Half-year Report

Worldsec Limited

28 September 2026

 

WORLDSEC LIMITED

Interim Report for the six months ended 30 June 2026

Worldsec Limited

Interim Report for the six months ended 30 June 2026

The board (the "Board") of directors of Worldsec Limited (the "Company") hereby submits the interim report on the Company and its subsidiaries (the "Group") for the six months ended 30 June 2026 (the "Interim Report").

For the period under review, the Group recorded an unaudited net loss of US$490,000 (equivalent to basic and diluted loss per share of 0.58 US cent) against an unaudited net loss of US$97,000 (equivalent to basic and diluted loss per share of 0.11 US cent) for the corresponding six months in 2025. The increase in the loss was principally due to a decline in the value of the Group's investment in Seyond Holdings Limited ("Seyond"), which was listed on the Main Board of The Stock Exchange of Hong Kong Limited in December 2025 following completion of its De-SPAC transaction. During the reporting period, the market price of Seyond's shares fell substantially, particularly around the expiry of the six-month lock-up period that had restricted certain pre-listing shareholders from selling their shares.  The resulting decrease in the value of the Group's investment in Seyond was recognised as a change in the fair value of financial assets through profit or loss in accordance with International Financial Reporting Standard 9.

In March 2026, the Group made a new investment in Advanced Machine Intelligence Labs ("AMI Labs"), a frontier AI research lab focusing on the development of world models, through subscriptions for limited partnership interests in Rivet Ventures Frontier Opportunities 2026-A, L.P.-Series I ("Rivet Ventures") and Arete Far East Venture Credit LPF ("Arete Venture"), which respectively invested in the Series Seed Preferred Securities and the Convertible Securities of AMI Labs.

Subsequent to the end of the reporting period, in September 2026, the Company appointed Elemental Company Secretary Limited as its company secretary in place of Vistra Company Secretaries Limited. The Board would like to thank Vistra Company Secretaries Limited for its services to the Company over the years.

At the date of the Interim Report, the investment portfolio of the Group comprises a total of seven investments:

ICBC Specialised Ship Leasing Investment Fund (the "ICBC Ship Fund")

The Group's investment in the ICBC Ship Fund, which is involved in marine vessel leasing, continued to provide a stable return through monthly dividend income, generating revenue amounting to US$47,200 for the six months ended 30 June 2026. As the terms of the ICBC Ship Fund is due to expire shortly, it has commenced the disposal of its underlying vessels, with the disposal programme currently expected to be completed in the second quarter of 2027.

Animoca Brands Corporation Limited ("Animoca") through VS SPC Limited ("VS SPC")

The Group holds, through the Class A Participating Shares of VS SPC, an investment in the equity interest of Animoca.

Incorporated in Australia, Animoca was formerly listed on the Australian Securities Exchange but was delisted in 2020. It is the holding company of a technology group engaged in digital assets, blockchain-based platforms, tokenisation and artificial intelligence applications. The operations of the Animoca group encompass three interrelated areas: (i) Web3 businesses, including Moca Network, Open Campus, Anichess and The Sandbox, as well as institutional platforms such as Anchorpoint Financial, a stablecoin joint venture with Standard Chartered and HKT, and NUVA, a vault marketplace joint venture; (ii) digital asset services covering token strategy, research, go-to-market support, liquidity provisioning and node operations; and (iii) investment management, with a portfolio of over 600 companies and digital assets. Animoca has received industry recognitions including Fortune Crypto 40, the Financial Times' High Growth Companies Asia-Pacific, Top 50 Blockchain Game Companies 2025 and Deloitte Tech Fast.

During the first half of 2026, the digital asset market experienced a broad correction amid greater risk aversion and lower trading activity. According to CoinGecko, total crypto market capitalisation declined by 20.4% in the first quarter and a further 12.6% in the second quarter, ending June at about US$2.1 trillion, some 52% below its October 2025 peak. Average daily trading volume declined to US$117.8 billion in the first quarter and US$93.1 billion in the second quarter. Bitcoin fell by 22.0% and 14.2%, respectively. Stablecoins were less affected, with their aggregate market capitalisation easing from US$309.9 billion at the end of March to US$305.1 billion at the end of June. Notwithstanding the weaker market, development activity continued in areas relevant to Animoca, including regulated stablecoins, real-world asset tokenisation, digital identity and artificial intelligence.

In July 2026, Animoca released the audited financial statements of the Animoca group for the year ended 31 December 2023, representing further progress in bringing its outstanding financial reporting up to date. The statements reported revenue of A$470.9 million, a net loss of A$359.1 million and net assets of A$165.0 million.

Animoca issued an investor update on 8 September 2026 containing unaudited, non-IFRS financial information of the Animoca group for the year ended 31 December 2025. The update reported bookings of US$173 million¹ and operating expenses of US$175 million. As at 31 December 2025, the Animoca group had cash and stablecoin balances of US$68 million, digital assets of US$177 million, minority investments with an aggregate fair value of US$411 million and off-balance-sheet token reserves of US$306 million². It also stated that more than US$160 million of maturing corporate debt had been repaid during 2025.

¹ under a non-IFRS measure commonly used in the digital entertainment and interactive gaming sectors to better represent the underlying economic performance by including deferred revenue

² not classified as corporate assets under current prevailing international accounting standards

Certain recent business developments of the Animoca group are set out below:

(i)      Corporate Developments and Capital Markets

·      Currenc extended the exclusivity period under the non-binding term sheet for its proposed reverse merger with Animoca in May 2026 while the parties continued due diligence and the preparation of definitive documentation. The exclusivity period expired on 30 June 2026 without a definitive agreement being announced. In September 2026, Animoca and Currenc announced that discussions regarding the proposed reverse merger had been suspended.

·    Republic launched a tokenised representation of Animoca equity on Solana in May 2026. The corresponding book-entry ordinary shares are held in custody by BitGo Bank & Trust, and secondary trading is available to eligible investors through the INX alternative trading system on Republic's platform.

·      Animoca received a Virtual Asset Service Provider licence from Dubai's Virtual Assets Regulatory Authority in February 2026. The licence permits the Animoca group to provide broker-dealer and management and investment services in and from Dubai, excluding the Dubai International Financial Centre, to institutional and qualified investors.

