Group 1 - Yum China (09987) announced a share buyback of approximately 320 thousand USD for 72,670 shares on the New York Stock Exchange [1] - The company also repurchased 18,200 shares for approximately 6.2852 million HKD on the Hong Kong Stock Exchange [1]

智通财经APP讯，百胜中国(09987)公布，2025年10月28日于纽约证券交易所耗资约320万美元回购7.267 万股股份，于港交所耗资约628.52万港元回购1.82万股股份。 ...

Core Viewpoint - Yum China (09987.HK) announced a share buyback on October 28, 2025, spending HKD 6.2852 million to repurchase 18,200 shares at a price range of HKD 344 to 347.6 per share [1] Summary by Category Company Actions - The company executed a share buyback program, indicating a commitment to returning value to shareholders [1] - The total expenditure for the buyback was HKD 6.2852 million [1] - The number of shares repurchased was 18,200 [1] Share Price Information - The buyback price per share ranged from HKD 344 to 347.6 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 09987 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 ...

智通财经APP讯，百胜中国(09987)发布公告，于2025年10月27日斥资320万美元回购7.2万股;斥资625.8 万港元回购1.79万股。 该信息由智通财经网提供 ...

格隆汇10月28日丨百胜中国(09987.HK)发布公告，2025年10月27日耗资625.82万港元回购1.79万股，回 购价格每股347.6-353.4港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年10月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 09987 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | ...

Core Viewpoint - Zhang Kun, a prominent fund manager at E Fund, has demonstrated strong performance across his managed funds, focusing on domestic consumption and technology sectors while adjusting his portfolio in response to market conditions [1][2][14]. Fund Performance - As of September 30, 2025, all four funds managed by Zhang Kun outperformed their respective benchmarks, with a total managed scale of approximately 56.544 billion yuan [1]. - The E Fund Blue Chip Select Fund reported a net asset value of 36.413 billion yuan, with a net value growth rate of 16.37%, surpassing the benchmark return of 13.25% [3][8]. - The E Fund Quality Select Fund achieved a net value growth rate of 17.58%, outperforming its benchmark of 13.57% [8]. Portfolio Adjustments - In Q3 2025, Zhang Kun increased his focus on domestic consumption, adding positions in companies like Kweichow Moutai and Wuliangye, while reducing holdings in JD Health and other stocks [4][5]. - The E Fund Blue Chip Select Fund saw a significant net redemption of 2.078 billion shares, marking the second-highest redemption record since its inception [3]. - The E Fund Quality Select Fund saw changes in its top ten holdings, with notable increases in Kweichow Moutai and Wuliangye, while JD Health and other stocks were reduced [7][9]. Sector Focus - Zhang Kun emphasized the potential of China's domestic consumption market, predicting that the growth rate of Chinese consumption will exceed both GDP growth and global GDP growth in the long term [2][14][15]. - The portfolio adjustments reflect a strategic shift towards sectors with sustained growth potential, particularly in consumer goods and technology [14][16]. Geographic Allocation - There has been an increase in holdings in Hong Kong, Taiwan, and the U.S., while exposure to South Korean stocks has significantly decreased [2][12]. - The E Fund Asia Select Fund, the smallest among Zhang Kun's managed funds, has seen a rise in its holdings in major markets, with Google entering its top ten holdings for the first time [12][13]. Investment Philosophy - Zhang Kun maintains a long-term investment philosophy, focusing on companies with strong business models and competitive advantages, despite short-term market volatility [14][15][16]. - He believes that the current low valuation levels in the market provide a significant margin of safety for long-term investments in quality companies [16].

Core Viewpoint - On October 24, 28 Hong Kong-listed companies conducted share buybacks, totaling 13.8761 million shares and an amount of 67.7969 million HKD Group 1: Share Buyback Details - China Feihe repurchased 5.885 million shares for 23.6977 million HKD, with a highest price of 4.030 HKD and a lowest price of 4.020 HKD, accumulating a total buyback amount of 32.9977 million HKD for the year [1][2] - Lianyi Technology-W repurchased 2.4 million shares for 7.3782 million HKD, with a highest price of 3.100 HKD and a lowest price of 3.030 HKD, accumulating a total buyback amount of 239.8586 million HKD for the year [1][2] - Yum China repurchased 17,800 shares for 6.2549 million HKD, with a highest price of 354.000 HKD and a lowest price of 350.000 HKD, accumulating a total buyback amount of 1.7303161 billion HKD for the year [1][2] Group 2: Buyback Rankings - The highest buyback amount on October 24 was from China Feihe at 23.6977 million HKD, followed by Lianyi Technology-W at 7.3782 million HKD, and Yum China among the top [1][2] - The highest number of shares repurchased on October 24 was also by China Feihe at 5.885 million shares, followed by Lianyi Technology-W with 2.4 million shares and Junzhi Group with 1.046 million shares [1][2]

Core Viewpoint - Multiple companies, including China Feihe and Lianyi Rong Technology, conducted share buybacks on October 24, 2025, with China Feihe leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 5.885 million shares for a total of 23.6977 million yuan, representing 0.087% of its total share capital [2]. - Lianyi Rong Technology (09959) repurchased 2.4 million shares for 7.3782 million yuan, accounting for 3.516% of its total share capital [2]. - Beike-W (02423) repurchased 1.1784 million shares for 7 million yuan, which is 1.722% of its total share capital [2]. Group 2: Other Notable Buybacks - Yum China (09987) repurchased 17,800 shares for 6.2549 million yuan, representing 2.830% of its total share capital [2]. - Mengniu Dairy (02319) repurchased 400,000 shares for 5.7447 million yuan, which is 0.545% of its total share capital [2]. - Kangsong Pharmaceutical (01681) repurchased 100,000 shares for 1.5180 million yuan, accounting for 8.582% of its total share capital [2].