Core Viewpoint - Bank of America has reduced its stake in Bilibili Inc. from 7.01% to 6.72% as of June 10 [1] Company Summary - The reduction in Bank of America's holding indicates a shift in investment strategy or sentiment towards Bilibili Inc. [1]

Group 1 - The National Integrated Circuit Industry Investment Fund Co., Ltd. reduced its stake in Hua Hong Semiconductor from 6.16% to 5.94% as of June 9, 2025, with an average share price of 32.4276 HKD [1] - The total number of issued shares for Hua Hong Semiconductor is 1,726,211,687 [2] - The number of shares held by the National Integrated Circuit Industry Investment Fund before the transaction was 106,330,601, representing 6.16% [2] - After the transaction, the number of shares held decreased to 102,535,601, representing 5.94% [2]

智通财经6月9日电，香港交易所信息显示，贝莱德（BlackRock）在蒙牛乳业的持股比例于06月04日从 5.91%升至6.08%。 ...

智通财经6月9日电，香港交易所信息显示，贝莱德（BlackRock）在哔哩哔哩-W的持股比例于06月04日 从5.35%升至6.23%。 ...

香港交易所信息显示， 贝莱德在 中国财险的持股比例于06月02日从6.10%降至5.83%。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) shows strong upward momentum in technical analysis, with a recent price of HKD 405.2, reflecting a 0.5% increase and a stable influx of capital [1][4]. Technical Analysis - The stock has surpassed major moving averages, with MA10 at HKD 393.92, MA30 at HKD 372.25, and MA60 at HKD 358.2, indicating a bullish trend [1]. - The current support levels are at HKD 386 and HKD 361, while the short-term resistance is at HKD 410, with a potential upward challenge to HKD 423 if broken [4]. - The Relative Strength Index (RSI) is at 70, indicating strong buying power, but caution is advised due to potential short-term pullback pressures [7]. - The technical model estimates a 52% probability of upward movement, aligning with current momentum trends [4]. Investor Sentiment - Investor sentiment is generally positive, with many expecting continued interest in IPOs and a long-term target of at least HKD 450 [1]. - There are 17 buy signals, 1 sell signal, and 6 neutral signals, suggesting a steady upward trend [1]. - Short-term resistance is closely aligned with investor expectations, indicating a consensus around HKD 409 as a critical level [1]. Derivative Products Performance - Derivative products linked to HKEX have shown significant leverage effects, with notable performances from bull certificates, such as Societe Generale's bull certificate 54739 and HSBC's bull certificate 53712, both achieving a 21% increase [2]. - Call options like HSBC's 29547 and Societe Generale's 27807 also reported gains of 18% and 15%, respectively [2]. Market Dynamics - The overall market atmosphere remains bullish, supported by strong technical indicators and high trading volumes, which reinforce the positive outlook for HKEX [11]. - The presence of various derivative products allows investors to align their strategies with market expectations, catering to different risk appetites [7][9].

Group 1 - Kyrgyzstan successfully issued a 5-year USD benchmark international bond in Hong Kong, with an initial target of $500 million but ultimately raising $700 million due to strong market demand, with peak orders exceeding $2.1 billion from over 130 investors [1] - The bond has a coupon rate of 7.75% and is the first sovereign bond from Central Asia listed on the Hong Kong Stock Exchange, aimed at supporting the national budget, particularly in hydropower and infrastructure projects [1][2] - The issuance reflects high international market confidence in Kyrgyzstan's economic outlook and sovereign credit, as indicated by the oversubscription [2] Group 2 - Tianfeng International acted as the underwriter, leveraging its international investor resources and local service advantages to efficiently complete the issuance process [1][3] - The bond listing on the Hong Kong Stock Exchange is expected to enhance Kyrgyzstan's visibility among Chinese and Asian investors, diversifying its financing channels and optimizing its debt structure [2] - The issuance aligns with the broader goals of the Belt and Road Initiative, promoting financial connectivity and sustainable development in the region [3]

