Core Viewpoint - The Hong Kong Stock Exchange announced adjustments to stock option position limits for 36 companies, increasing limits for 26 companies and decreasing limits for 10 companies, effective April 1, 2026 [1]. Group 1: Companies with Increased Position Limits - New World Development (00017) will see its position limit increase from 50,000 to 150,000 contracts [2]. - MTR Corporation (00066) will have its limit raised from 50,000 to 100,000 contracts [2]. - Geely Automobile (00175) will also have its limit increased from 50,000 to 100,000 contracts [2]. - Other notable increases include BYD Electronic (285) from 100,000 to 200,000 contracts and China Biologic Products (1177) from 50,000 to 250,000 contracts [2]. Group 2: Companies with Decreased Position Limits - China Railway Group (601390) will see its limit reduced from 250,000 to 200,000 contracts [3]. - China Overseas Land & Investment (00688) will have its limit cut from 100,000 to 50,000 contracts [3]. - China Tower (00788) will experience a decrease from 200,000 to 100,000 contracts [3]. - Other significant reductions include China Minmetals (2319) from 250,000 to 150,000 contracts and Sunny Optical Technology (2382) from 100,000 to 50,000 contracts [3].

Core Viewpoint - International rating agency Morningstar has raised the fair value estimate of Hong Kong property developer New World Development from HKD 5.5 to HKD 5.8, an increase of approximately 5.5% [1] Group 1: Asset and Cash Flow Assessment - The adjustment reflects a reassessment of the company's asset portfolio and cash flow expectations [1] - Recent asset disposal progress has exceeded expectations, contributing positively to the valuation [1] - The core leasing business has shown stable performance, supporting the valuation increase [1] Group 2: Market Variables - The agency highlights that the trends in Hong Kong interest rates and changes in property market policies remain key variables for future developments [1]

Core Viewpoint - K11MUSEA reported a nearly 50% year-on-year increase in overall foot traffic during the three-day New Year holiday, with retail and dining tenants experiencing double-digit sales growth [1] Group 1: Sales Performance - The highest single transaction amount exceeded 1 million HKD, primarily concentrated in the jewelry and watch categories [1] - Retail and dining tenants recorded double-digit sales growth during the holiday period [1] Group 2: Customer Demographics - The proportion of mainland Chinese visitors is steadily recovering, driving high-end consumption [1] Group 3: Future Initiatives - To maintain momentum, K11MUSEA plans to launch a spring-themed installation and limited-time promotions in mid-January, collaborating with several luxury brands to offer exclusive products [1] - The goal is to increase foot traffic by an additional 30% during the upcoming Chinese New Year holiday [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 新世界發展有限公司 | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00017 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,516,633,171 | | 0 | | 2,516,633,171 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | ...

Group 1 - The company leverages the "Double Festival" shopping season to enhance consumer engagement through diverse IP collaborations and themed activities, resulting in increased foot traffic and sales [1] - Shanghai K11's "Listening to Wishes" event achieved a record single-day foot traffic increase of 65% year-on-year, driven by the integration of unique IPs and exclusive member benefits [1] - The cross-regional collaboration between Shenzhen K11 and Hong Kong Disneyland for a special exhibition has expanded consumer reach in the Greater Bay Area [1] Group 2 - Wuhan Optics Valley K11 has strategically targeted the esports and trendy toy market by launching the first Blizzard-themed pop-up store in Central China, leading to a 16% year-on-year increase in monthly foot traffic and a 60% member conversion rate [2] - The first dessert festival in Shenyang K11 attracted over 200,000 visitors, resulting in a 50% increase in external traffic and double-digit growth in both foot traffic and sales [2] - The property sales segment remains strong, with the New World Tianfu project in Guangzhou achieving a 70% market share in transaction volume from January to November 2025, indicating high demand for premium properties [2] Group 3 - The company is accelerating the conversion of agricultural land reserves in Hong Kong, with two large residential projects underway that will provide approximately 3,000 housing units, set to launch in the 2027 fiscal year [3] - The company's diverse strategies in commercial marketing, steady property sales growth, and long-term planning in Hong Kong are establishing a solid foundation for sustainable high-quality development [3]

