近日彭博社报道，有知情人士称，长江和记实业（0001.HK）正考虑让旗下屈臣氏集团在中国香港、英国双重上市，首次公开募股计划于明年上半年进行。 11月24日，长江和记实业集团公司事务部回应南都湾财社记者称，集团不评论任何市场传闻或揣测。 创立于1841年的屈臣氏是历史悠久的健康与美容零售集团，1981年被李嘉诚成功收购。2014年2月，李嘉诚曾在长江和记实业（下称"长和"）业绩说明会上 明确，屈臣氏会在两地上市，其中一个肯定是香港。但仅1个月后，长和以440亿港元将24.95%的屈臣氏集团股权卖给新加坡投资公司淡马锡（Temasek）， 至此，淡马锡成为了屈臣氏第二大股东。 往后几年，偶尔有媒体传出屈臣氏IPO、淡马锡出售屈臣氏股权的消息，但始终没有明确结果。据华尔街见闻2024年的报道，淡马锡控股副首席执行长谢松 辉对外表示，屈臣氏集团上市计划仍然存在，目标不变。 近年长和财报显示，屈臣氏集团中国市场持续承压。长和拥有港口及相关业务、零售、基建、电讯这四大业务，2024年，长和的零售业务（即屈臣氏集团） 收益同比增长4%至1901.93亿港元，EBITDA同比增长1%至163.95亿港元。 但按照地区来看， ...

据长和发布的2025年上半年财务报告，屈臣氏集团旗下公司组成的零售部门，收益总额988.4亿港元， 同比增长8%。尽管全球表现较佳，但其在中国收益总额为66.66亿港元，同比下滑3.1%。 消息面上，据媒体援引知情人士报道，长和正考虑将旗下屈臣氏进行双重上市，筹资或高达20亿美元。 知情人士透露，屈臣氏集团于香港和英国上市的基础工作已在进行中，首次公开募股(IPO)计划于明年 上半年进行。据了解，若进程顺利，其估值有望突破300亿美元，成为港股近年来最大消费零售IPO之 一。 长和(00001)盘中涨超3%，截至发稿，涨2.25%，报54.65港元，成交额2.85亿港元。 ...

屈臣氏集团是跨国综合企业长江和记实业有限公司的成员。长江和记业务遍及50个国家及地区，经营港 口及相关服务、零售、基建以及电讯等四项核心业务。截至11月21日，长和总市值高达2050亿港元。 值得注意的是，2024年就曾传出屈臣氏上市的消息，持有屈臣氏集团股权的新加坡主权基金淡马锡当时 表示，屈臣氏集团上市计划仍然存在、目标不变，但最终由屈臣氏董事局及管理层决定上市时间、地 点、集资额等。 智通财经APP获悉，据媒体援引知情人士报道，长和(00001)正考虑将旗下一家全球最大的健康与美容零 售商屈臣氏进行双重上市，筹资或高达20亿美元。知情人士透露，屈臣氏集团于香港和英国上市的基础 工作已在进行中，首次公开募股(IPO)计划于明年上半年进行。据了解，若进程顺利，其估值有望突破 300亿美元，成为港股近年来最大消费零售IPO之一。 公开资料显示，屈臣氏集团创立于1841年，是国际知名健康与美容零售集团，如今在31个市场经营12个 品牌逾17,000家商店，每年通过线下及线上平台服务超过60亿名顾客。据长和发布的2025年上半年财务 报告，屈臣氏集团旗下公司组成的零售部门，收益总额988.4亿港元，同比增长8%。 ...

