Lai Chee Ma
General Manager of Corporate Business Development Department

Good afternoon. Welcome to the CK Asset Holdings Limited 2025 Annual Results Analyst Presentation. My name is Gerald. On my right are two of my fellow ExCo members, Simon Man and Yue Seng Chiu. Our Chairman, Mr. Victor Li, will join us shortly for the Q&A session after the presentation.

So we’ll quickly go into it, 2025 results highlights. Revenue came to HKD 85.85 billion, up 19.9%. Profit before investment property revaluation, HKD 11.96 billion or HKD 3.42, up 2.7%. We recorded an IP revaluation deficit of HKD 1.11 billion last year or HKD 0.32, leading to a profit attributable to shareholders of HKD 10.85 billion or HKD 3.10, down 20.3%. We declared a final dividend of HKD 1.39, making full year dividend HKD 1.78. Dividend per share, hence up 2.3% over last year. Net book value per share also has risen by 2.3% to HKD 113.28.

Turning to our principal activities. 76% of our revenue and 85% of our profit contribution are now recurring in nature. By geography, 31% of contribution from Hong Kong, 11% from the Mainland and 58% from overseas, making us a very different company compared to other property companies in Hong Kong.

Looking at divisional performances, property sales. So we recorded much stronger sales recognition this year — last year, but margins were low due to provisions for properties for sale. Revenue came to HKD 20.45 billion, up 105.3%. Profit contribution after provisions at HKD 2.7 billion, up 24%. Overall margin post provision was 13.4%.

SAN FRANCISCO — A federal jury in San Francisco found Elon Musk liable Friday, March 20, 2026, for misleading Twitter shareholders by deliberately driving down the company’s stock price in the months leading up to his $44 billion acquisition in 2022, though it absolved him of broader fraud claims including an intentional scheme to defraud.

The nine-person jury deliberated for three days after a three-week trial that featured Musk’s in-person testimony earlier in March. Jurors concluded that two specific tweets from May 2022 — including one claiming the Twitter deal was “temporarily on hold” — contained false statements that caused a plunge in Twitter’s share price, harming investors who sold based on those statements. The jury cleared Musk on other allegations, such as podcast comments and a wider conspiracy to mislead.

The verdict in the class-action securities lawsuit could expose Musk — the world’s richest person with a net worth near $850 billion — to damages potentially in the billions, though the exact amount will be determined in a separate phase. Plaintiffs sought up to $2.6 billion in some calculations. Musk’s legal team vowed to appeal, calling the decision disappointing but limited in scope.

The ruling caps a years-long saga stemming from Musk’s chaotic 2022 pursuit of Twitter (now X), which began with a $44 billion offer, included attempts to back out over bot concerns, and ended with a forced completion under court pressure. Musk has long maintained his statements were protected speech or accurate reflections of due diligence issues, particularly fake accounts.

On X Saturday, Musk posted lightly amid the fallout, offering to cover TSA salaries during a hypothetical funding impasse and engaging in unrelated banter about physics, AI and Grok. He made no direct comment on the verdict in visible recent posts.

The decision comes amid other major developments in Musk’s empire. SpaceX, his rocket company, is advancing confidential IPO preparations, with filings potentially as early as March and a mid-2026 listing targeting a valuation exceeding $1.75 trillion — potentially the largest ever. Starlink, its satellite internet arm, drives most revenue, while February’s merger with Musk’s xAI (valuing the combined entity at $1.25 trillion) integrates Grok AI, orbital data centers and compute resources for massive-scale artificial intelligence.

Tesla, meanwhile, pushes aggressive timelines for robotaxi rollout. Musk stated Thursday that driverless services will become “very, very widespread” across the U.S. by year’s end, expanding from pilot cities to Dallas, Houston, Phoenix, Miami, Orlando, Tampa and Las Vegas in the first half of 2026. He tempered expectations on Cybercab and Optimus humanoid robot production, calling early rates “agonizingly slow” before eventual rapid scaling.

Tesla converted its $2 billion xAI investment into a SpaceX stake following the merger, formalizing ties among Musk’s companies ahead of potential SpaceX public debut. Musk has described orbital AI infrastructure as the path to unlimited compute powered by solar energy in space, predicting 2026 as a pivotal year for the “singularity” — where machine and human intelligence converge.