·        Animoca's management team underwent a number of changes in June 2026. Shaun Kraft was appointed as chief financial officer with effect from 11 June, succeeding Jared Shaw, who moved to a strategic advisory role. Brian Chan was promoted to chief development officer and joined the executive committee. Alan Lau stepped down as chief business officer with effect from 1 July and became chairman of GROW Digital Wealth, while continuing to work with initiatives in the Animoca group and its investment portfolio.

(ii)     Digital Asset Platforms and Infrastructure

·        Anchorpoint Financial was one of the first two entities granted a stablecoin issuer licence by the Hong Kong Monetary Authority in April 2026. It subsequently commenced the phased rollout of its Hong Kong dollar-backed HKDAP stablecoin. On 24 August 2026, Standard Chartered became the first bank authorised to distribute HKDAP, with initial use cases being explored in areas including fund settlement, treasury management and cross-border trade payments.

·       NUVA Digital, the developer of the real-world asset marketplace co-created by Animoca and Nuva Labs, completed a US$5.2 million seed financing led by Morgan Creek Digital in April 2026. NUVA was launched on Ethereum in May as a non-custodial marketplace, initially offering products backed by short-dated US Treasuries and bank deposits and by a pool of home-equity credit assets. Animoca stated that the financing would be used to add further products, issuers and blockchain networks.

·        AWARP and AllScale received strategic investments from Animoca in May and June 2026 respectively. Animoca agreed to collaborate with AWARP on real-world asset tokenisation and cross-border payment networks in ASEAN and other emerging markets, and with AllScale on payment, settlement and treasury applications across the Animoca portfolio, including transactions undertaken by artificial intelligence agents.

·        Moca Network entered into a strategic partnership with Biletinial, a Turkish ticketing platform with 6 million active users and more than 3,000 participating venues, in April 2026, to integrate decentralised identity into ticketing, loyalty rewards and identity-based ticket resale. In June, Moca Network entered into a memorandum of understanding with Inveo Kripto and Ichain Investment Holding to explore reusable customer verification, payments, tokenised assets and related financial services in Turkey.

·        Open Campus entered into a memorandum of understanding with the government of Madhya Pradesh and Geeks of Gurukul in January 2026 to digitise up to 50 million student and graduate academic records over 18 months using EDU Chain. In February, Open Campus partnered with Luvia to integrate verifiable credentials into a mobile learning application initially targeting about 200,000 students and into a school platform to be piloted in Hanoi. In March, it also entered into a memorandum of understanding with Le & Associates and SKALE for a proposed credential-based job-matching service in Vietnam.

·        Animoca also expanded its participation in blockchain infrastructure during the period. In March 2026, it agreed with Ava Labs to deploy capital and provide business development and advisory support to projects on Avalanche, initially in entertainment, real-world assets and digital identity in Asia and the Middle East. In May, Animoca joined the XDC Network as a strategic validator and began operating nodes on the trade-finance-focused blockchain.

(iii)    Artificial Intelligence and Digital Entertainment

·      Minds, Animoca's wholly owned artificial intelligence agent platform, was launched in alpha in February 2026. According to a shareholder update issued by Animoca, Minds ranked eighth in OpenRouter's Daily Global Rank as at 31 July and processed 936 billion tokens, in terms of computing activity rather than the number of users or revenue, during July. Animoca also estimated, on the basis of an initial internal assessment, that migration of the platform's principal model to MiniMax M3 had reduced inference costs by 90% to 95%. The update stated that subscriptions provide base revenue and that transaction fees are intended to become the principal means of monetisation. In July, Minds also completed a live pilot with Visa under which users could identify card rewards and make purchases at selected Hong Kong merchants, subject to user confirmation and predefined controls. In September, Minds also launched the AWS Agentic Football Cup - Virtual League in collaboration with Amazon Web Services to promote practical use of AI agents through a global virtual competition.

·        The Minds investment programme was established by Animoca in May 2026 with up to US$10 million financing for early-stage businesses developing products using the platform. Animoca and its affiliates made the programme's first investment through a US$1 million co-investment in Superior.Trade. A four-week game-development competition held by Yield Guild Games in partnership with Minds attracted more than 250 participants and 72 game submissions. Animoca also launched a separate creator competition with The Sandbox and Open Campus in July.

·        AliBAE was launched by Animoca in early access in March 2026 as a build-and-earn platform powered by Alibaba's Qwen models. Brands can publish creative briefs and allocate CHECK Token reward pools, while creators use AliBAE Studio to produce AI-assisted videos, applications and other content. Rewards are determined by community engagement and assessment by the AliBAE team. An initial bounty pool of 100,000 CHECK was made available for the opening campaigns.

·        The Sandbox opened pre-registration for a playtest of NEXT in March 2026, its first dedicated mobile battle royale game. Built on Unreal Engine, NEXT allows players to carry their identity, progress and digital assets from The Sandbox into matches supporting solo play and up to 20 players per instance. The game provides a mobile entry point to The Sandbox alongside its existing desktop and browser-based offerings.

·       Anichess, a subsidiary of Animoca and partner of Chess.com, launched King's Gambit in February 2026, a chess-inspired survival game for mobile devices. Animoca described it as the first Anichess product aimed at a broader mainstream mobile audience in addition to chess enthusiasts. The game was made available through the Apple App Store and Google Play.

·        SOMO was acquired by Animoca in January 2026. SOMO is a digital collectibles and gaming company whose ecosystem includes SOMO Codex, SOMO Duel and SOMO Battleground. Animoca stated that it planned to connect SOMO with its existing games, communities and commercial partners.

·        GAMEE became majority-owned by Alpha Compute in May 2026 following the acquisition of a 60% controlling interest in GAMEE from Animoca at an implied valuation of US$18 million. The consideration included US$3.5 million at closing and performance-linked payments of up to US$7.5 million over two years. Animoca retained a minority interest and entered into a strategic alliance with Alpha Compute concerning blockchain and social gaming. GAMEE had 120 million registered users at completion.

