● 龚梦泽熊永红 此次德银天下股价暴跌与前期暴涨形成强烈反差，今年9月底至11月14日，德银天下股价从不足3港元涨 至11.4港元，而上涨催化剂被指是公司披露的与永青集团的海外物流合作协议。 数据显示，德银天下上市以来长期成交低迷，2023年日均成交额仅为280万港元，股价曾长期低于1港 元。市场分析人士指出，股权集中叠加成交稀少，是此次其股价剧烈波动的核心原因，德银天下前十大 股东中自然人占比达4席，机构持股不足20%，故抗风险能力较弱。 业绩增长含金量待考 12月3日，港交所商用车服务龙头德银天下上演股价巨震。受香港证监会披露股权高度集中消息影响， 该股盘中最大跌幅超40%，最终收跌27.99%报7.05港元。4日，德银天下报收8.58港元，总市值为187亿 港元。这只9月、10月分别上涨184.58%、37.22%的大牛股，因股权结构问题突然被推至风口浪尖，其 背后的经营基本面与行业地位也随之引发市场重估。 股权高度集中引质询 此次股价异动的直接导火索，是香港证监会12月2日晚间发布的股权分布查询结果。文件显示，截至11 月18日，德银天下5.46亿股H股中，有98.90%由10名股东集中持有，仅余60 ...

Core Viewpoint - Deutsche Bank Tianxia (02418.HK) experienced a significant stock price drop of 27.99%, closing at HKD 7.05 per share on December 3, 2025, following concerns over its highly concentrated shareholding structure [2][4]. Group 1: Shareholding Structure - The Hong Kong Securities and Futures Commission (SFC) revealed that as of November 18, 2025, ten shareholders collectively held 546 million H-shares, accounting for 98.90% of the company's issued H-shares, leaving only 6.05 million H-shares (1.10%) held by other investors [4]. - The SFC issued a risk warning regarding the concentrated shareholding, indicating that even minor transactions could lead to significant price fluctuations, urging shareholders and potential investors to act cautiously [6]. Group 2: Stock Performance and Valuation - Deutsche Bank Tianxia's stock price surged from a low of HKD 2.30 on September 29, 2025, to HKD 9.29 by November 18, 2025, representing a cumulative increase of 304% within a month [6]. - As of December 1, 2025, the stock closed at HKD 9.88, reflecting a 330% increase compared to its closing price on September 29, 2025 [6]. - The company's current price-to-earnings (P/E) ratio (TTM) stands at 107, significantly higher than that of its industry peers, indicating increasing valuation risks amid ongoing performance pressures [7]. Group 3: Financial Performance - For the first half of 2025, Deutsche Bank Tianxia reported revenues of RMB 1.137 billion, a year-on-year decline of 12.24%, and a net profit attributable to shareholders of RMB 92.021 million, down 19.93% year-on-year, highlighting concerns over its fundamental performance [6]. Group 4: Market Dynamics - The recent stock price volatility underscores the potential risks in the Hong Kong market, with Deutsche Bank Tianxia needing to address its concentrated shareholding structure and enhance its market value management to restore investor confidence [7].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has reported that Deutsche Bank Tianxia Co., Ltd. (Deutsche Bank Tianxia) has a highly concentrated shareholding structure, with ten shareholders holding 98.90% of the issued H shares as of November 18, 2025 [1][2]. Shareholding Structure - Ten shareholders collectively own 546,382,000 H shares, representing 98.90% of the total issued H shares [1][3]. - Only 6,054,500 H shares, or 1.10%, are held by other investors [1][3]. - The total number of issued H shares is 552,436,500 [3]. Stock Price Performance - The closing price of Deutsche Bank Tianxia's H shares increased from HKD 2.30 on September 29, 2025, to HKD 9.29 on November 18, 2025, marking a 304% rise [1][3]. - As of December 1, 2025, the closing price reached HKD 9.88, reflecting a 330% increase from the price on September 29, 2025 [1][3]. Market Implications - The SFC has cautioned that due to the concentrated shareholding, even minor transactions could lead to significant price fluctuations in the H shares, advising shareholders and potential investors to act with caution when trading [1][2].

Core Insights - The company Deutsche Bank Tianxia (02418) announced that the China Securities Regulatory Commission (CSRC) recently inquired about its shareholding distribution [1] - As of November 18, 2025, ten shareholders collectively held 546 million H-shares, representing 98.90% of the company's issued H-share capital [1] - Only 6.0545 million H-shares, accounting for 1.10% of the issued H-share capital, are held by other investors [1] Stock Performance - The closing price of the company's H-shares increased from HKD 2.30 on September 29, 2025, to HKD 9.29 on November 18, 2025, marking a 304% rise [1] - As of December 1, 2025, the closing price of the H-shares was HKD 9.88, reflecting a 330% increase compared to the closing price of HKD 2.30 on September 29, 2025 [1]

Core Viewpoint - Deutsche Bank Tianxia (02418) has a highly concentrated shareholding structure, with ten shareholders holding 98.90% of the issued H-shares, raising concerns about liquidity and market dynamics [1] Shareholding Structure - As of November 18, 2025, ten shareholders collectively own 546 million H-shares, which is 98.90% of the total issued H-shares [1] - Only 6.0545 million H-shares, representing 1.10% of the total, are held by other investors [1] Stock Price Performance - The closing price of the company's H-shares increased from HKD 2.30 on September 29, 2025, to HKD 9.29 on November 18, 2025, marking a 304% rise [1] - As of December 1, 2025, the closing price reached HKD 9.88, reflecting a 330% increase compared to the price on September 29, 2025 [1]

