Letter from CEO to our Investors
Dear Investor,
If you are looking at Triller Group for the first time, the most important point is this: we acquired Triller
in October 2024 because we believed that valuable businesses were trapped inside a difficult legacy
situation. We entered the transaction as experienced operators and capital allocators who understood
the difference between temporary dislocation and underlying enterprise value.
We did not enter this transaction as promoters seeking rescue capital. We came from building and
operating financial services platforms at large institutional scale. We understand regulated
businesses, capital allocation, operating discipline, and market cycles. That context matters when
investors evaluate how we approached Triller.
The legacy issues were clear: accounting, reporting, documentation, governance, and capital
structure challenges from prior Triller operations. They delayed filings, created Nasdaq pressure,
constrained access to capital, and obscured the value of the operating businesses inside the Group.
Those issues have now been addressed. The 2025 Form 10-K has been filed, the outstanding
periodic reports have been completed, and Nasdaq has confirmed that the Company regained
compliance with the Periodic Filing Rule. Nasdaq trading has resumed.
While trading has resumed on Nasdaq, the Company remains engaged in the Nasdaq Hearings Panel
process regarding compliance with the minimum bid price requirement. We have requested an
additional exception period and remain focused on regaining full compliance. This is a top priority for
management.
The issues described above were real, but they were not the businesses themselves. They were the
obstacles between the businesses and the public markets. We took responsibility for resolving them.
The reporting reset is substantially complete. The remaining work is execution and regaining full
Nasdaq compliance.
This letter is an invitation for serious investors to look again at the operating platforms now positioned
for execution. Going forward, we will provide regular updates to shareholders on Nasdaq compliance,
revenue initiatives, and key operating metrics. We intend to provide investors with monthly updates on
user activation and monetization milestones as key performance indicators.
The focus now is execution.
What Investors Should Focus On
Triller Group should now be evaluated through three business engines:
• Triller — social media, creator technology and monetization optionality;
• BKFC — combat sports and live-event media growth;
• AGBA — the 30-year financial-services operating platform that carried the Group through the
reset.
These are not unrelated investment holdings. They are operating platforms with customers,
technology, brands, market access and execution paths.
The strategic logic is integration, not passive ownership. Triller brings audience, creator technology
and, soon, monetization tools. BKFC brings live sports content, fan intensity and media-rights
potential. AGBA brings operating discipline, customer access, financial-services infrastructure and a
regulated commercial foundation. We will explain the detailed operating synergies as investors
engage with us, but the introductory point, for now, is simple: these platforms are designed to
reinforce one another.
In 2025, the Company generated $21.6 million in revenue, all from financial services. The legacy
Triller platform did not contribute meaningful revenue for important reasons. That is the core
opportunity we are now working on.
1. Triller: The Social Media and Creator Technology Opportunity
The market currently sees the Triller social media business through the lens of 2025 revenue. That is
understandable, but incomplete.
The Company substantially reset Triller’s legacy social-media operations during 2025. We were not
going to keep deploying capital into activities that were not delivering acceptable economics. That is
not how institutional capital behaves. We stopped what did not work, preserved what matters, and
prepared the platform for a more disciplined monetization-led model.
The asset base remains significant. Triller has disclosed more than 327 million Consumer Accounts
on the Triller app and a total of 436 million Consumer Accounts across its broader Technology
Platform, after proactively purging more than 200 million duplicate and bot accounts. It has creator
tools, AI capabilities, influencer-marketing assets, and other technology and content assets.
A user base and creator infrastructure of this scale is not easily rebuilt. It took years and substantial
capital to create. That user base has proven itself — when TikTok faced a US ban in January 2025,
users chose Triller as their destination. That is brand recognition that cannot be manufactured. The
question investors should therefore be asking is not why legacy Triller underperformed in 2025. The
question is what this management team intends to do with that user base, brand and technology stack
now that the Company has current audited accounts and an active Nasdaq platform again.
As we said publicly in April, management has prepared the next phase of the business, including
monetization initiatives, acquisition opportunities, expansion initiatives, broader growth plans and
capital-raising alternatives. Many of those initiatives could not be advanced in the ordinary course
while trading remained suspended and the reporting reset was unfinished.
