How are the hit points of the Hound summoned with the Hound of Ill Omen feature of the Shadow Sorcerer determined?

I have read over the feature several times now, and I have a question. Here are the features that differ from the MM Dire Wolf stats:

The hound uses the dire wolf statistics (see the Monster Manual or appendix C in the Player’s Handbook), with the following changes:

  1. The hound is size Medium, not Large, and it counts as a monstrosity, not a beast.
  2. It appears with a number of temporary hit points equal to half your sorcerer level.
  3. It can move through other creatures and objects as if they were difficult terrain. The hound takes 5 force damage if it ends its turn inside an object.
  4. At the start of its turn, the hound automatically knows its target’s location. If the target was hidden, it is no longer hidden from the hound.

The question I have is in regard to item 2. It states that the Hound appears with a number of temporary hit points equal to half the sorcery level. Which of the following is accurate?

  1. It only has a hit point total of half the sorcerer hit points.

  2. It has half the sorcerer hit points as temp hit points, on top of the hit points that a Dire Wolf would get per the MM stat block?