Offshore Trust Insight | ENVISION GREEN (01783.HK) closes up 3.02%; Mr. Kwok Chun Sing controls about 39.6% of interests through family trusts

On 28 October 2026, Hong Kong equities closed higher, with the Hang Seng Index up 0.23% at 23,094.81 points and the Hang Seng TECH Index up 1.40% at 3,853.72 points, and ENVISION GREEN (01783.HK) closed up, quoted at HKD 4.780, up 3.02%.

The Company was formerly known as Golden Ponder Holdings Limited, which listed on the Main Board of the Hong Kong Stock Exchange in 2018 and initially carried out building construction, maintenance and alteration works; it pivoted to green energy from 2020 and has focused in recent years on building a global power battery recycling system while developing artificial intelligence computing power and infrastructure operation services in parallel; its first power battery processing facility in Hong Kong came into operation in June 2026, and in June 2026 it acquired YV CLOUD and interests in Shanghai Youfu Cloud Computing for a base consideration of HKD 2.2 billion, moving into cloud computing and AI infrastructure services.

On offshore trusts, the Company's announcement on the completion of the placing of existing shares and the first-then-new share subscription dated 20 August 2026 discloses that Marvel Sing Trust is a discretionary trust set up by Mr. Kwok Chun Sing as the settlor with Mr. Kwok Chun Sing as the beneficiary, that Strong Extend Trust is a discretionary trust set up by Mr. Tang Chi Kin as the settlor with Mr. Tang Chi Kin as the beneficiary, that Envoy Mind Trust is a discretionary trust set up by Mr. Zhan Zhi Hao as the settlor with Mr. Zhan Zhi Hao as the beneficiary, and that Elegant Jasmine Trust is a discretionary trust set up by Ms. Kwok Ho Yee as the settlor with Ms. Kwok Ho Yee as the beneficiary; the trustee of all four trusts is Circle Corporate Services Limited, and the four holding platforms Marvel Sing Limited, Strong Extend Limited, Envoy Mind Limited and Elegant Jasmine Limited are all companies incorporated in the British Virgin Islands with limited liability, wholly owned by that trustee.

The Company's 2025/26 interim report states that Mr. Kwok Chun Sing holds 1,096,898,000 shares in the capacity of interest in controlled corporations and 24,840,000 shares in the capacity of settlor of a discretionary trust, and separately holds 180,000,000 shares as beneficial owner; Mr. Tang Chi Kin holds 80,640,000 shares as beneficial owner and 16,560,000 shares as settlor of a discretionary trust; Mr. Zhan Zhi Hao holds 13,900,000 shares as beneficial owner and 24,840,000 shares as settlor of a discretionary trust; and Ms. Kwok Ho Yee holds 24,840,000 shares as settlor of a discretionary trust. Accordingly, 24,840,000 shares, 16,560,000 shares, 24,840,000 shares and 24,840,000 shares of the interests held by the four are held through the British Virgin Islands holding platforms under their respective family trusts and fall within the scope of offshore family trusts. The establishment dates and governing laws of the four trusts have not been disclosed.

On trading eligibility, the Hang Seng Indexes Company announced in August 2025, in the quarterly review of the Hang Seng Index series as at 30 June 2025, that ENVISION GREEN would be included in the Hang Seng Composite Index for the first time, with the changes taking effect after the close on 5 September and from 8 September; according to the Shenzhen Stock Exchange announcement of the same day, the Company's shares were added to the Stock Connect eligible securities lists with effect from 8 September 2025.

On 24 July 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Individual Income Tax Related to Offshore Trusts (Announcement No. 21 of 2026), bringing the establishment, subsistence and termination of offshore trusts into the individual income tax administration framework throughout their full life cycle, establishing three look-through points of establishment, subsistence and termination, and applying a unified 20% tax rate. During the subsistence period, income generated by a resident individual's offshore trust and by overseas entities held or controlled by that trust is, whether or not actually distributed, taxed with the resident individual as the taxpayer, requiring annual filing and payment of individual income tax. Article 6 of the Announcement provides that where a resident individual becomes a non-resident individual during the subsistence of an offshore trust, the taxable income shall be the balance obtained by deducting the original cost from the market value of the offshore trust property as at the date on which the individual became a non-resident; the 90-day window for supplementary declaration set under the Announcement runs from 24 July 2026.

One broker's research report notes that the company acquired YV CLOUD and interests in Shanghai Youfu Cloud Computing in June 2026 for a base consideration of HKD 2.2 billion, formally entering cloud computing and AI infrastructure services, and gaining a compliant procurement channel through Youfu's NVIDIA Cloud Partner qualification; the first batch of allocation has exceeded 500 high-performance servers, corresponding to more than 4,000 GPUs, and customer orders have already substantially exceeded existing computing capacity; the broker believes AI cloud will become the Company's principal profit growth engine, and forecasts AI cloud revenue of HKD 5.085 billion in financial year 2029, accounting for 76.5% of the Group's gross profit contribution.

On the operating front, revenue for the financial year ended 31 March 2026 was HKD 2.462 billion, up 183.1% year on year; gross profit was HKD 196.8 million, up 91.6%, with a gross margin of 8.0%; profit before tax was HKD 65.38 million and profit attributable to owners of the Company was HKD 60.9 million, turning around from a loss of HKD 15.7 million in the prior year; adjusted EBITDA rose from HKD 44.8 million to HKD 98 million, and basic and diluted earnings per share were HK2.17 cents. In terms of business mix, reverse supply chain management and environmental-related services form the bulk of the Company's revenue, with a global recycling network spanning 28 countries, three pre-processing plants and 74 collection and dismantling points; the first power battery processing facility in Hong Kong came into operation in June 2026, and the Group is proceeding with the acquisition of YV CLOUD and interests in Shanghai Youfu Cloud Computing and has purchased high-performance servers to develop its AI computing business.