Group 1 - The adjustment includes three main aspects: the price fluctuation limit for risk warning stocks on the main board is changed from 5% to 10%, aligning it with other main board stocks [2] - The abnormal fluctuation indicators for risk warning stocks will also be adjusted to be consistent with other main board stocks [2] - The exchanges emphasize the importance of investor education and risk warning to guide investors in participating in risk warning stock trading [2] Group 2 - The price fluctuation limit adjustment aims to improve stock pricing efficiency and maintain market order, particularly protecting the rights of small and medium investors [2] - The threshold for disclosing abnormal trading fluctuations will be adjusted from ±12% to ±20%, aligning with ordinary main board stocks [2] - Other trading rules for risk warning stocks, such as signing a risk disclosure statement and limiting the purchase quantity to 500,000 shares per day, will remain unchanged [3]

Core Viewpoint - The collaboration between Shanghai and Hong Kong is a natural choice for both cities as they are complementary financial centers, enhancing their roles in the international financial landscape [1][5][10]. Group 1: Cooperation Framework - The "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" was signed on June 18, outlining six areas of deep cooperation, including infrastructure connectivity and offshore financial strategies [1][6]. - The action plan aims to support cross-border financial services innovation and green finance development, enhancing the existing cooperation framework established since the launch of the Shanghai-Hong Kong Stock Connect in 2014 [6][7]. Group 2: Financial Market Dynamics - Shanghai serves as a key onshore financial hub, with the Shanghai Stock Exchange ranking third globally in market capitalization and leading in bond custody and gold trading volumes [2][4]. - Hong Kong, as the largest offshore RMB business center, has over 1.19 trillion RMB in deposits and has been a crucial channel for mainland enterprises to access international capital [4][5]. Group 3: Future Opportunities - The collaboration is expected to provide more financing opportunities for technology innovation enterprises and increase the demand for cross-border RMB payment settlements [8]. - The partnership will facilitate the establishment of financial centers in both cities, supporting mainland enterprises in their international expansion efforts [7][9]. Group 4: Strategic Importance - The synergy between Shanghai and Hong Kong is seen as a catalyst for the internationalization of the RMB and the integration of China's financial markets into the global system [9][10]. - The relationship is characterized by complementary strengths, with Shanghai focusing on domestic economic cycles and Hong Kong linking global capital networks [4][5].

Summary of Key Points Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has implemented regulatory measures against a member for violations related to securities trading activities, highlighting ongoing efforts to maintain market integrity [1] Group 1: Regulatory Actions - SZSE has taken self-regulatory measures against 141 instances of abnormal trading behavior, including market manipulation and false declarations [1] - The exchange has conducted investigations into 2 significant corporate events and reported 1 case suspected of illegal activities to the China Securities Regulatory Commission (CSRC) [1] Group 2: Disciplinary Measures - A written warning was issued to a member due to violations by the sponsoring institution and its representatives in the stock issuance application process [1] - Relevant sponsoring representatives received disciplinary criticism as part of the regulatory response [1]

Financial Data and Key Metrics Changes - Nasdaq reported net revenues of $4.6 billion for 2024, with adjusted non-GAAP net revenues of $4.7 billion, reflecting a 9% increase from 2023 [12] - Annualized recurring revenue reached $2.8 billion, representing a 7.5% increase year over year [12] - The company returned $145 million in stock repurchases and $541 million in quarterly dividends during 2024 [12] Business Line Data and Key Metrics Changes - The Capital Access Platforms division achieved 10% revenue growth, driven by strong index performance and 180 IPOs raising $23 billion in proceeds [13][14] - The Financial Technology division also saw 10% revenue growth and 12% annual recurring revenue growth, with significant client engagement [15][16] - The Market Services division reported record full-year revenue, driven by increased volumes in US equities and derivatives [17] Market Data and Key Metrics Changes - Nasdaq maintained its position as the top U.S. exchange for IPOs, achieving an 80% win rate among eligible company IPOs [14] - The index franchise experienced a 31% revenue growth, with record assets under management [15] Company Strategy and Development Direction - Nasdaq's strategic priorities for 2024 included "Integrate, Innovate, and Accelerate," focusing on enhancing operational efficiency and innovation [18] - The integration of Acxiom SL and Calypso is seen as pivotal in advancing Nasdaq's platform company journey [16] - The company aims to exceed $100 million in run rate revenue from cross-sells by the end of 2027 [19] Management's Comments on Operating Environment and Future Outlook - Management noted that recent policy shifts and potential tariffs have created short-term volatility, impacting global GDP growth expectations [20] - Nasdaq's diversified business model positions it for resilient growth despite macroeconomic challenges [21] - The company expressed confidence in achieving its medium-term outlook and continuing to create shareholder value [21] Other Important Information - The meeting was held virtually, with procedures in place to ensure shareholder participation [3][4] - The company highlighted the importance of its markets and infrastructure during recent trading volatility [20] Q&A Session Summary Question: How does the Compensation Committee use compensation actually paid total compensation figures in its calculation of CEO target total compensation award for the upcoming year? - The Compensation Committee emphasizes linking pay to performance, with decisions informed by competitive market data and actual CEO performance [26][28] - The variability in compensation figures reflects the effectiveness of this philosophy [28]

Core Insights - Euronext announced trading volumes for May 2025, aligning its reporting framework with the new standards implemented in Q1 2025 [1] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [3] - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, making it the largest global center for debt and fund listings [4] - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [4]