Group 1 - Morgan Stanley increased its stake in Meituan-W from 4.60% to 5.32% as of May 30 [1] - The average share price for this transaction was 137.7158 HKD [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) shows a stable upward trend, with the stock price reaching 401.2 HKD, reflecting a 1.42% increase, and technical indicators suggest a potential for further gains despite being in the overbought zone [1][9]. Technical Analysis - The stock price has broken through all major moving averages, with the 10-day moving average at 393.4 HKD and the 30-day moving average at 372.1 HKD indicating a bullish alignment [1]. - The MACD indicator remains in a golden cross state, suggesting a strengthening mid-term trend [1]. - The RSI has reached 70, indicating an overbought condition, and the upper Bollinger Band is at 406 HKD, which coincides with current resistance levels, suggesting a possible short-term technical adjustment [1]. - Key support levels are identified at 384 HKD and a stronger support at 360 HKD, while resistance is seen at 406 HKD, with a potential challenge at 418 HKD if broken [1]. Derivative Products Performance - Recent trading data from June 2 to June 4 shows that while HKEX's stock rose by 0.66%, related derivative products exhibited varying degrees of leverage effects, particularly bull certificates [3]. - HSBC bull certificate 53712 increased by 11% over two days, while Societe Generale bull certificate 54739 rose by 10%, highlighting the advantages of bull certificates in a moderate upward market [3][4]. - Call options such as Barclays call option 27807 and HSBC call option 29547 recorded an 8% increase, demonstrating significant leverage effects [4]. Investment Strategies - For bullish investors, HSBC call option 29547 offers a leverage of 8.9 times with a strike price of 450.2 HKD, while Barclays call option 27807 provides a leverage of 9 times with a strike price of 450 HKD, both suitable for medium-term holding [6]. - For bearish investors, HSBC put option 16951 offers a leverage of 9.4 times with a strike price of 333.68 HKD, and UBS put option 16913 provides a leverage of 9 times with the same strike price, both having the lowest premiums and implied volatilities [7]. - UBS bear certificate 52551 has a leverage of 16.2 times with a recovery price of 420 HKD, while JPMorgan bear certificate 53686 offers a leverage of 15.9 times, suitable for bearish market conditions [7].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges (0388.HK) with a 12-month target price of HK$455.00, indicating an upside potential of 13.6% from the current price of HK$400.40 [1][2][10]. Core Insights - Despite a year-to-date share price increase of approximately 35%, the stock is considered undervalued relative to strong market activity levels. The listing pipeline is growing, with over 150 companies having submitted applications to list in Hong Kong [1][22][29]. - The introduction of new products, particularly weekly expiries for index options and stock options, is expected to drive growth in average daily volume (ADV) for options. Historical data from the US and India suggests that index options ADV could outperform cash market volumes by 40 to 50 percentage points [2][44][45]. - The report projects a 15% potential upside to cash equity average daily trading (ADT) from A-share companies listing in Hong Kong over the medium term, with adjustments made to FY26-27E ADT estimates [1][23][41]. Summary by Sections Financial Projections - Revenue estimates for FY25E, FY26E, and FY27E are projected at HK$25,721.8 million, HK$26,772.8 million, and HK$28,006.3 million respectively, reflecting an increase from previous estimates [4][10]. - EPS estimates have been raised by 2%, 9%, and 10% for FY25, FY26, and FY27 respectively, driven by higher volume expectations [2][10]. Market Activity - The report notes that HKEX has regained its position among the top five global IPO venues in Q1 2025, with around US$10 billion raised from IPOs year-to-date, nearly double the amounts raised in 2023 and 2024 [22][24]. - A-share companies listing H-shares for global expansion have accounted for over half of the IPO funds raised since 2024, with approximately 630 A-share companies identified as eligible to list H-shares [23][32]. Options Market - The introduction of zero-day-to-expiry (0DTE) options is anticipated to add approximately 10% to overall options ADV, based on successful models in the US and India [44][48]. - Currently, index options represent about 20% of total options ADV at HKEX, and the report suggests that this could lead to a significant increase in overall trading activity [2][44][60].