为了增强对区域内顶尖科技公司的吸引力，新加坡宣布了一项允许上市公司仅提交一套文件，便可同步在新加坡交易所和美国纳斯达克交易所挂牌的政策。 根据新交所和纳斯达克周三晚间发布的公告，新交所将在2026年中推出"全球上市板"（Global Listing Board），为市值达到20亿新元（约合人民币108亿 元）及以上的公司提供一套统一且简易的"跨太平洋融资框架"。 新上市框架和"全球上市板"旨在吸引的公司非常明确。纳斯达克CEO阿德娜·弗里德曼表示，这一双重上市桥接是"同类中的首例"，这对于在亚洲有业务、 希望获得全球曝光并获得统一监管体验的公司来说值得兴奋。 （来源：新交所集团） 也就是说，符合条件的公司只需要填写一套文件，就能同时满足两地交易所的监管要求。 新交所集团首席执行官罗文才也表示，跨越不同时区的双重上市对投资者同样有利。他说："你几乎可以全天候进行价格发现...鉴于目前的波动性，这让投 资者可以进行24小时的风险管理，同时也为投资者提供了选择，不论是以美元计价还是以新加坡元计价。" 值得一提的是，新加坡国家发展部长兼金管局副主席徐芳达也在新闻发布会期间提及，这一双重上市框架也向希望在东南亚展业的中 ...

Core Insights - The new cross-border listing framework aims to attract tech growth companies from Asia to the IPO market, enhancing access to global capital [2][4] - The initiative is expected to launch by mid-next year, pending regulatory approval, and is designed to streamline the IPO process for issuers [3][4] - There is a growing pipeline of over 30 companies preparing for IPOs on SGX, indicating a robust market environment [13] Group 1: IPO Market Dynamics - The IPO market has seen a turnaround recently, with $2.4 billion raised in the third quarter across various companies, including SaaS firms [8] - The framework will provide a single set of documents for issuers, simplifying the regulatory obligations [3] - Companies like Grab and Sea, which previously listed overseas, may consider returning to the local market due to this new mechanism [4] Group 2: Market Opportunities - There is significant interest from unicorns and tech companies in Southeast Asia looking to list, supported by venture capital and private equity [5][10] - The SGX is positioned to attract Chinese companies seeking to expand their footprint outside of China, leveraging multiple listing pathways [9] - The introduction of the Next 50 Index aims to enhance the representation of tech and AI companies within the market [11] Group 3: Future Growth Projections - The company anticipates revenue growth of 6 to 8% over the medium term, with plans to expand its FX business and launch new financial products [14][15] - The ongoing consultations with the ecosystem indicate a positive sentiment among companies looking to IPO, which is expected to bolster the market further [6][7] - The company is exploring acquisitions to strengthen its multi-asset platform, focusing on commodities and risk management tools [16][17]

中国银河国际投行业务集团主管Jason Saw表示，新加坡交易所与纳斯达克的双重上市合作可能有助于 提振新加坡公司的估值。新加坡交易所和纳斯达克正寻求简化对市值至少20亿新加坡元的公司的双重上 市要求，该计划定于2026年年中启动。Saw表示："新加坡交易所-纳斯达克双重上市桥梁对高价值案例 来说很有意义。"他补充说，该合作可能吸引一批新经济公司来到新加坡，并有助于使新加坡与其同行 中国香港区别开来。新加坡交易所股价最新收盘下跌0.1%，报16.80新加坡元。 ...

Singapore's central bank said on Wednesday it would make it easier for companies to establish dual listings on the Singapore Exchange and the Nasdaq, aiming to boost the city-state's appeal as a hub for high-growth businesses. ...

