Core Insights - Nasdaq's third-quarter profits exceeded Wall Street expectations, driven by increased trading volumes amid ongoing market volatility [1][3] - Nasdaq's CEO expressed confidence in the continued growth of the IPO market despite the government shutdown [4][5] Financial Performance - Nasdaq's market services trading revenue grew by 14%, reaching $303 million [3] - The company's adjusted profit for the three months ended September 30 was $511 million, or $0.88 per share, surpassing analyst expectations of $0.85 per share [8] - The fintech and software segment saw a revenue increase of 23.2%, totaling $457 million, while index business revenue rose by 13.2% to $206 million [8] IPO Market Outlook - The number of new listings on Nasdaq increased from 138 in the same period last year to 205 [6] - Analysts and bank executives remain optimistic about the IPO outlook, suggesting that any impacts from the government shutdown will be temporary [5] Strategic Focus - Nasdaq is shifting its strategic focus towards generating more predictable recurring revenue, which is less sensitive to market volatility [7]

Core Insights - Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO financing, reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [1] - There is a notable rise in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets, indicating strong international confidence in China's tech innovation [1] - The "A+H" listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from "A+H" companies, showcasing strong market linkage between mainland China and Hong Kong [1][2] IPO Market Performance - Hong Kong ranks first globally in IPO financing this year, with a total of HKD 182.9 billion raised [2] - The total amount raised through refinancing activities reached HKD 456.1 billion by the end of September, more than double the new stock market fundraising amount, providing efficient financing channels for listed companies [2] Secondary Market Performance - The secondary market in Hong Kong has also shown robust growth, with an average daily trading volume of HKD 256.4 billion by the end of September, a 126% increase year-on-year [3] - The average daily trading volume for the Stock Connect programs reached HKD 206.4 billion for Shanghai and Shenzhen stock connects, a 68% increase year-on-year, while the Hong Kong Stock Connect saw a daily average of HKD 126 billion, more than double that of 2024 [3] Connectivity and Future Developments - Preparations for optimizing the connectivity mechanisms are underway, with plans to include REITs in the Stock Connect and introduce block trading mechanisms [4] - The HKEX aims to enhance its international competitiveness and meet the diverse investment needs of global investors, including those from mainland China, while continuing to optimize listing regulations and expand connectivity mechanisms [4]

Group 1 - The Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, having raised concerns about at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] - HKEX's main rationale for its objections is based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - This trend is not unique to Hong Kong, as similar opposition to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application for a company planning to invest in cryptocurrency [1][2] Group 2 - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to investor skepticism regarding the sustainability of their business models [2]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, questioning the plans of at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] Group 1: Regulatory Actions - HKEX has raised concerns based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - The HKEX spokesperson stated that their framework ensures that all applicants for listing have viable, sustainable, and substantive business operations [1] - Similar resistance to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application from a company planning to invest in cryptocurrency [1][2] Group 2: Market Impact - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to increased investor skepticism regarding the sustainability of their business models [2]

Core Viewpoint - Stock exchanges in Hong Kong, India, and Australia are resisting cryptocurrency hoarding platforms disguised as public companies [3] Group 1: Regulatory Actions - The Hong Kong Stock Exchange has raised concerns about at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [3] - These companies have not received approval for their plans to transition to cryptocurrency hoarding [3] - Hong Kong currently prohibits public companies from transforming into entities solely focused on hoarding cryptocurrencies [3] Group 2: Responses from Exchanges - The Hong Kong Stock Exchange declined to comment on specific companies but emphasized that its framework ensures the viability and sustainability of all applicants seeking to list [3] - Similar opposition to DAT has been reported in India and Australia [3]

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen record-high average daily trading volumes for both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in the first half of 2025, with average daily trading amounts reaching RMB 206.4 billion, a 68% year-on-year increase, and HK Stock Connect reaching HKD 126 billion, more than double that of 2024 [1][2] Group 1 - The HKEX CEO highlighted that since September 2024, China's economic policies and technological innovations have attracted global investor interest, leading to strong performance in the Hong Kong market [1] - The Hong Kong securities and derivatives markets, as well as the Stock Connect trading volumes, have all reached new highs for the half-year, with the new stock market financing amount returning to the top of global exchanges, showcasing the market's vitality and resilience [1] - HKEX is collaborating closely with Shanghai and Shenzhen exchanges to include REITs in the Stock Connect, introduce block trading mechanisms, and incorporate RMB counters into the HK Stock Connect, aiming to provide more convenience and investment options for domestic and foreign investors [1] Group 2 - Looking ahead, HKEX plans to deepen collaboration with various parties, continuously optimize listing arrangements, and expand the connectivity mechanisms to enhance market efficiency and promote the joint development of capital markets in both regions [2] - HKEX aims to build a competitive ecosystem for fixed income and currency products, offering diverse asset allocation and risk hedging tools to domestic and international investors, while actively expanding offshore RMB application scenarios to support the steady internationalization of the RMB [2]

