Core Viewpoint - The Chairman of the Hong Kong Securities and Futures Commission, Dr. Huang Tianyou, emphasized Hong Kong's pivotal role as a major international financial center and its commitment to enhancing this status to support the nation's high-quality development [1] Group 1: Regulatory Framework and Market Engagement - Over the past year, the Hong Kong Securities and Futures Commission has maintained an open attitude, actively seeking market opinions and collaborating with various stakeholders, including investors and the business community, to improve the regulatory framework [1] - The Commission hosted multiple seminars and forums, with over a thousand participants, showcasing the vibrancy and enthusiasm of the financial sector [1] Group 2: Digital Economy and Asset Management - In response to the digital economy trend, the Hong Kong Securities and Futures Commission, in collaboration with the Financial Services and the Treasury Bureau, conducted extensive consultations on the licensing system for digital asset trading and custody service providers, aiming to establish a robust and competitive digital asset ecosystem [1] - The recent announcement of the "Fixed Income and Currency Market Development Roadmap" by the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority highlights their commitment to working closely to position Hong Kong as a global bond center and offshore RMB center, aligning with the nation's ambitious development plans [1]

Group 1 - The 2025 Policy Address by the Chief Executive of Hong Kong emphasizes measures to support Hong Kong's development as a leading international financial center, which has been welcomed by the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) [1][2] - The SFC believes that the proposed measures to strengthen the stock market and optimize the listing system will solidify Hong Kong's position as a preferred listing location globally [1] - Suggestions to include Renminbi counters and Real Estate Investment Trusts (REITs) in the Stock Connect program are expected to deepen ties between Hong Kong and mainland markets [1] Group 2 - The Policy Address highlights the development of the fixed income and currency markets through measures such as promoting bond issuance and establishing a commercial repurchase market, which the SFC views as a boost for market diversification and attractiveness to global investors [1] - The SFC and the Hong Kong Monetary Authority (HKMA) are collaborating to create a comprehensive roadmap for the fixed income and currency markets, with discussions on new opportunities scheduled for the Hong Kong Fixed Income Forum on September 25 [1] - The HKEX Chairman expressed support for the Policy Address, noting that the initiatives will help promote sustainable development and broaden Hong Kong's financial ecosystem [2] Group 3 - The HKMA introduced a new measure under the "SME Financing Guarantee Scheme," extending the application period for 80% of credit guarantee products until March 2028, with an additional HKD 20 billion allocated, raising the total guarantee to HKD 310 billion [3] - The "interest-only" repayment arrangement has been extended for another year, with the application period now ending on November 17, 2026 [3] - The Hong Kong Mortgage Corporation will follow up with lending institutions to implement these arrangements, with businesses able to inquire about specifics starting November 1, 2025 [3]

Group 1 - The Hong Kong Securities and Futures Commission (SFC) welcomes measures in the Chief Executive's 2025 Policy Address aimed at supporting Hong Kong's development as a leading international financial center [1] - The Policy Address includes suggestions to strengthen the stock market and optimize the listing system, reinforcing Hong Kong's position as a preferred global listing venue [1] - The proposal to include Renminbi counters and Real Estate Investment Trusts (REITs) in the Stock Connect is expected to deepen the connection between Hong Kong and mainland markets [1] Group 2 - The focus on promoting bond issuance, establishing a commercial repurchase market, launching government bond futures, and enhancing financial infrastructure aims to further develop the fixed income and money markets [1] - These measures are anticipated to inject vitality into the diversification of Hong Kong's market and enhance its attractiveness to global investors [1] - The SFC is collaborating closely with the Hong Kong Monetary Authority to formulate a comprehensive roadmap for the fixed income and money markets, with discussions planned at the Hong Kong Fixed Income and Currency Forum on September 25 [1][2] Group 3 - The SFC Chairman emphasizes the commitment to consolidating Hong Kong's traditional advantages in fundraising and connectivity while pursuing innovation and diversification for future success [2] - The SFC will continue to collaborate with stakeholders in Hong Kong, mainland China, and internationally to promote the long-term stable development of Hong Kong's capital markets [2] - The upcoming forum aims to provide a platform for participants from significant financial institutions, senior government officials, and regulatory bodies to exchange strategic insights and discuss the latest developments in the Asia-Pacific fixed income and currency markets [2]

