Offshore Trust Insight | BLOKS (00325.HK) First-Half Revenue Up 32.7% YoY, Founder's Discretionary Trust Holds About 44.39%

On October 23, 2026, BLOKS closed at HKD 61.50, up 12.64% for the day. Bloks Group Limited listed on HKEX on January 10, 2025 at an offer price of HKD 60.35 per share, with a global offering of 27.738 million shares.

On the shareholding structure, the company's 2026 interim report shows that, based on the total number of issued shares of 249,250,945 as of June 30, 2026, Zhu Weisong reported 110,639,460 shares in his capacity as settlor of a discretionary trust, representing about 44.39%. Next Bloks Limited, in its capacity as beneficial owner, Wit Bright Limited, by way of interest of controlled corporation, and Trident Trust Company (HK) Limited, in its capacity as trustee, have each separately reported the same block of 110,639,460 shares.

According to disclosures in the listing document and the interim report, Zhu Weisong, chairman of the board, executive director and chief executive officer, established Wise Global Trust as settlor on June 16, 2022, with himself and his family members as beneficiaries and Trident Trust Company (HK) Limited, a company incorporated in Hong Kong, as trustee.

The shareholding chain is as follows: Wise Global Trust leads to Wit Bright Limited, which holds 99% of Next Bloks Limited, and Next Bloks beneficially holds 110,639,460 shares in the company, representing about 44.39%. Smart Bloks Limited, wholly owned by Zhu Weisong, additionally holds 8,805,846 shares in the company. Accordingly, Zhu Weisong, Next Bloks Limited, Wit Bright Limited and Trident Trust Company (HK) Limited constitute a group of controlling shareholders.

On the news front, on October 22, 2026, Smart Bloks Limited sold 3,849,000 shares by way of a block trade at HKD 65.28 per share, representing approximately 1.56% of the total number of issued shares (excluding treasury shares).

On the policy front, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust, from establishment through existence to termination, into the individual income tax administration system, establishing three look-through points, namely establishment, existence and termination, with a uniform tax rate of 20%. The announcement specifies that, during the existence of an offshore trust, income generated by an offshore trust of a resident individual and by overseas entities held or controlled by that trust shall be subject to individual income tax declared and paid annually by that resident individual, regardless of whether the income is actually distributed.

On the operating front, interim results show that Bloks recorded revenue of RMB 1.776 billion in the first half of 2026, up 32.7% year on year; profit for the period of RMB 387 million, up 30.5% year on year; and adjusted profit of RMB 401 million, up 25.1% year on year. Overseas revenue in the first half was RMB 366 million, up 228.5% year on year. As of the end of June, the company had 75 licensed IPs, of which 30 had been commercialised.

According to publicly available information, Bloks is a Chinese assembly character toy company founded by Zhu Weisong in December 2014, principally engaged in the design, development and sale of assembly character toys and assembly vehicle toys. The company owns two self-developed IPs, namely Magic Blocks and Herospire, and has obtained non-exclusive licences for IPs such as Ultraman, Transformers, Marvel Heroes and Naruto.