格隆汇11月12日丨中金公司(03908.HK)公告，中国国际金融股份有限公司面向专业投资者公开发行不超 过200亿元(含200亿元)永续次级债券已获得中国证券监督管理委员会《关于同意中国国际金融股份有限 公司向专业投资者公开发行永续次级公司债券注册的批复》(证监许可【2025】2290号)。本次债券由华 泰联合证券有限责任公司和兴业证券股份有限公司承销，其中中国国际金融股份有限公司2025年面向专 业投资者公开发行永续次级债券(第一期)(以下简称"本期债券")发行规模为不超过人民币30亿元(含30亿 元)。本期债券票面利率询价区间为1.70%-2.70%。本期债券票面利率将根据网下询价簿记结果，由簿记 管理人按照国家有关规定协商一致在利率询价区间内确定。 2025年11月12日，主承销商在网下向投资者进行了票面利率询价。根据网下投资者询价结果，最终确定 本期债券的票面利率为2.23%。 ...

Group 1 - The company, China International Capital Corporation (CICC), announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size not exceeding RMB 3 billion (including RMB 3 billion) [1] - The final coupon rate for this bond issuance was determined to be 2.23% based on the results of the offline investor inquiry [1]

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。 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司2025 年面向專業投資者公開發行永續次級債券（第一期）票面利率公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年11月12日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；以及獨立非執行董事為吳港平先生、陸正飛先生、彼得 • 諾蘭先 生及周禹先生。 中国国际金融股份有限公司 2025 年面向专业投资者公开发行永 续次级债券（第一期）票面 ...

Core Viewpoint - The new strategic investment regulations create favorable conditions for both Chinese companies going abroad and foreign companies entering China, enhancing cross-border mergers and acquisitions [1] Group 1: Strategic Investment Regulations - The new regulations, titled "Management Measures for Strategic Investment by Foreign Investors in Listed Companies," facilitate cross-border equity swaps, making it easier for Chinese companies to engage in deeper cross-border industrial cooperation [1] - The implementation of the new regulations is expected to benefit Chinese companies in finding foreign partners for joint acquisitions and developments, allowing foreign partners to gain liquidity through equity swaps at the listed company level [1] Group 2: Cross-Border M&A Trends - Historically, the company's M&A business has been evenly split between domestic and cross-border transactions, with cash being the primary payment method for cross-border projects [1] - The shift towards more convenient cross-border equity swaps is anticipated to enhance the attractiveness of cross-border collaborations for Chinese enterprises [1]

Core Insights - The Shanghai Stock Exchange International Investor Conference was held on November 12-13, highlighting new favorable conditions for both Chinese companies going abroad and foreign companies entering China due to the new strategic investment regulations [1] Group 1: Strategic Investment Regulations - The new strategic investment regulations ("Management Measures for Foreign Investors' Strategic Investment in Listed Companies") create more favorable conditions for cross-border investments [1] - The implementation of the new regulations facilitates cross-border share swaps, enhancing deeper cross-border industrial cooperation for Chinese companies [1] Group 2: M&A Business Insights - The head of the M&A business at CICC, Chen Jie, noted that historically, the firm's M&A business was split evenly between domestic and cross-border projects, with cash being the primary payment method for cross-border deals [1] - The new regulations allow foreign partners to participate in joint acquisitions and developments, enabling them to convert equity into liquidity at the listed company level, which is beneficial for Chinese companies seeking foreign partners [1]

Core Insights - The three major stock indices experienced a slight decline on November 12, with the pharmaceutical sector showing strength, particularly with stocks like Yaoyigou hitting the daily limit and Jianfa Zhixin rising over 10% [2] Industry Summary - The National Disease Control and Prevention Administration held a press conference on November 10 regarding the prevention and control of acute respiratory infectious diseases during the autumn and winter seasons. Monitoring data indicates that flu activity in China is currently on the rise, with the H3N2 subtype accounting for over 95% of cases [2] - The China Securities Journal reports that the trend of innovation going global is clear, with the pharmaceutical sector leading the way. The ongoing reform in drug review processes is yielding benefits, and the Chinese innovative drug industry has entered a 2.0 era, shifting from "import imitation" to "innovation output" [2] - The report highlights that the development of innovative drugs is supported by improved investment and financing data, indicating a new cycle for CXO and upstream sectors. The potential for medical devices and other categories to also expand internationally is promising [2]

Core Viewpoint - The company plans to hold a performance briefing for the third quarter of 2025 to provide investors with a comprehensive understanding of its performance and operational status [1] Group 1 - The performance briefing is scheduled for November 21, 2025, from 16:00 to 17:00 [1] - The event will take place at the Shanghai Roadshow Center in an interactive online format [1] - The briefing aims to address common concerns from investors within the scope of information disclosure [1]

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。 China International Capital Corporation Limited 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於 召開2025年第三季度業績說明會的公告，僅供參閱。 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年11月12日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；以及獨立非執行董事為吳港平先生、陸正飛先生、彼得•諾蘭先 生及周禹先生。 证券代码：601995 证券简称：中金公司 公告编号：临 2025-038 中国国际金融股份有限公司 关于召开 20 ...

Core Viewpoint - The Hong Kong capital market is experiencing a strong recovery, with the IPO market achieving its best performance in three years, driven by significant foreign investment and a robust pipeline of projects for future listings [1][2][4]. Group 1: IPO Market Performance - The total IPO financing in Hong Kong has surpassed $30 billion, a significant increase from $10 billion last year and less than $6 billion two years ago [1]. - A+H share listings have emerged as the dominant force, with 17 A+H IPOs contributing over $18 billion, accounting for 60% of the total market financing [1]. - Key sectors driving this financing include technology and high-end manufacturing, highlighting the market's support for critical areas of the real economy [1]. Group 2: Foreign Investment Participation - Foreign capital has played a crucial role in the IPO recovery, with cornerstone investments in Hong Kong IPOs reaching $12 billion, of which foreign investment accounts for 42% [2]. - Notably, international long-term investors and sovereign funds have become more active, with examples like CATL's Hong Kong international placement where foreign funds made up over 60% [2]. Group 3: Market Mechanisms and Trends - The new IPO mechanism introduced in August has invigorated the market, allowing for a fixed public subscription ratio of 10%-60%, which has increased institutional investor allocations and reduced selling pressure [3]. - Since the implementation of the new rules, 22 out of 25 new stocks have opted for the new mechanism, with 21 of them seeing price increases on their first trading day [3]. Group 4: Future Outlook and Project Pipeline - The sustainability of the IPO market's strong performance is supported by a solid pipeline of over 100 reserve projects, including plans from leading A-share companies to list in Hong Kong [4]. - The ongoing trend of companies returning to Hong Kong from the U.S. is providing additional support to the market, helping to alleviate potential delisting risks [3][4]. Group 5: M&A Market Dynamics - The M&A market is also thriving, with a reported 52 Chinese-related M&A projects this year, totaling $54.8 billion, capturing a 14% market share [5]. - There is a noticeable shift in M&A targets from traditional Western markets to Southeast Asia and regions along the Belt and Road, focusing on smaller projects valued below $300 million [5][6].

China International Capital Corporation (CICC) forecasts that Hong Kong's initial public offering (IPO) market will remain vibrant through 2026, fuelled by listings from high-end manufacturing and technology firms, even as the bull run in the A-share market draws some issuers back to the mainland. "We believe the heat in Hong Kong's IPO market will continue next year, particularly in sectors aligned with national priorities such as robotics and advanced manufacturing," Shi Qi, deputy head of capital market ...