Neuralink continues human trials for brain-computer interfaces, with plans for high-volume production and automated implantation in 2026. Musk’s political involvement persists, including past support for Republican causes and commentary on government efficiency via DOGE initiatives.

The Twitter verdict adds legal pressure as Musk juggles Tesla’s autonomy push, SpaceX’s IPO ambitions and xAI’s rapid growth. While the ruling is civil and not criminal, it could impact investor confidence in Musk-led ventures and fuel ongoing scrutiny of his public statements on X.

As Musk navigates these crosscurrents, his influence spans transportation, space, AI and policy. The jury’s finding — that he misled investors in a landmark deal — marks a significant setback in his storied business career, even as his companies race toward transformative milestones in 2026.

By BeiChen Lin, CFA, CPA, Director, Head of Canadian Strategy

Energy volatility persists

Geopolitical developments in the Middle East drove market attention this week, with reports of energy infrastructure being targeted leading to sharp

Gold prices have remained unexpectedly weak even as geopolitical tensions in West Asia intensify—a stark contrast to gold’s traditional reputation as a safe-haven asset during global crises. Since 01 March, international gold prices have dropped nearly 13%, while domestic prices in India have fallen about 10%. Silver has corrected even more sharply, with global prices down 25% and domestic prices lower by 21%. This unusual divergence between rising geopolitical risk and falling precious metal prices highlights deeper macroeconomic forces at play. It also raises the question: Is this merely a short-term consolidation, or does it signal a structural shift in investor behaviour?

Strong U.S. Dollar Limits Safe-Haven Gains

One of the biggest factors suppressing gold is the renewed strength of the U.S. dollar. During periods of geopolitical stress, global investors flock not only to gold but also to the dollar, which offers superior liquidity and global acceptance.

The U.S. Dollar Index (DXY) has risen sharply from around 97 in mid-February to 100.15 by mid-March, reflecting strong safe-haven flows into the greenback. Since gold is dollar-priced, a stronger USD makes bullion costlier for other currency holders, dampening investment and physical demand. As a result, the usual geopolitical boost for gold has been overshadowed by the dollar’s resurgence.

Rising U.S. Treasury Yields and Higher Oil Prices Pressure Bullion

Gold has also faced pressure from rising U.S. Treasury yields. Higher yields increase the opportunity cost of holding non-yielding assets like gold, making government bonds more attractive in comparison. At the same time, surging oil prices amid the Iran–Middle East conflict have intensified inflation worries. Investors now expect central banks, especially the U.S. Federal Reserve, to keep interest rates elevated for longer. This environment strengthens yield-bearing assets and weakens gold’s appeal, even during geopolitical upheavals.

Overvaluation and Heavy Profit-Taking

Gold had already staged a robust rally before the West Asia conflict erupted. After such a steep climb, the metal entered what many considered overvalued territory. Investors were reluctant to increase their exposure at elevated levels. When volatility spiked after the conflict intensified, traders seized the opportunity to book profits, leading to liquidation pressure instead of the typical safe-haven inflows. Markets tend to react this way after extended rallies, where investors prefer locking in gains rather than adding fresh positions. This wave of profit-taking diluted the potential upside from geopolitical tensions.

Liquidity-Driven Selling and Geopolitical Risk Already Priced In

During periods of sharp market stress, investors often prioritise liquidity above all else. Gold, being one of the most liquid assets globally, frequently becomes a source of cash to cover losses, meet margin calls, or rebalance portfolios. This liquidity-driven selling has been a key factor in the recent correction, overpowering safe-haven demand. Additionally, much of the geopolitical premium was already factored in gold prices at the start of 2026. Earlier conflicts, global recession fears, and currency volatility had kept gold elevated. With markets already positioned for ongoing instability and upcoming U.S. political developments, fresh upside triggers were limited.

Shift in Interest Rate Expectations and Overbought Technicals

Expectations around future U.S. interest rates have also influenced gold’s trajectory. Speculation surrounding potential changes in Federal Reserve leadership and delays in rate cuts have kept real yields high, reducing gold’s relative attractiveness.

On the technical front, both gold and silver were significantly overbought, which was reflected in elevated RSI readings. This indicated stretched speculative positioning and increased vulnerability to corrections. Traders took advantage of these technical signals to unwind bullish positions, adding to the downside pressure.

