格隆汇2月8日丨兆易创新(03986.HK)宣布，招股章程所述超额配股权已于2026年2月7日(星期六)获整体 协调人(为其本身及代表国际包销商)悉数行使，涉及合共433.73万股H股，占全球发售项下可供认购的 发售股份总数约15.0%(于任何超额配股权获行使前)。 根据香港法例第571W章证券及期货(稳定价格)规则第9(2)条，公司进一步宣布，全球发售的稳定价格期 间已于2026年2月7日(星期六)(即递交香港公开发售申请截止日期後第30天)结束。 超额配发股份将由本公司按每股H股162.00港元(即全球发售项下每股H股的发售价，不包括1.0%经纪佣 金、0.0027%证监会交易徵费、0.00565%香港联交所交易费及0.00015%会财局交易徵费)配发及发行。 超额配发股份将用于加快向同意延迟交付其根据全球发售认购的相关发售股份的承配人交付部分H股。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 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依賴該等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與兆易創新科技集團股份有限公司（「本公司」）日期為 2025年12月31日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告根據香港法例第571W章證券及期貨（穩定價格）規則第9(2)條作出。本公告僅作說明用 途，並不構成任何人士收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。潛在 投資者於決定是否投資發售股份前應閱覽招股章程，以了解下文所述有關全球發售的詳細資 料。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發、派發。本公告並不構成或組成在美國境內或於任何其他司法權區購買或認購發售股份的 任何要約或招攬的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國 證券法」）或美國任何州或其他司法權區的證券法登記。發售股份不得在美國境內提呈發售、 出售、質 ...

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

Core Viewpoint - The semiconductor sector is experiencing a significant downturn, with major companies' stocks declining sharply following AMD's disappointing guidance for the first quarter of 2025 despite strong fourth-quarter revenue performance [1] Group 1: Stock Performance - Semiconductor stocks are all down, with Huahong Semiconductor falling by 5.37% to HKD 96.9, GigaDevice down 4.34% to HKD 291.2, SMIC down 3.85% to HKD 66.1, and Shanghai Fudan down 3.76% to HKD 46.08 [1] - AMD's stock plummeted by 17.31%, marking its largest single-day drop since May 2017 [1] Group 2: AMD's Financial Results - AMD reported over USD 10 billion in revenue for the fourth quarter of the previous year, achieving a year-on-year growth rate exceeding 30% [1] - Earnings per share (EPS) growth has slowed but exceeded analyst expectations by nearly 16% [1] Group 3: Market Reaction - Following AMD's decline, major memory chip manufacturers also saw significant drops, with SanDisk down 15.95% and Micron Technology down 9.55% [1] - On February 5, the Japanese and Korean stock markets opened lower, with Samsung Electronics and SK Hynix both dropping over 4%, and SoftBank Group's stock falling more than 6% [1]

Group 1 - The core point of the article highlights significant shareholder movements in Zhaoyi Innovation (03986), with a transfer of shares from Citibank to UBS Securities Hong Kong Limited valued at HKD 364 million, representing 3.97% of the company [1] - On January 27, BlackRock increased its stake in Zhaoyi Innovation by acquiring 150,429 shares at a price of HKD 321 per share, totaling approximately HKD 48.2877 million [1] - Following the acquisition, BlackRock's total shareholding in Zhaoyi Innovation rose to approximately 1.497 million shares, which corresponds to a new ownership percentage of 5.18% [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: 2026年1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: 兆易創新科技集團股份有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603986 | 說明 | | 於上海證券交易所上市之A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 667,849,351 | RMB | | 1 | RMB | | 667,849,351 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 667,849,351 | RMB | | | 1 RMB | | 667,849,351 | ...

Group 1 - Hong Kong chip stocks opened lower, with Shanghai Fudan (01385.HK) dropping over 4% [1] - Other stocks such as Hua Hong Semiconductor (01347.HK), Zhaoyi Innovation (03986.HK), SMIC (00981.HK), ZTE Corporation (00763.HK), and Biren Technology (06082.HK) also declined [1] - In contrast, InnoCare Pharma (02577.HK) saw a strong performance, rising over 6% [1]

Group 1 - The core point of the article highlights significant stock movements involving兆易创新, with a transfer of shares from UBS Securities to Goldman Sachs, valued at HKD 307 million, representing 3.49% of the company [1] - On January 27, BlackRock increased its stake in 兆易创新 by acquiring 150,429 shares at a price of HKD 321 per share, totaling approximately HKD 48.29 million [1] - Following the acquisition, BlackRock's total shareholding in 兆易创新 reached approximately 1.497 million shares, equating to a new ownership percentage of 5.18% [1]

Group 1 - The core point of the article highlights significant stock movements involving兆易创新, with a transfer of shares from UBS Securities to Goldman Sachs, valued at 307 million HKD, representing 3.49% of the company [1] - On January 27, BlackRock increased its stake in 兆易创新 by acquiring 150,429 shares at a price of 321 HKD per share, totaling approximately 48.2877 million HKD [1] - Following the acquisition, BlackRock's total shareholding in 兆易创新 rose to about 1.497 million shares, which corresponds to a new ownership percentage of 5.18% [1]