格隆汇1月21日丨贝壳-W(02423.HK)发布公告，2026年1月20日耗资350万美元回购58.91万股。 ...

贝壳-W(02423)发布公告，于2026年1月20日，该公司斥资约350万美元回购58.91万股股份，每股回购价 格为5.86-6.07美元。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2026年1月20日，该公司斥资约350万美元回购58.91万股 股份，每股回购价格为5.86-6.07美元。 ...

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： 貝殼控股有限公司 呈交日期： 2026年1月21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 | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 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 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | ...

Core Viewpoint - Beike-W (02423) has launched a self-regulatory initiative called "Three Musts and Six Prohibitions" to reinforce a neutral market perspective, emphasizing professionalism and integrity in real estate services [1] Group 1: Initiative Details - The initiative officially started on January 2026, with over 80,000 agents, store owners, and platform employees voluntarily signing a commitment letter [1] - Some agents have actively shared their commitment letters on social media, showcasing their adherence to the neutral market perspective [1] - This commitment letter activity is an upgrade from the public behavior norms released by Beike last year, following internal inspections and strict penalties in cities like Hangzhou [1] Group 2: Market Perspective - The platform reiterates the importance of the "neutral market perspective" as a key component of its series of promotional actions [1]

Group 1 - Beike (BEKE.US) stock rose by 3.38% to $18.02 in pre-market trading [1] - Beike announced a share repurchase plan to buy back 603,500 shares for $3.5 million on January 16, 2026 [1] - Recent financial measures in mainland China, such as a 25 basis point cut in the relending rate and a reduction of the minimum down payment for commercial real estate from 50% to 30%, are seen as direct benefits for Beike [1] Group 2 - The closing price of Beike on January 16 was $17.43, with a decrease of 0.68% [2] - The stock's highest price was $17.51, and the lowest was $17.13, with a trading volume of 3.2262 million shares [2] - Beike's total market capitalization is approximately $20.371 billion, with a price-to-earnings ratio of 40.82 [2]

Core Viewpoint - The case involving the "Beike" trademark highlights the importance of protecting well-known trademarks across different categories to maintain public trust and prevent unfair competition in the market [2][8]. Group 1: Case Background - Beike has established significant brand influence in the real estate service sector, with hundreds of service centers and millions of app downloads [3]. - The core dispute in the case was whether the use of the "Beike" trademark in renovation services infringed on its registered rights in real estate brokerage and online services [4]. Group 2: Court Ruling - The court recognized "Beike" as a well-known trademark and ruled that the defendant's actions constituted trademark infringement and unfair competition, ordering them to cease using the infringing mark and change their company name, along with compensating 200,000 yuan for economic losses and reasonable expenses [4][5]. Group 3: Criteria for Recognition of Well-Known Trademarks - The court's decision was based on the criteria for recognizing well-known trademarks, which allows for broader protection beyond registered categories to prevent public confusion and protect brand reputation [5]. - Factors considered included the trademark's recognition, promotional investments, and past protection records, confirming "Beike" as a well-known brand with significant public influence [5]. Group 4: Market Implications - The case underscores the natural consumer connection between real estate transactions and renovation services, indicating that consumers may easily confuse the two, which could lead to brand dilution [6]. - The ruling also clarifies the legal nature of using a well-known trademark as a company name, emphasizing that such actions can mislead the public and violate principles of good faith [7]. Group 5: Broader Significance - The implications of this case extend beyond a single victory for corporate rights, reinforcing the value of well-known trademarks and the necessity of accountability for infringement, thereby fostering a fair competitive environment [8][9].

Core Viewpoint - Beike's initiative to launch the "Three Musts and Six Prohibitions" self-discipline action aims to reinforce a neutral market perspective and promote professionalism and integrity in real estate services [1][3]. Group 1: Initiative Details - The "Three Musts" include: 1) providing honest and professional services to stabilize the real estate market; 2) ensuring the authenticity of property information and fulfilling service commitments; 3) offering comprehensive and objective information to assist users in making rational pricing decisions [3]. - The "Six Prohibitions" include: prohibiting subjective speculation that undermines the market, distorting national policy interpretations, publishing false information, manipulating or coercing price negotiations, engaging in fraudulent practices like jumping orders or kickbacks, and exaggerating service effectiveness to mislead clients [3]. Group 2: Industry Context - The initiative is a response to the rise of false listings, aggressive price cutting, and misleading promises by some media influencers, which harm consumer trust and the healthy development of the industry [3]. - As a leading company in the industry, Beike's self-regulatory measures set a benchmark for others, emphasizing the need for the real estate brokerage sector to shift from "traffic competition" to "service competition" [4].

Core Viewpoint - Beike's initiative to promote a "neutral market view" through the "Three Musts and Six Prohibitions" self-regulation action aims to enhance professionalism and integrity in real estate services, responding to industry challenges and consumer trust issues [2][3]. Group 1: Initiative Overview - In January 2026, Beike officially launched the "Three Musts and Six Prohibitions" self-regulation action across its platform, emphasizing a neutral market perspective [2]. - Over 80,000 agents, store owners, and platform employees have voluntarily signed a commitment letter to uphold the neutral market view [2]. - The initiative is an upgrade from Beike's public behavior norms released in 2025, following internal inspections and strict penalties in cities like Hangzhou [2]. Group 2: Principles and Commitments - The "Three Musts" include: 1) providing honest and professional services to stabilize the real estate market; 2) ensuring the authenticity of property information and fulfilling service commitments; 3) offering comprehensive and objective information to assist users in rational pricing decisions [2]. - The "Six Prohibitions" include: prohibiting subjective market pessimism, distorting national policy interpretations, disseminating false information, manipulating buyer-seller pricing, engaging in fraudulent practices, and misleading clients about service effectiveness [2]. Group 3: Industry Context and Response - The initiative addresses issues in the new media era, where some self-media bloggers have engaged in practices like false listings and aggressive price cutting, undermining consumer trust and industry health [3]. - Beike's self-regulation serves as a benchmark for the industry, promoting a shift from "traffic competition" to "service competition" to ensure consumer safety and confidence [3]. - Experts view Beike's actions as a proactive response to national policies aimed at regulating real estate brokerage services and as an exploration of self-regulation in platform enterprises [3].

Core Insights - Morgan Stanley's report on Chinese tech stocks presents an optimistic outlook for AI development by 2026, driven by both supply and demand factors [1] - The overseas expansion of internet companies is highlighted as a crucial strategy to address macroeconomic, competitive, regulatory, and geopolitical risks [1] Company Preferences - The report lists preferred stocks with an "overweight" rating, including Tencent, Alibaba, Pinduoduo, Tencent Music, NetEase, BOSS Zhipin, Manbang, Meituan, Trip.com, Tongcheng Travel, TAL Education, and Beike [1]