(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 8096)
pj
8096

THIRD QUAR
TERL

Y
REPOR

T
2007

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CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET (“GEM”) OF THE
STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK EXCHANGE”)
GEM has been established as a market designed to accommodate companies to which a high
investment risk may be attached. In particular, companies may list on GEM with neither a track
record of profitability nor any obligation to forecast future profitability. Furthermore, there
may be risks arising out of the emerging nature of companies listed on GEM and the business
sectors or countries in which the companies operate. Prospective investors should be aware of
the potential risks of investing in such companies and should make the decision to invest only
after due and careful consideration. The greater risk profile and other characteristics of GEM
mean that it is a market more suited to professional and other sophisticated investors.
Given the emerging nature of companies listed on GEM, there is a risk that securities traded
on GEM may be more susceptible to high market volatility than securities traded on the Main
Board and no assurance is given that there will be a liquid market in the securities traded on
GEM.

The principal means of information dissemination on GEM is publication on the Internet website
operated by the Stock Exchange. Listed companies are not generally required to issue paid
announcements in gazetted newspapers. Accordingly, prospective investors should note that
they need to have access to the GEM website in order to obtain up-to-date information on
GEM-listed issuers.

This report, for which the directors of ThinSoft (Holdings) Inc collectively and individually accept full
responsibility, includes particulars given in compliance with the Rules Governing the Listing of
Securities on GEM of the Stock Exchange (the “GEM Listing Rules”) for the purpose of giving
information with regard to ThinSoft (Holdings) Inc. The directors, having made all reasonable
enquiries, confirm that, to the best of their knowledge and belief:- (1) the information contained in
this report is accurate and complete in all material respects and not misleading; (2) there are no
other matters the omission of which would make any statement in this report misleading; and (3) all
opinions expressed in this report have been arrived at after due and careful consideration and are
founded on bases and assumptions that are fair and reasonable.

THIRD QUARTERLY REPORT 2007 THINSOFT (HOLDINGS) INC
1
RESULTS

The board of directors of ThinSoft (Holdings) Inc (the “Company”) is pleased to announce that the
unaudited consolidated results of the Company and its subsidiaries (the “Group”) for the nine months
ended 30 September 2007 as follows:
For the three For the nine
months ended months ended
30 September 30 September
2007 2006 2007 2006

Notes HK$’000 HK$’000 HK$’000 HK$’000
Revenue 2 4,219 5,073 12,731 15,265
Cost of sales (597) (961) (1,794) (3,076)
Gross profit 3,622 4,112 10,937 12,189
Other income 390 339 1,090 843
Selling and distribution expenses (345) (180) (1,074) (466)
General and administrative expenses (2,447) (2,213) (7,775) (7,987)
Profit before tax 1,220 2,058 3,178 4,579
Tax 3 (582) (825) (1,720) (2,197)
Profit for the period 638 1,233 1,458 2,382
Earnings per share 5
Basic HK0.13 cent HK0.25 cent HK0.29 cent HK0.48 cent
Diluted N/A HK0.24 cent N/A HK0.46 cent

2
NOTES
1. PRINCIPAL ACCOUNTING POLICIES AND BASIS OF PREPARATION

The Group’s unaudited quarterly results have been prepared in accordance with the Hong Kong Financial
Reporting Standards, which also include Hong Kong Accounting Standards and Interpretations and in
accordance with accounting principles generally accepted in Hong Kong and the disclosure requirements of
the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention.
2. REVENUE

Revenue, which is also the Group’s turnover, represents the net invoiced value of goods sold and services
rendered, after allowances for return and trade discounts, and applicable goods and service taxes. All
significant transactions among the companies comprising the Group have been eliminated on consolidation.
3. TAX

No provision for Hong Kong profits tax has been made as the Group had no estimated assessable profits
arising in Hong Kong during the period.
ThinSoft Pte Ltd, a wholly-owned subsidiary incorporated in Singapore, is subject to Singapore income tax.
Singapore income tax has been provided at the rate of 20% (2006: 20%) on the estimated assessable profits
arising in Singapore for the period ended 30 September 2007.
ThinSoft (USA) Inc is a wholly-owned subsidiary incorporated in the State of Delaware in the United States of
America and operating in the states of New York and California in the United States of America and is subject
to the United States federal income tax at progressive rates ranging from 15% to 39%. New York state
corporate tax at a rate of 7.5% and California state corporate tax at a rate of 8.84%, respectively, on its
estimated assessable profits arising on a world wide basis.
4. DIVIDENDS

No dividend has been paid or declared by the Company or any of the companies comprising the Group
during the period ended 30 September 2007 (2006: Nil).

