The Company will make timely announcements to update the Shareholders and potential investors of the Company on this matter, in particular the result of the investigations and proceedings, as and when appropriate.
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– 44 – INTERIM DIVIDENDS The Directors do not recommend the payment of an interim dividend in respect of the period ended 30 June 2026 (2025: Nil). SHARE REPURCHASE As mentioned in the annual result announcement of the Company dated 28 March 2024, the Board has approved a share repurchase program authorizing the Company to purchase up to an aggregate of approximately HK$270 million of the Company ’s stock in compliance with the Listing Rules. Shareholders and potential investors of the Company should note that the exercise of the share repurchase program by the Company will be subject to market conditions and will be at the Board ’s absolute discretion. There is no assurance of the timing, quantity or price of any share repurchase or whether the Company will make any repurchases at all. The Company will make further disclosures as and when appropriate and as required by the Listing Rules. As at 30 June 2026, the Company has not yet repurchased any of its shares. Subsequent to 30 June 2026 and up to the date of the interim announcement, the Company has purchased 29,910,000 ordinary shares and held them as treasury shares. EVENTS AFTER THE REPORTING PERIOD On 9 July 2026, (i) the sellers, being indirect wholly-owned subsidiaries of BPI Financial Group Limited, a non-wholly owned subsidiary of the Company (the “Sellers”), (ii) BPI Financial Group Limited as the Sellers’ guarantor, and (ii) Marex Group Limited as the purchaser (the “Purchaser”), entered into the sale and purchase agreement (the “SP Agreement”), pursuant to which the Sellers have agreed to jointly and severally sell, and the Purchaser has agreed to purchase, the entire equity interests held by the Sellers, comprising 100% of each of Bright Point International Futures Limited, Bright Point International Digital Assets Pte. Ltd., Bright Point International Financial (UK) Limited, Bright Point International Financial (SG) Pte. Ltd., Guang Dian (Shanghai) International Trading Limited (Έᓃ ( ɪऎ) ʮ̡), Majulah Equity Partners Pte. Ltd. and Multi Excellence Portfolio VCC (the “Target Group ”). The consideration shall be determined in accordance with the formula and adjustments set out in the SP Agreement and, for reference, is estimated to be approximately HK$1,304 million (based on the Target Group ’s net asset value as at May 2026 to calculate the estimated tangible net asset value). Upon completion, the Target Group will cease to be subsidiaries of the Company and their financial results, assets and liabilities will no longer be consolidated into the consolidated financial statements of the Group. For details, please refer to the announcement of the Company dated 9 July 2026.
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– 45 – On 9 July 2026, the Company announced that the conditions precedent to completion under the sale and purchase agreement dated 26 August 2025 in relation to the acquisition of 60% equity interest in ʮ̡ had not been fulfilled. Accordingly, the sale and purchase agreement has lapsed and the acquisition will not proceed. The Board considers that the lapse of the sale and purchase agreement and the termination of the acquisition will not have any material adverse effect on the business, operations or financial position of the Group. For details, please refer to the announcement of the Company dated 9 July 2026. Apart from that, the Directors are not aware of any other significant events requiring disclosure that have taken place subsequent to 30 June 2026 and up to the date of this interim announcement. CHARGES IN ASSETS Save for the restricted deposits of approximately HK$659,490,000 (31 December 2025: approximately HK$725,462,000) and property, plant and equipment of approximately HK$137,178,000 (31 December 2025: Nil), which were mainly restricted for securing bills payables and banking facilities granted to the Group, none of the Group ’s assets was charged or subject to encumbrance as at 30 June 2026. CONTINGENT LIABILITIES As at 30 June 2026, the Group had no material contingent liabilities. MATERIAL ACQUISITIONS AND DISPOSALS On 24 April 2026, the Company entered into a share purchase agreement with Tibet Summit Resources Hongkong Limited as seller, pursuant to which the Company has agreed to acquire, and the seller has agreed to sell, 100% of the issued share capital in Tortuga de Oro S.A. for a total consideration of US$70 million, equivalent to approximately HK$546 million. For details, please refer to the announcement of the Company dated 27 April 2026. Apart from that, during the period ended 30 June 2026, there was no material acquisition or disposal of subsidiaries, associates and joint ventures, which requires disclosures under the Listing Rules. SHARE CAPITAL Details of movements in the share capital of the Company during the period ended 30 June 2026 are set out in note 19 to the condensed consolidated financial statements.
