Core Viewpoint - Bank of America has reduced its stake in Bilibili Inc. from 7.01% to 6.72% as of June 10 [1] Company Summary - The reduction in Bank of America's holding indicates a shift in investment strategy or sentiment towards Bilibili Inc. [1]

6月12日，在亚洲交易员论坛年度会议暨股票交易峰会2025上，香港证监会主席黄天祐表示，香港证监 会与香港交易所合作，自2025年年中开始，将分两阶段将适用证券的最低上落价位下调50%至60%，从 而降低整体交易成本及提升流动性。从中长期看，香港证监会正在研究调整每手交易股数相关方案，从 而提升高价股、碎股交易的便捷性，进一步提升市场流动性；香港证监会还与香港交易所合作，研究优 化首次公开募股(IPO)的价格发现流程。(上海证券报) ...

Core Viewpoint - The new policy allows companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, enhancing the international competitiveness of the Shenzhen Stock Exchange and providing new financing channels for Hong Kong-listed companies [1][4][14]. Group 1: Policy Implications - The policy aims to strengthen the financial market integration within the Greater Bay Area, but it does not imply a relaxation of A-share IPO standards, which will continue to emphasize high-quality listings [8][14]. - The introduction of the "H+A" listing model is seen as a way to attract high-quality companies back to the A-share market, potentially leading to higher valuations and increased fundraising opportunities [11][12]. Group 2: Market Statistics - As of June 10, 2025, there are 250 Hong Kong-listed companies registered in the Greater Bay Area, with 30 already listed on A-shares and 220 yet to do so [5]. - The top three companies by market capitalization among those not yet listed on A-shares are AIA Group (740.87 billion HKD), Hong Kong Exchanges and Clearing (525.90 billion HKD), and Bank of China (Hong Kong) (367.93 billion HKD) [5]. Group 3: Company Structures - Companies listed in Hong Kong typically operate under two structures: red-chip and H-share. The red-chip structure involves a complex arrangement to allow mainland companies to list abroad, while H-shares are directly registered in mainland China [15]. - The new policy is expected to accelerate the second listing of red-chip companies on the Shenzhen Stock Exchange, enhancing the market's attractiveness [14][15].

Core Viewpoint - The new policy allows companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange, enhancing the international competitiveness of the Shenzhen market and providing new financing channels for these companies [1][2][5]. Group 1: Policy Implications - The policy aims to strengthen the financial market integration within the Greater Bay Area, allowing for better cross-border flow of capital, talent, and technology [9]. - It is expected that the policy will not lower the listing standards for A-shares, maintaining a high-quality listing orientation with strict regulatory oversight [5][6]. - The introduction of this policy is seen as a way to attract more quality enterprises to the Shenzhen market, potentially increasing its market competitiveness and international influence [9]. Group 2: Potential Companies - There are currently 220 companies registered in the Greater Bay Area that are listed on the Hong Kong Stock Exchange but have not yet listed on the A-share market [2][3]. - The top three companies by market capitalization among these are AIA Group (HKD 740.87 billion), Hong Kong Exchanges and Clearing (HKD 525.90 billion), and Bank of China (Hong Kong) (HKD 367.93 billion) [2]. - Tencent Holdings, with a market capitalization exceeding HKD 4.7 trillion, is the highest-valued company among those with offices in the Greater Bay Area [3]. Group 3: Market Dynamics - The policy is anticipated to create a dual mechanism that allows for the return of quality companies to the A-share market, which could lead to higher valuations and increased fundraising opportunities [8][9]. - The current trend shows that many companies listed in Hong Kong may not achieve high valuations, and returning to the Shenzhen market could provide them with better financial prospects [8]. - The policy is also expected to benefit red-chip companies, potentially accelerating their secondary listings on the Shenzhen Stock Exchange [9][10].

Group 1 - The National Integrated Circuit Industry Investment Fund Co., Ltd. reduced its stake in Hua Hong Semiconductor from 6.16% to 5.94% as of June 9, 2025, with an average share price of 32.4276 HKD [1] - The total number of issued shares for Hua Hong Semiconductor is 1,726,211,687 [2] - The number of shares held by the National Integrated Circuit Industry Investment Fund before the transaction was 106,330,601, representing 6.16% [2] - After the transaction, the number of shares held decreased to 102,535,601, representing 5.94% [2]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) shares are experiencing a strong upward trend, with a current price of 412 HKD, having broken through key moving averages, indicating bullish momentum in the short term [1][2]. Technical Analysis - The stock has surpassed MA10 (399.9 HKD) and MA30 (379.11 HKD), forming a strong upward trend. The RSI is at 75, entering the overbought zone, with technical indicators signaling a "strong buy" [1]. - Key support is at 396 HKD, with potential downside to 383 HKD if this level is breached. Resistance is focused at 421 HKD, with a breakthrough potentially leading to a challenge at 432 HKD [2]. - The stock has shown a volatility of 5.1% over five days, indicating a brewing breakout in the market, while the Bollinger Bands are expanding, suggesting increased price fluctuations [2]. Market Performance - From June 5 to June 7, HKEX shares rose by 1.73%, positively impacting related bull certificates and call options, with notable gains in leveraged products such as the BNP Paribas bull certificate (58522) soaring by 29% [4]. - Call options like the UBS call option (13628) have shown a 22.38% increase, with a leverage of 8.52 times, indicating strong performance in the options market [6]. Derivative Products - For bearish strategies, put options such as Citigroup's put option (16606) offer a leverage of 9.9 times, providing investors with a way to hedge against potential declines in HKEX shares [9].