Core Viewpoint - New World Development Company is seizing opportunities in the Northern Metropolis development in Hong Kong, aiming to fully unlock the value of agricultural land and enhance its business growth through new residential projects and strong sales performance in mainland properties [1][12]. Mainland Business - The company has launched two major residential projects in the Northern Metropolis, expected to provide approximately 3,000 residential units by the fiscal year 2027, injecting growth momentum into future business [1]. - In Guangzhou, the New World Tianfu project has achieved a cumulative transaction volume of 70% in its market segment from January to November this year [10][11]. - The Shenyang project, New World Yujing, ranked first in sales revenue in the private residential market of its region, continuing its strong sales performance [11]. - Various K11 projects across the mainland are hosting engaging activities to stimulate consumer spending, such as the first dessert festival in Shenyang, which attracted over 200,000 visitors and increased traffic by 50% [5][10]. Hong Kong Business - The company holds approximately 1.4 million square meters of agricultural land reserves, with plans to convert over 185,000 square meters into buildable floor area within the next 1-2 years [12]. - Two large residential projects in the Northern Metropolis have commenced construction, including a collaboration with China Merchants Shekou Industrial Zone Holdings, which will provide around 2,300 residential units [12][14]. - The Austin Bohemian project in West Kowloon sold all 63 units on the first day of sales, with the highest price per square meter exceeding HKD 29,000 [14]. - The State Pavilion project has achieved total sales exceeding HKD 4.2 billion, with a price per square meter over HKD 540,000, setting new records [14]. Sustainable Development - New World Development has received multiple ESG awards and is committed to cultivating environmental professionals in Hong Kong, aligning with its "2030+ Sustainable Development Vision" [16]. - The company supports the release of the third version of the Hong Kong Green Building Council's Climate Change Framework, aiming for sustainable building certifications for new and existing projects by the fiscal year 2030 [16][17].

Group 1 - The Federal Reserve Governor Milan warned that if the U.S. central bank does not continue to lower interest rates next year, it may increase the risk of the economy falling into recession [2] - Milan indicated that recent employment data suggests the unemployment rate "may be higher than previously expected," which could prompt the Fed to continue adjusting its policy towards easing [2] - Since joining the Federal Reserve Board in September, Milan has advocated for larger rate cuts, and his term will end in January [2] Group 2 - The Fed has cumulatively cut rates by 75 basis points since September, and the necessity for a further 50 basis point cut at the next meeting has diminished, although Milan has not made a final judgment [2] - The Fed's recent rate cut of 25 basis points has revealed significant internal divisions regarding future policy paths, with most officials expecting only one more cut next year [2] - Concerns remain among some regional Fed presidents about inflation being nearly one percentage point above the 2% target, while rising unemployment exacerbates worries about a potentially weakening labor market [2]

Core Viewpoint - The "Annual Outstanding CFO" award recognizes financial leaders who have made significant contributions and demonstrated exceptional leadership within their companies [4] Group 1: Award Announcement - The "Annual Outstanding CFO" award ceremony will take place during the "Technology Empowerment · Capital Breakthrough" sharing session on December 22, featuring a list of notable companies [1] - Ten individuals from various companies have been awarded the "Annual Outstanding CFO" title, including representatives from Baize Medical, Le Comfort, Quantum Song, Meitu, SF Express, Sikao Education, Four Rings Pharmaceutical, Hong Kong and China Gas, New World Development, and Starry Commercial [1] Group 2: Evaluation Criteria - The selection process for the award involved multiple indicators such as strategic contribution, capital market operations, and corporate value creation, utilizing a rigorous evaluation procedure and quantitative data analysis [4] - The award aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4]

Core Insights - The "Golden Award" annual excellence company selection by Gelonghui will announce its results, highlighting eight companies recognized for their outstanding investor relations (IR) teams in the large-cap category [1] - The award aims to acknowledge the contributions of excellent IR teams in promoting industry transformation and development, focusing on the evolution of investor relations towards digitalization, refinement, and systematization [1][2] Group 1: Award Winners - Eight companies awarded "Annual Excellence IR Team (Large Cap)" include: - Fuhong Hanlin (02696.HK) - Pengxin Resources (600490.SH) - Shoucheng Holdings (00697.HK) - New World Development (00017.HK) - Zhichun Technology (603690.SH) - China Gas (00384.HK) - China Reinsurance (01508.HK) - CIMC (000039.SZ/02039.HK) [1] Group 2: Evaluation Criteria - The evaluation process for the awards involved quantitative data analysis and expert review, emphasizing the importance of communication channels between IR teams and investors [1] - The selection aims to guide the market in assessing companies' comprehensive performance with a long-term perspective [1]

Core Viewpoint - Goldman Sachs plans to acquire a portion of loans from Hong Kong developer New World [1] Group 1 - The acquisition is part of Goldman Sachs' strategy to strengthen its position in the Asian real estate market [1] - New World has been facing financial challenges, making its loans an attractive target for investment [1] - This move reflects a broader trend of investment banks seeking opportunities in distressed assets amid market fluctuations [1]