Group 1 - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) has simplified trading and settlement fees, and the Securities and Futures Commission has recently expanded the holding limits for derivative products, indicating a step towards simplifying the platform and enhancing capital efficiency for market participants [1] - The firm has raised its earnings per share forecasts for Hong Kong Exchanges for this year, next year, and 2027 by 2%, 3%, and 4% respectively, and increased the target price from HKD 509 to HKD 524, which corresponds to a forecasted price-to-earnings ratio of 40 times for next year [1] - The firm predicts a downward adjustment in the expected yield from Hong Kong's margin balances to 1.97%, 1.39%, and 1.42% for this year, next year, and 2027 respectively, with average daily sales expected to be HKD 249 billion, HKD 275 billion, and HKD 299 billion for the respective years [1]

Group 1 - Goldman Sachs reports that Hong Kong Exchanges and Clearing (00388) has simplified trading and settlement fees, and the Securities and Futures Commission has recently expanded the holding limits for derivative products [1] - The firm views these changes as steps towards simplifying the platform, enhancing capital efficiency for market participants, and aligning with international standards [1] - Earnings per share forecasts for Hong Kong Exchanges and Clearing have been raised by 2%, 3%, and 4% for this year, next year, and 2027 respectively, with the target price increased from HKD 509 to HKD 524, implying a forecasted price-to-earnings ratio of 40 times for next year [1] Group 2 - The firm predicts a decrease in the expected yield from Hong Kong's margin balances to 1.97%, 1.39%, and 1.42% for this year, next year, and 2027 respectively [1] - Daily average sales are projected to be HKD 249 billion, HKD 275 billion, and HKD 299 billion for the respective years [1]

Core Points - The Hong Kong Stock Exchange announced that the exchange rate deduction rates for RMB to HKD and RMB to USD will remain at 2.6% after market close on September 5, 2025 [1] - The deduction rate for USD to HKD will be revised from 0.7% to 1% effective September 5, 2025 [1] - The deduction rate for using HKD or USD as collateral for early use of frozen securities under the China Connect will remain at 3.7% starting September 5, 2025 [1]

（股份代號：388（港幣櫃台）及 80388（人民幣櫃台）) 各位非登記股東（註 1）： 香港交易及結算所有限公司（「香港交易所」） – 刊發《2025 年中期業績報告》以及發布公司通訊的新安排 香港交易所《2025 年中期業績報告》的英文及中文版本已載於香港交易所集團網站 （www.hkexgroup.com）「投資者關係（監管披露／監管報告 ）」一欄及「披露易」 網站（www.hkexnews.hk）。如閣下自香港交易所於 2025 年 3 月刊發的香港交易所 《2024 年年報》後提交收取公司通訊（註 2）印刷本的要求，現隨本函附上香港交易所 《2025 年中期業績報告》印刷本（按閣下所選擇之語言版本）。 發布公司通訊的新安排 股東網上申請表格二維碼 根據《上市規則》、香港《公司條例》及香港交易所的《組織章程細則》，香港交易所將繼續透過香港交易所 集團網站（www.hkexgroup.com） 及「披露易」網站 （www.hkexnews.hk）以電子方式發布公司通訊。 香港交易所將僅按非登記股東提出的要求，向他們發送公司通訊的印刷本。 請注意，閣下提出有關收取香港交易所日後公司通訊印刷本的要求（如有） ...

香港交易所日後將不再以郵寄方式通知股東有關以電子方式刊發公司通訊。若閣下擬於香港交易所在香港交易所 集團網站刊發公司通訊時收到通知，可於香港交易所市場網站（www.hkex.com.hk）「市場數據」項下登記使用 「訊息提示」服務，又或向香港交易所提供電郵地址以要求收取有關刊發公司通訊的電郵通知。 （股份代號：388（港幣櫃台）及 80388（人民幣櫃台）) 各位登記股東： 香港交易及結算所有限公司（「香港交易所」） – 刊發《2025 年中期業績報告》以及發布公司通訊的新安排 香港交易所《2025 年中期業績報告》的英文及中文版本已載於香港交易所集團 網站（www.hkexgroup.com）「投資者關係（監管披露／監管報告 ）」一欄及 「披露易」網站（www.hkexnews.hk）。如閣下自香港交易所於 2025 年 3 月 刊發的香港交易所《2024 年年報》後提交收取公司通訊（註 1）印刷本的要求， 現隨本函附上香港交易所《2025 年中期業績報告》印刷本（按閣下所選擇之語 言版本）。 發布公司通訊的新安排 根據《上市規則》、香港《公司條例》及香港交易所的《組織章程細則》，香港交易所將繼續透過香港交 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港交易及結算所有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 不適用 備註： 香港交易所並無法定股本，及其股本並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,267,836,895 | | 0 | | 1,267,83 ...

