Core Viewpoint - BlackRock's stake in Alibaba-W increased from 4.99% to 5.03% as of May 12 [1] Group 1 - BlackRock is a significant institutional investor in Alibaba, indicating confidence in the company's future performance [1] - The increase in ownership percentage reflects a strategic move by BlackRock to enhance its position in Alibaba [1]

Group 1 - Morgan Stanley's stake in Alibaba-W decreased from 6.01% to 5.97% as of May 9 [1] - The average share price during this period was 123.2462 HKD [1]

Group 1 - Deutsche Bank's stake in Bilibili-W decreased from 23.24% to 22.84% as of May 9 [1]

智通财经5月14日电，香港交易所信息显示，贝莱德在美团-W的持股比例于05月09日从5.97%升至 6.01%。 ...

智通财经5月13日电，香港交易所信息显示，花旗集团在中国财险的持股比例于05月07日从8.00%降至 7.89%。 ...

智通财经5月12日电，香港交易所信息显示，摩根大通在阿里巴巴-W的持股比例于05月06日从5.99%升 至6.08%，平均股价为123.4291港元。 ...

Group 1 - BlackRock's stake in Li Auto-W decreased from 5.00% to 4.93% on May 6 [1]

Group 1 - The central bank and relevant departments have issued a document to support the launch of cross-border cooperation products at the Guangzhou Futures Exchange with the Hong Kong Stock Exchange [1] - The initiative aims to establish convenient trading rules for the spot and futures market, facilitating internal and external market interactions [1] - There is a focus on exploring new models for international cooperation in futures products [1] Group 2 - The Guangzhou Futures Exchange is encouraged to apply for specific futures and options products to allow participation from foreign traders in an orderly manner [1] - Support is provided for the construction of a commodity futures delivery center in Nansha, enhancing the integrated service system covering the spot and futures market [1]

智通财经5月12日电，香港交易所信息显示，摩根大通在美团-W的持股比例于05月06日从5.05%降至 4.99%，平均股价为138.1327港元。 ...

Investment Rating - The investment rating for Hong Kong Exchanges is "Buy" with a 12-month target price of HK$398, indicating an upside potential of 6.9% from the current price of HK$372.40 [1][3]. Core Insights - The report revises the earnings per share (EPS) estimates for Hong Kong Exchanges for 2025E, 2026E, and 2027E by +2%, +4%, and +4% respectively, based on disclosed April 2025 volumes and May 2025 month-to-date volumes [1]. - The target price increase of 3% from HK$386 to HK$398 is derived from a three-stage Dividend Discount Model (DDM), implying a price-to-earnings (P/E) ratio of 34.5X for 2025E [1][2]. Financial Estimates - Market capitalization is reported at HK$472.1 billion (approximately $60.7 billion) [3]. - Revenue estimates for the upcoming years are as follows: 2024E at HK$22,374 million, 2025E at HK$25,342.7 million, 2026E at HK$25,220.8 million, and 2027E at HK$26,277.5 million [3]. - EPS estimates have been updated to: 2025E at HK$11.53, 2026E at HK$11.25, and 2027E at HK$11.65 [3]. - The report indicates a dividend per share (DPS) of HK$10.38 for 2025E, with a dividend yield of 2.8% [3]. Valuation Metrics - The P/E ratios for the upcoming years are projected as follows: 2025E at 32.3X, 2026E at 33.1X, and 2027E at 32.0X [3]. - The price-to-book (P/B) ratios are estimated at 8.5X for 2025E, 8.2X for 2026E, and 6.5X for 2027E [3]. - Return on equity (ROE) is projected to be 26.7% for 2025E, 25.2% for 2026E, and 22.8% for 2027E [3].