THIRD QUARTERLY REPORT 2007 THINSOFT (HOLDINGS) INC
3
5. EARNINGS PER SHARE

Basic
The calculation of basic earnings per share for the three months and nine months ended 30 September 2007
are based on the profit for the period attributable to ordinary equity holders of the Company of approximately
HK$638,000 (2006: HK$1,233,000) and HK$1,458,000 (2006: HK$2,382,000), respectively and the weighted
average of 501,255,000 ordinary shares in issue during the three months and the nine months ended 30
September 2007 and 2006.
Diluted
No diluted earnings per share for the three months and nine months ended 30 September 2007 are presented
as there are no outstanding share options as at 30 September 2007.
The calculation of the diluted earnings per share for the three months and nine months ended 30 September
2006 are based on profit for the period attributable to ordinary equity holders of the Company of approximately
HK$1,233,000 and HK$2,382,000, and the weighted average of 521,603,316 and 522,583,429 ordinary shares
in issue during the period, adjusted for the effects of all dilutive potential shares.
The weighted average number of shares used in the calculation of diluted earnings per share for the three
months and nine months ended 30 September 2006 are calculated based on the weighted average of
501,255,000 ordinary shares in issue during the periods plus the weighted average of 20,348,316 and
21,328,429 ordinary shares deemed to be issued at no consideration as if all of the Company’s outstanding
share options have been exercised.
6. RESERVES

Share Exchange
premium translation Capital Accumulated
account reserve reserve losses Total
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
At 1 January 2006 8,635 1,226 6,840 (13,733) 2,968
Profit for the period – – – 2,382 2,382
At 30 September 2006 8,635 1,226 6,840 (11,351) 5,350
At 1 January 2007 8,635 2,490 6,840 (8,956) 9,009
Exchange realignment – 632 – – 632
Profit for the period – – – 1,458 1,458
At 30 September 2007 8,635 3,122 6,840 (7,498) 11,099

4
MANAGEMENT DISCUSSION AND ANALYSIS
OPERATIONS REVIEW

ThinSoft is in the final stages of evolving from it origins as a hybrid software and hardware supplier to a
software-only solutions provider. And, while the interim effects on revenues and overall performance are
less than desirable, Group management firmly believes the long term benefits will far outweigh the short
term costs.
Software-only sales continue to trend positively even though they have been dampened somewhat this
year by the Company’s end user’s reluctance to fully embrace Microsoft’s new Vista operating system.
This has caused the Company’s customer base to temporarily defer their buying decision until they gain
the necessary confidence in Vista. As this takes place, ThinSoft’s Vista-ready software suites should gain
higher velocity in their upward sales trends.
In a major new marketing undertaking, Group management has initiated high level sales efforts in the
United States with major Point-of-Service (POS) providers for the deployment of software solutions that
are specifically tailored for this industry. The ThinSoft solutions have been successfully tested and qualified
for these possible future deployments of this nature.
FINANCIAL REVIEW

Turnover from the sales of software for the period ended 30 September 2007 increased by approximately
7.1% to approximately HK$10.3 million when compared to last year of approximately HK$9.6 million.
Overall turnover for the nine months ended 30 September 2007 decreased by approximately 16.6% to
approximately HK$12.7 million when compared to last year of approximately HK$15.3 million as the
result of decreases in sales of upgrade kits and vertical market solutions from which profit margins are
relatively narrower than software.

THIRD QUARTERLY REPORT 2007 THINSOFT (HOLDINGS) INC
5
Sales in Europe amounted to approximately HK$6 million or 47.3% of total turnover and represents the
largest single geographic market for the Group for the period ended 30 September 2007.
Gross profit margin for the period ended 30 September 2007 increased to approximately 85.9% as
compared with approximately 79.8% in the corresponding previous period. The increase in gross margin
was attributable to increased sales of software products which have relatively higher margins.
Selling and distribution expenses in the period under review increased to approximately HK$1.1 million
when compared to approximately HK$0.5 million incurred in the previous corresponding period. The
increase was mainly the result of higher costs incurred in various trade exhibitions in the period under
review.
General and administrative expenses in the period under review decreased to approximately HK$7.8
million when compared to approximately HK$8.0 million incurred in the previous corresponding period.
The decrease was the result of continuing cost containment efforts instituted by senior Group management.
The Group consequently registered a profit attributable to ordinary equity holders of the Company for
the period under review of approximately HK$1.5 million.
The Group continues to be in a strong financial position. Cash and bank balances as at 30 September
2007 totalled approximately HK$30 million (2006: approximately HK$32.9 million). There were no bank
borrowings as at 30 September 2007 (2006: Nil).