Core Insights - Hong Kong's IPO financing amount ranks first globally this year, driven by recent listing policy reforms that have revitalized the capital market and attracted numerous high-quality companies, particularly in the technology sector [1] - Nearly half of the companies that have submitted listing applications are from the technology sector, indicating a significant shift towards tech-focused listings [1] - International investors are increasingly active in the Hong Kong IPO market, with a notable rise in participation from overseas investors, particularly from Europe, the Middle East, and emerging markets, reflecting strong confidence in China's technological innovation [1] - The performance of "A+H" listed companies has been outstanding, accounting for nearly half of the total IPO financing in the first nine months, showcasing the strong momentum of the interconnectedness between the mainland and Hong Kong markets [1]

Core Viewpoint - The HKEX China Opportunities Forum highlights the strong recovery of the Hong Kong market and its role as a "super connector" between the East and West, promoting two-way capital flow between China and the world [1]. Group 1: Financial Cooperation - The Shanghai and Hong Kong markets play a crucial role in financial reform and opening up, achieving significant results through complementary advantages and win-win cooperation [3]. - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" on June 18 focuses on infrastructure connectivity, co-building financial product service systems, and offshore financial strategies, proposing 38 specific measures for deeper financial cooperation [3][4]. Group 2: Market Connectivity - The scale of the Shanghai-Hong Kong Stock Connect continues to expand, with a cumulative transaction amount nearing 127.6 trillion yuan as of September 2025 [3]. - The bond investment mechanism is being improved, allowing for settlement in multiple currencies for "Northbound" transactions, while the "Southbound" scope has been expanded to include brokers, funds, insurance, and wealth management products [3]. Group 3: Future Development - Shanghai aims to enhance support for enterprises aligned with the Hong Kong Stock Exchange's positioning, encouraging them to connect with international capital markets and consider listings in both Shanghai and Hong Kong [4]. - The city will continue to contribute to the construction of a strong financial nation and international financial governance [5].

Core Insights - The Hong Kong IPO market has seen significant growth in 2023, with total IPO financing reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [1] - The Hong Kong Stock Exchange (HKEX) is focused on optimizing listing systems and expanding connectivity mechanisms to enhance market efficiency and promote the development of capital markets [1][2] - There is a notable increase in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets, indicating a shift in global asset allocation [2] - The A+H listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from A+H listed companies [2] - The secondary market in Hong Kong has also performed well, with average daily trading volume reaching HKD 256.4 billion, a 126% year-on-year increase [2] Market Developments - As of September 30, 2023, the total amount raised through refinancing in the Hong Kong stock market reached HKD 456.1 billion, more than double the amount raised through new IPOs during the same period [2] - The ETF market has expanded, with 17 southbound and 273 northbound ETFs included by the end of September, and average daily trading volumes of HKD 4.2 billion and RMB 3.2 billion, respectively [3] - The Bond Connect program has maintained growth, with average daily trading volume reaching RMB 44 billion as of August 2023 [3] Strategic Initiatives - HKEX plans to launch the Hang Seng Biotechnology Index futures to meet the growing demand for risk management tools in the biotechnology sector [3] - Ongoing preparations for optimizing connectivity measures are in progress, including collaboration with the Shanghai and Shenzhen stock exchanges to incorporate REITs and introduce block trading mechanisms [3] - The company aims to enhance its international competitiveness and cater to the diverse investment needs of global investors, including those from mainland China [3][4]

Core Insights - Hong Kong has become the leading global market for IPO financing this year, driven by recent listing policy reforms that have revitalized the capital market and attracted numerous high-quality companies, particularly in the technology sector [1] - Nearly half of the companies that have submitted listing applications are from the technology sector, indicating a strong focus on tech-driven growth [1] - International investors are increasingly active in the Hong Kong IPO market, with significant participation from long-term funds from Europe, the Middle East, and emerging markets, reflecting a growing confidence in China's technological innovation [1] - The performance of "A+H" listed companies has been notable, accounting for nearly half of the total IPO financing in the first nine months of the year, showcasing the strong linkage between the mainland and Hong Kong markets [1]