Nature of relationships with related parties

The amount is unsecured, non-interest bearing and repayable on demand.

¹ Bluemount Asset Management Limited (“BAML”) was appointed by Bluemount Investment Fund SPC (the “Fund”) as the investment manager (“Manager”) to manage 4 Segregated Portfolios of the Fund. Included but not limited to making investment decisions, implementing investment strategies, and ensuring compliance with applicable regulations and guidelines.

² BAML was appointed by this fund as the Manager of Global New Normal Anti-Inflation Limited Partnership Fund SPC to manage the Segregated Portfolio of this fund. Included but not limited to making investment decisions, implementing investment strategies, and ensuring compliance with applicable regulations and guidelines.

Pursuant to the supplement to the Private Placement Memorandum between Cyber SP and BAML, Cyber SP shall pay BAML an asset management fee equal to one-fourth of 0.9 per cent per quarter of the net asset value of each series of Class A shares as at the last valuation day in each quarter. The asset management fee will be calculated quarterly and payable in Hong Kong dollars in arrears as soon as reasonably practicable after the end of March, June, September and December in each year. BAML will also be entitled to receive a performance fee from Cyber SP in respect of each series of participating share in issue. For each performance period, the performance fee in respect of each series of Class A shares will be equal to forty per cent of the appreciation in the net asset value of the series during the performance period above the high water mark.

Pursuant to the supplement to the Private Placement Memorandum between Bluemount SP and BAML, Bluemount SP shall pay BAML an asset management fee equal to one-fourth of 2 per cent per quarter of the net asset value of each series of Class A shares as at the last valuation day in each quarter. The asset management fee will be calculated quarterly and payable in Hong Kong dollars annually in arrears. BAML will also be entitled to receive a performance fee from Bluemount SP in respect of each series of participating share in issue. For each performance period, the performance fee in respect of each series of Class A shares will be equal to thirty per cent of the appreciation in the net asset value of the series during the performance period above the high water mark.

Pursuant to the Private Placement Memorandum between Sunrise Global SP and BAML, Sunrise Global SP shall pay BAML an asset management fee equal to 1% per annum based on the net asset value of each series of Class A shares before deduction of that period’s management fee and before making any deduction for any accrued performance fees. The asset management fee will be calculated as at each valuation day and payable in US dollars monthly in arrears. BAML will also be entitled to receive a performance fee from Sunrise Global SP in respect of each series of Class A shares. For each performance period, the performance fee in respect of each series of Class A shares shall equal to 20% appreciation in the net asset value of the series during the performance period above the high water mark.

Pursuant to the Private Placement Memorandum between Global Strategy SP and BAML, Global Strategy SP shall pay BAML an asset management fee in respect of each series of Class A shares and Class B shares.

In respect of each series of class A shares, Global Strategy SP shall pay BAML an asset management fee equal to 1% per annum based on the net asset value of each series of Class A shares before deduction of that period’s management fee and before making any deduction for any accrued performance fees. The asset management fee for Class A shares will be calculated as at each valuation day and payable in US dollars quarterly in arrears as soon as reasonably practicable after the end of March, June, September and December in each year.

In respect of each series of class B shares, Global Strategy SP shall pay BAML an asset management fee equal to 5% for the first calendar year and 1% per annum thereafter based on the net asset value of each series of Class B shares before deduction of that period’s management fee and before making any deduction for any accrued performance fees. The asset management fee for Class B shares for the first calendar year of its relevant subscription day will be calculated at the end of the offering period and on each subscription day and payable in US dollars in advance. After the end of the first calendar year from the relevant subscription day for each series of Class B shares, the asset management fee for Class B shares will be calculated as at each valuation day and payable in US Dollars quarterly in arrears as soon as reasonably practicable after the end of March, June, September and December in each year.

BAML will also be entitled to receive a performance fee from Global Strategy SP in respect of each series of Class A shares and Class B shares. For each performance period, the performance fee in respect of each series of Class A shares and Class B shares shall equal to 10% of the excess return and 10% appreciation in the net asset value of the series above the high water mark respectively during the performance period.

Bluemount Investment Fund SPC is considered a related party to the Group since both entities share common director.

Pursuant to the investment management agreement dated April 19, 2023 between Global New SPC and BAML, Global New SPC shall pay BAML a fixed monthly fee of HK$30,000 at the end of each month. The monthly fee will be payable in Hong Kong dollar in arrears as soon as reasonably practicable after the end of each month. In addition, Global New SPC shall also pay BAML an asset management fee equal to 0.5% per quarter of the net asset value of each series of portfolio (before deduction of that quarter's management fee) as at the last valuation day in each quarter. The asset management fee will be calculated quarterly and payable in Hong Kong dollar in arrears as soon as reasonably practicable after the end of March, June, September and December in each year.

Global New SPC is considered as a related party to the Group. This classification arises because the Group has been designated as the investment manager for this fund. On December 31, 2023, BAML issued a termination letter to resign as investment manager with Global New SPC, effective from 1 March 2024  .

The above balances are unsecured and repayable on demand except for the outstanding dividend payables by Bluemount Financial Group Limited to Echo International Holdings Group Limited which has a stated interest rate of at 7% per annum.

* With effect from October 18, 2023, ECGO International Limited, the former related company, is no longer a substantial shareholder of one of the shareholders of the Company as it has disposed the corresponding equity shares. For information purpose, the loan from ECGO International Limited amounted to HK$150,000 and HK$150,000 as of March 31, 2024 and 2025, respectively.

Particulars of the subsidiaries as of March 31, 2024 and 2025 are as follows: