Core Viewpoint - The Shenzhen Stock Exchange 2025 Global Investor Conference highlighted the theme of "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market," showcasing the investment value of Chinese assets and the A-share market [1]. Group 1: Regulatory Suggestions - The need for improved communication channels with regulators was emphasized, suggesting the establishment of a consultation website or direct contact between review teams and project teams to enhance efficiency in the pre-communication process [1]. - It was noted that issues faced by companies during pre-communication may require input from multiple government departments, advocating for an earlier involvement of these departments to provide clearer responses to enterprises [2]. - The suggestion was made to regularly compile and publish common issues faced by companies during the filing process, which would help reduce redundant efforts and streamline the regulatory burden on both enterprises and regulators [2]. Group 2: Market Opportunities - The conference also discussed the potential for facilitating high-quality domestic enterprises to list in Hong Kong, while simultaneously creating opportunities for quality Hong Kong-listed companies to raise funds in the A-share market, promoting a two-way exchange and enhancing the internationalization of the domestic capital market [2].

Core Viewpoint - The press conference for Cluster Group Holdings' listing in the U.S. marks the beginning of a new journey in the global capital market, symbolizing a significant milestone in the company's development [1][3]. Group 1: Event Overview - The press conference took place on March 23, 2025, at the Hongqiao Jinjiang Hotel in Shanghai, organized by Cluster Group Holdings and supported by various partners and government officials, attracting nearly 300 attendees [1][2]. - The event featured a lion dance performance symbolizing prosperity and was attended by notable figures from government, business, and media [2][3]. Group 2: Leadership Statements - Chairman Wang Zhihong expressed gratitude for the support from the supply chain team and World Financial Holdings, emphasizing the importance of this listing for the company's global strategy [3][6]. - Yang Dao, Chairman of World Financial Holdings, highlighted the unique O2O IoT service platform of Cluster Group, which has garnered attention in the U.S. capital market [3][4]. Group 3: Future Strategy and Operations - The company plans to leverage international capital to enhance technological innovation and industry upgrades, aiming for long-term development [4][8]. - Future operations will include restructuring, mergers, and compliance with U.S. SEC regulations, with a target stock price of $200 [10]. Group 4: Media Engagement - Following the conference, key executives participated in interviews with major media outlets, discussing the company's strategic planning and the journey towards U.S. listing [12][13].

Core Viewpoint - The article emphasizes the need for further international integration of China's capital market, suggesting improvements in corporate governance and enhanced foreign investment mechanisms to create a more attractive investment environment [2][4]. Group 1: Recommendations for Capital Market Development - The company proposes three key recommendations to accelerate capital market development: 1. Strengthening shareholder returns by increasing the assessment of free cash flow and using Return on Invested Capital (ROIC) as a key metric for investment decisions [8]. 2. Implementing a long-term capital assessment mechanism to attract long-term funds and enhance the market's value discovery function [8]. 3. Enhancing information disclosure for foreign investors, including improving English disclosures and increasing overseas roadshow activities [8]. Group 2: Context of the Recommendations - The recommendations are presented in the context of the ongoing "14th Five-Year Plan" and the recent meetings of the National People's Congress and the Chinese People's Political Consultative Conference, highlighting the importance of these discussions for the future of China's capital market [4][11]. Group 3: Role of Nomura Orient International Securities - As one of the first foreign-controlled securities firms following the financial opening policies in 2018, the company positions itself as both a beneficiary and a contributor to the ongoing reforms in China's capital market [2].