Zhi Tong Cai Jing·2025-09-26 03:08Core Viewpoint - Chow Tai Fook's share price has increased by over 4%, currently trading at 8.42 HKD, with a transaction volume of 46.07 million HKD, following the release of its annual performance report [1] Financial Performance - For the fiscal year ending June, Chow Tai Fook reported a 4% increase in profit attributable to shareholders, reaching 2.162 billion HKD [1] - In the second half of the fiscal year, the company's recurring profit grew by 18% year-on-year to 1.4 billion HKD, exceeding expectations by 19% [1] - The final dividend declared is 0.35 HKD per share, remaining unchanged year-on-year, which aligns with market expectations [1] Strategic Initiatives - Chow Tai Fook plans to issue 22.18 billion HKD of 0.75% exchangeable bonds maturing in 2028, with the underlying asset being approximately 10% of the issued share capital of its investment in First Holdings [1] - Following the completion of this transaction, Chow Tai Fook will exit its investment in First Holdings, which is viewed by CICC as a significant opportunity for First Holdings to optimize its shareholding structure [1] - The completion of this transaction is expected to significantly improve the liquidity of First Holdings [1]