Group 1 - Hong Kong Exchanges and Clearing Limited (HKEX) ranks prominently in the global IPO market this year, with over 300 companies preparing for listing, ensuring strong financing activities in Hong Kong [1] - International investors, including those from Europe, the US, the Middle East, and emerging markets, are actively participating in Hong Kong's IPOs, particularly showing interest in new technology companies, reflecting confidence in mainland China's tech development [1] - According to data from the London Stock Exchange Group (LSEG), the total funds raised from new IPOs in Hong Kong increased by 220% year-on-year in the first nine months of 2025, with 66 companies raising $23.27 billion on the main board [1] - This performance positions Hong Kong ahead of the New York Stock Exchange, which raised $16.53 billion, and Nasdaq, which raised $15.32 billion, marking Hong Kong's first ranking as number one in the first three quarters since 2018 [1]

Announcement Details - The fund will resume subscription, redemption, and regular investment services starting from October 30, 2025, without further notice [1][2] - Investors are advised to make necessary arrangements in advance to avoid inconvenience due to the Hong Kong Stock Exchange's closure [1][2] Fund Operations - The fund's open days are aligned with Hong Kong Stock Connect trading days, and subscription and redemption can only be processed on these days [1] - The fund will suspend subscription, redemption, and regular investment services on October 29, 2025, as it is a non-Hong Kong Stock Connect trading day [1] New Distribution Channel - Starting from October 27, 2025, Zheshang Bank will be added as a distribution agency for the Huabao Cash Treasure Money Market Fund [3] - Only institutional investors can use this distribution channel for account opening, subscription, redemption, and other services [3]

Core Concept - Control Trust is a common structure in HKEX IPOs that helps issuers maintain stable control, achieve concentrated ownership, or meet specific governance needs [2] Group 1: Basic Concept of Control Trust - Control Trust involves the major shareholder injecting their shares into a trust managed by a licensed trustee, allowing them or designated beneficiaries to retain control indirectly [2] - The core function of the trust is to separate ownership from control, ensuring concentrated and stable control through the trustee exercising shareholder rights [2] Group 2: Establishment Process of Control Trust - Initial preparation includes clarifying the purpose and designing the structure [3] - Key terms in the trust deed must include objectives such as maintaining control stability, family wealth succession, tax planning, and employee incentives [4] - Selection of a licensed trustee must be made from HKEX-approved companies, ensuring independence and good reputation [4] - The trust structure typically involves shares of a holding company rather than direct shares of the issuer to simplify disclosure [4] Group 3: IPO Application and Information Disclosure - HKEX requires full disclosure of control trust details in the prospectus, focusing on the stability of control and compliance with regulations [5] Group 4: Regulatory Key Points - HKEX emphasizes the stability of control, requiring compliance with Listing Rules and ensuring the trust structure does not lead to control changes [6] - The trust must demonstrate that the actual control remains with the founder/beneficiary through mechanisms like "directive voting rights" [6] - The trust's duration is preferred to be long-term or permanent to avoid questions about control stability [6] Group 5: Common Regulatory Inquiries - Common inquiries from HKEX focus on control change risks, independence of beneficiaries, tax implications, and corporate governance [9] - The trust structure must ensure that the board's independence is not compromised and that all relevant relationships are disclosed [9]

在香港联合交易所（HKEX，简称"港交所"）进行首次公开募股（IPO）时，控股股东的角色和行为受到严格监管，以保障投资 者利益、确保市场公平透明。以下是港交所IPO中关于控股股东的核心要点，涵盖定义、锁定期、减持限制、信息披露、责任与 义务等方面： 一、控股股东的定义 根据港交所《上市规则》及相关指引，控股股东一般指： 为防止控股股东在公司上市初期即套现，影响股价稳定和投资者信心，港交所要求控股股东在公司IPO后必须遵守股份禁售期 （Lock-up）规定： 目的是维护市场秩序，避免大股东短期套利行为。 2. 减持与股份转让限制 3. 持续责任与诚信义务 控股股东作为公司的实际控制人，在IPO前后均承担以下责任： 1. 单一最大股东，或 2. 一组一致行动人（如创始人团队、家族成员、紧密联系的股东等），合计持有发行人30%或以上投票权； 3. 能够对发行人董事会的组成、政策及业务决策产生重大影响力的个人或实体。 常见情况包括：创始人、创业团队、前期投资人（如VC/PE）、家族信托等。 二、控股股东在IPO中的主要责任与义务 1. 股份锁定期限制（Lock-up Period） 标准锁定期： 控股股东通常须承诺在 ...

Group 1 - The Hong Kong stock market has been active this year, with an average daily trading volume exceeding 250 billion HKD, and over 60 companies listed in the first nine months, raising a total of 182.9 billion HKD, making it the top global market for IPOs [1][3] - Currently, around 300 listing applications are being processed by the Hong Kong Stock Exchange, with half of them from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [3] - The mutual market access mechanisms, including the Stock Connect programs, are highlighted as a key advantage for Hong Kong, facilitating international capital flow into the mainland market and vice versa since their launch in 2014 [3] Group 2 - The main challenge for the Hong Kong IPO market is to develop a more diversified asset class ecosystem, including fixed income and commodities, to meet the global trend of de-dollarization and investors' demand for diversified asset allocation [4]

