Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have taken disciplinary action against two former directors of Wanma Holdings Limited for failing to cooperate with investigations, highlighting their strategic collaboration to enhance regulatory efficiency and ensure fair outcomes in market supervision [1][2]. Group 1: Disciplinary Action - The HKEX publicly reprimanded former executive director Ma Xiaoqiu and former independent non-executive director Jin Lailin of Wanma Holdings, declaring them unsuitable to serve as directors or senior management in the company or its subsidiaries [1][2]. - The SFC is investigating potential violations of the Securities and Futures Ordinance by Wanma Holdings and related individuals, having issued notices to Ma and Jin for information related to the investigation, which they did not respond to [1][2]. Group 2: Regulatory Responsibilities - The HKEX is examining whether Ma and Jin fulfilled their responsibilities under the Listing Rules, with the Listing Committee determining that both violated these rules, constituting serious misconduct [2]. - The SFC emphasized that non-cooperation with regulatory investigations undermines regulatory effectiveness and investor protection, indicating serious consequences for directors who neglect their fundamental responsibilities [2][3]. Group 3: Commitment to Market Integrity - The HKEX is committed to maintaining the quality of issuers and the market, ensuring the protection of public investors' interests, and has a zero-tolerance policy for non-cooperation in investigations [3]. - The collaboration between the SFC and HKEX aims to uphold the highest standards of market integrity and maintain investor confidence in the Hong Kong financial market [2][3].

每经AI快讯，8月11日，香港交易所信息显示，摩根大通在香港交易所的持股比例于8月5日从7.09%降 至6.96%，平均股价为423.2286港元。 ...

Core Points - The Shanghai Composite Index increased by 0.34%, while the HK300 local stock index reached 1572.69 points, reflecting a 4.18% rise over the past month, a 15.33% increase over the past three months, and a year-to-date growth of 27.49% [1] - The HK300 local stock index is designed to represent the performance of mainland and local Hong Kong companies, with a base date of December 31, 2004, set at 1000.0 points [1] Index Composition - The top ten holdings of the HK300 local stock index include AIA Group (27.93%), Hong Kong Exchanges and Clearing (19.35%), Bank of China (Hong Kong) (5.57%), Cheung Kong Holdings (4.93%), Sun Hung Kai Properties (4.87%), CLP Holdings (4.82%), Link REIT (4.06%), Hang Seng Bank (3.08%), Power Assets Holdings (2.83%), and Hong Kong and China Gas (2.82%) [1] - The market sector representation of the HK300 local stock index is entirely from the Hong Kong Stock Exchange [1] Industry Breakdown - The industry composition of the HK300 local stock index shows that finance accounts for 55.93%, real estate for 16.41%, utilities for 11.97%, communication services for 6.82%, consumer staples for 3.20%, industrials for 2.52%, consumer discretionary for 1.98%, information technology for 0.66%, and healthcare for 0.51% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Group 1: Market Performance - The Hong Kong financial market showed a strong recovery in the first half of 2025, with multiple indicators reaching historical highs. The average daily trading amount on the Hong Kong Stock Exchange reached HKD 240.2 billion, a significant year-on-year increase of 118%, marking the highest level since 2010 [1] - The average daily trading amount of the Southbound Stock Connect reached HKD 110.96 billion, reflecting a year-on-year growth of 195%, indicating a notable increase in participation from mainland investors [1] - The derivatives market also performed well, with average daily trading volume of futures and options increasing by 11% year-on-year, and the average daily trading volume of RMB currency futures rising by 43%, highlighting the acceleration of RMB internationalization [1] Group 2: Market Capitalization and New Listings - As of June 30, 2025, the total market capitalization of Hong Kong reached HKD 42.7 trillion, a 33% increase compared to the same period last year, driven by the recovery of Chinese mainland economic conditions and the Hong Kong Stock Exchange's continuous optimization of listing regulations [2] - In the first half of 2025, the Hong Kong Stock Exchange received over 200 listing applications, with total new stock financing amounting to USD 14.1 billion, a year-on-year increase of 695%, significantly surpassing the global new stock financing growth of 8% [2] - It is expected that more than 80 medium to large enterprises will advance their plans for A-share or secondary listings in Hong Kong throughout the year [2] Group 3: Investment Outlook - The target price for the Hong Kong Stock Exchange has been raised to HKD 500.0, maintaining a buy rating based on strong fundamentals, including an average daily trading volume exceeding HKD 240 billion and record net inflows from Southbound funds [2] - The valuation corresponds to a price-to-earnings (PE) ratio of 42 times, reflecting a 15.8% increase from the previous trading day's closing price, with a safety margin as it remains below the historical bull market average of 44.7 times [2] - The Hong Kong stock market is currently undergoing a critical phase of valuation recovery and structural transformation, with significant long-term investment value despite potential short-term volatility due to policy expectations [2]

