Core Viewpoint - Ctrip Group-S (09961) reported better-than-expected Q2 performance, with hotel business growth surpassing expectations and market share continuing to rise [1] Group 1: Company Performance - Ctrip's hotel business growth exceeded expectations, indicating strong operational performance [1] - The company is in a favorable position within the competitive landscape of the domestic market [1] Group 2: Market Strategy - The trend of improving marketing investment efficiency is expected to continue [1] - The impact of overseas market investments on overall company profits is manageable [1] Group 3: Valuation and Target Price - The valuation for Ctrip has been extended to 2026, with a target price increase from HKD 591 to HKD 653 based on a 20x P/E ratio for 2026 [1] - The recommendation for Ctrip remains "Buy" [1]

Core Viewpoint - Ctrip Group's (09961) Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to rise [1] Group 1: Company Performance - Ctrip's hotel business showed stronger-than-expected growth in Q2 [1] - The company is in a favorable position within the competitive landscape of the mainland market [1] Group 2: Market Strategy - The trend of improving marketing investment efficiency is expected to continue [1] - The impact of overseas market investments on overall company profits is manageable [1] Group 3: Valuation and Target Price - CCB International extended Ctrip's valuation to 2026, applying a price-to-earnings ratio of 20 times for that year [1] - The target price for Ctrip was raised from HKD 591 to HKD 653, maintaining a "Buy" rating [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8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: | 交銀國際控股有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 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) | 03329 | 說明 | 不適用 | | | | | | | | 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 | | | 2,734,392,000 | | 0 | | 2,734,392,000 ...

Group 1 - The core viewpoint of the report indicates that Ctrip's Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to increase [1] - The company is positioned favorably in the current competitive environment of the domestic market, with a trend of improving marketing investment efficiency expected to continue [1] - The valuation for Ctrip has been extended to 2026, with a target price adjustment from HKD 591 to HKD 653 based on a 20x price-to-earnings ratio for 2026, while maintaining a "Buy" rating [1]

Group 1 - The company, China International Capital Corporation (CICC), announced that its wholly-owned subsidiary, Preferred Investment, will acquire BOCAVI Notes II with a principal amount of $5 million [1] - The purchase price for the BOCAVI Notes II is between $99.544 and $99.640, resulting in a total cost of approximately $4.981 million [1]

Group 1 - The company,交银国际, announced the acquisition of BOCAVI notes II for a total amount of 5 million USD [1] - The purchase price for the notes ranged from 99.544 USD to 99.640 USD [1] - The total cost of the acquisition is approximately 4,981,040 USD [1]

交银国际(03329)发布公告，于2025年8月28日，Preferred Investment于场外市场以购买价100美元收购本 金额为2000万美元的IBRD票据，代价约为2001.85万美元。 ...

Group 1 - The company, CMB International (03329), announced the acquisition of BOCAVI Notes II through its wholly-owned subsidiary, Preferred Investment [1] - The purchase price for the BOCAVI Notes II ranged between $99.544 and $99.640 [1] - The total amount of the BOCAVI Notes II being acquired is $5 million, with the total cost approximately $4.981 million [1]

智通财经APP讯，交银国际(03329)发布公告，于2025年8月28日，Preferred Investment于场外市场以购买 价100美元收购本金额为2000万美元的IBRD票据，代价约为2001.85万美元。 ...

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份內容 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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 有關收購票據之 須予披露交易 收購 於2025年8月28日，Preferred Investment於場外市場以購買價100美元收購本金額為 20,000,000美元的IBRD票據，代價約為20,018,472.22美元（相當於約157,145,006.93港 元）。 上市規則之涵義 由於有關收購的一項或多項適用百分比率低於25%但高於5%，收購構成本公司一項須 予披露交易，因此須遵守上市規則第14章項下的通告及公告規定。 收購 於2025年8月28日，Preferred Investment於場外市場以購買價100美元收購本金額為 20,000,000美元的IBRD票據，代價約為20,018,472.22美元（相當於約157,145,006.93港 元）。 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股 ...