Core Viewpoint - HSSP INTL has experienced a significant stock transfer and a notable sale of shares by its controlling shareholder, indicating a strategic move to realize profits and reduce share concentration [1] Group 1: Shareholder Actions - On November 5, HSSP INTL's shares were transferred from Fai Lee Securities to Futu Securities International Hong Kong, with a market value of HKD 35.1 million, representing 7.2% of the total shares [1] - The controlling shareholder, Wade Investment SPC Ltd, sold 13.976 million shares in the open market on October 31, reducing their stake to approximately 123.6 million shares, which is 67.21% of the company's total equity [1] - The controlling shareholder noted that the stock price has significantly increased from HKD 1.41 per share (the price as of June 16) and aims to reduce share concentration while realizing profits [1] Group 2: Future Intentions - The controlling shareholder is open to selling more shares in the future but has no intention of reducing their ownership below 50% at this time [1]

Core Viewpoint - HSSP INTL (03626) experienced a significant decline in stock price, dropping over 12% after a previous plunge of 61.28%, with a brief rebound of nearly 62% upon resumption of trading [1] Group 1: Stock Performance - The stock price of HSSP INTL fell by 12.81%, trading at HKD 2.79, with a trading volume of HKD 50.06 million [1] - The stock had previously been suspended after a dramatic drop of 61.28% [1] Group 2: Shareholder Actions - HSSP INTL announced that its controlling shareholder, Wade Investment SPC Ltd, sold approximately 13.976 million shares on October 31, 2025 [1] - Following the sale, the controlling shareholder retains about 123.672 million shares, representing approximately 67.21% of the issued shares [1] - The controlling shareholder aims to realize profits from the sale and reduce the concentration of ownership while enhancing liquidity [1] Group 3: Price Context - The controlling shareholder noted that the share price had significantly increased from HKD 1.41, the price at which a comprehensive offer expired on June 16, 2025 [1] - The shareholder is open to selling more shares in the future but does not intend to reduce their stake below 50% [1]

Group 1 - HSSP INTL's stock price experienced significant volatility, initially rising over 36% before closing down 55.13% at HKD 3.72, with a trading volume of HKD 89.43 million and an intraday fluctuation of nearly 95% [1] - On October 22, HSSP INTL's shareholders transferred shares from First Shanghai Securities to Fuli Securities, with a market value of HKD 340 million, representing 20.09% of the company [1] - The Hong Kong Securities and Futures Commission previously investigated the company's share distribution, revealing that only 9.87% of the issued shares are held by other shareholders [1] Group 2 - The company announced that its wholly-owned subsidiary, Qiming Oriental Limited, has signed an agreement with COTY to establish a joint venture in the UAE for the distribution of the global e-cigarette brand, IQOS [1] - Another wholly-owned subsidiary has entered into a professional services agreement with a service provider to facilitate the registration and import of e-cigarette products in Australia [1] - The board has proposed to rename the listed company to East Nova Holdings Limited [1]

Core Viewpoint - Energy and Energy Global (01142) has seen a significant decline of over 15%, reaching a low of HKD 2.03, which is nearly a 65% drop from its year-to-date high [1] Group 1: Stock Performance - As of the latest update, the stock is down 13.69%, trading at HKD 2.08, with a trading volume of HKD 31.39 million [1] Group 2: Company Developments - The company announced earlier this month that its mining license held by a Russian subsidiary has been revoked and plans to appeal this decision [1] - Recently, the company has expanded its business to trade energy-related products, specifically coal, in the People's Republic of China [1] - The company aims to leverage its industry contacts in northern China to penetrate this market while also exploring opportunities in other regions of China to mitigate overall business risks [1] Group 3: Shareholding Structure - In August, the Hong Kong Securities and Futures Commission highlighted the high concentration of shareholding in Energy and Energy Global, noting that only 69.11 million shares (1.01% of the issued share capital) are held by other shareholders [1] - The company confirmed that by July 31, 2025, and as of the announcement date, at least 25% of the issued shares will be held by the public, ensuring compliance with listing rules regarding sufficient public float [1]

Core Viewpoint - The company has noted the Securities and Futures Commission (SFC) announcement regarding its shareholding structure, revealing significant concentration of ownership among a few shareholders [1][2] Shareholding Structure - As of September 30, 2025, 16 shareholders collectively held 72.71 million shares, representing 18.18% of the company's issued shares [1] - Two major shareholders hold 300 million shares, accounting for 75.00% of the issued shares, leading to a total of 93.18% of shares held by these shareholders [1] - Only 27.29 million shares, or 6.82% of the issued shares, are held by other shareholders [1] Share Price Performance - The company's share price increased by 270% from HKD 1.40 on March 7, 2025, to HKD 5.18 on September 30, 2025 [1] - On October 14, 2025, the share price closed at HKD 4.17, reflecting a 198% increase compared to the closing price of HKD 1.40 on March 7, 2025 [1] Compliance with Listing Rules - The company confirms that at least 25% of its issued shares are held by the public as of September 30, 2025, ensuring compliance with the public float requirements of the Stock Exchange [2]