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– 46 – RESERVES Details of the movements in reserves of the Group during the period are set out in the condensed consolidated statement of changes in equity on page 5 of this interim announcement. PRINCIPAL RISKS AND UNCERTAINTIES Commodities price risk The Group ’s revenue and profit for the period were affected by fluctuations in the commodities price as our goods are sold at the market prices and such fluctuation is beyond our control. The considerable fluctuation of commodities price would lead to the Group ’s instability in operating results, especially in the event of a significant drop in commodities price which would have an adverse impact to the Group’s operating results. Exposure to fluctuation in exchange rates The Group conducts its distribution and trading business in United States Dollars ( “US$”) and Renminbi ( “RMB”). Foreign currency exposure to US$ is minimal, as the Hong Kong Dollars (“HK$”) is pegged to the US$. The Group is exposed to fluctuation of transactions denominated in RMB. The Group monitors its exposure to foreign currency exchange risk on an ongoing basis. Counterparty credit and performance risk The Group continuously monitors the credit quality of our counterparties and seeks to reduce the risk of customer non-performance by requiring credit support from creditworthy financial institutions including making extensive use of credit enhancement products, such as letter of credit. Interest rate risk The Group is exposed to various risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its assets and liabilities and cash flows. Floating rate debt which is predominantly used to fund fast turning working capital is primarily based on US$ SOFR plus an appropriate premium. Accordingly, prevailing market interest rates are continuously factored into transactional pricing and terms.
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– 47 – Legal, regulatory and compliance risk Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss including fines, penalties, judgments, damages and/or settlements, or loss to reputation the Group may suffer as a result of our failure to comply with laws, regulations, rules, related self- regulatory organisation standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk such as the risk that a counterparty’s performance obligations will be unenforceable. In today ’s environment of rapid and possibly transformational regulatory change, the Group also view regulatory change as a component of legal, regulatory and compliance risk. The financial services industry is subject to extensive regulation, which is undergoing major changes that will impact our business. The Group oversees potential compliance risks, such as insider dealing, money laundering, on a regular basis. With the support of external professional advisers where appropriate, the Group monitors whether and the extent to which additional regulatory requirements apply as a result of the growth or expansion of our operations in financial services business. Like other major financial services firms, the Group is subject to extensive regulations, which significantly affect the way the Group do business and can restrict the scope of our existing businesses and limit our ability to expand our product offerings and pursue certain investments. The Group is and will continue to be subject to a more complex regulatory framework, and will incur costs to comply with new requirements as well as to monitor for compliance in the future. Price risk The Group ’s financial assets at fair value through profit or loss and derivative instruments are measured at fair value at the end of reporting period. Therefore, the Group is exposed to equity security and forward contract price risk. The Group manages this exposure by maintaining a portfolio of investments with different risk profiles. LIQUIDITY AND FINANCIAL RESOURCES As at 30 June 2026, the Group ’s net current assets were approximately HK$6,116,418,000 (31 December 2025: approximately HK$5,590,871,000), and net assets were approximately HK$9,415,517,000 (31 December 2025: approximately HK$8,401,083,000). As at 30 June 2026, there were total loans and other borrowings of approximately HK$806,551,000 outstanding (31 December 2025: HK$546,583,000).