ByteDance Ltd. ("ByteDance") through the Homaer Asset Management Master Fund SPC (the "Homaer Fund")

The Group holds, through the Unicorn Equity Investment Portfolio Class A Shares of the Homaer Fund, an investment in the equity interest of ByteDance. 

Incorporated in the Cayman Islands, ByteDance is an unlisted holding company of a technology group that operates content and commerce platforms, creative tools and enterprise services, and develops artificial intelligence products and services in China and overseas. Its portfolio includes, among others, TikTok, TikTok Shop, CapCut, Lark and BytePlus. In China, its products and services include Douyin, Douyin E-commerce, Toutiao, Xigua, Fanqie, Feishu, Doubao and Volcano Engine. The ByteDance group has over 150,000 employees based in nearly 120 cities around the world.

The Wall Street Journal reported in September 2026 that the ByteDance group's revenue for the first half of 2026 exceeded US$120 billion, representing an increase of more than 30% year-on-year, supported by growth in its international advertising, livestreaming and e-commerce businesses. Net profit was reported at approximately US$20 billion, lower than that for the corresponding period in 2025, mainly due to increased spending on artificial intelligence. Separately, Reuters reported in September 2026 that ByteDance had secured a US$29.6 billion three-year unsecured loan from a group of banks. While the facility was for general corporate purposes, a substantial portion was expected to support artificial intelligence-related projects, including investment in chips and data-centre infrastructure.

During the period under review, artificial intelligence remained a central priority for the ByteDance group. At the Volcano Engine FORCE Conference in June 2026, Liang Rubo, chief executive officer of ByteDance, stated that developing AI was the ByteDance group's highest priority and that it had narrowed the breadth of its activities to concentrate resources on improving model capabilities. This emphasis was reflected in the continued development of both consumer products and services for corporate customers. According to QuestMobile, Doubao recorded about 382 million monthly active users in June 2026, 13.78 million more than in May, maintaining its position as China's largest AI-native mobile application by user scale. Caixin reported that, at an internal companywide meeting held on 6 August, Liang informed employees that ByteDance would continue to develop its principal models in-house, acknowledging that certain large language models trailed leading overseas systems.

At the same conference, ByteDance released Seed 2.1, a model designed to carry out connected tasks involving documents, information retrieval and software tools, and made it available through Doubao and Volcano Engine. On 24 June, Doubao also launched a paid professional version for users in areas including software development, data analysis, design and research. Seedream 5.0 Pro was released in July, while Seed Audio 1.0 was introduced through BytePlus for customers outside ByteDance's own applications. ByteDance also released Seedance 2.5 for video generation on 31 July and SeedRealtime for real-time audio-visual interaction on 5 August.

Alongside these developments, Douyin E-commerce continued to strengthen its content-led and shelf-based channels in China while expanding merchant support. The platform reported that nine merchant-support measures reduced merchant operating costs by more than RMB8.5 billion in the first quarter of 2026, 57% more than a year earlier. According to Xinhua, during the 2026 618 shopping festival, over 120,000 merchants and 570,000 creators doubled their year-on-year transaction values. Nearly 30,000 merchants participating in the promotion for the first time each recorded transaction value of more than RMB1 million. Although limited to the promotional period, these figures indicated broader participation by merchants and creators.

Outside China, TikTok remained an important international platform for the ByteDance group and a source of regulatory risk. TikTok USDS Joint Venture LLC commenced operations in January 2026, enabling TikTok to continue serving more than 200 million users and 7.5 million businesses in the United States under revised arrangements for data protection and algorithm security. The new structure did not remove regulatory exposure, and the operation of the platform remained subject to continuing oversight in the United States. In Europe, the European Commission issued preliminary findings in February 2026 that TikTok had not adequately assessed and mitigated risks arising from features which encourage continuous use of the platform. In July, the Commission separately issued preliminary findings concerning the privacy and visibility settings of accounts held by minors and the recommendation of content posted by them. The findings were not final decisions, but could require changes to product settings and operating practices and lead to higher compliance costs.

Meanwhile, TikTok Shop continued to expand in selected markets. The service was launched in Austria, Belgium, the Netherlands and Poland on 15 June 2026. In Brazil, TikTok reported that average daily gross merchandise value during the first year of operation increased 102-fold, while the average number of active affiliate creators increased 46-fold. These figures were from an early operating base, but indicated rapidly growing participation by sellers, creators and consumers.

ByteDance also continued to reduce activities outside its principal content, commerce and AI businesses. In March 2026, it agreed to sell Shanghai Moonton Technology, the developer of Mobile Legends: Bang Bang, to Savvy Games Group, which is owned by the Public Investment Fund of Saudi Arabia. Reuters reported, citing a person with knowledge of the matter, that the transaction valued Moonton at more than US$6 billion. Upon completion, Moonton would become a wholly owned subsidiary of Savvy Games Group.

Dingdong (Cayman) Limited ("Dingdong")

Subsequent to the listing of Dingdong on the New York Stock Exchange in June 2021, the Group directly holds its investment in the American depositary shares of Dingdong (the "Dingdong ADS").

Dingdong is the holding company of an e-commerce group which, during the period under review, principally operated Dingdong Maicai, a mobile application providing households in China with fresh groceries, prepared food and other food products through a self-operated network of frontline fulfilment stations. The China business operated in dozens of cities, with a significant proportion of its revenue generated in the Yangtze River Delta, and also offered private-label products across a range of food categories, many of which were produced at its own facilities. In February 2026, Dingdong entered into an agreement to dispose of substantially all of its China operations to Two Hearts Investments Limited, a wholly owned subsidiary of Meituan, for cash consideration of US$717 million, subject to adjustment. Dingdong was also entitled to receive up to a further US$280 million in cash from the target group before 31 August 2026, provided that the target retained consolidated net cash of at least US$150 million. Following the entering into the agreement of the proposed disposal, the China business of the Dingdong group was reclassified as discontinued operations, while its retained overseas food-supply business was reported as continuing operations.

