Core Viewpoint - Min Hong Holdings (00181.HK) has announced a lease agreement for the operational rights of the Fulaixi Hotel, which will commence on January 1, 2026, and will last until December 31, 2030 [1] Group 1 - The company, as the lessee, has entered into a lease agreement with Fujian Fulu for the operational rights of the hotel [1] - The lease period spans from January 1, 2026, to December 31, 2030, inclusive of both start and end dates [1]

Core Viewpoint - Morgan Stanley reports that Hong Kong has recently recorded its largest office building sale in years, with the sale of the top 13 floors of One Island Central for HKD 7.2 billion to Alibaba and Ant Group [1] Group 1: Transaction Details - The property was sold for HKD 7.2 billion, with an estimated monthly rent of HKD 65 per square foot [1] - The estimated capitalization rate for the property is 3.3%, which is comparable to the average capitalization rates in Wanchai or Causeway Bay [1] Group 2: Market Implications - This large transaction is expected to stabilize the capitalization rates for office buildings in Hong Kong and reduce commercial real estate risks to some extent [1] - The transaction may negatively impact Wharf Real Estate Investment Company, as Alibaba's lease at Times Square is set to expire in 2028, likely leading to a relocation [1] Group 3: Future Outlook - Morgan Stanley believes that more leading companies from mainland China may be interested in purchasing office properties in Hong Kong as regional or non-mainland headquarters [1] - The stabilization of office capitalization rates in Hong Kong is expected to benefit Hongkong Land and Swire Properties [1]

薪酬委員會 (「委員會」) 職權範圍 成員 委員會最少有三名成員由董事局委任，其大部分成員為獨立非執行董事。委員會主席應為 本公司的獨立非執行董事。 公司秘書或其代理人應出任委員會秘書。 會議 香港上海大酒店有限公司 (「本公司」) 主要職責 2025 年 10 月 1 1 就建立及維持本集團董事及高級管理人員的正規而具透明度的薪酬政策及架構檢討 並向董事局提出建議。 2 檢討及批准個別執行董事及高級管理人員的薪酬待遇，包括花紅、非金錢利益及退 休金權利。 3 每年檢討及向董事局建議董事委員會主席、委員會成員及（於股東周年大會通過 前）非執行董事的袍金。 4 檢討及批准向執行董事及高級管理人員就其喪失或終止職務或委任而須支付的賠 償，以確保該等賠償與合約條款一致；若未能與合約條款一致，賠償亦須公平合 理，不致過多。 5 檢討及批准因董事行為失當而被革職或罷免有關董事所涉及的賠償安排，以確保該 等安排與合約條款一致；若未能與合約條款一致，有關賠償亦須合理適當。 6 定期檢討及批准管理層建議的本公司及其附屬公司（「本集團」）整體薪酬理念。 7 檢討及批准非執行董事及獨立非執行董事的委任書。 8 按照公司管理權責守 ...

香港上海大酒店有限公司 (「本公司」) 提名委員會 (「委員會」) 職權範圍 成員 委員會最少有三名成員由董事局委任，其大部分成員為獨立非執行董事。董事局主席將擔 任委員會主席。 公司秘書或其代理人應出任委員會秘書。 會議 1 至少每年檢討董事局的架構、人數及組成，如有需要，為任何符合本公司的企業策 略而須作出的任何變動提出建議。 2 檢討執行董事與非執行董事（包括獨立非執行董事）人數及其出任董事局職務所需 的技能、知識、經驗及多元化（包括但不限於性別、年齡、文化及教育背景、或專 業經驗）之間的平衡，並協助董事局維持其技能及經驗的組合。 3 每年檢討董事局成員多元化政策的實行情況和成效，包括董事局就推行該政策所採 納的可計量目標，並監察達致目標的進度。 4 檢討提名政策，即本公司提名董事之主要遴選標準、提名流程及程序。 5 檢討本集團的領導及繼任需要，以確保本公司及其附屬公司達致長遠成功。 6 依據提名政策所載遴選過程，向董事局建議新執行董事及非執行董事（包括獨立非 執行董事）以供批准。 7 檢討及對所有董事的委任或重新委任向董事局提出建議。 8 根據上市規則的規定，評核獨立非執行董事的獨立性。 權限 委員會 ...

香港上海大酒店有限公司 (「本公司」) 審核委員會 (「委員會」) 職權範圍 成員 委員會最少有三名成員由董事局委任，其大部分成員為獨立非執行董事。最少一名成員應 有財務匯報的合適資格或經驗。委員會主席應為本公司的獨立非執行董事。 公司秘書或其代理人應出任委員會秘書。 會議及聯繫 委員會須最少每年四次及在需要履行其職務時舉行會議。委員會主席應出席股東周年大會， 準備回應股東提問任何有關委員會的事宜。 法定人數為兩名委員會成員，其中一名須為委員會主席。 書面決議案須經所有委員會成員通過及採納。 委員會主席須每年最少一次在管理層不在場情況下與集團審核及風險管理總經理 (或在該 職位空缺情況下以該身份行事的任何人士，「內部審核師」) 獨立會面。委員會須每年最 少一次在管理層不在場情況下與外聘核數師舉行一次會議。 委員會可在不受限制的情況下接觸執行董事、高級管理人員、外聘核數師及內部審核師。 內部審核師及外聘核數師有權不知會執行董事或其他高級管理人員而接觸委員會。 主要職責 2 監管本集團財務匯報制度、風險管理及內部監控系統 3 與外聘核數師的關係 (a) 擔任本公司與外聘核數師之間的主要代表，負責監察兩者之間的關係 ...

