Group 1 - The CEO of Hong Kong Stock Exchange (HKEX), Charles Li, stated that there are currently over 400 companies waiting to go public, indicating strong demand for IPOs and a growing interest from global investors in diversifying their investments, thus alleviating concerns about a "backlog" in listings [1] - HKEX is expected to see a strong recovery in the IPO market by 2025, with an anticipated total of HKD 285.8 billion in IPO financing, regaining the top position globally [1] - As of January 30, 2026, there have been 459 applications for listings on the main board of HKEX, with 409 applications currently being processed, and 11 IPOs completed in the first three weeks of 2026, raising approximately USD 4 billion [2] Group 2 - International investors, including long-term funds and sovereign wealth funds, are actively seeking to invest in markets outside the U.S., with many expressing interest in the Hong Kong IPO market and requesting more diversified products beyond equities [2] - A report from Goldman Sachs indicated that about two-thirds of investors participating in Hong Kong IPOs are from foreign sources, with retirement and sovereign funds increasing their subscription rates [2] - The Hong Kong Securities and Futures Commission (SFC) has raised concerns about the quality of listing application materials due to the surge in applications, leading to a directive for sponsors to conduct internal reviews and the suspension of 16 listing applications [2][4]

港交所CEO陈翊庭2月4日在出席媒体活动时表示，目前有超过400家公司排队上市，企业上市需求十分 旺盛的同时，全球投资者对于寻求投资多元化的兴趣不断提升，因此不担心出现上市"堰塞湖"现象。 自去年以来，港交所的上市申请数量激增，导致上市申请材料质量出现参差不齐。 近日，香港证监会发通函指示上市保荐人从速进行内部检讨，以纠正招股文件准备工作中的严重缺失。 1月30日，香港证监会要求13名保荐人针对胜任能力等问题于3个月内提交内部检讨报告，并表示已暂停 16宗上市申请的审理流程。 对此，陈翊庭表示欢迎，并指出"香港证监会关注的是保荐人递表的材料的质量，而不是上市申请人的 质量"。 她强调："上市公司质量一直是香港吸引全球投资者的底气。" 据了解，按照现有的上市流程，港交所须在40个工作日内确认是否存在重大监管关注，但前提是上市申 请材料符合要求。 在当前的市场背景下，全球投资者纷纷寻求多元化配置。"香港IPO（首次公开募股）特别受到国际投 资者的青睐，过去一年半我们看到，只要有优质的IPO，海外的资金就会进来。香港始终是一个开放的 市场，资金可以随时流入。有好的企业上市，就会有四面八方的钱来打新，'堰塞湖'的问题 ...

Core Viewpoint - The Hong Kong government is committed to developing the local bond market to enhance its role as an international financial center, focusing on innovative bond issuance and various supportive measures [1][2]. Group 1: Bond Market Development - The Hong Kong government aims to activate the bond market through regular issuance of government bonds, including institutional, retail, green, and tokenized bonds [1]. - Since 2008, Hong Kong has been the leading hub for bond issuance in Asia, with over $130 billion in issuance planned for 2024, capturing nearly 30% of the market share [1]. - Hong Kong accounts for approximately 70% of the first-time bond issuance market and 45% of the green and sustainable bond issuance market, indicating its leadership in various segments [1]. Group 2: Regulatory and Market Measures - The Hong Kong government and financial regulators are implementing measures to enhance primary market issuance, improve secondary market liquidity, and expand offshore RMB business [2]. - As of January 2, 2026, there are 1,351 listed bonds on the Hong Kong Stock Exchange, with 1,302 being professional investor bonds, which are primarily traded over-the-counter [2]. - The Hong Kong Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform to improve market liquidity [3]. Group 3: Offshore RMB and Risk Management - The offshore RMB bond market has seen significant growth, with issuance reaching 1.07 trillion RMB in 2024, a 37% year-on-year increase [1]. - The Hong Kong Stock Exchange is enhancing its role in the offshore RMB market by allowing foreign investors to use onshore government bonds as collateral for derivatives trading [3]. - The Hong Kong government is working on introducing offshore government bond futures to provide effective risk management tools for investors [5]. Group 4: Tokenized Bonds - The Hong Kong government has issued three batches of tokenized green bonds since 2023, with the largest issuance of 10 billion HKD in November 2025, attracting significant global institutional interest [5]. - The Hong Kong Monetary Authority is researching the secondary market applications for tokenized bonds to enhance their attractiveness and demand [6]. - Efforts are underway to optimize the legal framework for broader application of tokenization technology in the bond market [6].

