证券时报·2025-08-09 03:46Core Viewpoint - Citigroup Inc. has increased its stake in Hong Kong Exchanges and Clearing Limited (HKEX) by acquiring 225,000 shares for approximately HKD 93.8594 million, raising its total holdings to 63.4947 million shares, which represents 5% of the company, making it the second-largest shareholder after the Hong Kong SAR government [1][3]. Group 1: Shareholding Structure - The largest shareholder of HKEX is the Hong Kong SAR government, holding 5.9% of the shares, while Citigroup is the second-largest shareholder with 5% [3]. - Other significant shareholders include various mutual funds such as E Fund, GF Fund, and Huaxia Fund, which hold HKEX shares through multiple fund types, including actively managed funds and passive index funds [3]. - E Fund's two funds, managed by Zhang Kun, have maintained their holdings in HKEX, while other funds like E Fund Hong Kong Securities ETF have reduced their positions [3]. Group 2: Market Activity and Performance - The Hong Kong stock market has seen increased activity this year, with net inflows from southbound funds exceeding the total for the previous year, and IPO financing returning to the top globally [1][3]. - Goldman Sachs and other foreign investment banks have repeatedly raised their target prices for HKEX, with Goldman Sachs recently increasing its target price from HKD 450 to HKD 500 per share, based on better-than-expected average daily trading volumes [4][5]. Group 3: Earnings and Growth Potential - HKEX's earnings model is highly dependent on trading volume and transaction value growth, with the average daily trading amount reaching HKD 240.2 billion in the first half of the year, a significant year-on-year increase of 118% [5]. - Potential catalysts for earnings improvement include the A+H share listing boom, the strengthening of Hong Kong's status as an international financial center, and continued inflows from southbound funds [6].