Group 1 - The core point of the article is the adjustment of the Hong Kong Stock Connect eligible securities list due to the inclusion of new stocks as part of the Hang Seng Composite Midcap Index rebalancing, effective from December 8, 2025 [1] Group 2 - The newly added stocks to the Hong Kong Stock Connect include Fuwai Group, Aux Group, Yino Pharmaceutical-B, and Chery Automobile [1]

Core Points - The Shenzhen Stock Exchange announced on December 8 that due to the adjustment of the Hang Seng Composite Midcap Index, the list of eligible securities for the Hong Kong Stock Connect will be updated, effective from December 8, 2025 [1] Group 1: Company Adjustments - Four companies have been added to the Hong Kong Stock Connect: FWD Group (01828), Aux Group (02580), Sinopharm Group (02591), and Chery Automobile (09973) [1][3] - The adjustment reflects the ongoing changes in the market and the inclusion of mid-cap stocks in the investment framework [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 富衛集團有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01828 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | 本月底法定/註冊股本總額： USD 51,000,000 ...

Core Viewpoint - Alibaba's subsidiary Hangzhou Haoyue plans to reduce its stake in Meikailong by no more than 3%, citing funding needs [1][6]. Group 1: Shareholding Changes - Hangzhou Haoyue intends to reduce its holdings through a combination of methods: up to 1% via centralized bidding and up to 2% through block trading [1]. - Following the reduction, Hangzhou Haoyue's direct stake in Meikailong may fall below 5%, from the current 5.40% [6]. - Prior to this announcement, Hangzhou Haoyue had completed a previous reduction, decreasing its stake by 1.28% [8]. Group 2: Background Information - Hangzhou Haoyue is an investment platform under Alibaba, with three main shareholders: Taobao (China) Software Co., Zhejiang Tmall Technology Co., and Alibaba Network China Co. [1]. - The stake reduction plan is set to be executed within three months, starting from 15 trading days after the announcement [1]. - As of December 3, Meikailong's A-share price was reported at 2.64 yuan per share, with a total market capitalization of 10.4 billion yuan [8].

Core Viewpoint - Alibaba's subsidiary Hangzhou Haoyue plans to reduce its stake in Meikailong by no more than 3% due to funding needs [1][9]. Group 1: Shareholding Changes - Hangzhou Haoyue intends to reduce its holdings through a combination of methods: up to 1% via centralized bidding and up to 2% through block trading [1][9]. - The proposed timeline for the reduction is from December 25, 2025, to March 24, 2026, starting 15 trading days after the announcement [1][9]. - Currently, Hangzhou Haoyue holds 5.40% of Meikailong's shares, and if the reduction occurs, its stake may fall below 5% [5][12]. Group 2: Background Information - Hangzhou Haoyue is an investment platform under Alibaba, with three main shareholders: Taobao (China) Software Co., Zhejiang Tmall Technology Co., and Alibaba Network China Co. [1][9]. - The shares held by Hangzhou Haoyue were originally part of Alibaba (China) Network Technology Co., which had 248.22 million shares (5.70% of total shares) before the restructuring [3][11]. Group 3: Recent Trading Activity - Prior to this reduction plan, Hangzhou Haoyue completed a previous reduction, selling a total of 1.28% of its shares in Meikailong through centralized bidding and block trading by November 30, 2025 [14]. - As of December 3, 2023, Meikailong's A-share price was reported at 2.64 yuan per share, with a market capitalization of 10.4 billion yuan [15].

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01828 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | 本月底法定/註冊股本總額： USD 51,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年10月31日 | | - ...

Core Viewpoint - Morgan Stanley reports that FWD Group (01828) maintains strong growth in new business sales for the third quarter, with an improvement in leverage ratio and a successful refinancing that reduces annual debt costs by approximately $72 million [1] Financial Performance - FWD Group's annualized premium equivalent (APE) grew by 37% in the first three quarters, while new business value increased by 17% [1] - The new business CSM (Contractual Service Margin) profit grew by 27%, showing a slowdown compared to the first half's growth rates of 38%, 21%, and 34% [1] Market Performance - The Hong Kong and Macau markets showed the strongest performance, with annualized premium equivalent growth of 85%, although this is a decrease from the first half's growth of 103% [1] Analyst Rating - Morgan Stanley currently gives FWD Group an "Overweight" rating with a target price of HKD 46.5 [1]

Major Events - Xiaoma Zhixing-W (02026) has set the share price for its offering at HKD 139 [1] - Boleton (01333) has entered into a strategic cooperation with Fujian Rixin, focusing on autonomous driving for mining transportation [1] - Zhaojin Mining (01818) has signed a strategic cooperation memorandum with Ant Group [1] - Yimai Sunshine (02522) subsidiary has signed a data co-construction cooperation agreement with Beijing Xianxing District and Beijing Computing Power [1] - Yaojie Ankang-B (02617) has reached a project cooperation agreement with Neurocrine [1] - Heng Rui Pharmaceutical (01276) plans to include HRS-5965 capsules in the priority review process [1] Financial Data - XPeng Motors-W (09868) delivered 42,013 smart electric vehicles in October, a year-on-year increase of 76%, setting a new monthly delivery record [1] - Fuwai Group (01828) reported a sales revenue of USD 1.935 billion for the first three quarters, a year-on-year increase of 37% [1] - Shenzhen Holdings (00604) recorded total contract sales of approximately CNY 9.838 billion for the first three quarters, a year-on-year increase of 24% [1] - Weigao Group (01066) reported third-quarter revenue of approximately CNY 3.26 billion, a year-on-year growth of about 2.6% [1]

Core Insights - The company reported a 37% year-on-year increase in new business sales, reaching $1.935 billion for the nine months ending September 30, 2025 [1] - The new business contract service margin grew by 27% to $1.158 billion, indicating strong value creation for shareholders [1] - The company successfully refinanced $1.15 billion in debt, utilizing $500 million from its recent IPO proceeds, reducing leverage to 21.8% and annual financing costs by approximately $72 million [1] Business Performance - New business sales increased significantly, driven by organic growth across most of the 10 Asian markets where the company operates [1] - The growth in new business contract service margin is highlighted as a key indicator of value creation for shareholders, reinforcing the company's long-term profitability [1] Strategic Initiatives - The company plans to launch over 40 new products in 2025 to address rapidly changing customer demands in protection, health, and savings [1] - The CEO emphasized the importance of leveraging refinancing opportunities to lower overall debt and financing costs, which supports the company's customer-centric growth strategy and risk management focus [1]

Core Insights - FWD Group (01828) reported a 9-month performance ending September 30, 2025, with new business sales reaching $1.935 billion, a year-on-year increase of 37% [1] - The new business contract service margin was $1.158 billion, reflecting a 27% year-on-year growth [1] - The growth rates for new business contract service margin and new business value were 27% and 17%, respectively, indicating strong potential for enhancing shareholder value [1] Business Performance - The company demonstrated strong momentum through its balanced and diversified distribution channels, particularly in the high-net-worth client market in Hong Kong and Singapore, where new business sales achieved a high double-digit growth and now account for 37% of the overall business [1] - Strong demand from local and visiting clients continued to drive robust growth in new business in the Hong Kong SAR and Macau SAR [1] - The emerging markets segment saw strong double-digit growth in new business sales, driven by performance in Singapore, Malaysia, the Philippines, and the joint venture BRI Life in Indonesia [1] Regional Insights - In Japan, the growth in new business sales was attributed to the solid performance of personal protection business and FWD's recent entry into the retirement and savings market [1] - The low interest rate environment continued to impact new business performance in Thailand and Cambodia [1]