来源：瑞恩资本RyanbenCapital 彭博消息，知情人士透露，花旗集团香港投资银行业务主管Ben Ngai倪彬将离职。 因讨论非公开信息而不愿具名的知情人士表示，花旗亚洲企业融资主管Alex Schrantz将临时出任香港投 行业务的负责人。 花旗发言人表示，公司对香港投行业务的承诺不变，并将继续引进关键人才以支持客户需求，但拒绝就 Ngai的离职发表评论。 据Ben Ngai在LinkedIn上的个人资料显示，他曾于2004年加入花旗，随后曾任职于瑞信、渣打，并于 2022年8月重返花旗。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com ...

Core Insights - Foreign institutions significantly increased their holdings in Chinese assets during the third quarter, with major players like Goldman Sachs, Morgan Stanley, and Merrill Lynch raising their A-share positions by over 20% [1][3] - The China Overseas Internet ETF (KWEB) saw substantial investment from foreign institutions, with its size growing from $6.373 billion at the end of the first half to $9.793 billion by the end of the third quarter [2] Group 1: Foreign Investment Trends - Major foreign institutions such as Bank of America, UBS, Morgan Stanley, and Millennium Management have increased their holdings in the China Overseas Internet ETF, with share counts rising by 215.89%, 35.29%, 24.76%, and 307.44% respectively [2] - As of the end of the third quarter, 3,554 A-share companies had foreign institutional holdings, totaling approximately ¥2.73 trillion, reflecting a 12.4% increase from the previous quarter [3] Group 2: Specific Stock Increases - Citigroup held 3.83 million shares of Alibaba, with a market value of $684 million, showing a quarter-on-quarter increase of 5.63% in shares and 66.45% in market value [3] - JPMorgan held 5.58 million shares of Pinduoduo, with a quarter-on-quarter increase of 17.5% in shares and 48.38% in market value [3] - Citigroup held 350,000 shares of Baidu, with a quarter-on-quarter increase of 6.75% in shares and 64% in market value [3] Group 3: Institutional Insights - Notable foreign institutions such as Morgan Stanley, Goldman Sachs Asia, and Merrill Lynch significantly increased their A-share holdings, with Morgan Stanley's increase exceeding 30% at 33.1% [3] - As of the third quarter of 2025, foreign institutional investors further increased their holdings in Chinese stocks, with the top 40 global investment institutions' holdings rising to 1.1%, the highest level since the first quarter of 2023 [3]

Core Insights - Pzena Investment Management LLC maintains a disciplined value investment strategy with a total portfolio value of $30.94 billion as of September 30, 2025, focusing on cyclical recoveries and normalized earnings power [1] Top Holdings - Magna International Inc. (MGA) leads the portfolio with a value of $1.92 billion, representing 6.19% of total assets, despite a slight reduction of 434,000 shares (–1.5%) [2] - Baxter International Inc. (BAX) follows with $1.31 billion (4.22%), having added 18 million shares (+45.9%), reflecting confidence in its restructuring and margin recovery [3] - Citigroup Inc. (C) is third at $1.27 billion (4.11%), with a reduction of approximately 1 million shares (–7.7%), indicating a belief in the bank's undervaluation [4] - Dollar General Corp. (DG) ranks fourth at $1.21 billion (3.9%), with a minor reduction of 171,000 shares (–1.5%), aligning with Pzena's preference for cash-generating franchises [5] - CVS Health Corp. (CVS) holds $1.19 billion (3.86%), having sold 901,000 shares (–5.4%), fitting the model of steady cash flows during market pessimism [6] Other Key Adjustments - Modest increases were noted in Cognizant Technology Solutions (CTSH) (+1.5%) and MetLife (MET) (+5.8%), while Wells Fargo (WFC) and Capital One (COF) were slightly trimmed, indicating fine-tuning rather than thematic shifts [7] - Humana (HUM) remains a significant healthcare position at $1.05 billion (3.39%), with a slight reduction [7] Full Exits - The quarter saw complete disposals of smaller positions including Shyft Group (SHYF), Synovus Financial (SNV), NatWest Group (NWG), ICICI Bank (IBN), Ulta Beauty (ULTA), and Alkermes (ALK S), reflecting a consolidation towards higher-conviction U.S. large-caps [8] Outlook - Pzena's Q3 2025 update highlights its status as a deep-value investor in a growth-focused market, with significant additions to Baxter and stable positions in Magna and Citigroup, emphasizing a commitment to low-multiple, high-cash-flow companies [9]

来源：瑞恩资本RyanbenCapital 花旗香港公布「花旗香港千万富翁调查报告2025」。花旗香港客户策略及销售管理主管成静雯表示，根 据花旗对于「千万富翁」的定义，为减去负债的净资产总值达1000万港元，并拥有100万港元的流动资 产。 花旗数据亦显示，2020年「千万富翁」总资产净值中位数为1550万元，物业占总资产净值的71%。 花旗银行投资策略及资产配置主管廖嘉豪表示，「千万富翁」总资产净值中位数较5年前有所上升，因 今年股票市场畅旺及投资回报增加。 此次调查发现： 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com 百万流动资产人士的资产配置比例，其中55%为现金或存款、33%为股票、6%为基金； 千万流动资产人士之中，51%为现金或存款、34%为股票、8%为基金； 「准亿万富翁」之中，35%为现金或存 ...