Investment Rating - The report maintains a positive investment rating for the stablecoin industry, particularly focusing on the implications of Hong Kong's Stablecoin Regulation [4]. Core Insights - Stablecoins are crucial infrastructure in the cryptocurrency ecosystem, designed to maintain price stability by pegging their value to stable underlying assets [8][9]. - The global trading volume of stablecoins has seen exponential growth, with daily average trading volume increasing from $432 million in 2019 to $84.143 billion in 2024, representing a CAGR of 187.1% [2][42]. - The introduction of Hong Kong's Stablecoin Regulation is expected to create structural impacts on the non-bank financial sector, allowing qualified non-bank institutions to participate in stablecoin issuance [3][13]. Summary by Sections 1. What are Stablecoins? - Stablecoins are a special type of cryptocurrency designed to maintain price stability by pegging their value to stable assets such as fiat currencies, commodities, or algorithms [8]. - They serve as a bridge between traditional finance and the volatile cryptocurrency market, facilitating transactions, payments, and hedging [9]. 2. Core Mechanism of Stablecoins - Stablecoins can be categorized into four main types based on their collateral: fiat-collateralized, commodity-collateralized, crypto-collateralized, and algorithmic [23][24]. 3. Core Value of Stablecoins - Stablecoins act as a payment tool, providing a low-volatility "value benchmark" for transactions in the cryptocurrency market [29]. - They serve as a value storage mechanism, allowing users to convert volatile assets into stablecoins to mitigate market risks [34]. - Stablecoins enhance transaction efficiency by reducing costs and improving speed, especially in cross-border payments [35]. 4. Global Regulatory Mechanisms for Stablecoins - Hong Kong's Stablecoin Regulation aims to create a robust regulatory environment, requiring all stablecoin issuers to obtain licenses, thereby preventing regulatory arbitrage [15][16]. - The regulation emphasizes a "same activity, same risk, same regulation" principle, ensuring that stablecoin activities are subject to stringent oversight [13]. 5. Impact on Non-Bank Financial Institutions - The regulation is expected to lead to compliance upgrades and create new business opportunities for non-bank institutions, with a focus on major players like ZhongAn Online, Hong Kong Stock Exchange, and LianLian Digital [3][22].

智通财经6月9日电，香港交易所信息显示，贝莱德（BlackRock）在蒙牛乳业的持股比例于06月04日从 5.91%升至6.08%。 ...

智通财经6月9日电，香港交易所信息显示，贝莱德（BlackRock）在哔哩哔哩-W的持股比例于06月04日 从5.35%升至6.23%。 ...

港股市场近期呈现出显著的活跃态势，交易量持续攀升，投资热情不断高涨。南向资金流入规模创下历 史新高，为市场注入强劲动力。多项数据表明，港股正迎来新一轮估值修复周期，市场参与度明显提 升。 南向资金大幅流入推动市场活跃 今年港股市场表现强劲，恒生指数和恒生科技指数涨幅均接近19%，在全球主要股指中位居前列。南向 资金流入呈现爆发式增长，截至6月初已净流入超过6500亿港元，同比增长超过一倍。这一数据接近 2024年全年流入总额的八成，显示内地投资者对港股市场信心显著增强。 港股一级市场同样表现活跃，"A+H"双重上市模式受到企业青睐。今年以来已有近30家A股公司公告筹 划港股上市，5月份宁德时代、恒瑞医药等4家公司成功登陆港交所。全年新增"A+H"公司数量有望创下 历史新高。 截至6月初，港交所共有166家企业递交上市申请，涵盖医疗、消费、科技等多个行业。这些企业中不乏 行业龙头，体现出港股市场对优质企业的强大吸引力。香港作为国际金融中心的地位，为内地企业拓展 海外业务提供重要平台。 港交所推出的"科企专线"等创新机制，允许企业保密提交上市申请，进一步降低上市门槛。制度性开放 和深化互联互通的成果逐步显现，两地 ...