6
OTHER INFORMATION

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES,
UNDERLYING SHARES AND DEBENTURES

As at 30 September 2007, the interests and short positions of the directors and chief executive of the
Company in the shares, underlying shares and debentures of the Company or its associated corporations
(within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)), as recorded in the
register required to be kept by the Company pursuant to Section 352 of the SFO, or as otherwise notified
to the Company and 46 of the Rules Governing the Listing of Securities on the Growth Enterprise Market (the “GEM”)
of the Stock Exchange (the “GEM Listing Rules”), were as follows:
Long positions in ordinary shares of the Company:
Percentage of the
Capacity and Company’s issued
Name of director nature of interest share capital
Ngiam Mia Hai Bernard Other (note)
Ngiam Mia Hong Alfred Other (note)
Note: IPC Corporation Ltd (“IPC”), the ultimate holding company of the Company, is a company incorporated
under the laws of Singapore and whose securities are listed on the Singapore Exchange Securities Trading
Limited. As at 30 September 2007, approximately 63.7% of the issued share capital of IPC was held by the
public. As at 30 September 2007, IPC held approximately 74.81% (or 375,000,000 ordinary shares) of the
issued share capital of the Company.
As at 30 September 2007, each of Ngiam Mia Hai Bernard and Ngiam Mia Hong Alfred directly held
approximately 1.4% and 1.3%, respectively, in the issued share capital of IPC.
Ngiam Mia Je Patrick and Ngiam Mia Kiat Benjamin are the brothers of Ngiam Mia Hai Bernard and Ngiam
Mia Hong Alfred. As at 30 September 2007, Ngiam Mia Je Patrick, Ngiam Mia Kiat Benjamin and Essex
Investment (Singapore) Pte Ltd (whose entire issued share capital is held by Ngiam Mia Je Patrick and Ngiam
Mia Kiat Benjamin in the proportion of 50:50) together beneficially owned approximately 12.2% of the issued
share capital of IPC.
Save as disclosed above, as at 30 September 2007, none of the directors or chief executive of the
Company had registered an interest or short position in the shares, underlying shares or debentures of
the Company or any of its associated corporations that was required to be recorded pursuant to Section
352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to Rule 5.46
of the GEM Listing Rules.

THIRD QUARTERLY REPORT 2007 THINSOFT (HOLDINGS) INC
7
DIRECTORS’ RIGHTS TO ACQUIRE SHARES
Save as disclosed under the paragraph headed “Directors’ and chief executive’s interests and short
positions in shares, underlying shares and debentures” above, at no time during the period under review
were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company
granted to any director or their respective spouse or minor children, or were any such rights exercised by
them; or was the Company, its holding company, or any of its subsidiaries and fellow subsidiaries a party
to any arrangement to enable the directors to acquire such rights in any other body corporate.
SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES

As at 30 September 2007, the following person had interests or short positions in the shares and underlying
shares of the Company which as recorded in the register of interests required to be kept by the Company
pursuant to Section 336 of the SFO:
Long position
Approximate percentage
Capacity and Number of of the Company’s
Name nature of interest ordinary shares held issued share capital
IPC Directly beneficially owned 375,000,000 74.81
Save as disclosed above, as at 30 September 2007, there was no person (other than the directors and
chief executive of the Company whose interests are set out under the paragraph headed “Directors’ and
chief executive’s interests and short position in shares, underlying shares and debentures” above), had
an interest or short position in the shares or underlying shares of the Company as recorded in the register
to be kept under Section 336 of the SFO.
COMPETING INTERESTS

None of the directors or the management shareholders and their respective associates of the Company
(as defined in the GEM Listing Rules) had any business or interest which competes or may compete with
the business of the Group nor any other conflicts of interest with the Group during the period under
review.
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

During the period ended 30 September 2007, there was no purchase, sale or redemption by the Company,
or any of its subsidiaries, of the Company’s listed securities.

8
COMPLIANCE WITH RULES 5.48 TO 5.67 OF THE GEM LISTING RULES

The Company has adopted a code of conduct regarding directors’ securities transactions on terms no
less exacting than the required standard of dealings as set out in Rules 5.48 to 5.67 of the GEM Listing
Rules. Having made specific enquiry of all directors, the Company’s directors have complied with such
code of conduct and the required standard of dealings and its code of conduct regarding securities
transactions by the directors throughout the period ended 30 September 2007.
COMPLIANCE WITH CODE OF CORPORATE GOVERNANCE PRACTICE

The Company applied the principles and complied with all the code provisions as set out in the Code on
Corporate Governance Practices contained in Appendix 15 of the GEM Listing Rules throughout the
period under review.
AUDIT COMMITTEE

The Company established an audit committee with written terms of reference in compliance with Rules
5.28 and 5.33 of the GEM Listing Rules. The primary duties of the audit committee are to review and
supervise the financial reporting process and internal controls system of the Group. The audit committee
comprises three members, Mr Chen Tzyh-Trong, Mr Lee Chung Mong, and Mr Yeung Chi Hung. All of
them are independent non-executive directors of the Company.
The Group’s unaudited results for the nine months ended 30 September 2007 have been reviewed by
the audit committee, which was of the opinion that the preparation of such results complied with the
applicable accounting standards and requirements and that adequate disclosure have been made.
DIRECTORS OF THE COMPANY

Executive directors of the Company as at the date of this report are Mr Ngiam Mia Hai Bernard and
Ngiam Mia Hong Alfred and the independent non-executive directors of the Company as at the date of
this report are Mr Chen Tzyh-Trong, Mr Lee Chung Mong, and Mr Yeung Chi Hung.
ON BEHALF OF THE BOARD

Ngiam Mia Hai Bernard
Chairman
Hong Kong
5 November 2007