Market Overview - The Hang Seng Index closed down 146 points at 27,140, despite a weekly gain of 1,012 points or 3.88% [3][4] - The National Index fell 66 points or 0.68%, closing at 9,658, with a weekly increase of 355 points or 3.82% [3] - The Technology Index decreased by 60 points or 0.9%, ending at 6,622, but recorded a weekly rise of 427 points or 6.9% [3][4] Economic Indicators - During the first four days of the Golden Week, over 877,000 mainland visitors traveled to Hong Kong, representing a year-on-year increase of over 7% [7] - The retail sales value for August reached HKD 30.3 billion, up 3.8% year-on-year, marking the largest increase in 20 months [7] - The influx of tourists and a stable local property market are contributing to the gradual stabilization of the retail sector [7] Company News - Semiconductor company SMIC (00981) and Alibaba (09988) showed resilience, with SMIC rising 1.4% to HKD 90.9 and Alibaba increasing 1.1% to HKD 185.1 [3] - Macau Legend Development (01680) announced a rights issue at a ratio of 2 existing shares for 1 new share, raising approximately HKD 93 million [12] - Moser Baer International (00130) issued convertible bonds worth HKD 25 million to offset outstanding loans, with a conversion price set at HKD 0.3 [13]

Core Viewpoint - The Hong Kong government is actively working to enhance its capital markets by attracting more overseas issuers and facilitating the return of mainland companies to the Hong Kong stock exchange, while ensuring the robustness and quality of the regulatory framework [1] Group 1: Market Performance - In the first nine months of this year, the average daily trading volume of Hong Kong stocks increased by 126% year-on-year [1] - Approximately 69 new stocks have been listed in the first nine months [1] Group 2: Regulatory Developments - The government is collaborating with the Hong Kong Stock Exchange and the Securities and Futures Commission to improve the main board listing mechanism [1] - There is an ongoing review of the specific requirements for secondary and dual listings to optimize them in line with market developments [1] - The government is considering further adjustments to the "same share, different rights" structure, including potential enhancements to market capitalization and innovation industry regulations [1] Group 3: Public Holding Requirements - The current public holding requirement for listed companies is at least 25%, which is essential for price discovery and maintaining market depth [1] - Large companies seeking to list in Hong Kong may obtain exemptions based on their offering size and past approval practices, although there is no explicit market capitalization threshold [1]

Core Insights - The report highlights the challenges faced by the Federal Reserve, including a softening job market and inflation exceeding targets [3] - The U.S. government shutdown has led to increased investments in risk assets, with Bitcoin reaching a new all-time high [3] - The Hong Kong Stock Exchange reports that as of September 30, 277 companies are in the IPO queue [3] Economic Data - The Baltic Dry Index closed at 1901.00, down 0.42% [4] - The Nasdaq Index closed at 22780.51, down 0.28% [4] - The 2-year U.S. Treasury yield rose by 4.11 basis points to 3.568% [3] - The 10-year U.S. Treasury yield increased by 3.46 basis points to 4.115% [3] New Stock Information - New IPO: Xuan Zhu Biological - B, scheduled for October 6, 2025 [4]

Group 1 - The U.S. stock market showed mixed results last Friday, with AMD dropping nearly 3% and the Chinese concept index declining by 1.15% [1] - OPEC+ plans to increase production by 137,000 barrels per day in November [1] - Goldman Sachs reports that client bullish sentiment has reached a 10-month high, driven by AI rebounds leading to FOMO trading [1] - Major chip manufacturers have raised product prices, with Morgan Stanley predicting a super cycle in the memory chip industry [1] - Tencent's mixed reality model, "Mingyuan 3.0," topped the LMArena in a global blind test [1] Group 2 - As of September 30, the Hong Kong Stock Exchange has 277 companies in the IPO queue [1] - A significant number of companies are reducing their holdings, including Nanya New Materials and Zhangjiang Hi-Tech, with New Yisheng's chairman cashing out nearly 4.2 billion [1] - Foxconn reported a 14.19% year-on-year revenue increase in September, exceeding expectations [1] - China Financial Leasing plans to issue shares at a 2.34% discount to Antalpha's founder Jin Xin, raising approximately 86.47 million HKD for investments in Web3 and AI [1] - Huo Yan Holdings intends to raise 152 million HKD through a 2-for-1 rights issue to meet operational and expansion funding needs [1] - Huaxin Cement plans to repurchase shares worth 32.25 million to 64.5 million CNY [1]

