Offshore Trust Insight | XIN POINT HOLD (01571.HK) up 0.45% intraday; Ma Xiaoming controls about 73.1% of interests through a discretionary trust

On 11 November 2026, Hong Kong equities traded lower while XIN POINT HOLD (01571.HK) moved higher against the market trend. As of 15:45, the Company was quoted at HKD 3.750, up 0.45%.

The Company submitted its monthly return on movements in securities on 6 October 2026, showing that as at 30 September 2026 its authorised/registered share capital remained at 20,000,000,000 ordinary shares with a par value of HKD 0.10 each and a total authorised/registered share capital of HKD 2.0 billion, unchanged during the month; the numbers of issued shares (excluding treasury shares) and treasury shares are set out in the monthly return, and the Company maintains a sufficient public float.

On offshore trusts, the Company's prospectus states that the Mealth Discretionary Trust was established and took effect on 19 June 2015 with Mr. Ma Xiaoming as settlor; on the same day, Mr. Ma transferred the entire issued share capital of Green Pinnacle by way of gift as the trust asset. The trustee, Mealth (PTC) Limited, is a private trust company incorporated in the British Virgin Islands on 1 April 2015 with Mr. Ma as its sole shareholder and director, and Green Pinnacle is wholly owned by Mealth PTC. The prospectus further states that Mealth PTC, as trustee, has been given the widest possible powers to deal in and manage the trust assets, including the power to vote in respect of the Shares comprised in the trust assets at its own discretion, while the discretionary objects have no power to vote in respect of the Shares; distributions of the income and capital of the trust fund to the discretionary objects require the prior or contemporaneous written consent of the protector of the Mealth Discretionary Trust.

In addition, the Company's 2026 interim report states that Green Pinnacle holds 737,186,750 shares, approximately 73.13%, as beneficial owner, and Mealth PTC is interested in those shares in the capacity of interest of a controlled corporation and trustee; a note to the same report states that Green Pinnacle and the shares it holds form part of the trust assets of the Mealth Discretionary Trust established by Mr. Ma as settlor with Mealth PTC as trustee, that Mr. Ma is deemed to be interested in those shares, and that the trust is a discretionary trust whose discretionary objects include Mr. Ma, members of the Ma family, certain directors, namely Mr. He Xiaolu, Mr. Meng Jun, Mr. Liu Jun and Mr. Zhang Yumin, and other beneficiaries. Accordingly, Mr. Ma's interests are held through entities under the trust and fall within the scope of offshore family trusts.

One broker's research report notes that the Company's product mix has continued to shift from simple electroplating products to more complex surface treatment, spraying, assembly and high-value-added decorative components, with an overall average selling price in the first half of about RMB 9.51 per piece, up 6.0% year on year, driving a 2.4 percentage point improvement in gross margin; orders on hand as at 30 June 2026 stood at approximately RMB 10.26 billion, expected to be delivered from the second half of 2026 through the end of 2030.

On the operating front, revenue for the first half of 2026 was RMB 1,459.4 million, down 6.3% year on year, mainly due to fewer projects secured during the pandemic, fewer projects entering mass production, and geopolitical factors prompting certain customers to reduce or defer orders; gross profit was RMB 490.6 million, up 0.9% year on year, with gross margin rising from 31.2% in the same period of the prior year to 33.6%, mainly on cost control and automation measures, product mix optimisation and improved yield rates. Profit attributable to equity shareholders was RMB 213.5 million, down 11.7% year on year, diverging from the improvement in gross margin, mainly because the period recorded a net foreign exchange loss of about RMB 17.8 million against a net foreign exchange gain of about RMB 17.7 million in the same period of the prior year; excluding foreign exchange gains and losses, core operating profit was about RMB 231.3 million, up 3.3% year on year. Net cash generated from operating activities was RMB 461.1 million, higher than profit attributable to equity shareholders; as at 30 June 2026, cash and cash equivalents stood at RMB 1,310 million, up from RMB 1,075 million at the end of 2025, with no bank borrowings. The Board resolved to pay an interim dividend of HKD 0.15 per share, against HKD 0.20 in the same period of the prior year.