Investment Rating - The report rates HKEX, BOCHK, and BEA as "Buy" with target price adjustments for HKEX from HKD 413 to HKD 438, reflecting positive market conditions and increased activity [5][9][38]. Core Insights - The Hong Kong financial sector is experiencing strong liquidity inflow despite subdued loan demand, with deposits growing 0.6% month-on-month in April and 4.1% year-to-date [2][11]. - The 1-month HIBOR has significantly decreased to approximately 0.6% in late May, which is expected to impact bank revenues and redirect deposits into investments, benefiting HKEX and banks' wealth management businesses [3][16]. - The capital market has seen a substantial increase in activity, with equity market average daily turnover (ADT) rising to HKD 242 billion year-to-date, an 84% increase from 2024, and total IPO funds raised reaching HKD 77 billion, approximately 8 times higher than the same period in 2024 [4][9]. Summary by Sections Liquidity and Loan Demand - Hong Kong sector deposits increased by HKD 706 billion year-to-date 2025, while loan growth was only HKD 49 billion, indicating that deposit growth is primarily driven by external inflows [2][11]. HIBOR Trends - The average 1-month HIBOR in May was 1.72%, significantly lower than the average of 3.82% from January to April 2025, suggesting a potential 10% reduction in BOCHK's earnings with a 100 basis point decline [3][16]. Capital Market Activity - The successful IPOs of companies like CATL and Hengrui, raising HKD 41 billion and HKD 10 billion respectively, are expected to stimulate further listing interests and enhance HKEX's turnover velocity, which is currently at approximately 155% [4][26]. Earnings Estimates - Earnings estimates for HKEX have been raised by 0.2% for 2025, 2.0% for 2026, and 3.3% for 2027, driven by increased ADT assumptions and listing-related revenues, partially offset by reduced investment income [5][28]. Key Financial Metrics - The report highlights that HKEX's consensus forward PE is 33.8x, slightly above its long-term average of 32.5x, indicating a favorable valuation relative to the market [30][32].

Group 1 - Beijing Stock Exchange (BSE) recently held an investor service event to enhance communication with investors and boost their confidence [1] - The event included a seminar where experienced investors shared their stories, promoting rational investment and gathering feedback on investor rights protection [1] - A fraud prevention campaign was launched targeting retirees and middle-aged individuals, educating them on illegal securities activities and prevention strategies [1] Group 2 - BSE's investor education base collaborated with CITIC Securities to provide lectures to students at Renmin University, covering the multi-tiered capital market and illegal securities activity prevention [2] - An event called "Investors Zero Distance" allowed over 20 investors to visit a listed company, facilitating direct communication with company executives and enhancing investor understanding of the company [2]

Core Points - Euronext N.V. has signed an amendment to its liquidity contract with Rothschild Martin Maurel, originally established on February 7, 2018, in compliance with various European regulations [1][2]. Group 1: Contract Details - The amendment includes an increase of €4,500,000 (four million five hundred thousand euros) allocated to the liquidity account [2]. Group 2: Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [4]. - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, handling 25% of European lit equity trading [5].

Core Viewpoint - Nasdaq and the Philippine Stock Exchange (PSE) are enhancing their technology partnership by upgrading PSE's trading infrastructure to Nasdaq's advanced platform, Nasdaq Eqlipse Trading, which aims to improve liquidity and resilience in the Philippine marketplace [1][5]. Group 1: Technology Partnership - The upgrade to Nasdaq Eqlipse Trading represents a significant investment by Nasdaq to modernize and strengthen its platform capabilities, allowing for enhanced functionality such as pre-trade risk management and advanced options pricing [2][4]. - PSE's decision to renew its partnership with Nasdaq is driven by the need for a reliable trading system that meets current and future requirements, emphasizing the importance of technology in PSE's strategic agenda [3][5]. Group 2: Market Impact - The Nasdaq Eqlipse platform is part of a broader initiative to develop a fully interoperable suite of solutions across trading, clearing, and data intelligence, marking a major milestone in Nasdaq's investment cycle [4]. - Nasdaq's technology is utilized by 97% of globally significant banks and half of the world's top 25 stock exchanges, indicating its critical role in enhancing market infrastructure and operational efficiency [6]. Group 3: Economic Context - The partnership aligns with the rapid economic growth of the Philippines, positioning Nasdaq to support local and global banks in navigating challenges and innovating in a digital and AI-driven environment [6]. - Nasdaq's presence in the Philippines is part of its strategy to drive modernization in the financial services industry, contributing to regulatory compliance and simplifying capital market operations [5][6].

Core Points - Euronext's Annual General Meeting (AGM) approved all resolutions except for the advisory vote [1] - The annual dividend of €2.90 per ordinary share will be paid on 28 May 2025, with the ex-dividend date on 26 May 2025 and record date on 27 May 2025 [1] Voting Items Summary - Proposal to adopt the 2024 remuneration report [2] - Proposal to adopt the 2024 financial statements [2] - Proposal to discharge the members of the Managing Board for their duties in 2024 [2] - Proposal to discharge the members of the Supervisory Board for their duties in 2024 [2] - Re-appointment of Piero Novelli and Olivier Sichel as members of the Supervisory Board [2] - Appointment of Francesca Scaglia as a member of the Supervisory Board [2] - Re-appointment of Delphine d'Amarzit and appointment of René van Vlerken as members of the Managing Board [2] - Proposal to amend the remuneration policy for both the Managing and Supervisory Boards [2] - Proposal to appoint the external auditor [2] - Proposal regarding the cancellation of the company's own shares purchased under the share repurchase program [2] - Proposal to designate the Managing Board as the competent body to issue ordinary shares and restrict or exclude pre-emptive rights [2] - Proposal to authorize the Managing Board to acquire ordinary shares on behalf of the company [2] - Proposal to authorize the Supervisory Board or Managing Board to grant rights to French beneficiaries to receive shares [2] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain [4] - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion [5] - Euronext handles 25% of European lit equity trading and offers a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [5]