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: | 2026年1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: | 香港交易及結算所有限公司 | | | | 呈交日期: | 2026年2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 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 3 頁 共 10 頁 v 1.2.0 | 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) | 0 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,954.92, up by 179.35 points or 0.67% as of February 2, 16:00 Eastern Time [1] - The index reached a high of 27,021.10 and a low of 26,800.30 during the trading session, with a trading volume of 40.725 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.961, increasing by 3.91% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 595.694, down by 0.47% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 598.500, down by HKD 7.500 or 1.24% [3] - Alibaba Group: Latest price HKD 163.300, down by HKD 5.900 or 3.49% [3] - HSBC Holdings: Latest price HKD 134.700, down by HKD 1.900 or 1.39% [3] - AIA Group: Latest price HKD 89.050, down by HKD 1.300 or 1.44% [3] - Meituan: Latest price HKD 94.850, down by HKD 2.350 or 2.42% [3] - BYD Company: Latest price HKD 91.000, down by HKD 6.750 or 6.91% [3] - Kuaishou Technology: Latest price HKD 77.000, down by HKD 3.150 or 3.93% [3]

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Core Viewpoint - The Securities and Futures Commission (SFC) has expressed serious concerns regarding the significant deficiencies in the preparation of listing documents by sponsors during the surge of new listing applications in 2025, indicating potential misconduct and severe resource management issues among sponsors [1][2]. Group 1: Issues Identified - The SFC and the Hong Kong Stock Exchange (HKEX) found multiple serious deficiencies in the preparation of listing documents and responses to regulatory comments, suggesting that some sponsors may lack a thorough understanding of the applicants [1]. - There are significant resource issues among sponsors, including over-reliance on external professionals without adequate assessment of their competence, and a lack of qualified personnel to oversee transaction teams [1][2]. - As of December 31, 2025, the review process for 16 listing applications has been suspended due to serious deficiencies in responses from sponsors [2]. Group 2: Regulatory Actions - All sponsors are required to report the ratio of active listing projects to the number of key personnel, as well as the status of personnel involved in IPO sponsorship who have not passed required examinations [2]. - Sponsors supervising six or more active listing projects must provide feasible corrective and resource management plans to the SFC [2]. - The SFC may restrict the business scope and the number of active listing projects for sponsors that consistently fail to meet standards [2]. Group 3: Statements from SFC - The SFC's CEO emphasized the critical role of sponsors in maintaining the quality of Hong Kong's capital markets and investor confidence, urging sponsors to avoid overextending their business and to match responsibilities with their resource levels [3].