Group 1 - Delin Holdings (01709) shares rose over 3%, currently up 3.25% at HKD 2.86, with a trading volume of HKD 144 million [1] - Delin Holdings announced the acquisition of equity in Asseto Holding Limited, with a post-transaction valuation of USD 40 million and ownership of 77,352 Class A common shares [1] - The company also invested USD 1 million in Pangu Software Pte Ltd to jointly develop a digital asset platform for tokenizing real-world assets (RWA) [1] Group 2 - Pangu operates a decentralized Web3 gaming platform, creating NFTs that represent in-game items, virtual land, equipment, and tokens [2] - The on-chain assets have liquidity, assetization potential, and cross-platform value transfer capabilities, aligning with the company's strategy to expand virtual asset management, trading, and tokenization [2] - Pangu's experience in developing and managing digital assets, designing economic incentive mechanisms, and attracting users will aid the company's growth in virtual assets and DeFi business [2]

Summary of Hong Kong Exchanges and Clearing Limited (HKEX) Conference Call Industry Overview - The conference call focuses on the performance and strategic developments of the Hong Kong Exchanges and Clearing Limited (HKEX) in the financial market, particularly in the context of the cash and derivatives markets, IPO activities, and community investments. Key Financial Performance - In the first half of 2025, HKEX reported a total revenue and other income growth of 33%, reaching HKD 14.1 billion, with a net profit of USD 8.5 billion and earnings per share of USD 6.74, both reflecting a 39% year-on-year increase [3][9][10]. - The board declared an interim dividend of USD 6 per share, a 38% increase from the previous year, representing 90% of the group's profit [3][9]. - Daily average trading volume in the cash market reached USD 240 billion, more than double that of the same period last year [2][3]. IPO and Fundraising Achievements - HKEX became the world's largest IPO market in the first half of 2025, with 44 companies going public and raising over HKD 109 billion, marking the best half-year performance since 2021 [2][6][7]. - Follow-on fundraising totaled over HKD 240 billion, also the highest since 2021 [7]. Market Performance Highlights - The cash market showed strong performance with historical trading volume records; ETP market daily average trading volume increased by 163% [5]. - Derivatives market recorded a daily average trading volume of 1.7 million contracts, an 11% year-on-year increase, with USD/CNY futures seeing a 44% increase in daily average trading volume [2][11]. Strategic Developments - HKEX signed a memorandum of understanding with the Central Clearing Company to support the development of Hong Kong's fintech ecosystem [4]. - Initiatives included launching a technology enterprise channel, approval for Hong Kong as a new ENE storage location, and the initiation of a 30-year swap trading under the Northbound Swap Connect [4]. Community Investment Initiatives - To celebrate its 25th anniversary, HKEX committed to investing at least HKD 25 million in a flagship charity program focused on supporting caregivers in Hong Kong [8]. Future Outlook - Despite potential impacts from macroeconomic and geopolitical factors, HKEX maintains a cautiously optimistic outlook for the coming year, driven by positive prospects for the Chinese economy and advancements in AI and innovation [9]. Southbound Trading Activity - Southbound average daily trading volume reached HKD 111 billion, tripling from the previous year and accounting for nearly 23% of cash market trading volume [10][14]. Derivatives and Commodity Market Performance - The derivatives market saw robust growth, with significant increases in trading volumes, particularly in USD/CNY futures [11]. Digital Asset Ecosystem Development - HKEX is focusing on the development of the digital asset ecosystem, allowing ETFs linked to cryptocurrencies to be listed and exploring the potential use cases for stablecoins [25][26]. Conclusion - HKEX's strategic initiatives and strong financial performance position it well as a leading international financial center, with ongoing efforts to enhance market liquidity and community engagement while navigating the evolving regulatory landscape for digital assets.

Group 1 - The company has entered into a partnership agreement with EF HongKong and EF Commodities to promote and sell digital gold-backed instruments and security tokens in Hong Kong, marking a strategic move to diversify its business operations and revenue sources [1] - The partnership is expected to position the company as a pioneer in the institutional-grade digital asset distribution sector, leveraging the growing interest in security tokens among global institutional investors [1] - The agreement is initially set for one year but can be extended upon mutual consent between the parties involved [1] Group 2 - A memorandum of understanding has been signed with EF HongKong to explore potential equity investment in Esperanza, aimed at strengthening the strategic partnership and allowing the company to participate in Esperanza's growing digital asset platform [2] - The proposed investment aligns with the company's strategy to establish a deeper foothold in Hong Kong's rapidly developing digital asset ecosystem, providing access to innovative tokenization technology and exclusive product offerings [2] - The memorandum is non-binding, allowing flexibility in negotiating terms that align with the interests of the company and its shareholders [2] Group 3 - EF HongKong specializes in providing security token issuance solutions, utilizing its affiliate's regulatory framework to tokenize investment opportunities under Hong Kong's securities regulations [3] - EF Commodities issues digital gold-backed instruments, allowing holders to redeem certificates for physical gold stored in a managed vault, facilitating transactions through its platform [3] - Esperanza operates on a proprietary platform that combines institutional-grade compliance with blockchain technology, supported by a team with extensive expertise in financial regulation [3]