Based on the aggregate figures presented by Dingdong for the continuing overseas business of the Dingdong group and its discontinued China business in the unaudited results for the first and second quarters of 2026, total revenue increased year-on-year by 7.5% to RMB5.89 billion in the first quarter and by 8.6% to RMB6.49 billion in the second quarter. Gross merchandise value ("GMV") also increased by 6.3% to RMB6.33 billion and by 11.8% to RMB7.27 billion, respectively. On this basis, revenue for the first half amounted to RMB12.38 billion, an increase of 8.1%, while GMV rose by 9.1% to RMB13.60 billion. The faster growth in the second quarter was supported by increases in monthly transacting users and order frequency and the opening of additional frontline fulfilment stations in East China, partly offset by lower prices for certain food categories and the closure of non-performing stations in Beijing and the Guangzhou-Shenzhen area. Revenue from the overseas business was RMB139.4 million in the first quarter and RMB73.2 million in the second quarter, representing year-on-year increases of 195.2% and 36.2%, respectively.

Gross margin was 29.9% in the first quarter and 29.6% in the second quarter, while fulfilment expenses as a percentage of revenue declined year-on-year from 22.9% to 20.6% and from 21.7% to 18.6%, respectively. Net income amounted to RMB165.4 million and RMB271.7 million for the two quarters and non-GAAP net income RMB172.0 million³ and RMB281.3 million³, giving first-half totals of RMB437.1 million and RMB453.3 million³, respectively. However, the reported improvements in profitability were materially affected by the accounting treatment of the proposed disposal. The China business was reclassified as discontinued operations and its long-term assets as held for sale, following which relevant depreciation and amortisation ceased to be accounted for. Dingdong estimated that this increased net income by RMB138.0 million in the first quarter and RMB199.1 million in the second quarter. The same accounting treatment also affected certain cost and operating expense ratios, including gross margin and fulfilment expenses set out above. Meanwhile, the retained overseas business generated revenue of RMB212.6 million and a net loss from continuing operations of RMB134.6 million for the first half.

³ under a non-GAAP measure considered to be a useful indicator of the underlying business trend with non-cash share-based compensation expenses being excluded

At 30 June 2026, cash, restricted cash and short-term investments amounted to RMB4.88 billion. The increase from the March figure of RMB3.82 billion largely reflected a US$157 million short-term bank loan arranged by Dingdong Hong Kong and due to mature at the end of August. Net cash, as calculated by Dingdong, increased more modestly from RMB3.21 billion at 31 March 2026 to RMB3.28 billion at 30 June 2026.

Dingdong's shareholders approved the transaction on 27 March 2026. The proposed disposal remained pending as at the date of this Interim Report, with anti-monopoly clearance from the State Administration for Market Regulation still outstanding. Subject to completion and receipt of the proceeds, Dingdong intended to apply not less than 90% of its post-closing cash balance, after costs and payables, to share repurchases and/or dividends. Assuming completion, the Dingdong group would retain a substantially smaller business in its overseas operations which remained loss-making in the first half of 2026.

Seyond Holdings Ltd. ("Seyond", formerly Innovusion Holdings Ltd.)

Subsequent to the listing of Seyond on the Main Board of The Stock Exchange of Hong Kong Limited in December 2025, the Group directly holds its investment in the shares of Seyond (the "Seyond Shares").

Incorporated in the Cayman Islands, Seyond is the holding company of a technology group founded in Silicon Valley and headquartered in Sunnyvale, California, the United States. The Seyond group designs, develops and manufactures high-performance LiDAR products and related perception solutions for advanced driver assistance and autonomous driving systems, robotics, intelligent transportation and other infrastructure applications. Its product portfolio comprises LiDAR sensor hardware, including the 1,550nm-based Falcon series, the 905nm/940nm-based Robin series and the fully solid-state Hummingbird series, as well as proprietary software solutions, including the OmniVidi perception software platform and the SIMPL LiDAR- and AI-powered intelligent transportation platform.

According to the Seyond group's unaudited interim results for the first half of 2026, revenue increased by 127.9% to US$138.7 million and gross profit rose by 152.0% to US$15.5 million. Gross margin improved from 10.1% to 11.2%, while loss for the period narrowed by 23.2% to US$25.1 million. Adjusted non-IFRS net loss declined by 4.4% to US$26.4 million⁴. Product sales volume increased by 364.8% to about 450,900 units, exceeding the volume recorded for the whole of 2025. Products for advanced driver assistance systems continued to account for most of the Seyond group's sales, with volume increasing by 346.0% to about 416,300 units and revenue rising by 112.0% to US$115.8 million. Sales volume for robotics and other applications increased by 842.9% from a smaller base to about 34,600 units, while revenue rose by 241.3% to US$18.2 million. Revenue from software solutions increased to US$4.4 million from US$0.7 million. The faster growth outside advanced driver assistance systems contributed to a broader revenue mix, although a major Seyond shareholder and an anchor customer continued to account for 78% of revenue during the period.

⁴ under a non-IFRS measure considered to be a useful indicator of the operating performance trend by excluding certain non-cash items and certain fees and expenses related to the De-SPAC transaction

At 30 June 2026, cash and restricted bank balances stood at US$111.5 million, compared with US$119.5 million at the end of 2025, while borrowings increased from US$65.4 million to US$95.0 million and net current assets declined from US$25.1 million to US$0.9 million. Seyond also had committed undrawn banking facilities of US$48.3 million.

Beyond its core automotive programmes, Seyond made further progress in robotics, low-speed autonomous driving and other applications. Jiushi Intelligence adopted Robin W as the standard forward-facing LiDAR for its unmanned delivery vehicles, with expected installations of more than 200,000 units over the relevant product life cycles, while Farizon Auto's Robovan Shentong T6 was equipped with two Robin W units under a deployment plan covering 100,000 vehicles by 2030. Seyond also reported that shipments for unmanned sanitation applications in July 2026 were more than 200% higher year-on-year. In June, Germany-based Proximity Robotics selected several Seyond LiDAR products for area monitoring, autonomous navigation, truck loading and pallet handling. Additionally, the parties developed a simulation model for the training and testing of robotic perception systems.

