Core Viewpoint - Hang Lung Group (00010) and Hang Lung Properties (00101) jointly announced that Mr. Lu Weibo will retire on or before August 31, 2026, and will no longer serve as the Group's Chief Executive Officer and Executive Director [1] Group 1 - Mr. Lu Weibo's retirement is set for August 31, 2026, or earlier [1] - He will step down from his roles as Chief Executive Officer and Executive Director of the Group [1]

Core Viewpoint - Hang Lung Properties (00101.HK) announced that CEO and Executive Director, Mr. Weber Lo, will retire on or before August 31, 2026, and will no longer hold his positions [1] Group 1 - The board is conducting a comprehensive search for Mr. Lo's successor [1] - Mr. Lo will assist in facilitating a smooth leadership transition [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED （股份代號﹕00010） （於香港註冊成立之有限公司） （股份代號﹕00101） 聯合公布 行政總裁及執行董事榮休 恒隆集團有限公司 (「恒隆集團」) 及恒隆地產有限公司 ( (「恒隆地產」) ，連同恒隆集團統稱 「本集團」) 董事會 (「董事會」) 謹此聯合宣布，盧韋柏先生 (「盧先生」) 將於2026 年 8 月 31 日或之前榮休，並不再擔任本集團行政總裁及執行董事之職位。 董事會正在進行全面的甄選，以物色盧先生的繼任人，而盧先生將協助並促進領導層順利交接。 盧先生在任期間，憑誠信、遠見卓識、以及對卓越的不懈追求，帶領本集團前行。董事會對盧 先生的領導及對本集團堅定不移的貢獻，表達深切的謝意，並同時期待盧先生榮休後，能以待 定的 ...

Core Insights - Hang Lung Group is transitioning its business model from incremental development to optimizing existing assets, marking a significant shift in its strategy [1][2][7] - The company has signed a 20-year lease for the Nanjing West Road 1038 commercial property, which will add approximately 96,000 square meters to its portfolio, increasing its total area by 44% to about 312,335 square meters [1][8] - The new strategy, referred to as "V.3," focuses on light-asset operations, including leasing and upgrading existing properties, to adapt to market changes and consumer preferences [1][9] Company Developments - Hang Lung has recently engaged in multiple commercial projects in Hangzhou, Wuxi, and Shanghai, utilizing a similar operational logic of leasing and asset enhancement [1][3] - The company plans to invest at least 500 million yuan in renovations for the Nanjing West Road 1038 project, which is part of a total investment of 2.2 billion yuan [3][4] - The new company formed for the Nanjing project includes shareholders from Shanghai Jiubai and Hang Lung's subsidiary, with respective investments of 258 million yuan, 86 million yuan, and 516 million yuan [3] Market Context - The Nanjing West Road area is undergoing a transformation from single-point commercial entities to a comprehensive high-end consumer zone, supported by local government policies [8] - The rental income for the former Meilong Town Plaza has seen a decline since 2020, indicating the need for revitalization and strategic repositioning [3][7] - The overall rental levels in the Nanjing West area have fluctuated, with the former Meilong Town Plaza's rental income dropping to around 2,100 yuan per square meter per month by 2023 [3] Leadership and Strategy - Chen Wenbo, the third-generation successor, is leading the company's transformation efforts, having previously held various positions within the organization and successfully managed significant renovation projects [5][6] - The company's strategy aims to balance high-end luxury with emerging trends in consumer behavior, shifting from pure luxury to a blend of trendy and experiential retail [7][9] - The light-asset model is expected to mitigate market risks while allowing Hang Lung to maintain operational control and reduce financial pressure [9]

Group 1 - The core viewpoint of the news is the performance and details of the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117), which closed with a slight increase of 0.10% on December 17, with a trading volume of 6.0187 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10%, and its performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1] - As of December 16, the latest share count for the ETF is 155 million shares, with a total size of 158 million yuan [1] - The ETF has shown liquidity with a cumulative trading amount of 97.7976 million yuan over the last 20 trading days, averaging 4.8899 million yuan per day [1] Group 2 - The latest report indicates that the ETF's top holdings include companies such as Hang Lung Properties, Jiangxi Copper, China Shenhua, and others, with specific holding percentages and market values detailed [2] - The top holdings and their respective percentages are as follows: Hang Lung Properties at 1.08% with a market value of 4.0664 million yuan, Jiangxi Copper at 1.08% with a market value of 4.0565 million yuan, and China Shenhua at 1.05% with a market value of 3.9728 million yuan, among others [2]

