Group 1 - The global capital flow pattern is changing, with emerging markets experiencing significant impacts [1] - Emerging market assets have seen a notable increase this year, with the MSCI Emerging Markets Index rising approximately 25% and the MSCI China Index increasing over 30% [3] - There has been a substantial acceleration in capital inflows, with over $22.9 billion flowing into emerging market ETFs listed in the US this year [3] Group 2 - In August, emerging market stocks and bonds attracted nearly $45 billion in foreign investment, the highest level in nearly a year, with China accounting for $39 billion of this total [3] - The Hong Kong Stock Exchange ranked first globally in financing scale during the first half of the year, indicating a significant recovery in interest towards Chinese assets [7] - Brazil has emerged as a key destination for international capital, with foreign net purchases of assets on the São Paulo Stock Exchange reaching approximately 26.9 billion reais (about 35.9 billion yuan), the highest since 2022 [9]

Core Points - The Hang Seng Index rose by 494.68 points, an increase of 1.89%, closing at 26,622.88 points [1] - The total turnover for the day on the main board was 309.096 billion HKD [1] - The Hang Seng China Enterprises Index increased by 151.02 points, closing at 9,454.12 points, a rise of 1.62% [1] - The Hang Seng Tech Index gained 129.14 points, closing at 6,324.25 points, reflecting a growth of 2.08% [1] Blue Chip Stocks - Tencent Holdings rose by 2.48%, closing at 660 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.79%, closing at 442.2 HKD [1] - China Mobile decreased by 0.12%, closing at 84.9 HKD [1] - HSBC Holdings rose by 1.97%, closing at 108.8 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.58%, closing at 37.58 HKD [1] - Sun Hung Kai Properties rose by 1.69%, closing at 93.15 HKD [1] - Henderson Land Development increased by 2.06%, closing at 27.7 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.71%, closing at 4.23 HKD [1] - China Construction Bank increased by 1.36%, closing at 7.48 HKD [1] - Industrial and Commercial Bank of China rose by 0.53%, closing at 5.73 HKD [1] - Ping An Insurance increased by 2.1%, closing at 53.5 HKD [1] - China Life Insurance rose by 4.61%, closing at 22.22 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.74%, closing at 4.1 HKD [1] - China National Petroleum Corporation increased by 2.39%, closing at 7.28 HKD [1] - CNOOC Limited rose by 0.84%, closing at 19.28 HKD [1]

Group 1 - The current global financial landscape is undergoing a transformation driven by technology, particularly artificial intelligence and blockchain, creating new opportunities for financial markets [1] - Hong Kong's financial market has shown remarkable performance this year, with IPO fundraising totaling nearly HKD 150 billion, ranking first globally, and a significant increase in international long-term capital participation [1] - The Hang Seng Index has risen over 30% this year, with daily trading volumes reaching historical highs, averaging over HKD 250 billion [1] Group 2 - The active IPO market and influx of capital have positively impacted the A-share market, with H-shares listed in Hong Kong seeing an average daily trading volume increase of 28% and an average stock price rise of 15% since last September [1] - Hong Kong's unique value in connecting domestic and global capital is reflected in its ranking as the third global financial center, with a narrowing score gap with New York and London [2] - Hong Kong aims to solidify its financial market's advantages while diversifying into emerging sectors such as fixed income, currency markets, commodities, and digital assets [2] Group 3 - The fixed income and currency markets are crucial for risk management and investment, with the region's international bond issuance growing at an annual rate of 16%, significantly outpacing the global average of 4% [3] - Hong Kong has established itself as a leading international bond issuance hub in Asia, accounting for nearly 30% of the region's total issuance, with green and sustainable bonds making up about 45% [3] Group 4 - The development of the fixed income market aligns with Hong Kong's goal of enhancing its offshore RMB business, with the issuance of RMB-denominated "dim sum bonds" reaching CNY 1 trillion last year, doubling from 2021 [4] - Initiatives are underway to improve the offshore RMB ecosystem, including enhancing liquidity, product supply, and introducing risk management tools like offshore government bond futures [4][5] Group 5 - The implementation of these measures will help create a more effective offshore RMB yield curve, providing issuers with precise pricing benchmarks and better meeting global investors' demand for RMB assets [5]