Seyond also continued to expand the application of its LiDAR and perception technologies in logistics, mining and other industrial environments. In August 2026, the Seyond group entered into a three-year memorandum of understanding with Giga.AI to cooperate on LiDAR and perception solutions for autonomous heavy-duty trucks and delivery vehicles, freight-related AI models and smart logistics infrastructure. In a separate cooperation announced in August, Seyond and Plus Technology agreed to explore the integration of Seyond's three-dimensional perception technology with Plus Technology's autonomous-driving capabilities, with a view to supporting applications within the Full Truck Alliance's freight ecosystem. Additionally, Seyond established a strategic partnership with AMSYS to combine its LiDAR and three-dimensional perception technology with AMSYS's multimodal artificial intelligence and operational digital-twin platform. In mining, Falcon had been deployed by EACON Mining in more than 20 mines, while Seyond entered into a strategic cooperation with Shanghai Boonray Intelligent Technology for the use of Falcon LiDAR in autonomous mining trucks. Explosion-protected LiDAR units had also been installed on an autonomous underground transport vehicle developed for coal-mine operations.

In other developments, Hummingbird D1 received a Best-in-Show award in the MEMS and Sensors category from Embedded Computing Design at CES 2026, and the Seyond group completed an ASPICE 4.0 Capability Level 2 assessment covering its automotive software development, project management and quality-control processes.

On the capital market side, Seyond announced a share repurchase programme of up to HK$100 million in June 2026, to be funded from available cash flow and internal resources, and its shares were included in the FTSE Global Equity Index Series with effect from 22 June 2026. By 31 August 2026, Seyond had repurchased under the repurchase programme an aggregate of 2,945,500 shares, which were held as treasury shares. In July, Seyond also granted awards totaling over 15,999,618 shares, representing 1.22% of its issued shares, to 109 grantees, including one member of its senior management. During the same month, Seyond announced updates on patent infringement proceedings brought by Hesai Technology and its affiliates. In relation to four proceedings before the Ningbo Intermediate People's Court, one action had been dismissed following the invalidation of the patent concerned and two had been withdrawn. For the remaining action, the court found infringement in relation to one technical feature of the Robin E1X and awarded Hesai Technology compensation of RMB400,000. The first-instance judgment had not taken effect as at 14 July 2026, and Seyond stated that it intended to appeal and that the proceedings had not affected production or sales up to that date. In September, two separate patent infringement proceedings before the Hangzhou Intermediate People's Court were also withdrawn after the patents concerned were declared invalid in their entirety.

In July 2026, large-scale deliveries of Hummingbird D1 commenced. Based on current customer plans, order status and delivery schedules, Seyond maintained its expectation that total LiDAR shipments by the Seyond group in 2026 would increase by about 200% compared with 2025.

AMI Labs through Rivet Ventures and Arete Venture

During the period under review, the Group made a new investment in AMI Labs through subscriptions for limited partnership interests in Rivet Ventures and Arete Venture, which respectively invested in the Series Seed Preferred Securities and Convertible Securities of AMI Labs. In March 2026, AMI Labs announced that it had raised US$1.03 billion in a seed financing round co-led by Cathay Innovation, Greycroft, Hiro Capital, HV Capital and Bezos Expeditions. Other participants included NVIDIA, Temasek, Toyota Ventures and Samsung. TechCrunch reported that the financing was completed at a pre-money valuation of US$3.5 billion and that the proceeds would principally support computing resources and recruitment. 

Co-founded by Turing Award laureate Yann LeCun, formerly chief AI scientist of Meta and founding director of Facebook AI Research, and led by Alexandre LeBrun, co-founder and former chief executive officer of Nabla, AMI Labs is a frontier artificial intelligence research laboratory with a multi-hub structure spanning Paris, New York, Montreal and Singapore. It is developing world models intended to learn representations of the physical world from real-world data and to support reasoning, planning and prediction.

In June 2026, AMI Labs became a founding industrial member of PRAIRIE-PSAI, a Paris-based artificial intelligence research and education cluster whose founding academic members include the CNRS, Inria, Institut Pasteur, Universit¨¦ Paris Cit¨¦ and Universit¨¦ PSL. Under the collaboration, AMI Labs researchers are expected to work with the cluster's academic and industrial members on research, innovation and talent development. Separately, AMI Labs, Hi! PARIS and Institut Polytechnique de Paris announced a partnership at VivaTech. The collaboration subsequently opened applications for PhD candidates to undertake joint research in areas including machine learning, representation learning, planning, memory and reasoning.

In July 2026, TechCrunch reported that AMI Labs remained at a pre-product stage and was engaging with prospective partners in the robotics, manufacturing and electronics sectors. According to Alexandre LeBrun, access to real-world operating environments would be required to develop and evaluate AMI Labs' models. In a separate interview published by the BBC, Yann LeCun indicated that AMI Labs planned to continue refining its models during the remainder of 2026 and hoped that they would begin to be used in industrial settings in 2027.  

Oasis Education Group Limited ("Oasis Group")

Oasis Group is a 50% joint venture of the Group. The operating subsidiary of Oasis Group, Oasis Education Consulting (Shenzhen) Company Limited ("Oasis Shenzhen", 奧偉詩教育諮詢(深圳)有限公司), provides consulting and support services to the Huizhou Kindergarten in the Guangdong Province in China. 

The Huizhou Kindergarten continued to maintain a satisfactory level of pupil enrolment. Following the graduation of 71 pupils in the summer of 2026, it had enrolled 40 new pupils for the academic term commencing in September 2026. Based on the historical enrolment statistics, further admissions are expected for the academic term commencing in February 2027, thereby enabling the Huizhou Kindergarten to maintain a stable level of pupil enrolment.

PROSPECTS

The global economy in 2026 has been navigating a highly uneven and fragmented landscape, characterised by the competing forces of geopolitical friction and the artificial intelligence boom. The primary drag on the 2026 global economic growth stems from the widened conflict in the Middle East, which has disrupted critical shipping channels, notably the Strait of Hormuz. This has triggered a major energy and commodity supply shock that has led economic forecasters to cut growth projections.