Group 1 - The Hong Kong Stock Exchange (HKEX) announced that any dividends not claimed within six years from the payment date will be forfeited and returned to HKEX [1] - Specifically, the first interim dividend for the fiscal year 2019, which was paid on September 26, 2019, and remains unclaimed by September 26, 2025, will be forfeited at a rate of HKD 3.72 per share [1]

智通财经APP讯，香港交易所(00388)发布公告，凡在股息派付日期起计六年后仍未领取的股息将予没收 及复归香港交易所。因此，香港交易所于2019年9月26日派付而于2025年9月26日仍为未领取的2019年度 第一次中期股息每股3.72港元将予没收及复归香港交易所。 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交 易及結算所有限公司有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會 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 部或任何部分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。 香港，2025 年 8 月 8 日 於本公告日期，香港交易所董事會包括 12 名獨立非執行董事，分別是唐家成先生（主席）、 聶雅倫先生、白禮仁先生、陳健波先生、謝清海先生、張明明女士、車品覺先生、周胡慕芳女士、 丁晨女士、梁柏瀚先生、任志剛先生及張懿宸先生，以及一名身兼香港交易所集團行政總裁的執行 董事陳翊庭女士。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及 80388（人民幣櫃台） 沒收未領取的 2019 年度第一次中期股息 按照香港交易及結算所有限公司（「香港交易所」）《組織章程細則》的規定，凡在股息派 付日期起計六年後仍未領取的股息將予沒收及復歸香港交易所。因此，香港交易所於 2019 年 9 月 26 日派付而於 2025 年 9 月 26 日仍為未 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388) with a target price of HKD 500.0, representing a potential upside of 15.8% from the previous closing price [5][32]. Core Insights - The Hong Kong financial market is experiencing a robust recovery, with multiple indicators reaching historical highs. The average daily trading volume for the Hong Kong Stock Exchange (HKEX) in the first half of 2025 reached HKD 240.2 billion, a significant increase of 118% year-on-year, marking the highest level since 2010 [3][8]. - The market capitalization of the Hong Kong market increased to HKD 42.7 trillion by the end of June 2025, reflecting a 33% year-on-year growth, driven by the recovery of Chinese mainland economic conditions and the optimization of listing regulations by HKEX [4][15]. - The report highlights the strong performance of various market segments, including a 195% year-on-year increase in the average daily trading volume of the Stock Connect program, indicating a significant rise in participation from mainland investors [10][15]. Summary by Sections Market Performance - The average daily trading volume for HKEX reached HKD 240.2 billion in the first half of 2025, up from HKD 110.4 billion in the same period of 2024, marking a 118% increase [8]. - The Stock Connect program's average daily trading volume was HKD 110.96 billion, a 195% increase year-on-year, showcasing enhanced participation from mainland investors [10][15]. - The derivatives market also showed strong growth, with average daily trading volume for futures and options increasing by 11% year-on-year, and the trading volume for RMB currency futures rising by 43% [3][10]. Market Capitalization and New Listings - As of June 30, 2025, the total market capitalization of Hong Kong reached HKD 42.7 trillion, a 33% increase from HKD 32.1 trillion a year earlier [4][15]. - In the first half of 2025, HKEX processed over 200 listing applications, with new stock financing totaling USD 14.1 billion, a staggering 695% increase year-on-year [4][15]. Financial Projections - The report forecasts total revenue for HKEX to reach HKD 26.1 billion in 2025, reflecting a year-on-year growth of 16.7% [7]. - Net profit is projected to be HKD 15.2 billion in 2025, with a growth rate of 16.6% [7]. - The report anticipates a diluted earnings per share of HKD 12.0 for 2025, representing a 16.6% increase from the previous year [7]. Regulatory Environment - HKEX announced a series of optimized listing rules effective August 4, 2025, aimed at lowering barriers to entry and enhancing market competitiveness [22]. - The new regulations include reducing the minimum public float requirement from 15% to 10%, which is expected to attract more quality companies to list in Hong Kong [25][22]. Investment Themes - The report emphasizes two main investment themes: growth driven by technology and stable dividend yields from undervalued state-owned enterprises [26][27]. - It highlights opportunities in the AI sector, electric vehicles, and innovative pharmaceuticals, alongside a focus on undervalued state-owned enterprises benefiting from policy support [26][27].

