Core Points - The Hang Seng Index fell by 16.99 points, a decrease of 0.07%, closing at 25,935.41 points [1] - The Hang Seng China Enterprises Index decreased by 9.97 points, closing at 9,163.24 points, down 0.11% [1] - The Hang Seng Tech Index dropped by 32.44 points, closing at 5,785.85 points, a decline of 0.56% [1] Blue Chip Stocks - Tencent Holdings remained unchanged, closing at 629 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.47%, closing at 423.6 HKD [1] - China Mobile decreased by 0.06%, closing at 86.65 HKD [1] - HSBC Holdings increased by 0.19%, closing at 108.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.05%, closing at 39.52 HKD [1] - Sun Hung Kai Properties fell by 1.42%, closing at 96.85 HKD [1] - Henderson Land Development increased by 0.72%, closing at 28.04 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.22%, closing at 4.53 HKD [1] - China Construction Bank decreased by 0.37%, closing at 8.02 HKD [1] - Industrial and Commercial Bank of China increased by 0.16%, closing at 6.25 HKD [1] - Ping An Insurance fell by 0.97%, closing at 56.25 HKD [1] - China Life Insurance remained unchanged, closing at 24.7 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.71%, closing at 4.2 HKD [1] - PetroChina increased by 0.36%, closing at 8.36 HKD [1] - CNOOC decreased by 0.29%, closing at 20.34 HKD [1]

Group 1 - The State Administration of Foreign Exchange (SAFE) has introduced nine policy measures to facilitate cross-border trade and support foreign trade development [1][2] - The policies aim to expand the high-level opening of cross-border trade pilot areas from 11 regions to more areas aligned with national strategic development [1] - The measures include simplifying fund settlement procedures for quality enterprises involved in multinational corporate cash pool operations [1][2] Group 2 - Banks are encouraged to leverage the credibility of cross-border e-commerce platforms to include more small and medium-sized enterprises as quality enterprises [2] - The SAFE will continue to deepen foreign exchange management reforms to enhance the efficiency of cross-border fund settlements and support high-quality economic development [2] - The Beijing Stock Exchange (BSE) plans to accelerate the launch of the North Exchange 50 ETF and introduce after-hours fixed price trading to improve investment convenience [2][3] Group 3 - The BSE currently has 280 listed companies, with over 80% being small and medium-sized enterprises and nearly 90% being private enterprises [3] - The BSE aims to solidify its role in nurturing new third board companies and optimize its listing standards to better serve the development of key technology sectors [3] - The BSE is also focused on expanding its bond market product offerings, including regular government bond issuance and the introduction of more specialized bonds [3]

Core Insights - The North Exchange (北交所) is focusing on deepening the reform of the New Third Board (新三板) and enhancing its market functions to better serve innovative small and medium-sized enterprises [2][3] - The North Exchange currently has 280 listed companies, with over 80% being small and medium-sized enterprises and nearly 90% being private enterprises [2] - The number of qualified investors in the North Exchange has reached nearly 9.5 million, indicating strong participation from public funds, venture capital, and QFII [2] Group 1: Reform and Development - The North Exchange aims to improve its listing standards and enhance the adaptability and precision of its listing review system [3] - There is a focus on refining the New Third Board's regulatory framework and advancing the integration of the third and fourth boards [2][3] - The North Exchange plans to expand its bond market product system, including regular issuance of government bonds and enhancing the functionality of credit bonds [2] Group 2: Investment Coordination - The North Exchange will tighten listing admission criteria and strengthen ongoing supervision to ensure the quality of listed companies [3] - Support will be provided for listed companies to optimize their operations through refinancing, mergers and acquisitions, and stock incentives [3] - The establishment of more public fund products targeting small and medium-sized stocks will be promoted to enhance investment opportunities [3] Group 3: Market Product System - The North Exchange is committed to advancing its index system and expediting the launch of the North Certificate 50 ETF [3] - Research will be conducted on introducing after-hours fixed-price trading to improve trading convenience [3] Group 4: International Cooperation - The North Exchange aims to create a more open ecosystem by deepening international cooperation and steadily increasing the level of market internationalization [4]

