Core Viewpoint - The Hong Kong stock market showed significant growth in July, with high trading activity expected to continue, leading to anticipated performance growth for the Hong Kong Stock Exchange (HKEX) [1][2]. Market Performance - The Hong Kong stock market experienced an overall increase, with the Hang Seng Index and Hang Seng Tech Index rising by 23.5% and 22.0% respectively compared to the end of 2024 [1]. - The monthly average daily turnover (ADT) for HKEX reached HKD 262.9 billion, reflecting a month-on-month increase of 14.2% and a year-on-year increase of 166.6% [1]. - Northbound trading ADT was HKD 222.3 billion, with month-on-month and year-on-year increases of 36.5% and 86.0% respectively, while southbound trading ADT was HKD 144.4 billion, increasing by 19.5% month-on-month and 329.0% year-on-year [1]. Derivatives Market - The derivatives market saw a recovery in options trading, with average daily volume (ADV) for futures at 572,000 contracts, showing a slight decrease of 0.1% month-on-month and 3.7% year-on-year [1]. - Options ADV was 942,000 contracts, with month-on-month and year-on-year increases of 14.8% and 30.6% respectively [1]. IPO Market - The IPO market in Hong Kong saw significant growth, with 9 new stocks listed in July, totaling HKD 19.9 billion, which is a decrease of 34% month-on-month but an increase of 333% year-on-year [2]. - New derivative warrants and bull/bear certificates listed were 850 and 2,271 respectively, with year-on-year increases of 42% and 31%, and month-on-month increases of 11% and 14% [2]. Investment Income - Investment income rates for HKEX showed a decline compared to previous months, with the 6-month HIBOR at 2.27%, down by 0.11 percentage points month-on-month [2]. Macroeconomic Environment - Domestic economic conditions showed a decline in manufacturing activity, with the PMI at 49.30%, indicating contraction [3]. - The overseas environment is characterized by tightening liquidity due to the Federal Reserve's decision to pause interest rate cuts, with expectations of a 25 basis point cut in September 2025 [3]. Valuation and Outlook - As of the end of July, the company's PE ratio was 38.24x, positioned at the 58th percentile historically since 2016, indicating potential value for investors [4]. - Revenue and other income projections for 2025-2027 are HKD 28.4 billion, HKD 31.1 billion, and HKD 33.7 billion respectively, with net profit estimates of HKD 17.7 billion, HKD 18.7 billion, and HKD 20.6 billion, corresponding to PE ratios of 30.9, 29.2, and 26.4 times [4].

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange [1] Group 1 - The company is identified by its stock code 301109 [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's PE ratio as of the end of July is 38.24x, which is at the 58th percentile historically since 2016, indicating a certain level of value for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 28.4 billion, 31.1 billion, and 33.7 billion HKD for 2025-2027, with net profits attributable to shareholders of 17.7 billion, 18.7 billion, and 20.6 billion HKD, corresponding to PE valuations of 30.9, 29.2, and 26.4 times respectively [2][52] Summary by Sections Market Performance - In July, the Hong Kong stock market continued its upward trend, supported by domestic policy drivers. The Hang Seng Index and Hang Seng Tech Index increased by 23.5% and 22.0% respectively compared to the end of 2024. The monthly average daily trading (ADT) for the Hong Kong Stock Exchange was 262.9 billion HKD, reflecting a month-on-month increase of 14.2% and a year-on-year increase of 166.6% [7][10][15] Derivatives Market - In July, the average daily volume (ADV) for futures was 572,000 contracts, showing a slight decrease of 0.1% month-on-month and 3.7% year-on-year. Conversely, the ADV for options increased by 14.8% month-on-month and 30.6% year-on-year, reaching 942,000 contracts. The ADT for structured products was 15.7 billion HKD, with a month-on-month decrease of 2.4% but a year-on-year increase of 48.0% [19][25] Primary Market - The IPO scale in the Hong Kong stock market saw a significant year-on-year increase of 333% in July, with 9 new listings totaling 19.9 billion HKD. However, this represented a month-on-month decrease of 34%. The cumulative number of new listings from January to July was 52, with a total scale of 128.7 billion HKD, reflecting a year-on-year increase of 610% [30][31] Investment Income - As of the end of July, the HIBOR rates for 6 months, 1 month, and overnight were 2.27%, 1.03%, and 0.19% respectively, showing a mixed trend with some rates declining year-on-year. The U.S. overnight bank funding rate remained stable at 4.33% [41][52] Macroeconomic Environment - The domestic economic sentiment has declined, with the manufacturing PMI for July at 49.30%, indicating a contraction. The overseas liquidity is tightening due to the Federal Reserve's pause on interest rate cuts, with expectations of a 25 basis point cut in September 2025 [44][46]

【财华社讯】8月12日，香港联交所首次因一家上市公司的两名前任董事均未有配合香港证监会与联交 所的调查，而对其采取纪律行动。在其纪律行动中，联交所公开谴责万马控股有限公司(万马控股)的前 执行董事马小秋及前独立非执行董事金来林。联交所表明，马及金均不适合担任万马控股或其任何附属 公司的董事或高级管理阶层职务。证监会与联交所均就有关万马控股的事宜展开调查。 证监会就万马控股及/或与其有关连的人士可能违反《证券及期货条例》展开调查。证监会根据《证券 及期货条例》第183条向马及金发出通知，要求提供与其调查相关的资料及文件，但马与金均没有回 覆。因此，证监会将事宜转介予联交所，以根据《上市规则》采取适当行动。 香港联交所上市科亦正调查马及金是否已履行其于《上市规则》下的职责及责任，而二人均没有对调查 作出回覆。 本文源自财华网 根据《上市规则》，上市发行人的每名董事均有责任配合证监会或上市科进行的任何调查，即使个別人 士不再担任发行人董事，此责任仍然持续。经考虑相关证据后，上市委员会裁定马及金均违反了此规 定，且属严重违规。 证监会的调查仍在进行中。 ...

Group 1 - 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 [1][2] - The HKEX publicly reprimanded former executive director Ma Xiaoqiu and former independent non-executive director Jin Lailin, stating they are unsuitable to hold any director or senior management positions in Wanma Holdings 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 relevant information, which they did not respond to [1][2] Group 2 - The HKEX is also investigating whether Ma and Jin fulfilled their responsibilities under the Listing Rules, with the Listing Committee determining that they severely violated these rules [2] - The SFC emphasized that non-cooperation with regulatory investigations undermines regulatory effectiveness and investor protection, highlighting the serious consequences for directors who neglect their fundamental responsibilities [2][3] - The HKEX maintains a zero-tolerance policy towards non-cooperation in investigations, ensuring appropriate sanctions for non-compliant directors [3]

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]