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].

Group 1 - Citigroup increased its stake in Hong Kong Exchanges and Clearing (HKEX) by acquiring 225,000 shares at an average price of 417.24 HKD, totaling approximately 93.86 million HKD, raising its total holdings to 63.49 million shares, representing 5% of the company, making it the second-largest shareholder after the Hong Kong government [1] - The shareholder structure of HKEX is diverse and fragmented, with the Hong Kong government holding 5.9%, followed by JPMorgan at 3.53%. Various fund companies, including E Fund, GF Fund, and Huaxia Fund, are also among the top shareholders, with differing strategies regarding their holdings [1] - The Hong Kong stock market has seen increased trading activity this year, with net inflows from southbound funds exceeding the total for the previous year, and IPO financing returning to the top globally. Investment banks like Goldman Sachs have raised their target prices for HKEX multiple times [1] Group 2 - HKEX's profitability model relies on the growth of trading volume and transaction value, with the average daily trading amount in the Hong Kong stock market reaching 240.2 billion HKD in the first half of the year, a year-on-year increase of 118%, marking the highest level for the same period since 2010 [2] - The average daily trading amount for the Stock Connect program reached 110.96 billion HKD, a year-on-year increase of 195%, while derivatives trading showed strong performance with a year-on-year increase of 11% in average daily trading volume [2] - Potential catalysts for HKEX's profit improvement include the surge in A+H share listings driving the IPO market, Hong Kong's strengthened position as an international financial center, and factors such as declining real interest rates stimulating stock trading, the introduction of "zero-date options," and continued inflows from southbound funds [2]

Core Viewpoint - Citigroup has increased its stake in Hong Kong Exchanges and Clearing Limited (HKEX), becoming the second-largest shareholder after the Hong Kong government, indicating strong confidence in the exchange's future performance [1][4]. Group 1: Shareholding Changes - Citigroup acquired an additional 225,000 shares of HKEX at an average price of HKD 417.24 per share, totaling approximately HKD 93.86 million, raising its total holdings to 63.49 million shares, which is 5% of the company [1][4]. - The largest shareholder remains the Hong Kong government with a 5.9% stake, while Citigroup surpasses JPMorgan Chase, which reduced its stake to 3.53% after selling 44.53 million shares last year [4]. Group 2: Market Activity and Fund Involvement - 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 [2][4]. - Various asset management firms, including E Fund and GF Fund, hold shares in HKEX through multiple fund types, with differing strategies regarding their holdings [4]. Group 3: Analyst Upgrades and Market Outlook - Goldman Sachs has repeatedly raised its target price for HKEX, most recently increasing it by 11% to HKD 500 per share, based on better-than-expected trading volume [6]. - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of the year, a significant year-on-year increase of 118%, marking the highest level since 2010 [6]. - Potential catalysts for profit improvement include the surge in A+H share listings, the strengthening of Hong Kong's status as an international financial center, and continued inflows from southbound funds [7].