Group 1 - Tencent Holdings (00700) leads the net inflow with 2.642 billion, representing a 22.29% increase in share price [1][2] - Sunac China Holdings (00412) follows with a net inflow of 889 million, but its share price decreased by 6.00% [1][2] - SMIC (00981) has a net inflow of 684 million, with a share price increase of 5.72% [1][2] Group 2 - Hong Kong Exchanges and Clearing (00388) experiences the highest net outflow at -351 million, with a slight share price increase of 0.18% [1][2] - ZTE Corporation (00763) has a net outflow of -299 million, with a share price decrease of 0.18% [1][2] - China Biologic Products Holdings (01177) sees a net outflow of -210 million, with a share price decline of 1.72% [1][2] Group 3 - Weilu Group (01196) has the highest net inflow ratio at 68.77% [1][3] - Jiangsu Nanjing Highway (00177) follows with a net inflow ratio of 62.76% [1][3] - Air China (00753) ranks third with a net inflow ratio of 54.19% [1][3] Group 4 - Guangzhou-Shenzhen Railway (00525) has the highest net outflow ratio at -50.24% [1][3] - China Unicom (00762) follows with a net outflow ratio of -41.90% [1][3] - China Telecom (00728) ranks third with a net outflow ratio of -35.91% [1][3]

Regulatory Framework - Hong Kong Exchanges and Clearing Limited (HKEX) must comply with the Hong Kong Stock Exchange (HKSE) regulations for the spin-off of subsidiaries, primarily guided by the Listing Rules, specifically GL15 [2] - Key regulatory points include the requirement for the parent company to retain sufficient business operations and assets post-spin-off to maintain its listing status, typically requiring a market value of at least 10% of the pre-spin-off total market value [2] Strategic Intent - The core strategic intent behind the spin-off of subsidiaries includes value release and a focus on core business operations [2] - Spin-offs allow the parent company to concentrate on its primary functions, enhancing operational efficiency [2] Structural Design - The structural design of the spin-off must address three main issues: business independence, asset and liability separation, and shareholder rights protection [2] - Business independence requires clear delineation between the parent and subsidiary's operations, ensuring no direct competition and independent management [2] - Shareholder rights are protected through fair treatment, typically via the distribution of subsidiary shares or cash alternatives, ensuring minority shareholders can participate in the subsidiary's listing benefits [2] Financial and Market Impact - The spin-off directly influences the financial and market expectations for both HKEX and its subsidiaries [3] - The parent company's financials may be impacted by the removal of the subsidiary's assets and liabilities from consolidated statements, potentially reducing reported income and profits [5] - Post-spin-off, the subsidiary can be valued independently based on its industry-specific metrics, which may enhance its market perception and financing capabilities [5] - Market reactions may vary, with initial stock price increases for the parent company due to value reassessment, but potential concerns about reduced operational synergies may arise [5] Challenges and Risks - The spin-off process must manage several risks, including regulatory approval challenges, potential loss of operational synergies, and market acceptance of the subsidiary's business model [4][5] - Shareholder disputes may occur if some investors believe that the synergy between the parent and subsidiary is more valuable than independent operations [5]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has officially implemented the SPAC (Special Purpose Acquisition Company) listing regime starting January 1, 2022, aiming to balance innovation with investor protection through a stringent regulatory framework [2]. Group 1: Sponsor Qualifications and Responsibilities - At least one sponsor must hold a license from the Hong Kong Securities and Futures Commission for either Type 6 (advising on corporate finance) or Type 9 (asset management), or be a qualified "senior person" with substantial capital market experience and a good compliance record [6]. - Sponsors are required to disclose their background, professional experience, and past performance to ensure they have the capability to drive acquisitions [6]. - Sponsors must subscribe to at least 10% of the SPAC shares with their own funds, aligning their interests with those of investors [6]. Group 2: SPAC Listing Conditions - The market capitalization of the SPAC at the time of listing must be at least HKD 1 billion, which is higher than some markets like the U.S. that do not have a clear minimum [6]. - The issue price must not be lower than HKD 10 per share to prevent dilution of investor rights [6]. - Public shareholding must be at least 25%, with a minimum of 30 public shareholders to avoid excessive concentration of ownership [6]. Group 3: Fundraising and Fund Custody - Funds raised through the IPO (after deducting issuance costs) must be fully deposited into an independent trust account and can only be used for specific purposes such as acquiring target companies, paying acquisition-related fees, or repurchasing shares if shareholders exercise their redemption rights [4]. - The trust account will be managed by an independent trustee to ensure funds are used exclusively for their intended purposes, reducing the risk of misappropriation [4]. Group 4: Acquisition Transaction (De-SPAC) Requirements - The target company must meet the main board listing requirements of HKEX, ensuring it has sustainable operational capabilities [4]. - An independent financial advisor must be hired to value the target company, and the valuation methods and key assumptions must be disclosed [7]. - The acquisition transaction must be approved by a special resolution of at least 75% of SPAC shareholders, with related sponsors required to abstain from voting [7]. Group 5: Shareholder Rights Protection - Shareholders who disagree with the acquisition can request to redeem their shares at a price not lower than the issue price, ensuring they are not forced into an acquisition they do not support [8]. - There are limits on dilution, with sponsor shares and warrants subject to a maximum dilution cap post-acquisition to protect public shareholders' interests [8]. Group 6: Time Limits and Failure Handling - SPACs must complete their acquisition within 24 months of listing, with a one-time extension of up to 6 months allowed, totaling a maximum of 30 months [8]. - If the acquisition is not completed within the time frame, the SPAC must initiate liquidation and return the principal to investors, along with interest [8]. Group 7: Information Disclosure and Regulation - SPACs are required to regularly disclose the use of funds, acquisition progress, and potential risks [10]. - HKEX will conduct comprehensive oversight of SPACs throughout their lifecycle, focusing on sponsor qualifications, fund safety, and fairness of acquisitions to prevent shell companies and market manipulation [10].

