From what I can tell Old Peak have 130m shares, 33m (remaining)...

From what I can tell Old Peak have 130m shares, 33m (remaining) long equity derivatives, plus they also own ~11% of APAC who in turn hold 179.5m shares. That's just the holdings that are relatively easy to unravel, there may well be more. So the long equity derivatives are handy to increase or decrease exposure without it being obvious to the market, plus, because they are non-voting, they don't count as part of a controlling stake if FIRB get excited.

The reality is that you really can't tell how much they control, which is a bit of a risk for the rest of us. As long as Old Peaks goals are aligned with ours it's not of much of a drama... but we all need to accept we are only "along for the ride". As has been noted in previous discussions here over things like share buybacks, we're only going to get them if they are also what our friends in Hong Kong want. Like it or not we're silent partners, even and if we all suddenly banded together, retail investors are only a fraction of the MLX register.