Core Viewpoint - The company, Youbao Online (02429.HK), has announced the board's approval for the implementation of H-share full circulation, converting 40,671,930 non-listed domestic shares into H-shares, pending necessary approvals [1] Summary by Relevant Sections - **H-share Full Circulation Proposal** - The board has approved the conversion of 40,671,930 non-listed domestic shares into H-shares [1] - This conversion will occur after obtaining all relevant approvals, including from the China Securities Regulatory Commission [1] - **Listing and Trading** - The company will apply for the approval of these H-shares to be listed and traded on the main board of the Hong Kong Stock Exchange [1] - According to the company's articles of association, no shareholder approval is required for the conversion and listing [1]

Core Viewpoint - The company, Youbao Online (02429), has announced the board's approval for the implementation of full circulation of H-shares, converting 40.67 million non-listed domestic shares into H-shares [1] Group 1 - The board approved the proposal on October 20, 2025 [1] - A total of 40.67 million domestic shares will be converted into H-shares upon obtaining all necessary approvals, including from the China Securities Regulatory Commission [1] - The company will apply for the listing and trading of these H-shares on the main board of the Stock Exchange of Hong Kong [1] Group 2 - According to the company's articles of association, shareholder approval is not required for the conversion and listing of the shares [1]

Core Viewpoint - Guofu Hydrogen Energy (02582) has submitted a filing application to the China Securities Regulatory Commission (CSRC) for the implementation of full circulation of H-shares, converting a total of 18.4168 million domestic shares into H-shares [1] Group 1 - The company plans to convert 18.4168 million domestic shares into H-shares, which will be listed and traded on the Hong Kong Stock Exchange [1] - The conversion is subject to the completion of all filing requirements and obtaining all necessary approvals, including those from the CSRC and the Hong Kong Stock Exchange [1] - The H-shares will be equivalent in number to the domestic shares being converted, maintaining a one-to-one ratio [1]

Core Viewpoint - The adjustment of the Hong Kong Stock Connect list, including the removal of HuTongDa Network, primarily impacts short-term liquidity rather than the company's fundamental performance [1][2]. Group 1: Company Performance - HuTongDa Network's net profit for the first half of 2025 reached 139 million yuan, a year-on-year increase of 10.8%, with a gross margin improvement from 3.5% to 4.6% [1]. - The company has over 7.8 billion yuan in cash and financial investments as of June 30 [1]. - The removal from the Hong Kong Stock Connect is attributed to liquidity issues rather than a decline in the company's fundamentals [1]. Group 2: Market and Policy Context - The removal from the Hong Kong Stock Connect is linked to HuTongDa's current market capitalization not meeting the required standards, but the company is actively pursuing a "full circulation" process to enhance its market value [2]. - The conversion of 350 million domestic shares to H-shares is expected to increase the H-share circulation ratio from 32.04% to 94.21%, significantly boosting the company's market capitalization [2]. - The full circulation initiative is part of a broader trend initiated by the China Securities Regulatory Commission to enhance market participation and liquidity for eligible companies [2][4]. Group 3: Strategic Initiatives - HuTongDa is focusing on optimizing its capital structure and enhancing liquidity through the full circulation process, which is anticipated to attract more passive index funds and international investors [2][4]. - The company is undergoing a strategic transformation to improve profitability by reducing low-margin businesses and enhancing its product matrix through partnerships and self-branded products [4]. - Self-branded product revenue surged by 490% year-on-year, exceeding 80 million yuan, with a gross margin over 25% [4]. Group 4: AI Integration and Growth - HuTongDa is leveraging AI technology to enhance operational efficiency, with AI-related revenue accounting for over 20% of total service revenue in the first half of 2025 [5]. - The company has implemented over 24 AI applications to improve supply chain and store management efficiency, resulting in a 30% increase in retail store operational efficiency [5]. - The collaboration with Alibaba Cloud for comprehensive AI solutions positions HuTongDa at the forefront of industry innovation [5]. Group 5: Future Outlook - The full circulation process is expected to resolve current liquidity constraints and facilitate HuTongDa's return to the Hong Kong Stock Connect, attracting quality investors [6]. - The synergy between improved capital structure, business growth, and AI advancements is anticipated to lead to a revaluation of the company's market value [6]. - HuTongDa's experience may serve as a reference for other Hong Kong enterprises seeking to leverage reform benefits for high-quality development [6].