Why Indian Gold Prices Stayed Steady Despite a Weak Rupee

Despite the Indian rupee weakening to record lows, an event that typically pushes domestic gold prices higher by increasing import costs, gold prices in India have remained relatively steady. This unusual trend is largely due to the sharp decline in international gold prices, which has offset the higher landed cost caused by currency depreciation. At the same time, domestic demand has been subdued, as months of elevated prices have dampened jewellery buying and kept household budgets under pressure. Importers have also adopted a cautious stance, avoiding aggressive purchases amid volatile global conditions. These factors have prevented domestic prices from rising in proportion to the rupee’s weakness.

Outlook: Choppy Near Term, Constructive Long Term

Looking ahead, bullion is expected to remain choppy in the near term, with strong U.S. dollar conditions, elevated real yields, and uncertainty surrounding the Federal Reserve’s policy outlook likely to dominate price movement. Periodic bouts of liquidity-driven selling may add to short-term volatility, keeping gold and silver rangebound. However, the long-term outlook for precious metals remains constructive.

Persistent geopolitical fragmentation, ongoing central bank diversification away from major reserve currencies, underlying inflation risks, and tightening supply, particularly in silver, continue to support a favourable multi-year outlook for precious metals. As global growth moderates and monetary authorities eventually shift toward easing cycles, both gold and silver are poised to strengthen their roles as strategic hedges. With structural demand remaining firm and supply constraints becoming more pronounced, the long-term upside potential for both metals appears increasingly compelling.

(The author of the article is Hareesh V, Head of Commodity Research, Geojit Investments Limited)

TUCSON, Ariz. — The search for Nancy Guthrie, the 84-year-old mother of NBC *Today* show co-host Savannah Guthrie, entered its seventh week on March 21, 2026, with no confirmed breakthroughs, no arrests and growing calls from experts to treat the case as a potential “no-body homicide” amid persistent uncertainty about her fate.

Guthrie was last seen at her home in the affluent Catalina Foothills neighborhood of Tucson on the evening of January 31, 2026. She was reported missing the following day after failing to appear for a scheduled virtual church service. Authorities believe she was abducted from her residence against her will, citing drops of her blood found on the front porch and signs of a struggle.

Pima County Sheriff Chris Nanos has described the disappearance as a targeted abduction, telling NBC News last week that investigators believe they know the motive but withheld details to protect the probe’s integrity. He warned residents to remain vigilant, stating the suspect could “absolutely” strike again. The sheriff has faced criticism over early handling, including releasing the home to family too soon — allowing media access to photograph blood evidence — and delays in securing neighbor security footage.

The FBI joined the investigation shortly after the report, amassing thousands of hours of video from doorbell cameras, traffic systems and private residences. Recent releases included footage of an “armed individual” tampering with Guthrie’s doorbell camera, plus images of a masked person believed to have visited the home prior to January 31. FBI agents returned to the neighborhood on March 18 — day 46 of the search — speaking with residents and reviewing additional footage, per law enforcement sources.

Multiple ransom notes have surfaced, some delivered to media outlets like TMZ, demanding payment for her safe return. The family, including Savannah Guthrie, offered a $1 million reward in late February for information leading to her recovery, supplementing the FBI’s $100,000. The private reward generated a surge of tips — more than 1,500 in the first month — though no credible leads have publicly resulted in her location.

Savannah Guthrie has issued repeated emotional pleas on social media and the *Today* show, urging anyone with information to come forward anonymously. In a February 27 Instagram post, she emphasized, “Please — be the one that brings her home,” attached to a segment highlighting the case. She returned to the show set in early March for off-camera meetings but has kept public appearances limited.

Experts remain divided on the case’s trajectory. Cybersecurity and law enforcement analyst Morgan Wright told NewsNation that the abduction appears targeted rather than random, suggesting the motive may involve personal or financial reasons rather than a burglary gone wrong. He urged authorities to shift toward treating it as a “no-body homicide,” acknowledging hopes for her safe return but preparing for the possibility she is no longer alive. Wright pointed to the lack of sightings, vehicle evidence or confirmed ransom fulfillment as red flags.

Former FBI special agent Harry Trombitas told Yahoo News the search will likely persist “as long as there is an investigation to conduct,” with resources shifting to evidence consolidation rather than broad outreach. Attorney Peter Christiansen described the probe entering a “new stage” focused on clinical analysis of DNA, video and forensics.

DNA evidence includes a glove found near the home matching one worn by the doorbell camera suspect; testing traced it to a restaurant worker, though no direct link to the abduction has been confirmed. A backpack and other items have been examined, but no public breakthroughs emerged. The FBI has focused on specific dates — January 11 and January 24 — seeking additional video from those periods.

