Operator

Ladies and gentlemen, welcome to the Annual General Meeting of Tidewater Renewables Limited. [indiscernible] recorded. I would like to introduce Jeremy Baines, Chair of the Board of Directors and Chief Executive Officer of the company. Mr. Baines, the floor is yours.

Jeremy Baines
CEO & Chairman of the Board

Good morning, and welcome to the 2026 Meeting of the Shareholders of Tidewater Renewables Limited. My name is Jeremy Baines and as Chair of the Board of Directors and Chief Executive Officer of Tidewater. It is my privilege to act as the Chair of this meeting.

I welcome our registered shareholders, proxy holders and all guests that are joining this meeting through our virtual meeting platform. We are excited to have your participation in the meeting, and thank you for your interest in Tidewater.

I would now like to introduce the other directors of Tidewater here with us today, Thomas Dea, Jeffery Hamilton and Todd Moser. I would also like to introduce the other principal member of our executive committee here with us today, Ian Quartly, Chief Financial Officer.

In terms of our agenda today, I will deal first with the formal business of the meeting as described in the circular. A question period will then follow. As this meeting is being held virtually via live webcast, I would like to set out a few rules for the orderly conduct of the meeting. Only registered shareholders and proxy holders who have properly logged in with their control numbers will be able to vote on the motions being brought forth.

Questions in respect of a motion can be submitted by any registered shareholder or proxy holder

NEW YORK — Shares of Futu Holdings Limited surged more than 17% in midday trading Wednesday as investors cheered the online brokerage operator’s aggressive share repurchase activity and braced for what many expect to be another strong quarterly report later this week.

Futu stock climbed to $105.60, up $15.84 or 17.65%, as of about 1:19 p.m. EDT on heavy volume. The sharp rebound reflects renewed confidence in the company’s capital return efforts and growth trajectory ahead of its first-quarter 2026 earnings, scheduled for release before the market opens on May 28.

The Hong Kong-based company, which operates the Futu NiuNiu and Moomoo trading platforms, has been actively returning capital to shareholders. On May 23, Futu announced it had repurchased approximately $160 million worth of American depositary shares under its existing program, signaling strong belief in its undervaluation amid recent market volatility.

This buyback progress comes on the heels of a substantial cash dividend declared in early April. Futu’s board approved a payment of $0.325 per ordinary share, or $2.60 per ADS, totaling about $365 million. The dividend was paid to holders of record as of April 16, with distribution completed around late April.

Analysts and investors appear to be viewing the combination of capital returns and upcoming earnings as a positive catalyst. Wall Street maintains a generally bullish stance on Futu, with consensus price targets hovering well above current levels, often citing the company’s user growth, international expansion and resilient performance in Hong Kong and global markets.

Strong Historical Growth Sets the Stage

Futu’s most recent reported results, for the fourth quarter and full year 2025, showed robust expansion. Revenue grew 45.3% year-over-year, while net income jumped more than 80%. The company beat expectations on key metrics including new funded accounts.

The platform has benefited from higher trading volumes in Hong Kong equities, increased interest in international markets and the popularity of its user-friendly apps that blend brokerage services with social features. Moomoo, in particular, has gained traction among retail investors in the U.S., Southeast Asia and other regions as Futu pushes global diversification.

Paying client growth and assets under management have been key drivers. Analysts expect continued momentum in Q1 2026, though sequential trends may vary due to market conditions in the first three months of the year. Consensus estimates point to solid revenue and earnings, building on the strong finish to 2025.

Futu’s business model centers on commission-free or low-cost trading, interest income from customer cash balances and wealth management products. This structure has allowed it to scale efficiently while investing in technology and user acquisition. The company has expanded into markets including Singapore, Malaysia, Japan and Australia, aiming to reduce reliance on its core Hong Kong and China-related user base.

Capital Returns Highlight Financial Strength

The latest $160 million in repurchases demonstrates Futu’s commitment to shareholder returns. The program, initiated in late 2025, gives management flexibility to buy back shares opportunistically. Combined with the recent large dividend, the moves underscore a healthy balance sheet and strong cash generation.

Futu has navigated a complex regulatory environment in its home markets. Earlier in 2026, it faced some scrutiny related to cross-border activities, contributing to periods of stock volatility. However, the company has continued to emphasize compliance while expanding its international footprint.

Chief executives at similar fintech platforms have highlighted the importance of user engagement tools and diversified revenue streams in volatile markets. While no new executive quotes were available in the immediate lead-up to earnings, past commentary from Futu leadership has focused on building a “global ecosystem” for investors seeking opportunities beyond traditional boundaries.