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9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港上海大酒店有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00045 | 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 ...

Core Insights - The article discusses the transformation of Sha County snacks from a humble, budget-friendly option to a trendy dining choice for fitness enthusiasts and young people, highlighting its appeal as both a comfort food and a healthy meal option [3][10][15] Group 1: Evolution of Sha County Snacks - Sha County snacks have evolved from being perceived as simple, affordable meals for workers to becoming a popular choice among young fitness enthusiasts who seek healthy, customized meal options [3][4] - The emergence of "Sha County Master" as a figure who provides personalized meal plans based on individual fitness goals has contributed to this transformation [4][8] - The atmosphere in Sha County snack outlets has shifted, now attracting a clientele of health-conscious individuals rather than just students and workers [4][10] Group 2: Menu and Dining Experience - The menu of Sha County snacks includes a variety of dishes, but it is characterized by a lack of standout signature items, making it a versatile option for diners [5][6] - The flagship stores of Sha County snacks offer a more upscale dining experience while maintaining affordable prices, appealing to a broader audience [9][13] - The dining experience emphasizes in-store consumption, as takeout options do not replicate the fresh, cooked-to-order quality of the meals [9][10] Group 3: Cultural Significance - Sha County snacks have become a nostalgic choice for many, representing a connection to childhood and simpler times, while also serving as a social dining option for friends [14][15] - The brand has developed a unique identity that resonates with different age groups, from young adults to middle-aged patrons, reflecting a journey of culinary appreciation [15][17] - The casual and unpretentious nature of Sha County snacks allows for a relaxed dining experience, contrasting with more formal dining options [17]

Short Selling Ratios - The top three companies with the highest short selling ratios are Sun Hung Kai Properties (80016) and China Resources Beer (80291) at 100.00%, and Li Ning (82331) at 96.79% [1][2] - Other notable companies include Lenovo Group (80992) at 92.85% and Anta Sports (82020) at 87.03% [2] Short Selling Amounts - Alibaba (09988) leads in short selling amount with HKD 4.096 billion, followed by Xiaomi (01810) at HKD 3.491 billion and Tencent (00700) at HKD 2.244 billion [1][2] - Other significant amounts include SMIC (00981) at HKD 1.248 billion and Pop Mart (09992) at HKD 1.064 billion [2] Deviation Values - The highest deviation values are seen in China COSCO Shipping International (00517) at 50.31%, followed by Bank of China Hong Kong (82388) at 42.42% and Grand Hotel (00045) at 39.95% [1][2] - Other companies with notable deviation values include Lenovo Group (80992) at 36.64% and China Resources Beer (80291) at 35.99% [2]

Core Viewpoint - The Shantou Yihua International Hotel was successfully auctioned for 224.51793 million yuan, with Guangdong Nanyue Real Estate Development Co., Ltd. as the winning bidder [2][4]. Group 1: Auction Details - The auction took place on August 31, 2025, on the Alibaba asset platform, with the property located at 52 Jinsazhong Road, Shantou City [3]. - The auctioned property is currently used as a hotel, but the furniture and fixtures are not included in the sale [3]. - The land use rights for the property were acquired through a transfer method, with a remaining usage period of approximately 6 years and 5 months [3]. Group 2: Company Background - Guangdong Nanyue Real Estate Development Co., Ltd. was established in 2002, with a registered capital of 20 million yuan, and is primarily engaged in real estate development [5]. - The company has developed various projects in Guangzhou and Jiangmen, including office buildings and residential complexes [5]. Group 3: Hotel History - The Shantou Yihua International Hotel, built in 1988, was the first high-rise building in Shantou and the first star-rated hotel in the eastern Guangdong region [11][13]. - The hotel underwent significant renovations in 2011, upgrading to a five-star standard and reopening in 2015 [14]. - The hotel has faced multiple auction attempts due to legal disputes, with previous auctions failing to attract bids, leading to a price reduction from an initial starting price of 310 million yuan to 220 million yuan [16].

第 2 頁 共 10 頁 v 1.1.1 FF301 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8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: | 香港上海大酒店有限公司 | | | 呈交日期: | 2025年9月3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 II. 已發行股份及/或庫存股份變動 | 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) | 00045 | 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 | | | | 1,666,939,850 | | 0 | ...