According to the International Monetary Fund ("IMF") July 2026 World Economic Outlook Update, the overall global real GDP growth is projected to hit a sluggish 3.0%, representing a deceleration from the 3.5% average growth recorded across 2024-2025. Projections by other multilateral institutions were generally more pessimistic than that of the IMF, with the Organisation for Economic Co-operation and Development and the World Bank projecting global economy to grow by 2.9% and 2.5%, respectively. Among leading investment banks, Goldman Sachs forecast a 2.9% expansion, trailing Morgan Stanley's 3.2% forecast. The increasing AI-related capital expenditure, fiscal spending and a reduced drag from tariffs were the positive factors behind their forecasts, providing a platform to prolong the late-cycle growth.

The global headline inflation has been revised upward from 4.1% in 2025 to 4.7% in 2026, driven mainly by higher energy and food prices. Global goods trade expanded by an estimated 12.5% year-on-year in the first half of 2026, reaching about US$13.7 trillion, while services trade value grew by 10.5%. However, much of the growth was price-driven. In terms of volume, the growth in world trade is projected to slow sharply from 5.0% in 2025 to 3.5% in 2026, reflecting earlier front-loading and the drag from tariffs as well as the gradual adjustment of trade linkages and production chains through trade diversion and rerouting. Regionally, the growth projections for the U.S., the Euro area, China, Japan, the U.K. and India are 2.3%, 0.9%, 4.6%, 0.6%, 1.0% and 6.4%, respectively. Energy exporters outside the conflict zone and economies integrated into the technology-led upturn are likely to experience stronger growth.

The global private equity ("PE") market in the first half of 2026 presented a starkly different picture from the full year 2025. While 2025 was characterised by a broad resurgence in activity, the first half of 2026 was defined by selective dealmaking, extended holding periods, and a heavy reliance on operational value creation rather than low-cost debt and multiple expansion.

In the first half of 2026, according to EY's Private Equity Pulse, global PE transaction volume declined by about 10% compared with the corresponding period in 2025, while aggregate deal value remained broadly flat. This was consistent with a more selective dealmaking environment and greater concentration of capital in larger transactions.  

The technology sector retained its position as a primary recipient of buyout capital. However, the underwriting playbook underwent a fundamental transformation. PE managers navigated a period of valuation recalibration within the legacy software-as-a-service business models, while evaluating the disruptive threat of AI automation against traditional recurring revenue streams. Driven by these dynamics, capital moved aggressively into the physical infrastructure layer of digital expansion. Multi-billion-dollar joint ventures and large-scale consortium partnerships were formed to fund the next generation data centres, specialised semiconductor computing capacity, and the associated private power networks. At the same time, healthcare platforms and technology-enabled efficiency tool providers continued to attract steady capital due to their revenue predictability. Indeed, the PE market has shifted from multiple expansion and low-cost leverage to highly specialised, operationally rigorous firms capable of generating use cases and revenue and creating real economic value in a complex macroeconomic landscape.

Exit activity continued to be held back by market disruptions and uncertainty over valuations. The inventory of PE-backed companies remained at historically high levels, with more than 32,000 firms worldwide. The proportion of portfolio companies held for more than five years rose significantly to 34% as of March 2026 from 28% in 2025. While corporate trade sales and strategic acquisitions showed marginal improvements, the traditional institutional Initial Public Offering ("IPO") window remained highly selective and largely unavailable for the broader universe of mid-market corporate assets. With this aging portfolio base, General Partners ("GPs") are facing mounting pressure from Limited Partners ("LPs") to generate liquidity and return of capital. Until the IPO market broadens, corporate sales, sponsor-to-sponsor deals, secondaries, continuation vehicles and private credit / structured loan deals will continue to serve as critical release valves. In the first half of 2026, global exits amounted to US$570 billion compared to US$1.2 trillion for the whole of 2025.

Given a somewhat illiquid background, the PE fundraising landscape reflected an environment characterised by extreme bifurcation and institutional rebalancing. While the aggregate capital raised by the world's largest multi-asset alternative managers, such as KKR, Apollo and Blackstone, reached record highs, the mid-market and first-time fund segments faced an exceptionally challenging environment. Constrained by extended distribution timelines and a lack of recycled capital, LPs concentrated their commitments to a select few institutional platforms. Managers with strong distributed to paid-in capital records were favoured. For the average GP, this translates into higher costs, whether through fee concessions or co‑investment obligations that grant LPs direct deal participation, often on a no‑fee basis, to secure new funding commitments, while fundraising cycles remain extended. According to S&P Global Market Intelligence, global PE managers raised a total of US$307 billion in the first half of 2026, equivalent to 62% of the total for the whole of 2025.

Tariff policies and geopolitical tensions are likely to persist in the foreseeable future. Inflation remains on an upward trajectory, prompting recent interest rate hikes across the U.S., Japan and Europe. Elevated energy, commodity and food prices continue to strain household livelihoods. Collectively, these factors point to sluggish economic growth in the second half of 2026. Yet, leading global stock markets, buoyed by the AI-fueled optimism, continue to defy gravity. The market-defining listing of SpaceX, alongside the highly anticipated IPO of Anthropic, and expectations surrounding a future listing of OpenAI, each involving trillion-dollar valuations, help reinforce bullish investor sentiment. Whether these developments will spark another wave of AI-related momentum in both the public and private equity markets remains to be seen.

Within the Group's investment portfolio, the ICBC Ship Fund has started to dispose of its fleet with one vessel sold in June 2026 and the Group has received the pro rata share of the underlying sale proceeds. The disposal programme is expected to be completed in the second quarter of 2027, thereby returning the investment capital to the Group for future reinvestment initiatives. The majority of the Group's other investments, including the new investment in AMI Labs, are involved in the AI or other technology fields and therefore are well‑positioned to benefit in an era of rapid technological advancement.

By order of the Board

Alastair GUNN-FORBES

Non-Executive Chairman

                                                                                         28 September 2026

PRINCIPAL RISKS AND UNCERTAINTIES

The Group is exposed to a number of principal risks and uncertainties that could materially and adversely affect its performance for the remaining six months of the year ending 31 December 2026 and beyond. Such risks and uncertainties, the directors believe, remain largely unchanged from those, including, in particular, target market risk, key person risk, operational risks and financial risks, set out on pages 19 and 20 of the Company's 2025 Annual Report.

