Hong Kong will host its first summit among female financial leaders next month, the Women Chief Executives Hong Kong (WCE HK) announced on Monday. The November 3 event is set to become the city's largest gathering of senior women leaders in finance, bringing together more than 200 C-suite senior executives, including global CEOs and chief financial officers (CFOs). "This unparalleled gathering underscores Hong Kong's pivotal role in fostering international dialogue on leadership and its global calibre," ...

FF301 第 1 頁 共 10 頁 v 1.1.1 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: | 香港交易及結算所有限公司 | | | 呈交日期: | 2025年10月3日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | 香港交易所並無法定股本，及其股本並無股份面值。 | | | 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) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

Group 1 - Zijin Gold International Limited (HK.2259) successfully listed on the Hong Kong Stock Exchange, marking the second largest IPO globally this year [1] - This listing exemplifies the trend of mainland Chinese companies leveraging the Hong Kong capital market for international expansion [1] - The Hong Kong Stock Exchange will continue to play a vital role in connecting high-quality Chinese enterprises with international capital, supporting their globalization efforts [1]

Group 1 - Institutional investors play a crucial role in the IPO process on the Hong Kong Stock Exchange, influencing pricing, market confidence, and post-listing liquidity [2][3] - The typical structure of an IPO consists of a public offering (10%) and an international placement (90%), with a mechanism to adjust allocations based on demand [2][3] - Cornerstone and anchor investors are key participants, with cornerstone investors committing to purchase shares before the roadshow, providing market endorsement [5][6] Group 2 - The pricing mechanism is driven by an institutional-led bookbuilding process, where institutional investors' expertise and capital size help determine the final issue price [3][4] - Lock-up periods for cornerstone investors are typically six months, with additional restrictions for major shareholders, ensuring stability and reducing short-term speculation [4][5] - The selection criteria for institutional investors emphasize qualifications, background, and synergy with the issuer, ensuring a stable and supportive investor base [6] Group 3 - Transparency and information disclosure are critical, with requirements for revealing details about cornerstone investors and the allocation results of international placements [6] - The Hong Kong Stock Exchange's unique features include a globalized investor base and a market-driven pricing mechanism, allowing for flexible adjustments based on market conditions [6] - The green shoe option allows underwriters to request additional purchases from institutional investors to stabilize post-listing share prices, enhancing market confidence [6]

Core Viewpoint - The Hong Kong Stock Exchange has proposed amendments to the Listing Rules regarding structured products to enhance market competitiveness, efficiency, and investor protection, with a consultation period ending on November 11, 2025 [1] Summary by Categories Proposed Amendments - The amendments include three main aspects: 1. Lowering the minimum issuance price and the thresholds for issuing structured product ETFs to enhance market competitiveness [2] 2. Increasing the asset net worth requirements for issuers and mandating investment-grade ratings from credit rating agencies to protect investor interests [2] 3. Reducing the administrative burden on issuers by allowing securities dealers who are also issuers to provide discounts, thereby improving market efficiency [2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is seeking market feedback on proposals to optimize the listing framework for structured products, with the consultation period lasting six weeks until November 11, 2025 [1] Group 1: Market Development - The structured products market in Hong Kong has shown continuous growth, with new products and related asset scales expanding, leading to increased trading volumes [1] - Hong Kong's derivatives market has maintained its position as the global leader in structured product trading volume for 17 consecutive years, with recent daily trading volumes exceeding HKD 20 billion [2] Group 2: Reform Proposals - The reform proposals focus on three main areas: enhancing market competitiveness, improving market quality and investor protection, and increasing market efficiency [2][3][4] - Specific recommendations include lowering the minimum issuance price for derivative warrants from HKD 0.25 to HKD 0.15 and removing the minimum issuance price for bull and bear certificates, allowing issuers greater flexibility to meet retail investor needs [6][7] Group 3: Investor Benefits - Structured products offer several advantages for investors, including diversified investment choices, capital efficiency due to leverage, the ability to implement various trading strategies, and serving as risk management tools [5] - The proposed changes aim to enhance the product offering, making it more aligned with investor demands and improving capital efficiency [8] Group 4: Regulatory Adjustments - The consultation document suggests adjusting the eligibility criteria for ETFs as related securities for structured products, lowering the asset management threshold from HKD 40 billion to HKD 10 billion [6][7] - Recommendations also include increasing the minimum net asset value requirement for issuers from HKD 20 billion to HKD 50 billion, ensuring that issuers maintain financial stability and responsibility [6][7]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is seeking market feedback on proposals to optimize the listing framework for structured products, aiming to enhance product innovation, market efficiency, and investor protection [1][2]. Summary by Sections Market Competitiveness - The proposals aim to enhance the competitiveness of the structured products market in Hong Kong, which has maintained its position as the global leader in structured product trading for 17 consecutive years, with a recent average daily trading volume exceeding HKD 20 billion [2][8]. Market Quality and Investor Protection - Recommendations include raising the minimum net asset value requirement for issuers from HKD 2 billion to HKD 5 billion, ensuring that issuers are regulated entities and have investment-grade ratings from credit rating agencies [7][8]. - The consultation also suggests improving the ongoing responsibilities of issuers to ensure financial stability and compliance with market standards, thereby enhancing investor protection [8]. Market Efficiency - The proposals include lowering the minimum issuance price for derivative warrants from HKD 0.25 to HKD 0.15 and removing the minimum issuance price for bull and bear certificates, which will provide issuers with greater flexibility to meet retail investor needs [7][8]. - Changes to the eligibility criteria for ETFs as underlying securities for structured products will lower the threshold to a total asset management size of HKD 1 billion, facilitating the development of a product ecosystem around ETFs [8].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.52%, Yangtze Optical Fibre and Cable (06869) at 69.99%, and Green Power Environmental (01330) at 69.97% [1] - Alibaba-W (09988), Tencent Holdings (00700), and Tracker Fund of Hong Kong (02800) saw the largest increases in holding amounts over the last five trading days, with increases of +12.712 billion, +4.667 billion, and +2.068 billion respectively [1] - The largest decreases in holding amounts were observed in Hong Kong Exchanges and Clearing (00388) at -738 million, Xpeng Inc.-W (09868) at -697 million, and China Life Insurance (02628) at -686 million [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding ratio of 70.52% with 9.788 billion shares [1] - Yangtze Optical Fibre and Cable (06869) has a holding ratio of 69.99% with 246 million shares [1] - Green Power Environmental (01330) has a holding ratio of 69.97% with 283 million shares [1] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +12.712 billion with a change of +71.82 million shares [1] - Tencent Holdings (00700) increased by +4.667 billion with a change of +7.0398 million shares [1] - Tracker Fund of Hong Kong (02800) increased by +2.068 billion with a change of +75.135 million shares [1] Group 3: Recent Decreases in Holdings - Hong Kong Exchanges and Clearing (00388) decreased by -738 million with a change of -1.6697 million shares [2] - Xpeng Inc.-W (09868) decreased by -697 million with a change of -7.4871 million shares [2] - China Life Insurance (02628) decreased by -686 million with a change of -31.0608 million shares [2]

