Group 1 - The core viewpoint of the article highlights that 富卫集团 (FWD Group) has seen significant shareholder activity, with shares valued at HKD 27.31 billion deposited at HSBC, representing 5.64% of the company [1] - Morgan Stanley has initiated coverage on FWD Group with an "Overweight" rating and a target price of HKD 50, which reflects a forecasted intrinsic value of 1.1 times for the fiscal year 2027 [1] - The new business value for FWD Group is projected to reach USD 1.1 billion for the fiscal year 2027, comparable to AIA's new business value of USD 1.2 billion in December 2012 [1] Group 2 - The current stock price of FWD Group is trading at a discount to its reported intrinsic value, indicating that the stock is considered undervalued by Morgan Stanley [1]

Core Viewpoint - Morgan Stanley initiates coverage on FWD Group (01828) with an "Overweight" rating and a target price of HKD 50, implying a forecasted 1.1 times embedded value for the fiscal year 2027 [1] Group 1: Financial Projections - The new business value for fiscal year 2027 is projected to reach USD 1.1 billion, comparable to AIA's new business value of USD 1.2 billion in 2012 [1] - The current stock price reflects a discount to its reported embedded value, indicating that the valuation is considered attractive [1] Group 2: Company Overview - FWD is one of the largest life insurance companies in the pan-Asian region, with significant operations in Hong Kong, Thailand, and Japan [1] - The company is expected to maintain a 10% growth in new business value over the next two years, with an operating profit compound annual growth rate (CAGR) of 16% [1] Group 3: Market Position and Strategy - FWD has established a differentiated business and customer portfolio, with total annualized premiums for fiscal year 2024 distributed as follows: 42% from Hong Kong, 52% from ASEAN, and 6% from Japan [1] - Thailand contributes 30% of the new business, making FWD the second-largest insurance company in Thailand with a market share of 15% [1] - The recovery of the ASEAN market or a rebound in Thai operations could serve as key upward catalysts for the company [1]

Core Viewpoint - Morgan Stanley initiates coverage on FWD Group (01828) with an "Overweight" rating and a target price of HKD 50, implying a forecasted intrinsic value of 1.1 times for the fiscal year 2027 [1] Group 1: Financial Projections - The new business value for FWD Group is projected to reach USD 1.1 billion for the fiscal year 2027, comparable to AIA's new business value of USD 1.2 billion in December 2012 [1] - The stock is currently trading at a discount to its reported intrinsic value, indicating an attractive valuation [1] - Expected growth in new business value is forecasted at 10% over the next two years, with an operating profit compound annual growth rate (CAGR) of 16% [1] Group 2: Business Operations and Market Position - FWD Group is one of the largest life insurance companies in the Asia-Pacific region, with significant operations in Hong Kong, Thailand, and Japan [1] - The company has established a differentiated business and customer portfolio, with total annualized premiums for fiscal year 2024 distributed as follows: 42% from Hong Kong, 52% from ASEAN, and 6% from Japan [1] - Thailand contributes 30% of the new business, making FWD the second-largest insurance company in Thailand with a market share of 15% [1] Group 3: Market Catalysts - The recovery of the ASEAN market or a rebound in Thai operations could serve as key upward catalysts for FWD Group [1]

Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]

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 | | | 公司名稱: 富衛集團有限公司 呈交日期: 2026年2月5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 FF301 第 1 頁 共 1 ...

Group 1 - The core point of the article is that FWD Group (01828) has transferred shares from HSBC to Deutsche Bank, with a market value of HKD 2.359 billion, representing 4.93% of the total shares [1] - FWD Group announced the granting of a total of 9.1325 million restricted stock units and 319,100 performance stock units under its share award plan, which will be effective upon acceptance and compliance with the terms and conditions of the plan [1]

富卫集团发布公告，于2025年12月30日，本公司根据股份奖励计划授出合共913.25万份受限制股份单位 及31.91万份表现股份单位，惟须待承授人接纳及遵守股份奖励计划的条款及条件方可作实。 智通财经APP获悉，香港联交所最新资料显示，1月16日，富卫集团(01828)股东将股票由香港上海汇丰 银行转入德意志银行，转仓市值23.59亿港元，占比4.93%。 ...

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12月31日 狀態: 新提交 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 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,276,005,277 | | 0 | | 1,276,005,277 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,276,005,277 | | 0 | | 1,276,005,277 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2026年1月7 ...

Group 1 - The "2025 Top Ten潮商 Annual Figures" list was announced, highlighting outstanding潮商 leaders who drive global潮商 development with exceptional business strategies and leadership qualities [1][4][9] - The潮商 leaders are recognized for their innovative achievements and their commitment to national sentiments and responsibilities, marking a significant impact on global business culture [1][4] Group 2 - 加华银行 partnered with Alibaba's Taobao to launch a dedicated payment solution, reinforcing its position as Cambodia's largest commercial bank [3] - 方侨生, as the president of the Cambodian Chinese Association, promotes investment cooperation between China and Cambodia in various sectors, including industrial parks and medical equipment [3] Group 3 - 玉湖集团, led by 黄向墨, is expanding its cold chain logistics operations, with significant projects in Wuhan and眉山 expected to generate over 20 billion yuan in annual transactions [7][8] - The company is also implementing AI algorithms to enhance warehouse scheduling efficiency by 40% and has established a digital platform for trading services [7] Group 4 - 彭云鹏, founder of 印尼巴里多太平洋集团, has seen his wealth rise to $39.8 billion, with significant growth in the energy and infrastructure sectors, including a 3565% increase in net profit for his petrochemical division [11][12] - His company is also expanding geothermal energy projects, aiming to make Indonesia a global leader in geothermal power generation [11][12] Group 5 - 三环集团, under 张万镇, reported a revenue of 6.508 billion yuan in the first three quarters of 2025, a year-on-year increase of 20.96%, and a net profit of 1.959 billion yuan, up 22.16% [19][20] - The company is advancing its technology in high-end MLCCs and plans to launch an IPO to raise funds for global expansion [19][20] Group 6 - 马时亨, chairman of the Hong Kong Trade Development Council, is implementing a dual strategy to enhance the council's global presence and support SMEs in adopting digital technologies [22][23] - Under his leadership, 富卫集团 completed a significant IPO, raising 3.611 billion HKD, and reported a 38% increase in new business sales in the first half of the year [23] Group 7 - 周六福, founded by 李伟桂, has rapidly expanded its store count to over 4,100, achieving a compound annual growth rate of 35.8% from 2022 to 2024, significantly outpacing the industry average [30][31] - The company is also venturing into the digital asset space through a strategic investment in a Hong Kong securities firm, marking a significant shift for traditional jewelry businesses [31]

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，概不對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。 FWD GROUP HOLDINGS LIMITED 富衛集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1828） 公告 與電訊盈科集團及香港電訊集團的持續關連交易 持續關連交易協議 於2022年12月23日，(i) 電訊盈科集團及/或香港電訊集團各自的成員與(ii)本集團的成員公 司訂立了現有持續關連交易協議，該等協議將於2025年12月31日屆滿。茲提述2022年公 告。 於2025年12月31日，(i)電訊盈科集團及／或香港電訊集團各自的成員公司與(ii)本集團的 成員公司就於截至2028年12月31日止三個年度提供服務及產品訂立下列持續關連交易協 議： 1 A) 香港電訊集團與本集團，就香港電訊集團向本集團提供的服務： 1. 電訊及相關服務框架協議； 2. 保險及相關服務框架協議； B) (i)香港電訊集團或電訊盈科集團（視乎情況而定）與(ii)本集團： 1. 富衛保險服務及產品框 ...