| | 大股東/董事/最高行政人員名 作出披露的 買入 / 南出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 音音 2 1 1 1 1 1 | 石文出版社 | | CS20250806E00358 | Citigroup Inc. | 1001(L) | 224.953(L) | HKD 417.2400 | 63.494.701(L) | 5.00(L)01/08/2025 | | | | 1403(S) | 123,441(S) | | 13,476,304(S) | 1.06(S) | | | | | | | 49.095.915(P) | 3.87(P) | 格隆汇8月8日丨根据联交所最新权益披露资料显示，2025年8月1日，香港交易所(00388.HK)获Citigroup Inc.在场内以每股均价417.24港元增好仓22.5万股，涉 资约9385.94万港元。 增持后，Citigroup Inc.最新持好仓数目为63,494,701 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is expected to experience significant profit growth and an upward shift in valuation due to a thriving primary and secondary market, supported by favorable policies, leading to a potential "Davis Double Play" [1][3]. Group 1: Market Position and Strategy - HKEX is a globally leading exchange group, uniquely positioned as the only exchange platform in Hong Kong, encompassing the Stock Exchange, Futures Exchange, and London Metal Exchange, which creates a comprehensive service ecosystem [1]. - The strategic direction of HKEX focuses on connecting China with the world, capital with opportunities, and the present with the future, leveraging its unique regional and regulatory resources to enhance innovation and international expansion [1]. Group 2: Financial Performance and Business Model - The company's light capital structure ensures high profit margins and return on equity (ROE), with trading fees and system usage fees contributing significantly to revenue, accounting for 53% of total income [2]. - HKEX maintains a net profit margin and EBITDA margin around 58% and 75%, respectively, while the median ROE over the past decade has reached 23% [2]. Group 3: Valuation Drivers - The dual resonance of assets and funds is driving the valuation of HKEX upward, with improved asset structure and favorable policies supporting the listing of A-share companies in Hong Kong [3]. - The influx of southbound funds, driven by the valuation discount of Hong Kong stocks and the anticipated near-term interest rate cuts by the Federal Reserve, is expected to sustain market liquidity and activity [3]. Group 4: Profit Forecast and Investment Rating - The projected net profit for HKEX from 2025 to 2027 is estimated at HKD 153 billion, 166 billion, and 178 billion, reflecting year-on-year growth rates of +17%, +9%, and +7% respectively [3]. - Given the regional monopoly advantages and high shareholder return attributes, HKEX is assigned a PE valuation of 50 times, with a target price of HKD 515, indicating a potential upside of 23% from current levels [3].