Core Points - Nasdaq has submitted new rule proposals (SR-NASDAQ-2025-068 and SR-NASDAQ-2025-069) to the SEC aimed at enhancing initial and ongoing listing standards, reinforcing long-term commitments to capital formation, investor protection, and market integrity [1][4] Initial Listing Requirements - Companies seeking to list on Nasdaq Capital Market or Nasdaq Global Market must have a minimum public float market value (MVUPHS) of at least $15 million, up from $5 million for Nasdaq Capital Market and $8 million for Nasdaq Global Market [3] - Nasdaq Capital Market requires companies to meet one of three standards: income, market value, or equity, while Nasdaq Global Market includes a fourth option based on total assets/total revenue [3] - The proposed rules aim to align the income standard's minimum MVUPHS with other listing standards, setting it at $15 million for Nasdaq Capital Market and $18 million for equity standard on Nasdaq Global Market [3] Ongoing Listing Requirements - Companies failing to meet ongoing listing requirements and having a market value below $5 million for 10 consecutive trading days will face immediate suspension and delisting [4][5] - The proposed rules eliminate the compliance period for companies that fall below the market value threshold, indicating that significant issues leading to low market value are not temporary [5] Specific Requirements for Chinese Companies - New rules require Chinese companies to raise at least $25 million through an initial public offering (IPO) to list on Nasdaq, addressing concerns over liquidity and investor protection [5] - Nasdaq noted that 70% of its submissions to the SEC or FINRA since August 2022 have been related to Chinese companies, highlighting ongoing liquidity concerns [5] Implementation Timeline - If approved by the SEC, Nasdaq will implement the changes to initial listing requirements immediately, allowing companies already in the process 30 days to comply with previous standards [6] - Nasdaq plans to implement accelerated procedures for suspension and delisting within 60 days of SEC approval [6]

Group 1 - The Brazilian stock market continues to strengthen, with the Ibovespa index closing at a record high of 146,969.10 points, up 0.55% from the previous record of 146,491.75 points set on September 24 [1] - The Brazilian real appreciates as the dollar weakens, with the exchange rate falling by 0.42% to 5.3706 reais per dollar [1] - A meeting between Brazilian President Lula and U.S. President Trump in Malaysia signals a potential easing of trade tensions, with Lula requesting a suspension of 50% tariffs on Brazilian goods [1] Group 2 - The Brazilian central bank injected liquidity into the market by selling 1 billion dollars in the spot market and conducting reverse repo operations to balance supply and demand [2] - The market sentiment towards Brazil's economy and foreign relations has improved, contributing to a favorable risk appetite among investors [2]

Core Insights - The recent Shanghai Global Asset Management Forum highlighted the transition of Chinese asset management institutions from a "trial phase" to a "scale-up phase" in overseas investments, with global exchanges optimizing rules and innovating products to capture opportunities in the Chinese market [1] Group 1: QDII Fund Growth - The QDII fund scale has surpassed 678 billion RMB, with over 70% of funds directed towards Hong Kong and U.S. markets, indicating a strong demand for overseas investments among domestic investors [2] - In the first half of the year, QDII funds invested over 30 billion RMB in Hong Kong stocks and approximately 20 billion RMB in U.S. stocks, with a preference for equity assets over bonds and gold [2] - The investment focus of QDII funds is primarily on information technology, communication, and non-durable consumer goods, reflecting a keen interest in emerging industries and high-growth sectors, particularly in AI [2] Group 2: International Collaboration and Market Connectivity - The Eurasian Capital Market Alliance (FEAS) is actively working to connect Eurasian markets, with initiatives like the Tabadul project aimed at enhancing market interconnectivity and reducing transaction costs [5][6] - The London Stock Exchange (LSE) has undergone significant reforms to attract more international companies, including the removal of certain listing requirements and the introduction of dual-class voting structures [6][7] - The Singapore Exchange (SGX) is expanding its product offerings and streamlining its IPO processes, aiming to attract more foreign listings, particularly from China and Southeast Asia [8] Group 3: Asset Management Strategies - High-net-worth clients are increasingly seeking both asset preservation and special asset services, with over 70% of trust funds allocated through QDII channels invested in Hong Kong and U.S. markets [3] - There is a growing interest in developing innovative QDII products that focus on specific countries, asset classes, or industries to meet diverse investor needs [2][3] - The focus on sectors such as technology, new energy, and new consumption is particularly appealing to European investors, indicating a strategic push by Chinese asset managers to promote Chinese assets in Europe [3]