Market Overview - The Hang Seng Index (HSI) closed at 26,751.60, down by 103.96 points or 0.39% as of September 30, 16:00 Eastern Time [1] - The index reached a high of 26,811.89 and a low of 26,663.28 during the trading session, with an average price of 26,737.59 [1] - The 52-week high for the index is 26,915.35, while the 52-week low is 18,856.77, indicating a trading range of 0.55% for the day [1] Blue-Chip Stocks Performance - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.477, up by 0.98% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 662.66, down by 0.05% compared to the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) saw a price increase of HKD 3.00, or 0.45%, with an ADR price of HKD 662.660, which is a decrease of HKD 0.340 compared to its Hong Kong price [3] - Alibaba Group (09988) increased by HKD 3.60, or 2.08%, with an ADR price of HKD 173.866, down HKD 3.134 from its Hong Kong price [3] - HSBC Holdings (00005) rose by HKD 0.60, or 0.55%, with an ADR price of HKD 110.477, up HKD 1.077 from its Hong Kong price [3] - Other notable movements include Kuaishou (01024) increasing by HKD 5.70, or 7.22%, and BYD Company (01211) rising by HKD 1.60, or 1.47% [3]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has published a consultation document proposing amendments to the Listing Rules regarding the listing of structured products, aimed at enhancing market competitiveness, efficiency, and investor protection. The consultation period will last for six weeks, ending on November 11, 2025 [1]. Group 1: Enhancing Market Competitiveness - The minimum issuance price for derivative warrants is proposed to be reduced from HKD 0.25 to HKD 0.15, and the minimum issuance price requirement for bull and bear certificates will be removed to promote a wider range of product terms [2]. - The eligibility threshold for issuing structured product ETFs will change from a public holding market value of at least HKD 4 billion over 60 days to a total asset value of at least HKD 1 billion [2]. - Issued product terms must be identical to existing issuances [2]. - Additional ratios will be introduced to expand the conversion ratios for derivative warrants and bull and bear certificates [2]. - The requirement for specific product terms in the Listing Rules will be removed, with issuances needing to comply with terms approved by HKEX [2]. Group 2: Improving Market Quality and Enhancing Investor Protection - The minimum net asset value requirement for issuers will increase from HKD 2 billion to HKD 5 billion, and issuers must be regulated entities [2]. - Issuers (or guarantors or their holding companies) must obtain investment-grade ratings from all credit rating agencies from which they seek credit ratings [2]. - The minimum service level for liquidity provision must meet the standards published by HKEX [2]. - The deadline for publishing interim financial reports for issuers and guarantors will be shortened to three months after the end of the relevant interim period [2]. - If issuers and guarantors have subsidiaries, they must publish consolidated financial statements [2]. Group 3: Enhancing Market Efficiency - The requirement to publish launch announcements will be removed, and the listing documents for further issuances of structured products will be simplified to reduce the administrative burden on issuers without affecting the information available to investors [3]. Group 4: Additional Provisions - Securities dealers who are also issuers will be allowed to provide discounts, provided they comply with the protective measures outlined in the Listing Rules. Discounts related to specific structured products should be offered in the form of fee reductions [4].