Our Chairman’s Message
The year 2025 was defined by global uncertainty and structural opportunities. Amid heightened macroeconomic uncertainty, shifting geopolitical currents, and the emergence of generative artificial intelligence, global supply chains underwent accelerated reshuffling. Against this backdrop, the Asia-Pacific region demonstrated itself as one of the most resilient and dynamic market globally, underpinned by its comprehensive industrial ecosystems, ample talent reserves and mature financial infrastructure.
For over thirty years, Value Partners Group has been an asset management firm deeply rooted in the art of Asian investing. Guided by our unwavering principle of “Client-Centricity and Professional Excellence”, we have maintained a disciplined, long-term approach, continuously fortifying our research edge, product innovation, and operational resilience while refining our client service framework. In 2025, despite a complex external environment, the Group employed prudent asset allocation and disciplined investment strategies to capture upside opportunities in high-quality Asian assets. Our flagship products – the Value Partners Classic Fund, Value Partners High-Dividend Stocks Fund, and Value Partners Asian Income Fund – all delivered strong performance, furthermore the Value Partners High-Dividend Stocks Fund and Value Partners Taiwan Fund both reached historic record highs in their net asset values respectively. Our Group’s assets under management grew to USD6.2 billion, with full-year net profit of HKD668 million. These solid results are rooted in our firm conviction in Asia’s growth potential and the steady execution of our four core strategic priorities.
Anchored in Asia’s Growth Trajectory
Asia has always been the focus of Value Partners Group’s investment strategy. According to International Monetary Fund (IMF) projections, global GDP growth between 2026 and 2030 is expected to range from 3.1% to 3.3%, while Asian economies are forecast to achieve growth of 4.5% to 5.0% – significantly outpacing the global average. We believe Asia’s long-term competitive edge is fortified by three pillars:
First, Asia’s extensive resource wealth – spanning the full spectrum from energy to critical minerals – provides a robust foundation for industrial development. This is further bolstered by the region’s formidable manufacturing prowess: China, South Korea, and Japan maintain a dominant edge in high-end manufacturing, while Southeast Asia is rapidly ascending as a vital manufacturing hub.
Second, the region enables unparalleled synergy and optimal capacity allocation. The established supply chain ecosystems and manufacturing efficiency of north Asia are perfectly complemented by the competitive labor, land, and fiscal advantages of Southeast Asia. Together, they form a formidable, cost-optimized industrial footprint that stands as one of the most competitive regional clusters in the global market.
Third, ample demographic dividends and talent reserves. Home to approximately 60% of the world’s population with a median age of just 32.8, Asia provides a robust talent base for frontier industries such as artificial intelligence and semiconductors. At the same time, the region’s relatively high savings rates continue to generate demand for wealth management. The Asia-Pacific wealth management market is forecast to grow at a compound annual rate of 7.2% from 2026 to 2031¹.
Value Partners will continue to fortify its presence across Asia, bridging our clients to the immense value and prosperity generated by the region’s economic evolution.
Upholding Value Investing, Delivering on Long-Term Commitment
The Value Partners Classic Fund has delivered cumulative returns of 4,973% over 32 years since inception, representing an annualized return of 12.7%. The Value Partners High-Dividend Stocks Fund has achieved cumulative returns of 1,268% over 23 years, with an annualized return of 11.9%. Value Partners is also the world’s first issuer to launch a gold ETF backed by physical bullion stored in Hong Kong, and has managed the Value Gold ETF (3081.HK) for over 15 years.
These remarkable results reflect our longstanding commitment to value investing: a focus on corporate fundamentals and intrinsic value, the pursuit of quality growth opportunities through in-depth research, and the constant prioritization of our clients’ interests.
Embracing Technological Change, Empowering Operations with AI
2025 marked a transformative chapter for global markets, as the rapid evolution of Artificial Intelligence (AI) began to fundamentally reshape industries－our own asset management profession included. During the year, the Group actively integrated AI technology across investment management, client services, and internal operations. Our strategic integration of technology is delivering tangible results across the value chain. In research, AI-driven models have augmented our analytical depth and the precision of our bottom-up screening. For our clients, intelligent tools have elevated responsiveness and refined the accuracy of asset allocation. Additionally, our unified middle-office architecture has dismantled silos, driving significant cost-efficiencies. Looking ahead, we will further harness technology to fortify our investment prowess and cement a distinctive competitive moat.
Leveraging Hong Kong as a Strategic Hub to Capture Two-Way Opportunities
Since 2025, Hong Kong has reaffirmed its standing as a premier global financial hub. The city reclaimed its mantle as the world’s leading IPO destination, complemented by a robust resurgence in equity trading volumes. The steady expansion of cross-border connect schemes and the solidification of its role as the preeminent offshore Renminbi center have collectively amplified Hong Kong’s magnetism for global capital. Leveraging on Hong Kong’s unparalleled positioning, Value Partners will continue to broaden its spectrum of investment solutions, actively promoting the inclusion of innovative products in the Mutual Recognition of Funds arrangement, ETF Connect, and Cross-boundary Wealth Management Connect to meet the increasingly diversified asset allocation needs of Mainland and overseas investors and ensuring that we remain at the forefront of the region’s evolving market.
Outlook
Looking ahead to 2026, the global landscape remains in a period of profound adjustment. Yet Asia’s growth resilience, the innovative impetus of technological transformation, and Hong Kong’s unique positioning as an international financial center will continue to provide a solid foundation for Value Partners’ development. The Group will embrace change with an open mind, closely monitor global macroeconomic trends and flexibly optimize asset allocation strategies. Leveraging our research prowess and disciplined risk management, we remain dedicated to the stewardship of investor capital-preserving and compounding value even amidst market turbulence.
Appreciation
I would like to express my heartfelt gratitude to our investors, partners, and shareholders for their longstanding trust and support, and to every member of the Value Partners team for their steadfast dedication and work commitment.
LIN Xianghong
Chairman and Executive Director
Value Partners Group
1. Source: Mordor Intelligence, Asia Pacific Wealth Management Market Report (2026–2031). https://www.mordorintelligence.com/industry-reports/asia-pacific-wealth-management-market
Note: Cumulative performance net of all fees.
Source: Value Partners data, up to 31 December 2025