RESPONSIBILITY STATEMENT

The Board, comprising Alastair GUNN-FORBES, Henry Ying Chew CHEONG, Ernest Chiu Shun SHE, Mark Chung FONG, Martyn Stuart WELLS and Stephen Lister d'Anyers WILLIS, confirms to the best of its knowledge and understanding that:

(a)     the unaudited consolidated financial statements of the Group for the six months ended 30 June 2026 have been prepared in accordance with International Accounting Standard 34 as adopted by the European Union and give a true and fair view of its assets, liabilities and financial position at that date and its financial performance for the period then ended; and

(b)     the Interim Report includes a fair review of the information, such as important events and related party transactions that took place during the six months ended 30 June 2026, that is required by Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2026

		Unaudited
		Six months ended
	Notes	30.6.2026		30.6.2025
		US$'000		US$'000
Revenue	4	58		151
Other income, gains and losses, net	5	(293)		33
Staff costs	7	(134)		(136)
Other expenses		(117)		(144)
Finance costs	8	(2)		(1)
Share of losses of a joint venture		(2)		-
Loss before income tax expense		(490)		(97)
Income tax expense	9	-		-
Loss for the period		(490)		(97)
Other comprehensive income, net of income tax
Exchange differences on translating foreign operations		-		-
Other comprehensive income for the period,
net of income tax		-		-
Total comprehensive loss for the period		(490)		(97)
Loss for the period attributable to:
Owners of the Company		(490)		(97)
Total comprehensive loss for the period attributable to:
Owners of the Company		(490)		(97)
Loss per share - basic	10	US(0.58) cent		US(0.11) cent
Loss per share - diluted	10	US(0.58) cent		US(0.11) cent

The accompanying notes form an integral part of these interim financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2026

		Unaudited		Audited
		As at		As at
	Notes	30.6.2026		31.12.2025
		US$'000		US$'000
Non-current assets
Interest in a joint venture		47		49
Financial assets at fair value through profit or loss		2,965		3,297
Right-of-use assets		60		84
		3,072		3,430
Current assets
Other receivables		86		155
Deposits and prepayments		23		23
Financial assets at fair value through profit or loss		1,221		1,130
Amount due from a joint venture		257		257
Cash and cash equivalents		676		923
		2,263		2,488
Current liabilities
Other payables and accruals		101		162
Lease liabilities		49		65
		150		227
Net current assets		2,113		2,261
Non-current liability
Lease liabilities		17		33
Net assets		5,168		5,658
Capital and reserves
Share capital	11	85		85
Reserves		5,083		5,573
Total equity		5,168		5,658

The accompanying notes form an integral part of these interim financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2026

									Foreign
					Contri-		Share		currency				Accumu-
	Share		Share		buted		option		translation		Special		lated
	capital		premium		surplus		reserve		reserve		reserve		losses		Total
	US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000
Balance as at 1 January 2025	85		7,524		9,646		254		(49)		625		(12,651)		5,434
Total comprehensive loss for the period	-		-		-		-		-		-		(97)		(97)
Balance as at 30 June 2025 (Unaudited)	85		7,524		9,646		254		(49)		625		(12,748)		5,337

Balance as at 1 January 2026	85		7,524		9,646		48		(40)		625		(12,230)		5,658
Total comprehensive loss for the period	-		-		-		-		-		-		(490)		(490)
Balance as at 30 June 2026 (Unaudited)	85		7,524		9,646		48		(40)		625		(12,720)		5,168

The accompanying notes form an integral part of these interim financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2026​

	Unaudited
	Six months ended
	30.6.2026		30.6.2025
	US$'000		US$'000
Cash flows from operating activities
Loss for the period	(490)		(97)
Adjustments for: Bank interest income Depreciation of right-of-use assets	(7) 24		(6) 32
Interest on lease liabilities	2		1
Share of losses of a joint venture	2		-
Net realised and unrealised losses/(gains) on financial assets at fair value through profit or loss	316		(33)
Operating loss before working capital changes	(153)		(103)
Decrease in deposits and prepayments (Decrease)/increase in other receivables Decrease in other payables and accruals	- 69 (61)		6 (93) (86)
Net cash used in operating activities	(145)		(276)
Cash flows from investing activities
Bank interest income received Investment in financial assets at fair value through profit and loss	7 (140)		6 (90)
Proceeds from disposal of financial assets at fair value through    profit or loss	65		173
Net cash (used in)/generated from investing activities	(68)		89
Cash flows from financing activities
Repayment of principal portion of lease liabilities	(32)		(36)
Repayment of interest portion of lease liabilities	(2)		(1)
Net cash used in financing activities	(34)		(37)
Net decrease in cash and cash equivalents	(247)		(224)
Cash and cash equivalents at beginning of the period	923		701
Effects of exchange rate changes	-		-
Cash and cash equivalents at end of the period
Cash and bank balances	676		477

The accompanying notes form an integral part of these interim financial statements.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2026

1.   GENERAL INFORMATION

The Company is an exempted company incorporated in Bermuda and its shares are listed on the Main Market of the London Stock Exchange under the closed-ended investment funds listing category. The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information in the Interim Report.

2.   BASIS OF PREPARATION

The unaudited consolidated financial statements of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2026 (the "Interim Financial Statements") have been prepared in accordance with International Accounting Standard 34 ("IAS 34") issued by the International Accounting Standards Board as adopted by the European Union (the "EU").

The Interim Financial Statements do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards ("IFRS"), International Accounting Standards ("IAS"), Interpretations adopted by the EU, Interpretations adopted by the International Financial Reporting Interpretations Committee and Interpretations adopted by the Standing Interpretations Committee (collectively referred to as "IFRSs"), and should be read in conjunction with the annual financial statements of the Group for the year ended 31 December 2025. The Interim Financial Statements have neither been audited nor reviewed by the external auditor.

Save for the adoption of the amendments to IFRSs as described in note 3 to the Interim Financial Statements, which became effective for the year that began on 1 January 2026, the accounting policies adopted in the Interim Financial Statements were consistent with those used in the preparation of the Group's annual financial statements for the year ended 31 December 2025.

The Interim Financial Statements have been prepared on a going concern basis using the historical cost convention, except for certain financial instruments which were stated at fair value as appropriate.