Summary of Key Points Core Viewpoint The Hong Kong Stock Exchange (HKEX) has seen a significant number of initial public offerings (IPOs) in progress, with a total of 415 cases being processed as of January 30, 2026. This indicates a robust IPO market, with a notable number of new applications and approvals. Group 1: IPO Application Status - As of January 30, 2026, there are 474 IPO applications in total, comprising 459 from the Main Board, 7 from GEM, and 8 from other investment tools [2]. - Among the applications, 371 were existing applications and resubmissions that were not processed by December 31, 2025, while 103 new applications were accepted in 2026 [2][5]. - The number of applications currently being processed stands at 415, with 408 from the Main Board, 6 from GEM, and 1 from other investment tools [3]. Group 2: Approved IPOs - There are 27 IPOs that have received approval from the listing committee and are awaiting listing, with 26 of these on the Main Board [4]. - A total of 19 IPOs have already been listed, including 12 from the Main Board, 1 from GEM, and 6 from other investment tools [2]. Group 3: New Applications - In 2026, 103 new applications have been accepted, with 95 from the Main Board and 2 from GEM [5]. - The applications include various companies, such as YESMRO Holdings Limited and Shanghai Xinyi Lintian Technology Co., Ltd., which submitted their applications on January 30, 2026 [5][6].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a significant decline, with its stock price dropping over 3% to 430.2 HKD, indicating a bearish market sentiment and potential selling pressure from large investors [1] Technical Analysis and Key Levels - The stock has breached critical moving averages, including the 10-day moving average at approximately 430.16 HKD and the 30-day moving average at around 422.61 HKD, finding temporary support above the 60-day moving average at about 418.91 HKD [1] - Key support levels to watch are at 419 HKD and 413 HKD, while resistance levels for a potential rebound are at 445 HKD and 452 HKD [1] - Technical indicators suggest a "buy" signal, but with a low strength of 7, and a 5-day volatility of 5.7%, indicating significant market fluctuations [1] Derivative Instruments and Investment Strategies - In the current volatile market, derivative instruments can amplify returns but also increase risks. For bullish investors, options like the call warrants (e.g., 22028 with a strike price of 499.99 HKD and a leverage of 14.4 times) are available [2] - For bearish investors, put warrants (e.g., 24217 and 24260, both with a strike price of 388.68 HKD and leverage over 10 times) can be considered [2] - Bullish certificates, such as UBS's bull certificate (64102 with a redemption price of 386 HKD and a leverage of 9.4 times), are also options, but caution is advised due to the proximity of current prices to redemption levels [3] Market Insights and Product Performance - Recent performance of related products shows significant gains, with some call warrants and bull certificates rising between 40% to 64% when the underlying stock increased nearly 4% [4] - This highlights the explosive potential of derivative instruments when the market direction is correctly anticipated, but also emphasizes the risk of substantial losses in the opposite direction [4]

Core Viewpoint - CICC maintains the earnings forecast for Hong Kong Exchanges and Clearing Limited (HKEX) for 2025 and 2026, introducing a profit estimate of HKD 17.9 billion for 2027, with a target price of HKD 500, indicating a potential upside of 12.6% based on current P/E ratios [1] Group 1: Earnings Forecast - For Q4 2025, CICC predicts a year-on-year profit decline of 1% and a quarter-on-quarter decline of 24% [2] - Total revenue for Q4 2025 is expected to increase by 4% year-on-year but decrease by 15% quarter-on-quarter to HKD 6.61 billion, with core business revenue projected to rise by 13% year-on-year but fall by 13% quarter-on-quarter to HKD 5.81 billion [2] - Full-year total revenue is forecasted to grow by 27% to HKD 28.46 billion, with profit expected to increase by 31% to HKD 17.15 billion [2] Group 2: Trading Activity - In Q4 2025, the average daily trading (ADT) for Hong Kong stocks is expected to be HKD 229.8 billion, reflecting a year-on-year increase of 23% but a quarter-on-quarter decrease of 20% [2] - Southbound ADT is projected to rise by 35% year-on-year to HKD 105.7 billion, while northbound ADT is expected to remain flat year-on-year at HKD 231.1 billion [2] - Derivatives trading is anticipated to see a slight decline, with overall ADV down by 2% year-on-year and quarter-on-quarter to 1.61 million contracts [2] Group 3: Investment Income - CICC forecasts a significant drop in investment income for Q4 2025, with a year-on-year decline of 35% and a quarter-on-quarter decline of 25% [3] - The decline in investment income is attributed to reduced margin investment returns and external investment redemptions, alongside changes in margin interest rebate policies [3] Group 4: Long-term Value and Market Dynamics - The average daily trading for Hong Kong stocks has reached HKD 267.6 billion since the beginning of the year, indicating a 7% increase compared to the full year of 2025 [4] - CICC notes that for every HKD 10 billion increase in ADT in 2026, the year-on-year profit growth rate could increase by 2.4 percentage points [4] - The valuation trends of HKEX have historically aligned with the Hang Seng Index, but since September, HKEX has underperformed the index by 11 percentage points [4]