Group 1 - Henglong Real Estate announced the acquisition of a 20-year operational lease for the former Meilong Town Square project, which will be developed into a comprehensive commercial landmark integrating retail, hotel, and office spaces targeting a new generation of consumers [1] - The project will increase Henglong's total building area in the Nanjing West Road business district by approximately 96,000 square meters, expanding the area by about 44% [6] - Henglong's strategy includes expanding existing projects to enhance business operations and strengthen its position in the market, as seen in its previous expansions in Hangzhou and Wuxi [8] Group 2 - The luxury retail market is experiencing a shift, with brands like Dolce&Gabbana returning to Henglong Plaza, indicating a trend of luxury brands seeking stability in challenging market conditions [3][4] - The introduction of high-end outdoor brands like Descente into Henglong Plaza reflects a broader acceptance of diverse retail categories within luxury shopping environments, catering to evolving consumer preferences [10][12] - The competitive landscape is shifting from merely providing a wide range of products to enhancing customer experience and meeting diverse lifestyle needs, as seen in the upcoming expansion of Henglong Plaza [16][20]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a decline of 1.46% in its closing price on December 16, with a trading volume of 8.09 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend ETF [1]. - The management fee for the fund is set at 0.30% annually, while the custody fee is 0.10% annually [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Liquidity - As of December 15, the latest share count for the ETF is 155 million shares, with a total size of 160 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 100 million yuan, with an average daily trading amount of 5.01 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 3.58% during their tenure [1]. Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares valued at 4.07 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares valued at 4.06 million yuan - China Shenhua: 1.05% holding, 110,000 shares valued at 3.97 million yuan - Far East Horizon: 0.99% holding, 588,000 shares valued at 3.72 million yuan - CNOOC: 0.96% holding, 210,000 shares valued at 3.62 million yuan - Sino Land: 0.94% holding, 384,000 shares valued at 3.54 million yuan - PetroChina: 0.87% holding, 496,000 shares valued at 3.29 million yuan - Hengan International: 0.87% holding, 134,500 shares valued at 3.26 million yuan - Henderson Land: 0.81% holding, 122,000 shares valued at 3.05 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares valued at 3.06 million yuan [2].

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 for Hang Lung Properties (00101) and assigned an "Overweight" rating, highlighting the company's potential for growth due to recent lease agreements and attractive valuation [1][5]. Group 1: Company Developments - Hang Lung Properties has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1][5]. - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1][5]. - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1][5]. Group 2: Market Outlook - Morgan Stanley considers Hang Lung Properties as one of its preferred stocks due to the continuous improvement in tenant sales in mainland China [1][5]. - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1][5]. - The stock is viewed as attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1][5].

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 and an "Overweight" rating for Hang Lung Properties (00101) following the successful acquisition of long-term operating leases for expansion projects in Shanghai and Wuxi [1] Group 1: Company Developments - The company has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1] - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1] - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] Group 2: Market Outlook - Hang Lung Properties remains one of Morgan Stanley's preferred stocks due to the continuous improvement in tenant sales in mainland China [1] - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] - The stock is considered attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1]

Core Viewpoint - Morgan Stanley's research report indicates that Hang Lung Properties has successfully secured long-term operating leases for expansion projects in Shanghai and Wuxi, with projected internal rates of return (IRR) for each new light-asset project reaching double-digit percentages and payback periods within ten years [1] Group 1 - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] - Hang Lung Properties remains a preferred stock due to the continuous improvement in tenant sales in mainland China [1] - The light-asset operating leases are expected to start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] Group 2 - The stock valuation is attractive, with a dividend yield of 5.8% and high certainty in dividend payouts [1] - The target price set by Morgan Stanley is HKD 10, with a "Buy" rating [1]