Core Insights - Singapore Exchange (SGX) reported record performance for the fiscal year 2025, driven by strong growth in its stock, currency, and commodity segments, reinforcing its position as a key financial hub in Southeast Asia and a strategic platform for Chinese companies entering regional and global markets [2][3] Financial Performance - SGX's total revenue for fiscal year 2025 increased by 11.7% to SGD 12.982 billion (approximately RMB 72.65 billion), while net profit reached SGD 6.480 billion (approximately RMB 36.26 billion), marking an 8.4% increase from the previous fiscal year [2][3] - Earnings per share rose to SGD 0.606 (approximately RMB 3.4), up from SGD 0.559 the previous year, with a proposed final dividend of SGD 0.105 (approximately RMB 0.58) per share, totaling an annual dividend of SGD 0.375 [2][3] Business Segment Performance - Cash equities business emerged as the main growth driver, with revenue increasing by 18.7% to SGD 3.927 billion (approximately RMB 21.97 billion), accounting for 30.3% of total net revenue, driven by a 26.4% increase in average daily trading volume [3][4] - Derivatives business also showed strong performance, with revenue up 13.8% to SGD 346 million (approximately RMB 1.936 billion), supported by a nearly 18% increase in average daily contract volume [4] - Over-the-counter foreign exchange (OTCFX) business revenue grew by 25.3% to SGD 113 million (approximately RMB 632 million), with average daily trading volume reaching SGD 183 billion (approximately RMB 1.024 trillion), reflecting strong demand due to global currency fluctuations and expanding cross-border trade in Southeast Asia [5] Strategic Positioning - SGX aims to attract Southeast Asian and Greater China companies, welcoming six new listings in fiscal year 2025 that raised a total of SGD 25.7 million (approximately RMB 14.3 million), highlighting its unique appeal amid a global IPO market downturn [6] - The exchange's dual listing framework offers Chinese companies a low-cost pathway for expansion, allowing them to list without additional compliance burdens, thus enhancing liquidity and market access [6][7] - SGX's strategic advantages include tax incentives and financial support for listed companies, such as a five-year corporate tax rebate and listing subsidies, which further incentivize Chinese firms to utilize its platform [7] Market Outlook - SGX's diversified multi-asset strategy is expected to yield returns even in a slowing global economy, positioning it as a resilient platform for Chinese companies seeking stable financing and regional business expansion [8]

Group 1 - The Hong Kong Stock Exchange (HKEX) announced that any dividends not claimed within six years from the payment date will be forfeited and returned to HKEX [1] - Specifically, the first interim dividend for the fiscal year 2019, which was paid on September 26, 2019, and remains unclaimed by September 26, 2025, will be forfeited at a rate of HKD 3.72 per share [1]

作者：行情君 据了解，中华香港内地指数选股范畴包括：代表中华120的香港内地企业部分，40家流动性最高、市值 最大的香港交易及结算所（香港交易所）上市内地企业作为成份股。 中华香港内地指数于2013年3月18日推出，指数基值2000点，成份股数目40只。 本文源自：金融界 8月8日消息，截至当日收盘，中华香港内地指数报6700.9151点，下跌79.24点，跌幅1.17%。今日最高 6755.83点，今日最低6690.6647点。 ...

Group 1 - Over 160 companies are waiting to conduct Initial Public Offerings (IPOs) in Hong Kong, with the IPO fundraising amount in the first half of 2025 surpassing the total for the entire year of 2024 [1] - The active IPO market reflects the vitality and economic resilience of Hong Kong's financial market, supporting high-quality development [1][4] - Hong Kong's unique international positioning and institutional advantages under the "One Country, Two Systems" framework contribute to its attractiveness as a financial hub [1][3] Group 2 - Hong Kong serves as a "super connector" between mainland China and international markets, facilitating the outbound expansion of domestic enterprises and the inflow of international capital [3] - The city boasts a mature and diversified capital market, including stocks, bonds, and derivatives, supported by an efficient trading system and professional financial services [3][4] - Continuous optimization of the listing system by the Hong Kong government aims to attract more high-tech companies, enhancing market competitiveness [3][4] Group 3 - The vibrant IPO market positively impacts Hong Kong's economy by driving the development of related professional services [4] - The listing of more companies from emerging sectors like technology and biomedicine will promote economic diversification and inject new growth momentum into Hong Kong's economy [4][5] - The wealth effect generated by an active stock market is expected to stimulate the consumption market, accelerating economic recovery and transformation in Hong Kong [4][5]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is initiating discussions to potentially shorten the settlement cycle for the stock cash market from T+2 to T+1, aiming to align with global trends and enhance market efficiency [1][2]. Group 1: Current Market Context - The current T+2 settlement cycle has been in place since 1992, facilitating significant participation from global investors in Hong Kong's capital market, which includes over 2,600 listed companies [1]. - The average daily trading amount in the cash market is projected to exceed HKD 240 billion in the first half of 2025, indicating a robust market size [1]. Group 2: Global Trends and Comparisons - Over the past 20 years, many major global markets have transitioned to T+2 or are considering T+1 or shorter settlement cycles, with T+1 currently implemented in markets such as mainland China, the US, Canada, Mexico, Argentina, and India [1][2]. - By 2027, it is expected that 88% of global stock market transactions will adopt T+1 or T+0 settlement cycles, highlighting a significant shift in the industry [1]. Group 3: Benefits and Challenges of Transition - Potential benefits of moving to a T+1 settlement cycle include increased market efficiency, reduced systemic risk, and closer alignment with other international markets [2]. - Challenges include addressing time zone differences, foreign exchange conversions, and the need for market participants to upgrade systems and automate processes to maintain operational efficiency and stability [2]. Group 4: Scope of Discussion - The current discussions are limited to the settlement of secondary market transactions in the stock cash market and do not involve the settlement of primary market transactions [3]. - HKEX is committed to optimizing the financial market infrastructure in Hong Kong to ensure robustness and efficiency [3].