Core Insights - Deutsche Bank AG has refinanced part of a $350 million loan originally extended by Mizuho Bank Ltd. to support Ritesh Agarwal's acquisition of shares in Oyo Hotels [1] - The refinancing involves a three-year bullet loan of approximately $150 million, easing Agarwal's financial pressure and allowing him to focus on the company's capital markets listing [1][3] - Oyo's parent company, now named Prism, is preparing for an IPO expected next year, potentially valuing the company between $7 billion and $8 billion [4] Company Developments - Ritesh Agarwal, in his early 30s, has received support from SoftBank Group Corp. founder Masayoshi Son for about a decade, although the company faced challenges that delayed its IPO plans [2] - Oyo has reported 14 consecutive quarters of positive adjusted earnings before interest, taxes, depreciation, and amortization, and is leveraging artificial intelligence for pricing and property management [5] - The company has undergone significant restructuring, retreating from certain markets and cutting costs, while serving over 100 million customers across 35 countries with various brands [6]

Core Insights - The wealth of high-net-worth individuals in Hong Kong is concentrated in cash and property, with significant price volatility observed in these assets [3][5] - The number of millionaires in Hong Kong has increased to 395,000, reflecting a 1.2% rise from the previous year, driven by a booming stock market [3][4] - The average net worth of millionaires has risen by approximately 32% over the past five years, indicating a positive trend in wealth accumulation [3][4] Wealth Distribution and Asset Allocation - The median liquid assets for millionaires stand at HKD 10 million, while the median net worth is around HKD 20.5 million [3][4] - Wealthy individuals tend to have a concentrated asset allocation, with an average distribution of 49% in liquid assets and 51% in property [5][9] - The average age for accumulating the first HKD 1 million in wealth is 34, with stocks and funds being the primary investment tools [5] Market Trends and Future Outlook - The IPO boom has significantly contributed to the increase in the number of ultra-high-net-worth individuals, with a 23% rise in the first half of the year [4][10] - The employment environment for lower-income groups has improved, with the unemployment rate dropping to 3.8% [7] - Hong Kong is expected to become a leading global hub for cross-border wealth management in the next few years, driven by increasing demand for wealth management services [10][11] Investment Preferences - "Quasi-billionaires" show a preference for diversified investments, including overseas properties, with 35% owning such assets [9] - In contrast, millionaires focus more on local stock and property markets, indicating a less diversified investment strategy [9][10] - The asset management market in Hong Kong has seen a 13% year-on-year growth, reaching HKD 35 trillion, highlighting the increasing demand for wealth management services [10]

(Bloomberg) -- On Monday, Daniel Vorcaro announced a last-ditch rescue deal that appeared to save his floundering Brazilian bank. Hours later, he was arrested at a Sao Paulo airport, where authorities say he was trying to flee the country.Banco Master SA will be liquidated after the latest twist in its saga featured a sweeping corruption probe by Brazilian authorities. Chief Executive Officer Vorcaro and five others were arrested amid allegations that executives fabricated credit instruments and sold them t ...

It’s the inevitable gut reaction that we all have. If you see massive debit-based puts in the options flow screener like we just did for financial giant Citigroup (C), acute feelings of pessimism rise to the forefront. However, the derivatives market can be tricky because you’re never really sure about underlying intentions. In this case, the unusual options activity very well might be bullish for C stock in a roundabout way. On Monday, Citigroup’s options flow readout — which focuses on big block transac ...

花旗香港最新一份《香港千万富翁调查报告2025》显示，香港2025年千万富翁人口达39.5万人，较去年 增加5000人，相当于占21至79岁本地人口约7%。花旗将拥有逾1000万港元总资产净值(包括自住物业， 但不含按揭贷款等负债)，以及至少100万港元流动资产的人士，界定为"千万富翁"。 花旗香港客户策略及销售管理主管成静雯表示，千万富翁人数上升，超级富裕群体在投资与跨代财富传 承上采取更精密策略，财富管理需求已超越传统资产，趋向积极管理与多元配置，并更重视财富传承规 划，以保障下一代的财务未来。 花旗本次调查于2024年12月至2025年1月，以及2025年8月至10月期间，访问2600名年龄在21至79岁之间 的香港居民。调查显示，千万富翁平均年龄55岁，男性占55%、女性占47%；总资产净值中位数为2050 万港元，流动资产中位数为1000万港元。 花旗表示，该批千万富翁的财富分配平均，当中流动资产占49%，物业占51%。在流动资产中，投资产 品与现金及存款各占一半；千万富翁平均于34岁赚到"第一桶金"，即累积100万港元资产，而当时主要 投资股票及基金；平均在33岁就已首次置业。 ...

Vi e w p o i n t | 13 Nov 2025 23:56:52 ET │ 26 pages Global Macro Strategy - Views and Trade Ideas Shutdown over – what next? CITI'S TAKE The longest ever US shutdown is over. We look at what to expect in the coming weeks. We preview US data dynamics, USD liquidity, and with global data momentum improving, look at x-asset excess returns in more globally bullish regimes, with and without US data momentum improving. We stay bullish equities, neutral duration, lightly bearish USD, bullish copper and neutral g ...