Group 1 - Morgan Stanley reports that Hong Kong Exchanges and Clearing (HKEX) will continue to experience strong revenue and profit growth until Q3 2025, driven by a robust average daily trading volume (ADV) of HKD 286 billion and high turnover rates [1] - The report maintains an "overweight" rating for HKEX with a target price of HKD 508, citing increased trading activity in the Hong Kong capital markets as evidence of a financial system cycle bottoming out [1] - For Q3 2025, Morgan Stanley expects core business growth to remain strong, with trading fees and clearing fees increasing by 75% and 97% year-on-year, respectively [1] Group 2 - Morgan Stanley slightly raised its average daily trading volume assumptions for HKEX from 2025 to 2027, while lowering net investment income forecasts for 2025, 2026, and 2027 by 0.2%, 5.5%, and 5.6%, respectively, due to new margin guarantee arrangements effective from Q4 2025 [2] - The firm anticipates a decline in interest rates in 2026 due to Federal Reserve rate cuts, predicting a drop in net investment income of 18% in 2026 and 4.3% in 2027 [2] - Consequently, Morgan Stanley has increased its earnings per share (EPS) forecast for HKEX in 2025 by 5.8%, while maintaining EPS estimates for 2026 and 2027 largely unchanged [2]

智通财经APP获悉，摩根士丹利发布研报称，香港交易所(00388)强劲的收入和利润增长将持续至2025年 第三季度，这得益于2,860亿港元的强劲日均交易量(ADV)和高流通速度驱动。伴随着更多证据显示金 融体系周期触底，交易活动在香港资本市场活跃；维持港交所"增持"评级，目标价508港元。 大摩轻微上调港交所2025至2027年的日均交易量假设；并将其2025、2026、2027财年的净投资收入预 测，分别下调0.2%、5.5%、5.6%，以纳入自2025年第四季生效的新保证金担保安排；大摩仍预期利率 在2026年会因美联储降息而下降，并预期净投资收入于2026年下降18%，及2027年下降4.3%。 因此，大摩对港交所的2025年每股盈利预测上升5.8%，2026年与2027年基本保持不变。大摩现在预 期，港交所 2025年的每股盈利同比增长 32%，之后在 2026财年下滑 0.5%，受净投资收益拖累。 大摩预期，港交所第三季核心业务增长持续强劲，交易费用和清算费用分别年增75%及97%；在强劲的 日均成交量带动下，预计2025年第三季度收入和利润分别同比增长47%和59%，EBITDA利润率同比增 长 ...

Group 1 - The core viewpoint is that Hong Kong's capital market has become a significant highlight globally in 2023, with an average daily trading volume exceeding HKD 250 billion and over 60 companies listed, raising a total of HKD 182.9 billion, ranking first worldwide [1][3] Group 2 - There are currently around 300 companies waiting for listing approval, with half of them from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [3] - The Hong Kong Stock Exchange aims to diversify its asset classes, focusing on expanding fixed income and other asset categories to meet global investors' needs for alternatives to traditional equities [2][3] Group 3 - Factors contributing to the rise of the Hong Kong stock market include China's economic stimulus policies and the emergence of new technology companies, which have attracted significant global investment [4] - The "secret weapon" for attracting capital and enhancing market activity is the interconnectivity mechanisms, such as the Stock Connect programs, which have facilitated cross-border investments and increased participation from both local and mainland investors [4]

Group 1 - The 2025 Bund Summit will be held from October 23 to 25 in Shanghai, focusing on the theme "Embracing Change: New Order, New Technology" [2] - The summit is co-hosted by the China Financial Forty Forum (CF40) and Tsinghua University (THU), featuring discussions among global policymakers, entrepreneurs, and scholars on the reshaping of the global economy and financial landscape [2] Group 2 - Hong Kong's stock market rebound is attributed to ongoing economic stimulus policies from mainland China and a resurgence of global investor confidence in the Chinese market [4] - As of the first three quarters of this year, the average daily trading volume in Hong Kong exceeded 250 billion HKD, with over 60 companies listed, raising a total of 182.9 billion HKD, making it the top global market for IPOs [4] - Approximately 300 companies are currently in the queue for listing, with about half from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [4] Group 3 - The "secret weapon" of Hong Kong is its connectivity mechanisms, including the Stock Connect programs, which allow for two-way capital flow between global and mainland markets [5] - Both southbound and northbound capital flows are active, with increasing participation from global investors in mainland markets and vice versa [5] Group 4 - The Hong Kong Stock Exchange aims to build a more diversified multi-asset ecosystem, expanding beyond its traditional strengths in equities to include bonds, commodities, and other asset classes [6] - The shift from a "single listing center" to a "multi-asset ecosystem platform" is underway, highlighting Hong Kong's pivotal role in the global financial landscape as new economy enterprises emerge and global capital seeks new balance [6]

Group 1 - Morgan Stanley raised its year-end targets for the MSCI Hong Kong Index (MXHK) to 13,000 and 14,000 points, with potential targets for 2026 of 14,366, 15,522, and 16,679 points, indicating potential increases of 8%, 16%, and 25% respectively [1] - The recovery trend in Hong Kong has been significant since 2023, with strong financial market performance and a stabilizing residential property market, making valuations attractive compared to historical levels and other markets [1] - Morgan Stanley maintains a positive outlook for Hong Kong for the next year, favoring stocks such as Hong Kong Exchanges and Clearing (00388), Futu Holdings (FUTU.US), Galaxy Entertainment (00027), MGM China (02282), Techtronic Industries (00669), China State Construction International (03311), Henderson Land Development (00012), and MTR Corporation (00066) [1] Group 2 - Year-to-date, the MSCI Hong Kong Index (MXHK) has returned 26% in USD terms, and its forecasted P/E ratio remains 0.3 standard deviations below the 10-year average, making Hong Kong the cheapest market in the Asia-Pacific region, excluding ASEAN [2]