Core Insights - The Hong Kong ETP market is experiencing significant growth, becoming the third largest globally by trading volume as of September 2025, with a year-on-year asset management growth of 34.1% to HKD 653.5 billion [1] Group 1: Market Performance - The average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion by September 2025, a 146% increase year-on-year, surpassing both South Korea and Japan [1] - The turnover rate of the Hong Kong ETP market is the highest globally, achieving a rate of 14.7 by September 2025, up from 10.2 in 2024 [2] Group 2: Product Innovation - The launch of Asia's first individual stock leveraged and inverse products in March 2025 has catered to retail investor demand, particularly for stocks like NVIDIA and Tesla [3] - The average daily trading volume for all leveraged and inverse products in Hong Kong reached HKD 3.6 billion by September 2025, a 51% increase year-on-year [3] - The introduction of covered call ETFs has gained popularity, with total assets reaching HKD 8.6 billion, a more than 32-fold increase year-on-year [3][4] Group 3: Cross-Border Trading - The average daily trading volume for ETFs through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [5] - A total of 290 ETFs are eligible for trading through the Stock Connect, indicating a growing cross-border trading environment [6] Group 4: Sector Focus - The technology-themed ETFs saw a total asset management of HKD 120.1 billion, a 102% increase year-on-year, with an average daily trading volume of HKD 7.4 billion [7] - Three biotechnology-themed ETFs launched in 2025 have attracted net cash inflows of HKD 1.3 billion [7] Group 5: Global Connectivity - The listing of ETFs tracking the Nasdaq 100 index in February 2025 has enhanced investment opportunities for local investors in major U.S. companies [8] - A memorandum of understanding signed with the Abu Dhabi Securities Exchange in September 2025 aims to strengthen financial market connections between Hong Kong and the UAE [8] Group 6: Active ETFs - Active ETFs have gained traction, with inflows reaching USD 183 billion in the first half of 2025, leading to a total of 31 active ETFs listed in Hong Kong by September 2025, up from 26 at the end of 2024 [9] - The total market value of active ETFs in Hong Kong reached HKD 23.7 billion, a 143% increase year-on-year [9]

Core Insights - The Hong Kong ETP market is experiencing significant growth, becoming the third-largest market globally by trading volume as of September 2025, surpassing South Korea and Japan [1][2] - The asset management scale has increased by 34.1% year-on-year, reaching HKD 653.5 billion [1] Group 1: Trading Volume and Turnover - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% year-on-year increase, making it the third-highest globally [2] - The turnover rate in the Hong Kong ETP market has risen to 14.7, establishing its leading position worldwide [2] Group 2: Product Innovation - The launch of the first individual stock leveraged and inverse products in Asia in March 2025 has catered to retail investors' needs, particularly for trading high-liquidity stocks like NVIDIA and Tesla [3] - The average daily trading volume for all leveraged and inverse products listed in Hong Kong reached HKD 3.6 billion, a 51% increase year-on-year [3] Group 3: Cross-Border Trading - The average daily trading volume for ETFs traded through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [5] - A total of 290 ETFs are eligible for trading through the Stock Connect, indicating a growing cross-border trading environment [5] Group 4: Sector Focus - The technology-themed ETFs have seen a total asset management scale of HKD 120.1 billion, a 102% increase year-on-year, with an average daily trading volume of HKD 7.4 billion [7] - The biotechnology ETFs have also gained traction, with a total asset management scale of HKD 3.4 billion, marking a 123% increase from the previous year [7] Group 5: Global Connectivity - The introduction of ETFs tracking the Nasdaq 100 index and the first Saudi Islamic bond ETF in Hong Kong has enhanced the market's global connectivity [8] - A memorandum of understanding signed between the Hong Kong Stock Exchange and the Abu Dhabi Securities Exchange aims to strengthen financial market ties [8] Group 6: Rise of Active ETFs - Active ETFs have gained prominence, with inflows reaching USD 183 billion in the first half of 2025, driven by strong market performance [9] - As of September 2025, there are 31 active ETFs listed in Hong Kong, with a total market value of approximately HKD 23.7 billion, a 143% increase from the previous year [9] Conclusion - The strong performance of the Hong Kong ETF market in 2025 is attributed to its robust growth and continuous development, positioning it as a leading global ETF market [10]