Market Context and Outlook

The broader market environment has been mixed, with technology and growth stocks showing sensitivity to interest rate expectations and geopolitical developments. Futu’s sharp move Wednesday aligns with rebounds seen in other China-connected or fintech names after recent pullbacks.

Investors will closely watch the May 28 earnings for updates on client additions, trading volumes, assets under management and guidance for the remainder of 2026. Any commentary on international expansion progress or new product initiatives could further influence sentiment.

Futu operates in a competitive landscape that includes traditional brokerages and newer digital entrants. Its edge lies in integrated social features that encourage community-driven investing and educational content. The company has invested heavily in artificial intelligence for personalized recommendations, risk management tools and customer service enhancements.

Challenges persist, including regulatory risks in key Asian markets, competition for users and sensitivity to equity market cycles. Currency fluctuations and macroeconomic headwinds in emerging regions could also impact results. Despite these, analysts generally project mid-teens percentage revenue growth over the coming years, supported by rising participation in capital markets.

Futu went public on Nasdaq in 2019 and has experienced significant volatility typical of growth-oriented fintech stocks. Its market capitalization now sits in the mid-teens of billions, reflecting its position as a notable player in digital brokerage services. The stock’s 52-week range has been wide, offering both opportunities and risks for investors.

Investor Sentiment and Broader Implications

Wednesday’s rally suggests the market is pricing in a favorable earnings outcome and rewarding the visible capital discipline. Share repurchases at current levels are seen as accretive, potentially supporting earnings per share going forward.

For a company that has evolved from a Hong Kong-focused broker to a multi-market platform, sustaining user growth while maintaining high margins will be critical. The upcoming earnings call, set for 7:30 a.m. EDT on May 28, is expected to provide more color on strategic priorities.

Market participants also note Futu’s relatively attractive valuation compared to some U.S. peers, even after recent gains. With a forward price-to-earnings multiple in the single digits based on some estimates, the stock continues to draw value-oriented tech investors.

Looking ahead, Futu’s ability to execute on global expansion, navigate regulatory landscapes and deliver consistent returns will determine if the current momentum can be sustained. The combination of operational growth, capital returns and pre-earnings anticipation has created a compelling setup for the stock in the near term.

As trading continued Wednesday afternoon, volume remained elevated, indicating broad participation in the move. Whether this marks the start of a more sustained recovery or a short-term reaction will likely become clearer after the earnings release later this week.

This article was written by

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Shamsul Bin Ahmad
CEO, President & Non-Independent Executive Director

[Audio Gap]

In this segment. And correspondingly, load utilization has accelerated substantially, rising from 845 megawatts in March 2025 to 1,054 megawatts in March 2026, indicating a steady, robust and highly predictable ramp-up of operational capacity.

Next. In terms of sales contribution, shopping malls, businesses and accommodation services accounted for 18% of total units sold, while other subsectors contributed 15%. Data centers currently accounted for 6% of our total sales in the first quarter of 2026.

And we are honored to have received a partnership — the partnership and ecosystem collaboration team award at the Data Center Cloud Infrastructure Summit 2026, reinforcing our role as a key enabler of Malaysia’s digital and data center ecosystem through our Green Lane pathway initiative.

Ladies and gentlemen, turning to our technical performance. Our sustained operational execution throughout the quarter continues to underpin our earnings resilience, providing a robust foundation for the group’s overall performance. On generation side, the EAF factor, equivalent plant availability factor has improved significantly to 91.4% versus 82% last year, reflecting a stronger plant reliability and operational performance across our generation portfolio.

Our network performance continued to remain at a world-class level. Our transmission system minutes remained

Operator

Hello, everyone, and thank you for standing by. Welcome to MINISO March Quarter 2026 Earnings Results Presentation.

[Operator Instructions]

Please also be reminded the event will be recorded. We provide you English simultaneous translation for this call. Please select your preferred language by clicking interpretation in the Zoom meeting. We released our Q1 2026 results earlier this [ year ]. Please help to refer to our IR website. Joining us here today are Mr. Jack Ye, our Founder and CEO; and Mr. Eason Zhang.

Right before we begin, please refer to the safe harbor statement in our earnings press release, which also apply for this call as we will be making forward-looking statements. Please also note that we are discussing non-IFRS financial measures. Those measures are explained and reconciled to the most comparable measures reported under IFRS and also in our filings with SEC and Hong Kong Stock Exchange.