The case has drawn international attention due to Savannah Guthrie’s prominence, prompting discussions on elder safety, family check-in protocols and the trauma of prolonged uncertainty for loved ones. Mental health experts note the emotional toll on families in missing-persons cases deepens with time, especially when hope persists alongside grim possibilities.

As of March 21, 2026, Nancy Guthrie’s condition and whereabouts remain unknown. Authorities continue urging tips via the Pima County Sheriff’s tip line or FBI channels, with anonymity assured and cash rewards available. The investigation, involving local detectives and federal resources, shows no signs of slowing despite the passage of weeks and mounting questions.

For the Guthrie family and community, the wait continues amid prayers and vigils. Savannah Guthrie’s public appeals underscore the enduring hope that information will surface to bring her mother home.

SYDNEY — Japan edged hosts Australia 1-0 in the AFC Women’s Asian Cup final on Saturday, March 21, 2026, securing their third continental crown and denying the Matildas a home triumph in front of a record crowd at Stadium Australia.

Maika Hamano’s 17th-minute goal proved decisive in the tightly contested match, as Nadeshiko Japan defended resiliently to hold off late pressure from the Matildas. The result marked Japan’s second consecutive Asian Cup title — their first back-to-back wins since the 2014 and 2018 editions — and extended their dominance in the tournament, where they have now won three of the last five finals against Australia.

A crowd of 74,397 — the largest ever for a women’s football match in Australia — packed Stadium Australia, creating an electric atmosphere despite the heartbreak for the home side. South Korean referee Kim Yu-jeong officiated the high-stakes clash, which qualified both finalists for the 2027 FIFA Women’s World Cup co-hosted by Brazil, with additional World Cup berths awarded to semifinalists.

Japan, ranked No. 1 in the world by FIFA entering the tournament, entered as favorites after dismantling South Korea 4-1 in the semifinals. Riko Ueki led the Golden Boot race with six goals, though Hamano’s clinical finish in the final stole the headlines. The midfielder latched onto a precise through ball, evading defenders before slotting past goalkeeper Jada Mathyssen-Whyman.

Australia, coached by Joe Montemurro, fought valiantly but struggled to convert chances. Captain Sam Kerr, who scored crucial goals en route to the final including the winner against China in the semifinals, tested Japan’s backline repeatedly but found no breakthrough. The Matildas’ campaign ended in familiar disappointment against Japan, echoing defeats in the 2014 and 2018 finals — both also 1-0 losses.

Japan coach Futoshi Ikeda praised his team’s composure under pressure. “We knew Australia would come hard, especially at home,” he said post-match. “Our focus on possession and quick transitions paid off. This victory is for every Japanese player who has built this legacy.”

Montemurro acknowledged the gap but highlighted progress. “Japan are the benchmark right now,” he told reporters. “We created opportunities but couldn’t finish. The crowd was incredible, and we’ll use this as fuel for the World Cup.”

The tournament, hosted across Sydney, Perth and other venues from March 1-21, set attendance records and showcased Asia’s rising talent. Japan topped Group C unbeaten, scoring 17 goals without conceding, while Australia navigated a tough Group A as runners-up before surging through knockouts with wins over DPR Korea and China.

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Key moments included Japan’s clinical semifinal display against South Korea, where Ueki, Hamano and Saki Kumagai scored, and Australia’s gritty 2-1 semifinal victory over China, powered by Kerr’s late strike. The final lived up to hype as a clash of styles: Japan’s technical precision against Australia’s physicality and set-piece threat.

Japan’s triumph extends their regional supremacy, with three titles in the last decade. The win also boosts confidence ahead of the 2027 World Cup, where they aim to improve on their 2011 world championship.

For Australia, the loss stings but highlights growth. The Matildas, world No. 4, drew massive local support and advanced deeper than expected despite pre-tournament injury concerns. Kerr’s form and emerging talents like Courtney Nevin signal promise for future campaigns.

The match capped a successful tournament for the AFC, with strong crowds, competitive play and increased global visibility for women’s football in Asia. Japan lift the trophy as deserving champions, while Australia reflect on a valiant effort that fell just short.

As celebrations echoed in Sydney, Nadeshiko Japan began preparations for their next challenge, carrying continental pride into the global spotlight.

This article was written by

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