Group 1: New Oriental (EDU) - New Oriental's FY25Q4 net revenue increased by 9.4% year-on-year to $1.24 billion, exceeding previous guidance of $1.009 to $1.037 billion[5] - The company expects FY26Q1 net revenue to be between $1.46 billion and $1.51 billion, representing a year-on-year growth of 2% to 5%[6] - Non-GAAP net profit for FY25Q4 was $98.08 million, a 59.4% increase year-on-year[5] Group 2: Apple Inc. (AAPL) - Apple's total revenue for the quarter was $94.04 billion, a 9.6% year-on-year increase, surpassing Bloomberg's consensus estimate of $89.3 billion[16] - iPhone revenue grew by 8.2% year-on-year, while services revenue increased by 13.3%[16] - The company expects overall revenue growth for FY25Q4 to be in the mid to high single digits[16] Group 3: Hong Kong Stock Exchange (388) - The average daily trading volume for the Hong Kong Stock Exchange reached HKD 2.402 trillion in H1 2025, a 118% year-on-year increase[22] - The total market capitalization of the Hong Kong market grew to HKD 42.7 trillion, a 33% increase year-on-year[25] - The target price for Hong Kong Stock Exchange is set at HKD 500, representing a potential upside of 15.8% from the previous closing price[26] Group 4: HIMS & HERS HEALTH (HIMS) - HIMS reported Q2 revenue of $545 million, a 73% year-on-year increase, but a 7% decrease quarter-on-quarter[32] - The company expects Q3 revenue to be between $570 million and $590 million, with adjusted EBITDA projected at $60 million to $70 million[32] - The target price for HIMS is set at $62.1, indicating a 22% upside potential from the current price[34]

Group 1 - The Hong Kong Stock Exchange (HKEX) reported a significant increase in new listings and fundraising in the first seven months of the year, with 53 new companies listed, representing a 33% increase compared to the same period last year [1][3] - The total amount raised by new listings reached HKD 127.9 billion, marking an over sixfold year-on-year increase, while the overall fundraising in the market amounted to HKD 331.8 billion, nearly tripling from HKD 83.5 billion in the previous year [3] - The total market capitalization of the Hong Kong securities market reached HKD 44.9 trillion, a 44% year-on-year increase, with average daily trading volume for July at HKD 262.9 billion, reflecting a nearly 1.7 times growth year-on-year [3][5] Group 2 - Exchange-traded funds (ETFs) also showed strong performance, with average daily trading volume reaching HKD 33.3 billion in the first seven months, an increase of 1.8 times year-on-year, indicating a growing demand for diversified products [3] - The positive data from HKEX is attributed to global capital confidence in China's economic outlook and ongoing improvements in Hong Kong's capital market, including listing system reforms and product innovations [5] - The Hang Seng Index closed at 24,910.63 points, up 8.1 points or 0.03%, with a total trading volume of HKD 215.2 billion for the day [5]