Unless otherwise stated, all figures are in RMB. We have already prepared a slide deck for financial and operating highlights for today’s call. If you are joining through Zoom, you will see the slide now. You can also refer to our IR website after the call.

Now let me just turn the call to Mr. Jack Ye.

Every growing SME hits the same question sooner or later: do you buy the company car outright, or do you lease it? It sounds simple enough, but the answer depends on where your business is right now, how much spare capital you’re sitting on, and how you want your balance sheet to look in 12 months.

Get it wrong and you’ll either tie up cash you badly need or commit to monthly payments that don’t suit how your team actually uses vehicles. There’s a real case for leasing, and there’s a real case for buying. Let’s see how the two stack up where it matters most, so you can make the right call for your business.

What Buying Outright Actually Costs an SME

The Sticker Price

When you buy a car for the business, the sticker price is only the beginning. A mid-range saloon suitable for client visits and motorway miles will set you back somewhere around £30,000 to £40,000. That’s cash leaving the business on day one, and it’s cash you can’t use for stock, hiring, or marketing.

Depreciation

Then there’s depreciation. Most new cars lose roughly 15% to 30% of their value in the first year alone, and that rate doesn’t slow down much in year two. After three years, you could be looking at a vehicle worth 40% to 50% less than you paid for it.

If you’re an SME watching every pound, that’s a significant hidden cost that won’t show up on the invoice but will absolutely show up when you try to sell the car.

How Does Tax Factor Into It?

From a tax perspective, cars don’t qualify for the Annual Investment Allowance (AIA). However, if you buy a new and unused electric car or car with zero CO2 emissions before April 2027, you can claim 100% first year allowances, letting you deduct the full purchase price in the year you buy.

For other vehicles, capital allowances may be available depending on the type of car and its CO2 emissions. The rules can vary, so it’s worth checking the government’s guidance on capital allowances for business cars or speaking to your accountant.

How a Business Car Lease Works in Practice

With a business car lease, you’re paying for the use of the vehicle over an agreed term, typically between 24 and 48 months. You’ll put down an initial rental, which can be as low as only one month’s payment, and then pay a fixed amount each month until the contract ends. At the end, you simply hand the car back.

The monthly cost covers depreciation and finance charges, but because you never own the vehicle, you don’t carry the depreciation risk yourself. If the used car market drops, that’s the leasing company’s problem. Your cost stays exactly the same from month one to the final payment.

For VAT-registered businesses, there can be a benefit on lease rentals. Most companies who lease a qualifying car for business purposes can usually recover 50% of the VAT charged.

Cash Flow: Where Most SMEs Feel the Difference

This is where the comparison gets real. An SME with £35,000 in the bank could spend it on one car, or it could lease the same model for around £400 to £500 per month (depending on the car and contract terms) and keep that capital working.

Put differently, the initial rental on a lease might be £1,500 to £2,000. Compare that to paying the full purchase price and the difference is stark. That freed-up capital can go towards a new hire, a marketing push, or simply sitting in a reserve fund for quieter months. For businesses at a growth stage, liquid cash is often worth far more than an asset that loses value the moment it’s driven off the forecourt.

A Quick Side-by-Side

• Upfront cost: Buying outright requires the full purchase price. Leasing requires an initial rental, typically ranging from one to twelve months’ worth of payments.
• Depreciation risk: Falls on you when you buy. Falls on the leasing company when you lease.
• VAT recovery: Usually limited to nil on a purchased car with private use. For VAT-registered businesses, usually up to 50% of the VAT on lease rentals may be recoverable, as noted above.
• Mileage flexibility: Unlimited when you own the car. Capped within your lease contract.
• End of term: With an outright purchase, you sell the car (and absorb any shortfall) or trade in. With a lease, you hand the leased car back and choose your next vehicle.

Points to Remember

A business that runs high-mileage vehicles and wants long-term ownership may find buying works well over time, though this will depend on the specific deal, maintenance costs, and how the vehicle holds its value.

That said, there’s no single correct answer. For most UK SMEs at a growth stage, leasing can offer a more predictable and cash-flow-friendly route to putting the right vehicles on the road. It removes the depreciation gamble and keeps capital where it’s needed most. The key is to match the funding route to where your business actually is right now, not where a brochure tells you it should be.

Important note: This article should not be considered tax advice. It’s important to speak to your accountant to understand exactly how this applies to your business.