Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (70.75%), COSCO Shipping Energy (70.03%), and GCL-Poly Energy (69.89%) [1] - Alibaba-W, Shankai Holdings, and the Tracker Fund of Hong Kong saw the largest increases in holding amounts over the last five trading days, with increases of +77.16 billion, +28.02 billion, and +27.25 billion respectively [1] - The companies with the largest decreases in holding amounts over the same period include Hua Hong Semiconductor (-11.96 billion), Tencent Holdings (-11.37 billion), and CSPC Pharmaceutical Group (-8.06 billion) [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding ratio of 70.75% with 9.821 billion shares [1] - COSCO Shipping Energy (01138) has a holding ratio of 70.03% with 908 million shares [1] - GCL-Poly Energy (01330) has a holding ratio of 69.89% with 283 million shares [1] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +77.16 billion with an addition of 44.86 million shares [1] - Shankai Holdings (00412) increased by +28.02 billion with an addition of 584.91 million shares [1] - The Tracker Fund of Hong Kong (02800) increased by +27.25 billion with an addition of 100.42 million shares [1] Group 3: Recent Decreases in Holdings - Hua Hong Semiconductor (01347) decreased by -11.96 billion with a reduction of 18.05 million shares [2] - Tencent Holdings (00700) decreased by -11.37 billion with a reduction of 1.75 million shares [2] - CSPC Pharmaceutical Group (01093) decreased by -8.06 billion with a reduction of 86.71 million shares [2]

Core Viewpoint - The recent stock transfer of Shankou Holdings indicates a strategic move by shareholders, while the company's financial performance shows a decline in revenue but a significant improvement in profit compared to the previous year [1] Group 1: Stock Transfer - On September 25, Shankou Holdings' shareholders transferred shares from Shanghai Commercial Bank to China Merchants Securities Hong Kong, with a market value of 1.503 billion HKD, representing 4.98% of the company [1] Group 2: Financial Performance - For the interim results of 2025, Shankou Holdings reported revenue of 2.503 billion HKD, a year-on-year decrease of 11.64% [1] - The profit attributable to the company's owners was 49.6 million HKD, a turnaround from a loss of 363 million HKD in the same period last year [1] - Earnings per share were reported at 0.82 HKD [1]

智通财经APP获悉，香港联交所最新资料显示，9月25日，山高控股(00412)股东将股票由上海商业银行 转入招商证券香港，转仓市值15.03亿港元，占比4.98%。 根据山高控股发布的2025年中期业绩，期内取得收益25.03亿元，同比减少11.64%;公司拥有人应占溢利 4960万元，去年同期则取得亏损3.63亿元;每股盈利0.82分。 ...

Core Viewpoint - The stock price of Shandong High-Speed Holdings Group (0412.HK) experienced a dramatic drop of 76.02% on September 19, 2025, following scrutiny from the Hong Kong Securities and Futures Commission regarding its highly concentrated shareholding structure [2][3]. Group 1: Stock Performance and Market Reaction - Following the initial drop, the stock continued to decline, with a further decrease of 4.39% on September 25, marking the second consecutive day of losses [3]. - The concentrated shareholding structure, where the top two shareholders hold a combined 68.46% and public ownership is only 7.54%, contributes to significant stock price volatility and liquidity issues [4][5]. Group 2: Shareholding Structure and Risks - The major shareholders include Shandong High-Speed Group (43.37%) and JS High Speed Limited (25.09%), with 20 other shareholders holding 24% [5]. - A significant portion of shares (15.78%, approximately 950 million shares) held by a leading public fund has been pledged to banks, creating a risk of forced selling if the stock price continues to decline [6]. Group 3: Company Financials and Business Model - Shandong High-Speed Holdings reported a 506% increase in net profit to 476 million yuan in the first half of 2025, despite an 11.64% decline in revenue to 2.503 billion yuan [8]. - The company operates in investment and financing, focusing on the integration of green energy and computing power, and has announced a share buyback plan of up to $100 million [8]. Group 4: Market Sentiment and Investor Behavior - Investor sentiment is mixed, with some looking to buy the dip while others caution against the risks associated with concentrated shareholding [9]. - The stock's price movements are increasingly detached from fundamental analysis, raising concerns about the long-term value realization and the need for a more optimized shareholding structure [9].

CONTENTS 目錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 6 | Management Discussion and Analysis | 管理層討論與分析 | | 37 | Other Information | 其他資料 | | 47 | Condensed Consolidated Income Statement | 簡明綜合收益表 | | 49 | Condensed Consolidated Statement of | 簡明綜合全面收益表 | | | Comprehensive Income | | | 51 | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | | 54 | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | | 57 | Condensed Consolidated Statement of Cash Flows | 簡明綜 ...