That “get ready and wait” period is over. Triller now moves from preparation to execution.
2. BKFC: A Combat Sports Growth Asset
BKFC is one of the most exciting assets inside the Group.
Combat sports is one of the few media categories where live-event demand, fan engagement,
scarcity, sponsorship, media rights and global expansion can compound together. BKFC has already
become a distinctive brand in the combat-sports market. It is not simply content; it is a live sports
property.
For much of the reset period, Triller’s ability to support this strategic asset was constrained by
unfinished accounts, Nasdaq suspension and capital-market limitations. That constraint has now been
eliminated.
The Company can now evaluate capital, partnerships, sponsorships, media opportunities and
strategic transactions from a strong position. Investors should focus on BKFC not as a side asset, but
as a major growth platform with the potential to become a significantly more valuable business as it
scales events, audience, media rights and global reach. We have plans to do more in sports globally.
We understand the opportunity. We also understand that opportunity must be executed with
discipline.
3. AGBA: The Anchor of the Group
AGBA is the business that carried the Group while the reset was being completed.
For investors assessing the Group from the U.S., AGBA can be simply understood in operating terms:
it is a long-standing regulated financial-services platform, built over decades, with real customers, real
revenue, product-provider relationships, regulatory infrastructure and a history of execution. It is also
positioned in one of the world’s most important wealth-management markets, where scale, trust and
distribution matter.
In 2025, AGBA’s Hong Kong financial-services business provided the operating and financial
foundation for the Group. The Company reported full-year 2025 revenue of $21.6 million, all of which
came from financial services. That business stabilized the Group during a period when legacy Triller
issues required intensive reporting, audit, legal and compliance work.
AGBA matters for two reasons. First, it provides a real operating base. Second, it gives Triller Group a
platform in Asian financial services that can be scaled, optimized and connected to the Group’s
broader content, technology and customer-engagement strategy.
For new investors, the message is simple: Triller is the social-media and creator-technology platform;
BKFC is the live combat-sports growth asset; and AGBA is the regulated financial-services operating
platform that carried the Group through the reset. These are operating platforms, not passive
holdings.
Why This Situation Deserves a Fresh Look
We are not asking investors to fund a rescue. We are not coming to market before the hard work is
done. We are inviting serious investors to examine a situation where the market may still be pricing
the dislocation that has been resolved rather than the operating platforms now positioned inside the
restored Nasdaq-listed company.
Current management and aligned shareholders have already committed capital, time and reputation
to this Company. We did that before asking the broader market to look again. That sequence matters.
Our major shareholders and management team have a career-long track record of operating to the
highest standards of corporate governance — in regulated financial institutions where those
standards are not aspirational, but mandatory.
The filing reset is complete. Nasdaq trading has resumed. The Company’s reporting framework has
been strengthened. The businesses are visible. The next strategic phase can now begin.
At current market levels, I do not believe Triller Group is being valued as a restored Nasdaq-listed
company with three serious operating platforms: a social media and creator technology platform with
legacy scale; a combat sports growth asset in BKFC; and AGBA, a regulated financial-services
platform with real revenue and a long operating history.
Before the legacy Triller issues took over the public narrative, we were already being recognized by
the market. Forbes had listed us as one of Nasdaq’s top 10 best-performing stocks in 2024 through
June 15. That is important context. The market had already seen us as a serious operating platform.
What followed was not a failure of our business. It was the reporting and compliance dislocation
inherited after the Triller transaction.
Investors should study the filings. Study the public releases. Study the assets. Study the sequence of
what happened. Ask whether the current share price reflects the business after the reset, or only the
headlines from before it.
My Commitment
My commitment as CEO is straightforward.
• We will operate with discipline.
• We will maintain filing and compliance readiness.
• We will allocate capital carefully.
• We will pursue monetization, not vanity growth.
• We will focus on Triller, BKFC and AGBA as the three engines of shareholder value.
The Company has gone through a difficult reset. That reset was necessary. It is now substantially
behind us.
What comes next is execution.
For investors who are new to Triller, this is the moment to look again.
Sincerely,
Wing-Fai Ng
Chief Executive Officer of Triller
Triller Group Inc.
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