Group 1 - Deloitte projects that the Hong Kong Stock Exchange will have 66 IPOs in the first three quarters of 2025, raising HKD 182.3 billion, making it the largest IPO financing exchange globally [1][2] - The report indicates that the Hong Kong IPO market is benefiting from policies encouraging mainland leading companies to list in Hong Kong and the optimization of the new listing application approval process, leading to a significant improvement in liquidity and a steady recovery in market valuation [1] - In the first three quarters of 2025, the number of new listings in Hong Kong is expected to increase by 47% compared to the same period last year, with total financing rising by 228% [1] Group 2 - Deloitte's partner Ren Shaowen highlighted that the influx of overseas funds into Hong Kong is significantly boosting trading volumes and valuations, allowing Hong Kong to maintain its position as the top global IPO financing market [2] - For the entire year of 2025, Deloitte anticipates over 80 IPOs on the Hong Kong Stock Exchange, with total financing expected to reach between HKD 250 billion and HKD 280 billion, including at least five super-large IPOs by the end of the year [2]

Group 1 - The Hong Kong Observatory is assessing whether to issue a higher tropical cyclone warning signal between 11 PM tonight and 3 AM tomorrow [1] - The Hong Kong Stock Exchange has reiterated that trading will proceed as normal [1] - The Financial Secretary of Hong Kong, Paul Chan, has activated the coordination center under the Financial Services and the Treasury Bureau to ensure smooth operation of all aspects of the financial market under extreme conditions [1]

Group 1 - Hong Kong's capital market has emerged as a "dark horse" in the global IPO landscape since 2025, with a fundraising amount of HKD 107.1 billion in the first half of the year, expected to exceed HKD 220 billion for the entire year, reclaiming the top position globally [2][3] - The "A+H" dual listing model has become normalized, with major A-share companies like CATL and Hengrui Medicine listing in Hong Kong, creating an IPO matrix of "large enterprises + hard technology + new consumption" [3] - The introduction of the Chapter 18C and "Special Line for Tech Companies" policies has lowered the entry barriers for unprofitable tech firms to list in Hong Kong, allowing AI companies to successfully go public [3][5] Group 2 - The active IPO market in Hong Kong reflects a global capital reallocation towards Chinese core assets, driven by a reduction in stock stamp duty and an increase in family office assets [4] - Companies in advanced manufacturing, such as Sanhua Intelligent Controls and Lens Technology, have achieved valuation recovery through the Hong Kong market, showcasing its efficiency for "tech + production" firms [5] - The consumer and pharmaceutical sectors have seen significant activity, with brands like Mixue Ice City and Hengrui Medicine attracting substantial institutional support, indicating a rebuilding of market trust in the biotech sector [5] Group 3 - Hong Kong is transitioning from a "follower" to a "rule-maker" in the IPO space, implementing differentiated strategies to build a competitive edge against Nasdaq and NYSE [6] - The deepening of mutual connectivity, such as the Bond Connect, has solidified Hong Kong's position as a key investment channel, with a notable increase in foreign holdings of Chinese bonds [6] - The IPO market in Hong Kong is forming a positive cycle of "institutional innovation - capital inflow - industrial upgrading," with expectations of significant new listings and capital influx [6]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has issued a statement advising market participants to make early operational and human resource adjustments in response to the approaching "Hagupit" storm, with the Hong Kong Observatory expected to issue a No. 8 gale or storm signal at 2:20 PM [1] Group 1: Operational Guidelines - HKEX will maintain normal trading hours for the securities and derivatives markets, including the Shanghai-Hong Kong Stock Connect, during the issuance of a No. 8 or higher gale/storm signal, black rainstorm warning, or extreme conditions warning [1] - Market participants are encouraged to refer to established severe weather trading arrangements to support stable market operations [1] Group 2: Recommendations for Investors - Investors should familiarize themselves with the electronic trading platforms and transfer channels provided by banks and securities brokers [4] - It is important for investors to understand the services offered by banks and securities brokers on severe weather trading days [4] Group 3: Employee Preparedness - Employees of securities brokers or banks should be well-acquainted with remote access to company systems and the HKEX systems if necessary [7] - Employees are advised to discuss work arrangements with employers in light of severe weather conditions and to make relevant preparations to respond to potential weather changes [7]

