Core Viewpoint - Citigroup Inc. has increased its stake in Hong Kong Exchanges and Clearing Limited (HKEX) by acquiring 225,000 shares for approximately HKD 93.8594 million, raising its total holdings to 63.4947 million shares, which represents 5% of the company, making it the second-largest shareholder after the Hong Kong SAR government [1][3]. Group 1: Shareholding Structure - The largest shareholder of HKEX is the Hong Kong SAR government, holding 5.9% of the shares, while Citigroup is the second-largest shareholder with 5% [3]. - Other significant shareholders include various mutual funds such as E Fund, GF Fund, and Huaxia Fund, which hold HKEX shares through multiple fund types, including actively managed funds and passive index funds [3]. - E Fund's two funds, managed by Zhang Kun, have maintained their holdings in HKEX, while other funds like E Fund Hong Kong Securities ETF have reduced their positions [3]. Group 2: Market Activity and Performance - The Hong Kong stock market has seen increased activity this year, with net inflows from southbound funds exceeding the total for the previous year, and IPO financing returning to the top globally [1][3]. - Goldman Sachs and other foreign investment banks have repeatedly raised their target prices for HKEX, with Goldman Sachs recently increasing its target price from HKD 450 to HKD 500 per share, based on better-than-expected average daily trading volumes [4][5]. Group 3: Earnings and Growth Potential - HKEX's earnings model is highly dependent on trading volume and transaction value growth, with the average daily trading amount reaching HKD 240.2 billion in the first half of the year, a significant year-on-year increase of 118% [5]. - Potential catalysts for earnings improvement include the A+H share listing boom, the strengthening of Hong Kong's status as an international financial center, and continued inflows from southbound funds [6].

据港交所披露，花旗集团于8月1日增持22.5万股港交所股份，成交均价417.24港元，耗资9385.94万港 元，增持后持股6349.47万股，占比5%，成为仅次于中国香港特区政府的第二大股东。 港交所股东结构多元且分散，特区政府持股5.9%居首，摩根大通持股3.53%。易方达、广发基金、华夏 基金等基金公司也位列前十大股东，其中易方达蓝筹精选、易方达优质精选基金长期持有，易方达香港 证券ETF二季度减持；广发行业严选三年持有基金、广发中证港股通非银ETF基金二季度分别新进和增 持；华夏基金旗下相关基金二季度有所减持。 高盛认为，港交所盈利改善的潜在催化剂包括A+H股上市热潮推动香港IPO市场，新股融资重回全球第 一，香港作为国际金融中心地位强化，日均成交额和盈利水平有上升空间。实际利率下降刺激股票成 交，"零日期权"等衍生产品推出，现货市场买卖价差收窄提升换手率，港股通南向资金持续流入等因 素，都可能是盈利改善和估值抬升的催化剂。但企业盈利修复进度、新股融资热度、海外资金稳定性等 风险，可能影响港交所估值。 本文源自：金融界 今年以来，港股市场成交活跃，南向资金净买入额超去年全年，IPO融资额重回全球第一， ...