Market Performance - The Hang Seng Index fell by 146.2 points, a decrease of 0.54%, closing at 27,140.92 points [1] - The Hang Seng China Enterprises Index dropped by 66.04 points, down 0.68%, closing at 9,658.34 points [1] - The Hang Seng Tech Index decreased by 60.01 points, a decline of 0.9%, closing at 6,622.85 points [1] Blue Chip Stocks - Tencent Holdings decreased by 0.44%, closing at 673.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.22%, closing at 450.2 HKD [1] - China Mobile dropped by 0.47%, closing at 84.55 HKD [1] - HSBC Holdings declined by 0.81%, closing at 109.9 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.32%, closing at 38.02 HKD [1] - Sun Hung Kai Properties fell by 0.96%, closing at 93 HKD [1] - Henderson Land Development decreased by 0.15%, closing at 27.46 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.7%, closing at 4.23 HKD [1] - China Construction Bank fell by 0.41%, closing at 7.37 HKD [1] - Industrial and Commercial Bank of China dropped by 0.52%, closing at 5.7 HKD [1] - Ping An Insurance decreased by 0.47%, closing at 52.95 HKD [1] - China Life Insurance fell by 0.27%, closing at 22.04 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.73%, closing at 4.06 HKD [1] - China National Petroleum Corporation fell by 0.83%, closing at 7.14 HKD [1] - CNOOC Limited dropped by 0.42%, closing at 18.85 HKD [1]

FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港交易及結算所有限公司 | | | 呈交日期: | 2025年10月3日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | 香港交易所並無法定股本，及其股本並無股份面值。 | | | FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

Group 1 - Zijin Gold International Limited (HK.2259) successfully listed on the Hong Kong Stock Exchange, marking the second largest IPO globally this year [1] - This listing exemplifies the trend of mainland Chinese companies leveraging the Hong Kong capital market for international expansion [1] - The Hong Kong Stock Exchange will continue to play a vital role in connecting high-quality Chinese enterprises with international capital, supporting their globalization efforts [1]

Group 1 - Institutional investors play a crucial role in the IPO process on the Hong Kong Stock Exchange, influencing pricing, market confidence, and post-listing liquidity [2][3] - The typical structure of an IPO consists of a public offering (10%) and an international placement (90%), with a mechanism to adjust allocations based on demand [2][3] - Cornerstone and anchor investors are key participants, with cornerstone investors committing to purchase shares before the roadshow, providing market endorsement [5][6] Group 2 - The pricing mechanism is driven by an institutional-led bookbuilding process, where institutional investors' expertise and capital size help determine the final issue price [3][4] - Lock-up periods for cornerstone investors are typically six months, with additional restrictions for major shareholders, ensuring stability and reducing short-term speculation [4][5] - The selection criteria for institutional investors emphasize qualifications, background, and synergy with the issuer, ensuring a stable and supportive investor base [6] Group 3 - Transparency and information disclosure are critical, with requirements for revealing details about cornerstone investors and the allocation results of international placements [6] - The Hong Kong Stock Exchange's unique features include a globalized investor base and a market-driven pricing mechanism, allowing for flexible adjustments based on market conditions [6] - The green shoe option allows underwriters to request additional purchases from institutional investors to stabilize post-listing share prices, enhancing market confidence [6]

Market Performance - The Hang Seng Index increased by 431.56 points, a rise of 1.61%, closing at 27,287.12 points [1] - The National Enterprises Index rose by 169.05 points, closing at 9,724.38 points, with a gain of 1.77% [1] - The Hang Seng Tech Index saw an increase of 217.2 points, closing at 6,682.86 points, reflecting a growth of 3.36% [1] Blue-Chip Stocks - Tencent Holdings rose by 2.04%, closing at 676.5 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.08%, closing at 451.2 HKD [1] - China Mobile saw a rise of 0.53%, closing at 84.95 HKD [1] - HSBC Holdings increased by 1.28%, closing at 110.8 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.48%, closing at 37.9 HKD [1] - Sun Hung Kai Properties rose by 0.75%, closing at 93.9 HKD [1] - Henderson Land Development saw a slight increase of 0.22%, closing at 27.5 HKD [1] Chinese Financial Stocks - Bank of China remained unchanged, closing at 4.26 HKD [1] - China Construction Bank decreased by 1.07%, closing at 7.4 HKD [1] - Industrial and Commercial Bank of China fell by 0.17%, closing at 5.73 HKD [1] - Ping An Insurance rose by 0.28%, closing at 53.2 HKD [1] - China Life Insurance remained unchanged, closing at 22.1 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation increased by 0.99%, closing at 4.09 HKD [1] - China National Petroleum Corporation rose by 1.69%, closing at 7.2 HKD [1] - CNOOC Limited saw a decrease of 0.58%, closing at 18.93 HKD [1]

Core Viewpoint - The Hong Kong Stock Exchange has proposed amendments to the Listing Rules regarding structured products to enhance market competitiveness, efficiency, and investor protection, with a consultation period ending on November 11, 2025 [1] Summary by Categories Proposed Amendments - The amendments include three main aspects: 1. Lowering the minimum issuance price and the thresholds for issuing structured product ETFs to enhance market competitiveness [2] 2. Increasing the asset net worth requirements for issuers and mandating investment-grade ratings from credit rating agencies to protect investor interests [2] 3. Reducing the administrative burden on issuers by allowing securities dealers who are also issuers to provide discounts, thereby improving market efficiency [2]