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– 48 – As at 30 June 2026, the current ratio (as defined as current assets divided by current liabilities) was approximately 1.32 (31 December 2025: approximately 1.39) and the gearing ratio (as defined as loans and other borrowings divided by net assets) was approximately 0.09 (31 December 2025: 0.07). As at 30 June 2026, the Group had an undrawn banking letter of credit limit totalling approximately HK$3,288,334,000 (31 December 2025: approximately HK$3,246,578,000). CAPITAL EXPENDITURE AND CAPITAL COMMITMENTS The total capital expenditure of the Group for the Interim Period totaled approximately HK$145,407,000 (30 June 2025: HK$9,698,000), consisting of approximately HK$145,407,000 for addition of property, plant and equipment (30 June 2025: HK$9,698,000 for addition of property, plant and equipment). As at 30 June 2026, the Group had no material capital expenditure commitments (31 December 2025: Nil). As at 30 June 2026, the Group had no material capital commitments (31 December 2025: Nil). FUTURE PLAN FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS As at 30 June 2026, the Group does not have any other plans for material investments or capital assets. HUMAN RESOURCES As at 30 June 2026, the Group had 385 employees in total, consisting of 14 employees in Hong Kong, 136 employees in Singapore, 232 employees in the PRC and 3 employees in the United Kingdom. The remuneration committee of the Company and the Directors reviewed remuneration policies regularly. The structure of the remuneration packages would take into account the level and composition of pay and the general market conditions in the respective countries and businesses. Other than the competitive remuneration package offered to the employees, share options may also be granted to selected employees based on the Group’s performance.
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– 49 – COMPLIANCE WITH CORPORATE GOVERNANCE CODE Save and except for Code Provisions as detailed below, the Company has complied with all the Code Provisions and to a certain extent of the recommended best practices set out in the Corporate Governance Code (the “CG Code”) contained in Appendix C1 of the Listing Rules throughout the period for the six months ended 30 June 2026. Under Code Provision C.2.1 of the CG Code, the role of chairman and chief executive officer (“CEO”) should be separated and should not be performed by the same individual. Since the resignation of the chairman of the Company on 1 April 2016, the role of chairman has been vacant until identification of a suitable candidate. Mr. Wu Lei, executive director of the Company, temporarily acted as the role of chairman during the Interim Period. Mr. Jiang Jiang has been the CEO of the Company during the Interim Period. Under Code Provision F.2.2 of the CG Code, the chairman of the Board should attend the annual general meeting. Since the resignation of the chairman of the Company on 1 April 2016, the role of chairman has been vacant until identification of a suitable candidate. From 3 March 2020, the position of chairman has been temporarily acted by Mr. Wu Lei, the executive director of the Company to fill the casual vacancy. Mr. Wu Lei has attended the annual general meeting held on 30 June 2026. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding directors’ securities transactions. The Company has made specific enquiries with all directors of the Company and each of them confirmed that they have complied with the Model Code during the six months period ended 30 June 2026. PURCHASE, SALE OR REDEMPTION OF THE LISTED SECURITIES OF THE COMPANY During the six months period ended 30 June 2026, the Company has not redeemed any of its securities. Neither the Company nor any of its subsidiaries has purchased nor sold any of the Company’s securities during the six months period ended 30 June 2026.
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– 50 – AUDIT COMMITTEE The Company formulated written terms of reference for the Audit Committee in accordance with the requirements of the Stock Exchange. The Audit Committee comprises two independent non-executive directors and one non-executive director, namely Mr. Wong Hok Bun Mario, Ms. Chan Lai Ping and Mr. Ding Lin. The primary duties of the Audit Committee are to review the Company ’s annual and interim results and to review and supervise the Company ’s financial reporting and internal control procedures. The Audit Committee has reviewed the accounting principles and practices adopted by the Company and discussed the internal controls and financial reporting matters, including review of the unaudited interim financial results of the Group for the six months ended 30 June 2026. PUBLICATION OF RESULTS ANNOUNCEMENT AND INTERIM REPORT This announcement is published on the website of the Company (www.990.com.hk) and the designated issuer website of the Stock Exchange (www.hkexnews.hk). The interim report for 2026 of the Company will be despatched to the shareholders of the Company and available on the above websites in due course. By Order of the Board Deep Source Holdings Limited Wu Lei Executive Director Hong Kong, 31 August 2026 As at the date of this announcement, the executive Directors are Mr. Jiang Jiang, Mr. Wu Lei and Mr. Xu Hang; the non-executive Directors are Mr. Kang Jian, Mr. Lin Pusheng, Mr. Zhu Haifei and Mr. Ding Lin; and the independent non-executive Directors are Prof. Wu Wei, Mr. Wong Hok Bun Mario, Ms. Chan Lai Ping and Mr. Liu Song. * For identification purpose only