Offshore Trust Insight | DPC DASH (01405.HK) Down 1.78% Intraday; Controlling Shareholder Raises Stake to 34.01% via Wakatipu PTC Trust from July to September

On November 3, 2026, the catering and quick-service restaurant theme traded divergently, and DPC DASH (01405.HK) weakened. As of 13:32, the stock was quoted at HKD 29.760, down 1.78%, with a turnover of about HKD 2.3981 million and a market capitalisation of about HKD 3.917 billion based on the latest price. It touched a low of HKD 29.760 and a high of HKD 30.600 during the day, with an amplitude of 2.77%.

On the news front, according to the HKEx disclosure of interests platform, controlling shareholder Good Taste Limited declared on-market increases on 12 trading days between July 6 and September 3, 2026, totalling 625,600 shares at declared average prices ranging from HKD 30.8363 to HKD 38.6727 per share; its holding rose from 44,137,047 shares to 44,762,647 shares, with its percentage of the issued voting shares rising from 33.54% to 34.01%. Each of these increases was declared in equal amounts by Good Taste Limited, Ocean Investments Limited, Wakatipu PTC Limited and Marshall James Leslie in respect of the same block of shares. The disclosures did not state the reason for the increases.

It is understood that DPC Dash Ltd listed on the Main Board of HKEX on March 28, 2023 at an offer price of HKD 46.00 (the bottom of the HKD 46.00 to HKD 55.00 range), offering 12,799,000 shares globally (of which 575,500 shares were offered in Hong Kong and 12,223,500 shares internationally, with a 15% over-allotment option), raising net proceeds of about HKD 459.9 million, with a board lot size of 1,000 shares; no cornerstone investors were introduced, the Hong Kong public offering was about 0.45 times subscribed and undersubscribed, and the international offering was about 1.9 times subscribed. The company is the exclusive master franchisee of Domino's Pizza in mainland China, Hong Kong, China and Macao, China, and operated 1,550 directly operated stores across 75 cities in mainland China as at June 30, 2026. The stock opened at HKD 46.000 on its debut and closed at HKD 45.950, down 0.11% from the offer price. As at November 3, 2026, the company had about 132 million issued shares; the current price of HKD 29.760 is down 35.30% cumulatively from the offer price, with a 52-week high of HKD 90.200 (November 2025) and a 52-week low of HKD 27.840 (October 2026).

In terms of shareholding structure, according to the HKEx disclosure of interests platform, Marshall James Leslie declared holdings of 44,793,529 shares on September 3, 2026, representing 34.03% of the issued voting shares; Good Taste Limited, Ocean Investments Limited and Wakatipu PTC Limited declared the same block of 44,762,647 shares, or 34.01%, in equal amounts, and Michele Li Ming Marshall declared the same block as a family interest. Wang Yi, executive director and chief executive officer, declared holdings of 3,283,700 shares on June 30, 2025 in the capacity of settlor of a discretionary trust and beneficial owner, representing 2.5079% of the issued voting shares (based on the issued shares at that time).

Public listing documents and the disclosure of interests show that the company's shareholding structure involves offshore family trusts. According to the prospectus, Good Taste Limited is incorporated in Bermuda and wholly owned by Ocean Investments Limited, also incorporated in Bermuda; the entire equity interest in Ocean Investments Limited is wholly owned and managed by a corporate trustee for the benefit of a discretionary (irrevocable) family trust, of which Mr. Marshall is the protector, a named person within the class of discretionary beneficiaries, and one of the directors of the trustee. The prospectus also states that, under the terms of the relevant trust deed, Mr. Marshall (as protector of the trust) has powers and rights including, among others, the power to appoint and remove the trustee and the right to direct the trustee in the exercise of the voting or other rights attaching to any securities of Ocean Investments Limited; however, Mr. Marshall is not the settlor of the irrevocable trust, and the settlor has no control over, or interest in, the trust's assets. According to supplementary information on the HKEx disclosure of interests platform, the corporate trustee is Wakatipu PTC Limited, which is wholly owned by Mr. Marshall, and the declared capacity is "trustee of a trust" and "interest in a controlled corporation". The name, establishment date, settlor and specific scope of beneficiaries of the trust have not been disclosed.

In addition, according to the prospectus, Ms. Wang Yi's holding platform Molybdenite Holding Limited is incorporated in the British Virgin Islands and is controlled as to a majority equity interest by Ms. Wang's family trust (of which Ms. Wang is the founder of a discretionary trust) through a wholly-owned company of the trust, with the remaining interest held directly by Ms. Wang; the name, trustee, establishment date and scope of beneficiaries of that trust have not been disclosed.

Regarding offshore trusts, 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 — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the company's revenue in the first half of 2026 was RMB 3.134 billion, up 20.8% year on year; transaction volume grew 33.7% year on year; store-level operating profit was RMB 390 million, up 2.9%, with a store-level operating margin of 12.5%, against 14.6% a year earlier; profit for the period attributable to owners of the company was RMB 81.05 million, up 22.9%, with basic earnings per share of RMB 0.62; adjusted net profit was RMB 98.15 million, up 7.4%; adjusted EBITDA was RMB 351 million, up 8.6%. On same-store performance, overall same-store sales fell 4.8% year on year in the first half, with initial-city markets down 3.5% and new-city markets down 9.4%, while overall same-store transaction volume grew 7.1%. Delivery revenue was RMB 1.619 billion, up 44.7% year on year and accounting for 51.7% of total revenue, up 8.6 percentage points, of which delivery revenue through third-party aggregator platforms was RMB 1.234 billion, up 81.0%, and delivery revenue through own channels was RMB 385 million, down 11.8%. As at June 30, the company operated 1,550 stores across 75 cities in mainland China, a net increase of 235 stores in the first half and 15 newly entered cities; it held cash and bank balances of RMB 935 million, with a gearing ratio of 7.9%.

In terms of products and business developments, the company plans to open about 350 stores in 2026 (net of closures) and, as at August 14, had opened an additional 27 stores, with 38 under construction and 36 signed or approved; on August 21, Domino's Pizza China's Wuhan smart supply chain centre was completed and put into operation; in May, the company appointed Joanne Xie as chief marketing officer, responsible for brand building, digital and data-driven omnichannel marketing and category innovation. By store count, the mainland China market has become the second-largest international market in Domino's Pizza's global system.

HTSC believes that the company's store network expansion and transaction volume growth drove revenue higher in the first half, but the decline in average ticket size and the rising share of third-party aggregator platform delivery put temporary pressure on margins, and that the store-level operating margin, although narrowing 2.1 percentage points year on year, remained resilient amid pressure on daily sales; by city tier, first-tier city revenue was RMB 1.074 billion, down 1.0%, while non-first-tier city revenue was RMB 2.060 billion, up 36.5% and rising to 65.7% of the total; by market vintage, initial-city revenue was RMB 1.724 billion, up 1.6%, and new-city revenue was RMB 1.410 billion, up 57.2%, rising to 45.0% of the total; as the channel mix improves and the high base of new stores in new cities fades, both average ticket size and same-store performance have room for structural improvement.