近期，A股上市公司涛涛车业被传出正考虑港股上市计划。而作为早在2007年就登陆纳斯达克的"老大哥"康迪科技也被媒体们反复提及一个关键性问题，那 就是是否应该探索美股之外的港股上市可能性？ 媒体的舆论反应实际是中国智能电动车出海企业的资本策略正在发生微妙变化。 对康迪科技而言，"N+H"的双重上市结构能有效规避单一市场（尤其是美股）的监管不确定性，为其全球资产配置的机构投资者提供更灵活的进入和退出 通道 。 在这一点上，涛涛车业显然看得更加透彻，其早早地就布局了"A+H"的通路。其核心思路就是通过港股融资，吸引国际资本（如主权基金、长线投资者）， 构建多元化融资体系，强化北美市场与亚洲供应链产能通路的风险。 与涛涛车业相比，康迪科技并不存在国际化的问题。只是需要让华尔街清晰地认识到其自2025年以来的智能化战略，破除对康迪科技的认知和定价逻辑仍停 留在"传统制造"的旧范式中的旧印象。 若康迪科技未来选择港股上市，将获得多重优势。 在全球化格局重构的当下，这不仅是一个简单的上市地点选择，更关乎中国制造业出海企业未来的资本运作空间和战略灵活性。 作为后来者，涛涛车业在2023年于深交所创业板上市，比康迪科技上市晚了 ...

Core Viewpoint - Deloitte estimates that Hong Kong's fiscal budget for 2025/26 will be approximately balanced with a surplus of HKD 15.6 billion, and the fiscal reserves are expected to reach around HKD 669.9 billion by March 31, 2026, reflecting a year-on-year increase of 2.4% from HKD 654.3 billion last year [1] Group 1: Fiscal Proposals - Deloitte suggests developing the Northern Metropolis as a new growth engine for Hong Kong, proposing investment tax credits and subsidies for businesses investing in the area, as well as a 150% special tax deduction for interest expenses and professional fees related to bonds issued for supporting the development [1] - A dedicated tax framework is recommended for the Hong Kong-Shenzhen Innovation and Technology Cooperation Zone, extending tax incentives to activities in the Shenzhen area [1] Group 2: Tax Optimization and Dual Listing - Recommendations include optimizing tax policies to promote dual listings and capital investment, such as providing a "safe harbor" for companies dual-listed in Hong Kong and reducing the stamp duty rate on transactions involving dual-listed company shares by 0.05% [2] - The proposal to change the interest expense deduction condition from "actual taxation" to "applicable tax rate" standard for Corporate Treasury Centers (CTC) and provide unilateral tax credits for CTC income [2] Group 3: Financial Services and Wealth Management - The expectation to maintain Hong Kong's competitive advantage as a regional asset and wealth management center includes offering preferential tax regimes for eligible fund managers, reducing the profits tax rate to 8.25% [2] - Additional recommendations include tax incentives for licensed digital asset market participants and single-family offices, as well as enhancing the charitable ecosystem [2]

Core Viewpoint - The company reported better-than-expected Q3 2025 results, driven by strong performance from the China and TUMI brands [1] Financial Performance - Q3 2025 net sales reached $873 million, a year-on-year decrease of 1.3% at constant exchange rates [1] - Adjusted EBITDA was $143 million, with an adjusted EBITDA margin of 16.3%, down from 17.6% in the same period last year [1] - Adjusted net profit was $63.6 million, compared to $79.7 million in the previous year [1] Growth Trends - Management anticipates a long-term global passenger travel growth rate of approximately 4% from 2024 to 2029, benefiting from sustained travel demand [1] - The company is expected to gain from the replacement cycle of luggage purchases following the rebound in travel from 2021 to 2023 [1] - Sales need to grow over 5% to achieve operational leverage release, with advertising expenses projected to remain at 6-6.5% of sales [1] Shareholder Returns - The dividend payout ratio is maintained at 40%, with a stock buyback plan to be finalized by the board in early 2026 [1] - The company plans to complete a dual listing in the U.S. by 2026, depending on market conditions [1] Earnings Forecast and Valuation - Due to stronger-than-expected recovery in Asia and the upcoming Q4 2025 shopping season, revenue and net profit forecasts for 2025 have been raised by 3% and 12% to $3.513 billion and $302 million, respectively [1] - For 2026, revenue and net profit forecasts have been increased by 3% and 8% to $3.753 billion and $342 million, respectively [1] - The target price has been raised by 20% to HKD 24, indicating a 44% upside based on a 13x 2026 P/E ratio [1]