智通财经6月17日电，香港交易所信息显示，LAV Asset Management (Hong Kong) Limited在信达生物的 持股比例于06月12日从5.00%降至3.09%。 ...

Group 1 - JPMorgan's stake in Alibaba-W decreased from 6.26% to 5.94% as of June 11 [1] - The average share price for this transaction was HKD 118.4452 [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][6][44] Core Views - The company's PE ratio as of the end of May is 35.45x, positioned at the 44th percentile historically since 2016, indicating a certain level of cost-effectiveness 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 overall increase in market activity and valuation. The company is projected to achieve revenues and other income of 29.8 billion, 31.0 billion, and 32.5 billion HKD for 2025, 2026, and 2027 respectively, with corresponding net profits of 17.9 billion, 18.6 billion, and 19.6 billion HKD, resulting in PE valuations of 29.2, 28.0, and 26.6 times respectively [2][44]. Summary by Sections Market Performance - The Hong Kong stock market has shown a significant increase, with the Hang Seng Index and Hang Seng Tech Index rising by 16.1% and 15.7% respectively compared to the end of 2024. The average daily trading (ADT) for the Hong Kong stock market in May was 210.3 billion HKD, reflecting a year-on-year increase of 50.4% but a month-on-month decrease of 23.4% [7][10][15]. IPO Market - The IPO market in Hong Kong has experienced substantial growth, with 10 new stocks listed in May, raising a total of 55.8 billion HKD, which is a remarkable increase of 3150.6% year-on-year and 1830.4% month-on-month. For the first five months of 2025, a total of 28 new companies were listed, with a cumulative scale of 77.4 billion HKD, representing a year-on-year increase of 707.2% [25][27][28]. Revenue and Profit Forecast - The company is expected to generate revenues and other income of 29.8 billion, 31.0 billion, and 32.5 billion HKD for 2025, 2026, and 2027 respectively, with net profits projected at 17.9 billion, 18.6 billion, and 19.6 billion HKD. The corresponding PE ratios are estimated to be 29.2, 28.0, and 26.6 times [2][44][46]. Investment Income - As of the end of May, the relevant interest rates for investment income have decreased compared to the previous month. The 6-month HIBOR was 2.16%, the 1-month HIBOR was 0.59%, and the overnight HIBOR was 0.03% [23][31][44]. Macro Environment - The domestic economic climate has shown signs of recovery, with the manufacturing PMI for May at 49.50%, indicating a slight improvement. Meanwhile, overseas liquidity has tightened due to the postponement of interest rate cuts by the Federal Reserve, which is expected to maintain the federal funds rate at 4.25%-4.50% [32][36].

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]