Ge Long Hui·2025-12-29 05:56Core Viewpoint - UBS research report indicates that NetEase is likely to meet the dual primary listing criteria of the Hong Kong Stock Exchange, with its Hong Kong trading volume reaching 57% of its global trading volume as of December 25, surpassing the 55% threshold set by the exchange [1] Group 1 - NetEase is expected to begin preparations for meeting the requirements for dual primary listing status next year, with a potential conversion by early 2027 [1] - If successful in obtaining dual primary listing status, NetEase could qualify for inclusion in the Hong Kong Stock Connect program, with a possible inclusion date in September 2027 if it does not meet the fast-track criteria [1] - The announcement to initiate the dual primary listing process may serve as a short-term positive catalyst for the company [1] Group 2 - UBS maintains a "Buy" rating on NetEase's U.S. stock with a target price of $185, and a target price of HKD 288.6 for its Hong Kong stock [1] - The firm continues to be optimistic about NetEase's top-tier research and development capabilities and its long-standing gaming operations [1] - Anticipation for a new game cycle in the second half of next year is also highlighted as a positive factor for the company [1]