Core Viewpoint - Hong Kong Stock Exchange (HKEX) has opened an office in Riyadh, Saudi Arabia, to enhance communication and collaboration with local partners [1] Group 1: Office Operations - The newly established office in Riyadh has commenced operations, aimed at strengthening engagement with relevant partners in the region [1] Group 2: Market Developments - HKEX has reported that a Dubai-based health products company, Le Shushi, has published its post-hearing information package, indicating a potential upcoming listing [1] - The intention of the first consumer company headquartered in the Middle East to apply for a listing in Hong Kong is seen as an initial success for the exchange [1] - HKEX emphasizes that Hong Kong can provide value-added services for companies in the Middle East [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,606.21, up by 260.07 points or 0.99% on October 29, 2023 [1] - The index reached a high of 26,714.82 and a low of 26,434.77 during the trading session, with a trading volume of 42.127 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 109.551, an increase of 2.87% compared to the previous close [2] - Tencent Holdings closed at HKD 655.070, up by 1.56% from the previous close [2] ADR Performance - Tencent Holdings (ADR) traded at USD 655.070, reflecting an increase of 1.56% compared to its Hong Kong stock price [3] - Alibaba Group (ADR) showed a price of USD 174.812, up by 2.23% compared to its Hong Kong stock price [3] - HSBC (ADR) was priced at USD 109.551, which is 2.87% higher than its Hong Kong counterpart [3]

Core Insights - Investors today have a wide range of options for investment, including private markets and cryptocurrencies, making traditional stocks seem outdated [1][2] - Exchanges are increasingly collaborating rather than competing, reflecting a shift in the investment landscape [2] Market Performance - Stock markets are performing well, with indices reaching all-time highs, driven by retail investors engaging with popular companies and investment trends [3] - The U.S. market is showing signs of recovery, with more companies looking to go public, including private equity and government-backed firms [4] IPO Trends - Saudi Arabia has seen a significant increase in IPOs, rising from 8-9 annually to around 40-45 [5] - Hong Kong has completed nearly 80 IPOs recently, indicating a recovery in investor confidence regarding Chinese stocks [5] Investor Behavior - The rise in global IPOs is attributed to investors seeking diversification to mitigate market volatility caused by geopolitical uncertainties and protectionist policies [6] - There is a strong demand for investments in sectors like AI, semiconductors, and green technology, alongside a new trend in consumer products, exemplified by the popularity of Labubu dolls [6]

Core Points - The Hang Seng Index fell by 87.56 points, a decrease of 0.33%, closing at 26,346.14 points [1] - The total turnover on the main board was HKD 242.7 billion [1] - The Hang Seng China Enterprises Index dropped by 91.43 points, closing at 9,375.79 points, a decline of 0.97% [1] - The Hang Seng Tech Index decreased by 77.64 points, closing at 6,093.44 points, a drop of 1.26% [1] Blue Chip Stocks - Tencent Holdings fell by 1.68%, closing at HKD 645 [1] - Hong Kong Exchanges and Clearing decreased by 0.41%, closing at HKD 432.4 [1] - China Mobile rose by 0.41%, closing at HKD 85.55 [1] - HSBC Holdings increased by 4.41%, closing at HKD 106.5 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.15%, closing at HKD 38.86 [1] - Sun Hung Kai Properties increased by 0.74%, closing at HKD 95.8 [1] - Henderson Land Development fell by 0.14%, closing at HKD 28.22 [1] Chinese Financial Stocks - Bank of China rose by 0.45%, closing at HKD 4.44 [1] - China Construction Bank increased by 0.25%, closing at HKD 7.9 [1] - Industrial and Commercial Bank of China fell by 0.33%, closing at HKD 6.06 [1] - Ping An Insurance rose by 0.27%, closing at HKD 56.15 [1] - China Life Insurance decreased by 0.71%, closing at HKD 25.04 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation fell by 0.24%, closing at HKD 4.22 [1] - China National Petroleum Corporation rose by 0.13%, closing at HKD 8 [1] - CNOOC Limited decreased by 0.55%, closing at HKD 19.95 [1]

Core Insights - The financial sector in Hong Kong has experienced significant growth in female representation in senior positions and board directorships, driven by regulatory changes and corporate initiatives promoting gender diversity [1][2] Group 1: Female Leadership in Financial Sector - Women now hold 45% of senior leadership roles in banks, asset management firms, insurance companies, and fintech firms, an increase of 11 percentage points from 34% in 2018 [2] - The percentage of women on boards of directors in Hong Kong's financial sector has risen to 37%, up 16 percentage points from 21% in 2018 [3] Group 2: Survey and Data Insights - The findings are based on employment data from 24 member firms of the Women Chief Executive Network and a survey of 532 financial professionals conducted from April to July [3] - Respondents ranked Hong Kong as the top international financial center for societal acceptance of women breaking the glass ceiling, with 76% highlighting safety as a key factor supporting women's career progression [6] Group 3: Supportive Environment for Women - The supportive environment in Hong Kong encourages entrepreneurship and pragmatism, fostering a culture that empowers women to lead with confidence and authenticity [7]

Market Overview - The Hang Seng Index (HSI) closed at 26,523.81, up by 90.11 points or 0.34% on October 27 [1] - The index reached a high of 26,550.53 and a low of 26,407.71 during the trading session, with a trading volume of 46.49 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 104.401 HKD, an increase of 2.35% compared to the Hong Kong market close [2] - Tencent Holdings closed at 657.786 HKD, up by 0.27% from the Hong Kong market close [2] ADR Performance - Tencent Holdings (ADR) price is 657.786, reflecting an increase of 0.27% compared to its Hong Kong price [3] - Alibaba Group (ADR) price is 174.244, showing a rise of 0.37% compared to its Hong Kong price [3] - HSBC (ADR) price is 104.401, indicating an increase of 2.35% compared to its Hong Kong price [3]

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]

Core Points - The role and behavior of controlling shareholders during the IPO process on the Hong Kong Stock Exchange (HKEX) are strictly regulated to protect investor interests and ensure market fairness and transparency [2][3][4] Group 1: Definition and Lock-up Period - Controlling shareholders are defined as individuals or groups holding 30% or more of the voting rights or having significant influence over the issuer's board and business decisions [3][10] - A standard lock-up period requires controlling shareholders to refrain from selling their shares for at least 6 months post-IPO, with additional restrictions in the following 6 months to maintain their controlling status [3][10] Group 2: Reduction and Disclosure Restrictions - Controlling shareholders must comply with lock-up regulations and disclose any planned share reductions, ensuring no market disruption or insider trading occurs [3][10] - They have a fiduciary duty to act in the best interests of the company and minority shareholders, avoiding conflicts of interest and self-dealing [3][10] Group 3: Key Responsibilities and Governance - Controlling shareholders play a crucial role in leading the IPO decision-making process, including timing, structure, and use of raised funds [4][5] - They must ensure clear and compliant shareholding structures, avoiding any significant disputes or pledges that could affect control [11][12] Group 4: Compliance and Market Concerns - HKEX emphasizes the stability of control post-IPO, requiring disclosures regarding any potential competition or related party transactions [8][11] - Pre-IPO investors' special rights must be addressed to comply with HKEX regulations before the IPO [11][12]