Group 1: Stablecoin Regulation in Hong Kong - The implementation of the Stablecoin Regulation began on August 1, with 77 applications received by the Hong Kong Monetary Authority (HKMA) by August 31, from various sectors including banks, tech companies, and e-commerce [1] - The HKMA reiterated that only a limited number of stablecoin licenses will be issued in the initial phase of the regulation [1] Group 2: Market Developments - Hong Kong Exchanges and Clearing Limited (HKEX) announced an optimization of its collateral arrangements, reducing the financing cost for non-cash collateral from 0.5% to 0.25% [3] - The total trading amount of Hong Kong Stock Connect by brokers reached HKD 12.76 trillion in the first half of 2025, with cross-border business stock reaching CNY 19.7 trillion [4] Group 3: Corporate Actions - JD Group announced a voluntary public acquisition offer for CECONOMY AG at a price of €4.60 per share [5] - New World Development's controlling shareholder is considering injecting approximately HKD 10 billion into the company, seeking partners for a joint venture [6] - Weihai Bank entered into a conditional agreement to issue up to 430 million domestic shares [7][8] - Zheshang Bank plans to invest CNY 9.94 billion to increase its stake in Zheshang Financial Leasing to 54.04% [9] Group 4: Industry Performance - BYD reported August sales of 373,600 new energy vehicles, a slight increase from 373,100 units year-on-year, with a cumulative sales growth of 23% for the first eight months [13] - Geely's total vehicle sales in August reached 250,200 units, a year-on-year increase of approximately 38% [14] - NIO delivered 31,305 vehicles in August, marking a 55.2% year-on-year growth [16] - XPeng Motors achieved a record delivery of 37,709 smart electric vehicles in August, a 169% increase year-on-year [16] Group 5: Regulatory Approvals - Fuhong Hanlin received FDA approval for two products, BILDYOS® and BILPREVDA®, for specific osteoporosis treatments, marking a significant milestone in the company's international market presence [18][19]

Group 1 - Hong Kong Stock Exchange (HKEX) announced optimization of collateral arrangements for its securities and derivatives clearing houses to enhance market efficiency and reduce costs for participants [1] - The interest calculation method for cash collateral will be adjusted to align with international market standards, calculated daily as the overnight reference rate minus fees [1] - The financing cost for non-cash collateral will be reduced from 0.5% per annum to 0.25% [1] Group 2 - The new arrangements will be uniformly adopted by the Central Clearing and Settlement System, Hong Kong Futures Clearing Corporation, and Hong Kong Stock Options Clearing Limited, applicable to all accepted currencies [1] - The fee for the period from October 2025 to December 2026 will be set at 0.8%, decreasing by 10 basis points annually until it reaches 0.5% by the end of 2028 [1] - The new policies have been approved by the Hong Kong Securities and Futures Commission and will take effect on October 2, 2025 [1] Group 3 - HKEX's Chief Operating Officer emphasized the commitment to enhancing the vitality, resilience, and competitiveness of the Hong Kong market through these new arrangements [2] - The measures aim to improve the efficiency of collateral usage, facilitating participants in executing various trading strategies and managing investment risks [2] - Recent initiatives to increase position limits for stock options and index derivatives have significantly enhanced the capital efficiency of settled positions [2]

Core Viewpoint - Hong Kong Stock Exchange is enhancing its collateral arrangements for securities and derivatives clearinghouses to improve market efficiency and reduce costs for participants [1] Group 1: Changes in Collateral Arrangements - The exchange will adjust the interest calculation method for cash collateral, aligning it with international market standards and calculating it daily based on the overnight reference rate minus fees [1] - The new fee structure for cash collateral will set the fee at 0.8% from October 2025 to December 2026, decreasing by 10 basis points annually until it reaches 0.5% by the end of 2028 [1] - The financing cost for non-cash collateral will be reduced from 0.5% per year to 0.25% [1]

人民财讯9月1日电，香港交易所披露2025年中期业绩报告，集团2025年上半年收入及其他收益和溢利创 历来半年度新高。2025年上半年收入及其他收益为140.76亿港元，较2024年上半年上升33%；股东应占 溢利为85.19亿港元，较2024年上半年上升39%。 ...