Core Insights - On September 25, China Everbright Holdings made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 563.55 billion, accounting for 36.05% of the day's total trading amount, with a net buying amount of HKD 72.15 billion [1] - Alibaba-W led the trading volume with HKD 182.84 billion, followed by Xiaomi Group-W and SMIC with HKD 114.02 billion and HKD 77.63 billion respectively [1] Trading Activity Summary - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [1] - China Everbright Holdings had a trading volume of HKD 14.37 billion on the day, with a net selling amount of HKD 0.71 billion, and its stock price increased by 25.89% [1] Active Stocks List - The active stocks on September 25 included: - Tencent Holdings: Trading amount HKD 48.30 billion, net buying HKD 11.11 billion, closing price HKD 650.000, daily change +0.23% [1] - SMIC: Trading amount HKD 77.63 billion, net buying HKD 9.59 billion, closing price HKD 76.800, daily change +0.07% [1] - Xiaomi Group-W: Trading amount HKD 114.02 billion, net selling HKD 8.02 billion, closing price HKD 59.450, daily change +4.48% [1] - Alibaba-W: Trading amount HKD 182.84 billion, net buying HKD 46.32 billion, closing price HKD 172.000, daily change -1.15% [1] - China Everbright Holdings: Trading amount HKD 14.37 billion, net selling HKD 0.71 billion, closing price HKD 12.790, daily change +25.89% [1]

Summary of Key Points Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.13% on September 25, with southbound capital transactions totaling HKD 156.31 billion, indicating a net inflow of HKD 11.046 billion [1][2]. Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 1,563.10 million, with buy transactions at HKD 836.78 million and sell transactions at HKD 726.32 million, resulting in a net buy of HKD 110.46 million [1]. - The breakdown of transactions shows that the Shenzhen Stock Connect had a total transaction amount of HKD 577.51 million, with net buying of HKD 62.16 million, while the Shanghai Stock Connect had a total transaction amount of HKD 985.59 million, with net buying of HKD 48.30 million [1]. Active Stocks - Alibaba-W led the southbound capital transactions with a total transaction amount of HKD 182.84 million and a net buy of HKD 46.32 million, despite a closing price drop of 1.15% [1][2]. - Other notable stocks included Xiaomi Group-W with a total transaction amount of HKD 114.02 million and a net sell of HKD 8.02 million, and SMIC with a total transaction amount of HKD 77.63 million and a net buy of HKD 9.59 million [1][2]. Continuous Net Buying - Alibaba-W and SMIC were highlighted for their continuous net buying, with Alibaba-W experiencing 25 consecutive days of net buying totaling HKD 720.86 million, while SMIC had 5 consecutive days with a total net buy of HKD 25.60 million [2].

Group 1 - The company Future World Holdings announced the sale of 6,310,500 shares of Shandong Hi-Speed Holdings on the open market [1] - The total consideration for the sale was approximately HKD 30,880,000, excluding transaction costs [1] - The sale represents about 0.1% of the total issued shares of Shandong Hi-Speed Holdings [1] - Following the sale, the company no longer holds any shares in Shandong Hi-Speed Holdings [1]

Core Viewpoint - Future World Holdings (00572.HK) announced the sale of 6.31 million shares of Shankou Holdings at a total consideration of approximately HKD 30.88 million, with the sale price ranging from HKD 4.80 to HKD 5.13 per share [1] Group 1 - The average sale price per share of Shankou Holdings, excluding transaction costs, was approximately HKD 4.89 [1] - The shares sold represent about 0.1% of the total issued shares of Shankou Holdings as of the announcement date [1] - After the sale, the company no longer holds any shares in Shankou Holdings [1] Group 2 - The transaction was conducted in the open market, making it impossible to determine the identity of the counterparties involved in the sale [1] - The company confirmed that the counterparties and their ultimate beneficial owners are independent third parties after reasonable inquiries by the directors [1]

Core Viewpoint - Future World Holdings (00572) announced the sale of 6.3105 million shares of Shankou Holdings on the open market for approximately HKD 30.88 million, excluding transaction costs [1] Summary by Category - **Transaction Details** - The sale involved 6.3105 million shares of Shankou Holdings [1] - The total consideration for the sale was approximately HKD 30.88 million [1] - **Date of Transaction** - The transaction is set to take place on September 25, 2025 [1]