Offshore Trust Insight | MARKETINGFORCE (02556.HK) First-Half Revenue Up 111.2% YoY, Subsidiary Grants Loan of Up to RMB 300 Million to Controlling Shareholder

On October 23, 2026, MARKETINGFORCE closed at HKD 48.96, up 8.18% for the day, with turnover of about HKD 266 million. Marketingforce listed on the Main Board of HKEX on May 16, 2024 at an offer price of HKD 43.60 per share, with a global offering of 5.9497 million shares and net proceeds of about HKD 181 million.

On the shareholding structure, the company's 2026 interim report shows that, based on the total number of issued shares of 268,603,300 as of June 30, 2026 (including 866,500 shares held as treasury shares), Zhao Xulong reported 114,088,000 shares in his capacity as settlor of a discretionary trust and additionally held 2,837,000 shares through Willian Zhao I Limited, which is indirectly wholly owned by him, while Zhu Shuina separately reported the same block of shares by way of interest of spouse and interest of controlled corporation.

According to disclosures in the listing document and the interim report, founder Zhao Xulong established the founder family trust as settlor, with THE CORE TRUST COMPANY LIMITED as trustee, Ms Zhu Shuina (Zhao Xulong's spouse) as protector, and Willam Zhao Limited (wholly owned by Zhao Xulong) and Shuina Zhu Limited (wholly owned by Zhu Shuina) as beneficiaries.

The shareholding chain is as follows: the founder family trust leads to Real Force Limited and Precious Sight Limited, which together hold 114,088,000 shares in the company. Accordingly, Zhao Xulong, Zhu Shuina, Real Force Limited, Precious Sight Limited, Willam Zhao Limited, Shuina Zhu Limited and Willian Zhao I Limited constitute a group of controlling shareholders.

On the news front, on October 23, 2026, Shanghai Zhendao, a subsidiary of the company, entered into a loan agreement with Zhao Xulong, under which it agreed to grant him a loan of up to RMB 300 million in principal for a term of nine months. Previously, on September 23, 2026, the company completed the issue of 9,832,800 new shares under a general mandate at a subscription price of HKD 50.85 per share, diluting the shareholding of the controlling shareholder group from 43.67% to 42.12%.

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 Marketingforce recorded revenue of RMB 1.96 billion in the first half of 2026, up 111.2% year on year; gross profit of RMB 886 million, up 96.5% year on year; profit for the period of RMB 203 million, up 466.1% year on year; and adjusted net profit of RMB 213 million, up 150.9% year on year.

According to publicly available information, Marketingforce was founded in 2009 and is an AI-native application platform principally engaged in enterprise-level AI applications and marketing and sales SaaS solutions, with its self-developed TForce marketing large model and products such as the AI-Agentforce agent middle platform serving enterprise customers.