Core Insights - Kuaishou is set to launch a new app called "Kuaishou Circle," which will serve as a life service information platform, focusing on services such as recruitment and home services, akin to 58.com [1][4] - Didi has also entered the life services sector by adding independent sections for home services and moving services within its Didi Chuxing app, indicating a deeper engagement in this market [1][5] Industry Trends - The local life service market is expanding beyond traditional group buying and food delivery, with major players like Kuaishou, Didi, Meituan, Douyin, and JD.com intensifying their efforts in this space [2][3] - The competition is shifting from merely acquiring traffic to enhancing service capabilities and ecosystem collaboration, as the market for local life services is projected to be worth trillions [14][15] Competitive Landscape - Kuaishou and Didi are accelerating their entry into the local life service market, leveraging their existing user bases and operational experiences to explore new growth engines [4][5] - Didi's strategy includes offering competitive pricing for cleaning services and utilizing its ride-hailing drivers for additional service roles, which may lead to challenges in service quality and standardization [10][12] Challenges and Opportunities - The local life service sector faces significant challenges, including the need for service standardization and quality control, as exemplified by the struggles of 58.com [11][13] - Companies like JD.com are attempting to address these issues through direct control over service quality and training, contrasting with the third-party model adopted by many competitors [12][13] Market Dynamics - The competition in the local life service market is becoming increasingly complex, with new entrants like Kuaishou and Didi joining established players, leading to a more fragmented landscape [3][14] - The focus on lower-tier cities is growing, with data indicating that online penetration rates for local life services in new tier cities are outpacing those in first-tier cities [15][16]

快手-W(01024.HK)发布公告，公司建议仅向专业投资者进行票据的国际发售。美元票据的定价将透过 由Merrill Lynch (Asia Pacific) Limited、Morgan Stanley & Co. International plc、UBS AG香港分行及富瑞 金融集团香港有限公司作为建议美元票据发行的美元票据联席全球协调人、联席牵头经办人及联席账簿 管理人，并由Barclays Bank PLC作为建议美元票据发行的美元票据联席牵头经办人及联席账簿管理人进 行的簿记建档程序而定。美元票据条款落实后，预期公司、美元票据联席全球协调人、联席牵头经办人 及联席账簿管理人以及其他初始买家(如有)将订立美元票据购买协议。 投行对该股的评级以买入为主，近90天内共有21家投行给出买入评级，近90天的目标均价为90.15港 元。东方证券最新一份研报给予快手-W买入评级，目标价103.2港元。 机构评级详情见下表： 快手-W港股市值3498.42亿港元，在计算机应用行业中排名第1。主要指标见下表： | 指标 | 快手-W | 计算机应用 行业平均 | 行业排名 | | --- | --- | --- ...

Core Viewpoint - Kuaishou has announced its intention to issue notes exclusively to professional investors, with the completion of the issuance dependent on market conditions and investor interest [1] Group 1 - The company plans to issue notes, but the total principal amount, interest rate, payment date, and other terms and conditions have not yet been determined [1] - The net proceeds from the proposed note issuance are intended primarily for general corporate purposes [1]

美元票据发售与人民币票据发售彼此并无互为条件。公司拟将建议票据发行所得款项净额主要用于一般 企业用途。 智通财经APP讯，快手-W(01024)发布公告，公司建议仅向专业投资者进行票据的国际发售。美元票据 的定价将透过由Merrill Lynch (Asia Pacific) Limited、Morgan Stanley & Co. International plc、UBS AG香 港分行及富瑞金融集团香港有限公司作为建议美元票据发行的美元票据联席全球协调人、联席牵头经办 人及联席账簿管理人，并由Barclays Bank PLC作为建议美元票据发行的美元票据联席牵头经办人及联席 账簿管理人进行的簿记建档程序而定。美元票据条款落实后，预期公司、美元票据联席全球协调人、联 席牵头经办人及联席账簿管理人以及其他初始买家(如有)将订立美元票据购买协议。 人民币票据的定价将透过由UBS AG香港分行、Merrill Lynch (Asia Pacific) Limited、 Morgan Stanley & Co. International plc、富瑞金融集团香港有限公司及兴业银行股份有限公司香港分行作为建议人 ...