The preparation of the Interim Financial Statements in conformity with IAS 34 as adopted by the EU required management to make judgments, estimates and assumptions that could affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses on a year to date basis. Actual results might differ from these estimates.

3.   ADOPTION OF NEW AND REVISED IFRSs

The Group has applied the same accounting policies in the Interim Financial Statements as in its annual financial statements for the year ended 31 December 2025, except that it has adopted the following amendments to IFRSs:

Amendments to IFRS 9 and IFRS 7	Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7	Contracts Referencing Nature-dependent Electricity
Amendments to IFRSs	Annual Improvements - Volume 11

The application of the above amendments to IFRSs in the current interim period had no material effect on the amounts reported and/or disclosures set out in the Interim Financial Statements.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2026

4. REVENUE

The Group's revenue represented dividend income from financial assets at fair value through profit or loss for the periods ended 30 June 2026 and 2025, an analysis of which is as follows:

	Unaudited
	Six months ended
	30.6.2026		30.6.2025
	US$'000		US$'000
Dividend income from financial assets at fair value through profit or loss	58		151

5. OTHER INCOME, GAINS AND LOSSES, NET

	Unaudited
	Six months ended
	30.6.2026		30.6.2025
	US$'000		US$'000
Net realised and unrealised (losses)/gains on financial assets at fair value through profit or loss	(316)		33
Bank interest income	7		6
Other Income	16		-
Foreign exchange loss, net	-		(6)
	(293)		33

6.   BUSINESS AND GEOGRAPHICAL SEGMENTS

No business and geographical segment analyses are presented for the periods ended 30 June 2026 and 2025 as the major operations and revenue of the Group arose from Hong Kong. The Board considers that most of the Group's non-current assets (other than the financial instruments) were located in Hong Kong.

7. STAFF COSTS

The aggregate staff costs (including directors' remuneration) of the Group were as follows:
	Unaudited
	Six months ended
	30.6.2026		30.6.2025
	US$'000		US$'000
Wages and salaries	131		133
Contributions to pension and provident fund	3		3
	134		136

NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2026

7. STAFF COSTS (CONTINUED)

Key management personnel of the Company are the directors only.
The directors' remuneration was as follows:
	Unaudited
	Six months ended
	30.6.2026		30.6.2025
	US$'000		US$'000
Directors' fees	40		41
Other remuneration including contributions to pension and provident fund	-		-
	40		41

8. FINANCE COSTS

	Unaudited
	Six months ended
	30.6.2026		30.6.2025
	US$'000		US$'000
Interest on lease liabilities	2		1

9.   INCOME TAX EXPENSE

No provision for taxation has been made as the Group did not generate any assessable profits for United Kingdom Corporation Tax, Hong Kong Profits Tax or tax in other jurisdictions during the periods ended 30 June 2026 and 2025.

10. LOSS PER SHARE

The loss and weighted average number of ordinary shares used in the calculation of basic and diluted loss per share were as follows.
	Unaudited
	Six months ended
	30.6.2026		30.6.2025
Loss for the period attributable to owners of the Company (US$'000)	(490)		(97)
Weighted average number of ordinary shares for the purposes of basic and diluted loss per share	85,101,870		85,101,870
Loss per share - basic	US(0.58) cent		US(0.11) cent
Loss per share - diluted	US(0.58) cent		US(0.11) cent

NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2026

10.    LOSS PER SHARE (CONTINUED)

         Diluted loss per share was the same as basic loss per share for the six months ended 30 June 2026 and 2025 as there were no potential dilutive ordinary shares outstanding at the end of both periods.

11.    SHARE CAPITAL

 

	Number of		Total value
	shares		US$'000
Authorised:
Ordinary shares of US$0.001 each
As at 1 January 2025, 31 December 2025, 1 January 2026       and 30 June 2026	60,000,000,000		60,000
Called up, issued and fully paid: Ordinary shares of US$0.001 each
As at 1 January 2025, 31 December 2025, 1 January 2026 and 30 June 2026	85,101,870		85

12.    RELATED PARTY TRANSACTIONS

Other than the compensation of key management personnel disclosed below, the Group did not have any related party transactions during the six months ended 30 June 2026 and 2025.

Compensation of key management personnel

The remuneration of directors is set out in note 7 to the Interim Financial Statements.

13.    CONTINGENT LIABILITIES

   The Group had no material contingent liabilities at 30 June 2026 and 31 December 2025.

14.    INTERIM REPORT

   The Interim Report was approved and authorised for issue by the Board on 28 September 2026.

CORPORATE INFORMATION

Board of Directors

Non-Executive Chairman

Alastair GUNN-FORBES*

Executive Directors

Henry Ying Chew CHEONG (Deputy Chairman)

Ernest Chiu Shun SHE

Non-Executive Directors

Mark Chung FONG*

Martyn Stuart WELLS*

Stephen Lister d'Anyers WILLIS*

* independent

Company Secretary

Elemental Company Secretary Limited

27 Old Gloucester Street, London, WC1N 3AX, United Kingdom

Assistant Company Secretary

Ocorian Services (Bermuda) Limited

Victoria Place, 5^th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda

Registered Office Address

Victoria Place, 5^th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda

Registration Number

EC21466 Bermuda

Principal Banker

The Hongkong and Shanghai Banking Corporation Limited

1 Queen's Road, Central, Hong Kong

External Auditor

BDO Limited

25^th Floor, Wing On Centre, 111 Connaught Road Central, Hong Kong

Principal Share Registrar and Transfer Office

Ocorian Management (Bermuda) Limited

Victoria Place, 5^th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda

International Branch Registrar

MUFG Corporate Markets (Jersey) Limited

IFC 5, St Helier, Jersey, JE1 1RT, Jersey, Channel Islands

United Kingdom Transfer Agent

MUFG Corporate Markets

Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom

Investor Relations

For further information about Worldsec Limited, please contact:

Henry Ying Chew CHEONG,

Executive Director

Worldsec Group

Unit 607, 6^th Floor, 308 Central Des Voeux, 308 Des Voeux Road Central, Sheung Wan, Hong Kong

[e-mail]

Company's Website

http://www.worldsec.com

 

END