香港特区政府财政司司长陈茂波说，"打风不停市"自去年9月23日实施至今刚满一周年，在恶劣天气下 维持巿场交易的安排经过多次实践，实行以来运作大致畅顺，市场也累积了一定经验。他在社交媒体表 示，港交所在台风下会继续维持正常交易，并且已经请金融机构尽早调配人力及营运资源，启动恶劣天 气下的交易运作安排，以维持市场平稳运作。港交所也继续密切监察情况，在有需要时发出公告，让市 场参与者及时获得最新消息。 开放50个临时庇护中心 比以往多 中环金钟核心区，集中了多家投行及高端酒店。 超强台风"桦加沙"来袭，9月24日，香港资本市场首次在"十号风球"下维持交易，创造了香港金融的新 历史。这个时间点恰好也是香港实施"打风不停市"政策的一周年。在过去12个月，香港资本市场迎接一 个又一个台风，仍然维持稳定交易，在风暴期间衔接全球市场，使香港的竞争力进一步增强。 券商总行资讯科技部等回公司上班 超强台风"桦加沙"靠近香港期间，香港特区政府财经事务及库务局管理的协调中心，确保在各种极端情 况下，香港金融市场的各个环节都能畅顺运作。 特区政府的财经部门，与各金融监管机构和持份者保持紧密联系，密切监察市场情况，并就天气情况对 金融市 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,253.57, up by 125.37 points or 0.48% as of September 26, 16:00 [1] - The index reached a high of 26,319.20 and a low of 26,156.64 during the trading session, with a trading volume of 63.71 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.633, an increase of 1.081% from the previous close [2] - Tencent Holdings closed at HKD 648.733, up by 0.73% compared to the last trading session [2] ADR Performance Summary - Tencent Holdings (ADR: TCEHY) increased by HKD 4.733, or 0.73% [3] - Alibaba Group (ADR: BABA) rose by HKD 0.672, or 0.40% [3] - HSBC Holdings (ADR: HSBC) saw an increase of HKD 1.933, or 1.81% [3] - Xiaomi Group (ADR: XIACY) gained HKD 0.584, or 1.07% [3] - AIA Group (ADR: AAGIY) increased by HKD 0.222, or 0.31% [3] - Meituan (ADR: MPNGY) rose by HKD 0.534, or 0.53% [3] - Ctrip Group (ADR: TCOM) increased by HKD 8.120, or 1.39% [3] - JD.com (ADR: ID) rose by HKD 1.696, or 1.28% [3]

每经AI快讯，9月26日，香港交易所信息显示，花旗集团在香港交易所的持股比例于9月22日从5.02%降 至4.99%。 ...

香港交易所(00388)发布公告，香港交易所于20258月8日宣布，根据香港交易所《组织章程细则》，于 20199月26日派付而于2025年9月26日仍为未领取的2019年度第一次中期股息每股3.72港元将予没收及复 归香港交易所。因此，仍未被领取的2019年度第一次中期股息合共1868.65万港元已于今天被没收并复 归香港交易所。 ...