完 註： 2025 年 10 月 16 日 Morgan Stanley & Co., International plc 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 可能強制全面要約 交易披露 就耀才證券金融集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | | 參考價 | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | | 日 | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | 數目 | | | | | | 或達成諒解的任 何人士的證券） | | | Morgan | 2025 | 年 | 10 月 | 衍生工具 | 其他類別產品 | 客戶主動利便 ...

Core Viewpoint - The acquisition of Yao Cai Securities by Ant Group has received approval from the Hong Kong Securities and Futures Commission, marking a significant step in Ant's expansion into the Hong Kong financial market [1][5][14]. Group 1: Acquisition Details - Ant Group plans to acquire 50.55% of Yao Cai Securities from its founder, Ye Maolin, at a price of HKD 3.28 per share, totaling approximately HKD 28.1 billion, which represents a 17.6% premium over the closing price before the announcement [5][14]. - The approval from the Hong Kong Securities and Futures Commission is valid for six months, requiring the completion of the acquisition within this timeframe or obtaining written consent for an extension [1][15]. Group 2: Market Reaction - Following the announcement, Yao Cai Securities' stock price surged by over 37%, reaching a peak of HKD 11.98, with a trading volume of HKD 15.31 billion [1][5]. - The market is optimistic about the potential synergies between Yao Cai's traditional brokerage services and Ant Group's technological capabilities, which could reshape the competitive landscape of Hong Kong's financial technology sector [14][15]. Group 3: Background of Yao Cai Securities - Founded in 1995 by Ye Maolin, Yao Cai Securities has established itself as a leading local brokerage in Hong Kong, with a client base of 587,000 and a post-tax profit of HKD 610 million [6][10]. - Ye Maolin, known as the "King of Chinese Capital" in Hong Kong's securities industry, has faced challenges regarding succession, as his daughter shows little interest in taking over the business [6][10]. Group 4: Strategic Implications - The acquisition is seen as a strategic move for Ant Group to enhance its presence in the Hong Kong financial market, leveraging Yao Cai's established customer base and regulatory licenses [14][15]. - Analysts suggest that the likelihood of Ant Group using Yao Cai as a vehicle for a backdoor listing is low, as the company is more likely to pursue a conventional IPO if it seeks to go public [14][15].

2025 年 10 月 15 日 | 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | 參考價 | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | 日 | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | 數目 | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2025 | 年 | 10 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 4,000 | 2030 年 | 6 月 20 | $10.8250 | $43,300.0000 | 0 | | | Stanley | 14 日 | | | | | ─ 買入 | | 日 | | | | | | | Capital | | | | 衍生工具 | ...

| 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結 | | 參考價 | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | 日 | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | 數目 | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2025 | 年 | 10 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 2,000 | 2028 年 | 1 月 11 | $11.4900 | $22,980.0000 | | 0 | | Stanley & | 14 日 | | | | | ─ 賣出 | | 日 | | | | | | | Co., | | | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 ...

2025 年 10 月 15 日 可能強制全面要約 就耀才證券金融集團有限公司的股份的交易披露 | 交易方 | 日期 | | | 有關證券的說 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 總數 | 取的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | Morgan | 2025 | 年 | 10 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 買入 | 2,000 | $22,980.0000 | $11.4900 | $11.4900 | | Stanley & | 14 日 | | | 盤所產生的 | Delta 1 產品的對沖活動 | | | | | | | Co., | | | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 賣出 | 32,000 | $378,220.0000 ...

Core Viewpoint - Ant Group's acquisition of Yaocai Securities has received approval from the Hong Kong Securities and Futures Commission, enhancing its position in the financial services market [1] Group 1: Company Developments - Yaocai Securities' stock price increased by over 8% during trading, currently up 5.94% at HKD 10.53, with a trading volume of HKD 251 million [1] - The approval allows Ant Group to become the major shareholder of several subsidiaries of Yaocai Securities, including Yaocai Futures and Yaocai Asset Management, until September 23, 2025 [1] Group 2: Strategic Implications - Donghai Securities notes that Ant Group's wealth management platform connects over 150 asset management institutions, complementing Yaocai Securities' trading and asset management services [1] - The collaboration is expected to leverage Yaocai Securities' local advantages and financial licenses, enabling Ant Group to quickly establish a global securities service capability [1] - Ant Group's financial technology capabilities are anticipated to drive Yaocai Securities' digital transformation, improving customer acquisition efficiency, service experience, and ARPU (Average Revenue Per User) [1]

Core Viewpoint - Ant Group's acquisition of Yau Lee Securities has received approval from the Hong Kong Securities and Futures Commission, enhancing its position in the financial services market [1] Group 1: Company Developments - Yau Lee Securities' stock price increased by over 8% during trading, closing at HKD 10.53 with a trading volume of HKD 251 million [1] - The approval allows Ant Group to become the major shareholder of Yau Lee Securities and its subsidiaries, including Yau Lee Futures and Commodities Ltd, Yau Lee Securities International (Hong Kong) Ltd, Yau Lee Asset Management Ltd, and Yau Lee Global Forex Ltd, until September 23, 2025 [1] Group 2: Strategic Implications - Donghai Securities noted that Ant Group's wealth management platform connects over 150 asset management institutions, which can complement Yau Lee Securities' stock trading, asset management, and derivatives business [1] - Ant Group can leverage Yau Lee Securities' local advantages and financial licenses to rapidly establish a global securities service capability [1] - The financial technology capabilities of Ant Group are expected to drive Yau Lee Securities' digital transformation, improving customer acquisition efficiency, service experience, and ARPU (Average Revenue Per User) [1]

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Short-Selling Ratios - Anta Sports-R (82020), Li Ning-R (82331), and Great Wall Motors-R (82333) have the highest short-selling ratios at 100.00% [1][2]. - AIA Group-R (81299) follows with a short-selling ratio of 99.20%, while China Resources Beer-R (80291) has a ratio of 94.83% [2]. Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.717 billion, followed by Xiaomi Group-W (01810) at 2.634 billion and Tencent Holdings (00700) at 2.457 billion [1][2]. - Other notable companies include SMIC (00981) with 2.219 billion and BYD Company (01211) with 1.342 billion [2]. Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 44.97%, indicating a significant difference from its average short-selling ratio [1][2]. - Great Wall Motors-R (82333) and China Lilang (01234) follow with deviation values of 31.15% and 26.81%, respectively [2].

2025 年 10 月 14 日 可能強制全面要約 就耀才證券金融集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | | 到期日或清結 | | 參考價 | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 明 | | | 關的參照證券 | | 日 | | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | | 數目 | | | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2025 | 年 | 10 | 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | 2,000 | 2028 | ...

交易披露 完 交易披露 2025 年 10 月 14 日 可能強制全面要約 就耀才證券金融集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | | 到期日或清結 | 參考價 | | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 明 | | | 關的參照證券 | | 日 | | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | | 數目 | | | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2025 | 年 | 10 | 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | 5, ...