INKEVERSE Group Limited has disclosed that between 28 October 2024 and 9 September 2025 it channelled surplus cash into, and subsequently fully redeemed, the Da Cheng Money Market Fund managed by Da Cheng International for treasury-management purposes.
During the period, cumulative subscriptions peaked at RMB250.55 million on 16 January 2025, with further high points of RMB191.61 million on 2 May 2025 and RMB155.28 million on 30 June 2025. The company exited the position entirely on 9 September 2025, receiving total redemption proceeds of RMB833.18 million, comprising principal of RMB832.17 million and a net investment return of RMB1.02 million, which will be recognised as income for the year ended 31 December 2025. No balance remains invested.
Fund profile • Product: Da Cheng Money Market Fund • Management fee: 0.10% per annum; custodian fee: up to 0.018% per annum; subscription fee: up to 3% • Investment mandate: at least 70% in USD-denominated short-term deposits and high-grade money-market instruments; only investment-grade debt; no loss-absorption instruments • Minimum subscription: US$1,002
Listing Rules implications Repeated subscriptions and redemptions, conducted via an auto-sweep mechanism at Futu Securities, pushed the highest applicable percentage ratio above 25%, classifying the transactions as a major transaction under Chapter 14 of the Listing Rules. The company did not make timely announcements or seek prior shareholder approval, constituting inadvertent non-compliance.
Remedial measures 1. Terminated the auto-subscription mechanism on 9 September 2025. 2. Updated internal manuals and mandated use of the Stock Exchange’s size-test template. 3. Completed targeted training for directors, senior management and finance staff on 31 October 2025. 4. Adopted a parallel approval process involving Investment, Treasury, Securities and Finance departments, with escalation to the vice-president of finance and external advisers where needed. 5. Committed to seek Stock Exchange guidance in cases of uncertainty.
Management stated that, given the position is fully redeemed, seeking retrospective shareholder approval would be impractical; all remedial actions have already been implemented.