Core Viewpoint - Kuaishou-W (01024.HK) announced its intention to conduct an international offering of notes exclusively to professional investors, with the completion of the issuance dependent on market conditions and investor interest [1] Group 1 - The principal amount, interest rate, payment date, and several other terms and conditions of the proposed notes have not yet been determined [1] - The issuance of US dollar notes and RMB notes is not mutually conditional [1] - The net proceeds from the proposed notes issuance are intended primarily for general corporate purposes [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成對本公告所述證券的收購、購買或認購的要約或邀請。本公告並非在 美國或任何其他司法權區內要約出售或收購本公司證券的邀請，亦非招攬購買本公司證券的要約， 而在該等司法權區內，於未根據當地證券法完成註冊或取得資格前，作出任何該等邀請、要約、 收購、招攬或出售均屬違法。 本公告及其內容並不構成任何合約或承諾的根據。本公告及其任何副本不得帶入美國或在美國分發。 本公告所述證券並無亦不會根據1933年美國證券法（經修訂）或向美國任何州或其他司法權區的任 何證券監管機構登記，且不得在美國提呈發售或出售，惟獲得1933年美國證券法（經修訂）及適用 州或地方證券法登記規定的適用豁免，或屬不受1933年美國證券法（經修訂）及適用州或地方證券 法登記規定約束的交易則除外。任何在美國公開發售的證券都將通過招股章程的方式進行。該招 股章程將包含有關提出要約的公司及其管理層及財務報表的詳細資料。本公告提及的 ...

Group 1 - Tencent Holdings (00700), Xiaomi Group-W (01810), and Kuaishou-W (01024) ranked the top three in net inflow of southbound funds, with net inflows of 1.412 billion, 0.870 billion, and 0.775 billion respectively [1] - Alibaba-W (09988), Laopuhuang (06181), and Meituan-W (03690) ranked the top three in net outflow of southbound funds, with net outflows of -2.615 billion, -0.468 billion, and -0.367 billion respectively [1] - In terms of net inflow ratio, Changjiang Infrastructure Group (01038), CLP Holdings (00006), and Hong Kong and China Gas (01083) led the market with ratios of 65.87%, 58.38%, and 56.59% respectively [1] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 1.412 billion and a net inflow ratio of 12.94%, and Kuaishou-W (01024) with 0.775 billion and a net inflow ratio of 26.20% [2] - The top ten stocks by net outflow included Alibaba-W (09988) with -2.615 billion and a net outflow ratio of -15.38%, and Laopuhuang (06181) with -0.468 billion and a net outflow ratio of -29.76% [2] - The top three stocks by net inflow ratio were Changjiang Infrastructure Group (01038) at 65.87%, CLP Holdings (00006) at 58.38%, and Hong Kong and China Gas (01083) at 56.59% [3]

Core Viewpoint - The Hang Seng Index (HSI) experienced a slight decline, closing at 26,787.80, down 0.23% from the previous close, indicating a mixed performance in the Hong Kong stock market [1]. Group 1: Market Performance - The Hang Seng Index closed at 26,787.80, down 60.67 points or 0.23% [1]. - The index reached a high of 26,950.81 and a low of 26,739.26 during the trading session, with a trading volume of 52.77 million shares [1]. - The average price for the session was 26,845.04, with a 52-week high of 27,275.90 and a low of 19,335.70 [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 127.188, up 0.62% compared to the previous close [2]. - Tencent Holdings closed at HKD 624.864, down 0.42% from the previous close [2]. - Alibaba Group saw a price increase of 3.63%, closing at HKD 159.900 [3]. - Other notable performances include AIA Group up 0.84% at HKD 84.400 and China Construction Bank up 1.17% at HKD 7.810 [3].

Group 1 - Kuaishou Technology announced that its AI product, Keling AI, achieved revenue exceeding $20 million in December 2025, corresponding to an annual recurring revenue (ARR) run rate of $240 million [1] - In March 2025, Keling AI reported an ARR surpassing $100 million just 10 months after its official launch [1]

Market Overview - On January 13, the Hang Seng Index rose by 0.90%, with total southbound trading amounting to HKD 137.35 billion, including buy transactions of HKD 69.32 billion and sell transactions of HKD 68.03 billion, resulting in a net buying amount of HKD 1.30 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading amount of HKD 54.86 billion, with buy transactions of HKD 28.00 billion and sell transactions of HKD 26.85 billion, leading to a net buying amount of HKD 1.15 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.49 billion, with buy transactions of HKD 41.32 billion and sell transactions of HKD 41.17 billion, resulting in a net buying amount of HKD 0.15 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 139.06 billion and a net buying amount of HKD 10.71 billion, closing with a price increase of 3.63% [1][2] - Tencent Holdings followed with a total trading amount of HKD 52.93 billion and a net buying amount of HKD 7.56 billion, closing with a price increase of 0.72% [1][2] - Xiaomi Group-W had a total trading amount of HKD 49.62 billion and a net buying amount of HKD 6.07 billion, closing with a price decrease of 1.96% [1][2] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W, Tencent Holdings, and Kuaishou-W having net buying days of 9, 5, and 3 respectively [2] - Tencent Holdings had the highest cumulative net buying amount of HKD 69.99 billion, followed closely by Xiaomi Group-W with HKD 69.33 billion [2] - Two stocks faced continuous net selling, with China Mobile and Meituan-W having net selling amounts of HKD 52.84 billion and HKD 11.67 billion respectively [2]