Core Insights - Nextrade, an alternative stock trading platform in South Korea, has rapidly captured nearly one-third of the country's daily trading volume of $2.4 trillion within just over six months of operation, highlighting a significant surge in demand for "around-the-clock" trading [1][2] - The platform's trading volume share reached nearly 30% in September, up from less than 4% at its launch in March, with some popular stocks trading more on Nextrade than on the traditional Korean Exchange [1][2] - The success of Nextrade has prompted regulatory bodies to urgently revise rules governing trading activities, while also pushing the traditional exchange to reconsider its long-standing resistance to extended trading hours [1][4] Market Dynamics - Nextrade's rapid growth is unprecedented globally, outperforming other alternative trading platforms in countries like the U.S. and Japan, where similar systems account for only 20% and 10% of total trading volume, respectively [2] - The platform offers 12 hours of continuous trading, divided into pre-market, regular trading, and post-market sessions, which has attracted a significant number of retail investors [2][3] Investor Behavior - Retail investors, referred to as "ants" in South Korea, have shown a strong preference for high-risk investments, with 86% of Nextrade's trading volume coming from them, while foreign investor participation has increased to 11% [3] - The platform's lower trading fees, which are 20%-40% less than those of the traditional exchange, and its flexible trading options have contributed to its appeal [3] Regulatory Changes - Following Nextrade's success, South Korean regulators have had to modify existing trading volume limits, which previously restricted individual stock trading volumes to 30% of the traditional exchange's volume [4][5] - The Financial Services Commission temporarily lifted the individual stock trading volume cap in September due to the high trading volumes on Nextrade, although the overall limit of 15% remains in place [5] Future Outlook - The ability of Nextrade to maintain technical stability and attract institutional investment will be crucial for its continued success [6] - The establishment of a legal framework for alternative trading systems in South Korea dates back to 2013, but progress was slow until Nextrade received initial authorization in 2023 [6]

Core Viewpoint - The rapid rise of Nextrade, an alternative stock trading platform in South Korea, highlights a significant increase in demand for "around-the-clock" trading, capturing nearly one-third of the country's daily trading volume in just over six months [2][3]. Group 1: Nextrade's Performance - Nextrade's trading volume share in the Korean stock market reached nearly 30% last month, up from less than 4% when it launched in March [3]. - The platform's success has led to some stocks, like Doosan Energy, trading more on Nextrade than on the traditional Korean Exchange, which has been operational for 70 years [3]. - The platform was established by 34 securities, financial, and IT institutions and offers 12 hours of continuous trading, divided into pre-market, regular trading, and post-market sessions [4]. Group 2: Investor Behavior - Retail investors, referred to as "ants" in South Korea, have shown a strong preference for aggressive risk-taking, often investing in U.S. leveraged ETFs and cryptocurrencies [5]. - Currently, retail investors account for 86% of Nextrade's trading volume, while foreign investors have increased their participation to 11% from nearly zero [5]. - The platform's lower trading fees, which are 20%-40% less than those of the Korean Exchange, and its flexible trading options are key attractions for investors [5][6]. Group 3: Regulatory Changes - The success of Nextrade has prompted urgent revisions to regulatory limits, with the Korean Financial Services Commission temporarily lifting the individual stock trading volume cap after it was exceeded by over 500 stocks [7]. - Despite the temporary removal of the individual stock cap, the overall trading volume limit of 15% remains in place, leading Nextrade to suspend trading for nearly 150 stocks in August and September [8]. - The future success of Nextrade will depend on its ability to ensure technical stability and attract institutional funds, as the platform is still in its early operational phase [8].