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, indicating progress in its capital market strategy [1] Group 1 - The company has completed the filing for a total of 135 million domestic shares for H-share full circulation with the China Securities Regulatory Commission [1] - The filing notice is valid for 12 months starting from September 29, 2025 [1] - The company plans to apply to the Stock Exchange of Hong Kong for approval of the related H-share listing and trading [1]

Core Viewpoint - Weigao Group (01066) announced that its board has approved the proposal for the full circulation of 48.3 million unlisted shares held by certain shareholders, which represents approximately 1.06% of the total issued shares as of the announcement date [1] Summary by Relevant Sections - **Shareholder Approval** The board of Weigao Group has reviewed and approved the proposal regarding the conversion of 48.3 million unlisted shares into H-shares, pending all necessary approvals [1] - **Regulatory Compliance** The conversion of the 48.3 million unlisted shares into H-shares will occur after obtaining all relevant approvals, including the filing notice from the China Securities Regulatory Commission and approval from the Stock Exchange of Hong Kong, while adhering to all applicable laws, rules, and regulations [1] - **Listing Application** The company will apply to the Stock Exchange of Hong Kong for the listing and trading of the H-shares on the main board [1]

Core Viewpoint - The company, InnoCare Pharma (02577.HK), has submitted an application to the China Securities Regulatory Commission to convert 373,841,270 domestic unlisted shares into H-shares, aiming for full circulation of H-shares [1] Summary by Relevant Sections Company Actions - InnoCare Pharma has applied for the conversion of 373,841,270 domestic unlisted shares into H-shares, which will allow these shares to be traded on the Hong Kong Stock Exchange after obtaining necessary regulatory approvals [1] - The total share capital of the company is 894,400,653 shares, with H-shares totaling 504,841,187 shares, representing approximately 56.44% of the total share capital [1] Shareholder Communication - Communication with all holders of domestic unlisted shares indicates that 373,841,270 shares, or about 95.97% of the total domestic unlisted shares, support the H-share full circulation application, which accounts for approximately 41.80% of the company's total share capital [1] Post-Conversion Structure - Upon completion of the H-share full circulation, the total number of H-shares will increase to 878,682,457 shares, representing approximately 98.24% of the company's total share capital, while the number of domestic unlisted shares will decrease to 15,718,196 shares, accounting for about 1.76% of the total share capital [1]

Core Viewpoint - InnoCare Pharma (02577) has submitted an application to the China Securities Regulatory Commission (CSRC) to convert 374 million domestic unlisted shares into H-shares, aiming for listing on the Hong Kong Stock Exchange [1] Group 1 - The company submitted the application on September 29, 2025 [1] - The conversion of domestic unlisted shares into H-shares is contingent upon obtaining approvals from relevant regulatory bodies, including the CSRC and the Hong Kong Stock Exchange [1] - Upon completion of the necessary regulatory approvals and compliance with applicable laws and regulations, the shares will be eligible for trading on the main board of the Hong Kong Stock Exchange [1]

Core Viewpoint - The company has submitted a filing application for the full circulation of H-shares concerning 104 million unlisted shares held by several shareholders, representing approximately 25.98% of the total issued share capital as of the announcement date [1] Group 1 - The China Securities Regulatory Commission (CSRC) accepted the company's application on August 25, 2025 [1] - The full circulation of H-shares is pending all relevant approvals, including the CSRC's filing notice and the conversion and listing [1]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of June 30, 2025, with "沪上阿姨" (02589) being included in the Hang Seng Composite Index, effective after market close on September 5, 2025, and effective from September 8, 2025 [1] - According to Huatai Securities research report, "沪上阿姨" is likely to be included in the Stock Connect program due to meeting various criteria including market capitalization, liquidity, and listing duration [1] - "沪上阿姨" announced that on July 4, 2025, the board approved a proposal to convert up to 35,255,992 shares of unlisted domestic shares into H-shares, representing approximately 33.51% of the total issued share capital as of the announcement date [1]