Group 1 - Deloitte anticipates over 80 IPOs in Hong Kong this year, raising between 250 to 280 billion HKD, an increase of 25-40% from the previous forecast of 200 billion HKD [1] - The increase in IPO fundraising is attributed to a favorable capital market in Hong Kong, prompting A+H companies to accelerate their listing plans, with each raising over 1 billion USD (approximately 7.8 billion HKD) [1] - The Hong Kong Stock Exchange (HKEX) is expected to maintain its position as the global leader in IPO fundraising for the year, as the fundraising amount has been adjusted to 250 to 280 billion HKD, significantly ahead of the second-ranked New York Stock Exchange [1] Group 2 - The potential IPOs of Fannie Mae and Freddie Mac, which could be the largest in history, are mentioned, but their listing is unlikely to occur in the fourth quarter of this year due to legislative requirements [1] - The long-term possibility of the two government-sponsored enterprises going public is acknowledged, but immediate prospects for a fourth-quarter listing are deemed low [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has issued a statement regarding the impact of Typhoon Haikui, indicating that trading will continue during severe weather conditions, including the issuance of a No. 8 or higher gale/typhoon signal [1] Group 1 - HKEX announced that it expects the Hong Kong Observatory to issue a No. 8 gale/typhoon signal at 2:20 PM [1] - The securities and derivatives markets, including the Shanghai-Hong Kong Stock Connect, will operate normally during the issuance of severe weather warnings [1] - Market participants are advised to make early operational and human resource adjustments in accordance with established severe weather trading arrangements to support stable market operations [1]

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is committed to implementing the corrective measures outlined by the China Securities Regulatory Commission (CSRC) and enhancing its operations to build a world-class exchange, contributing to China's modernization efforts [1] Group 1: Next Steps and Strategic Focus - The SZSE plans to strengthen the Party's comprehensive leadership over its operations [1] - It aims to deepen comprehensive reforms in capital market investment and financing [1] - The exchange will focus on fulfilling its responsibilities in line with the broader economic and social development [1] - There will be an emphasis on maintaining a strict atmosphere for Party governance [1] - The SZSE intends to cultivate a loyal, clean, and responsible cadre talent team [1] - The exchange will further utilize the results of the inspection and rectification process [1] Group 2: Market Development Initiatives - The SZSE will leverage the reform of the Growth Enterprise Market (GEM) to enhance the inclusiveness and adaptability of its systems [1] - It will promote the listing and development of high-quality technology innovation enterprises, supporting the application of the second and third sets of standards for GEM [1] - The exchange aims to facilitate the continuous growth of listed companies and efficiently support industry chain integration [1] - Ongoing initiatives will include extensive visits to listed companies to improve their quality and investment value [1] - The SZSE plans to optimize the investment structure and implement guidelines to encourage long-term capital market entry, focusing on the development of equity funds [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has introduced a new interest rate swap contract based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" to meet the diverse needs of overseas investors [2][4]. Group 1: New Financial Instruments - The HKEX, in collaboration with the China Foreign Exchange Trade System and the Shanghai Clearing House, has launched the LPR1Y interest rate swap contract to enhance risk management tools for foreign investors [4]. - On the launch day, 31 domestic and foreign institutions participated, with a total of 53 transactions amounting to RMB 6.46 billion [4]. Group 2: Enhancing Risk Management - The introduction of LPR interest rate swaps will enrich the risk management tools available to overseas investors, addressing their diverse interest rate risk management needs and aiding in the internationalization of the RMB [5]. - The existing non-deliverable interest rate swap (CNY NDIRS) contract's maximum term has been extended from 5.5 years to 11 years to better assist foreign investors in managing interest rate risks [7]. Group 3: Operational Performance - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, becoming an important channel for foreign institutional investors to manage RMB interest rate risks [7]. - As of August 2025, 82 foreign financial institutions from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, totaling approximately RMB 8.15 trillion in nominal principal [7].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is closely monitoring the impending super typhoon "Haikui" and prioritizing the safety of employees, market participants, and the investing public [1] Group 1: HKEX's Response to Typhoon - HKEX is in constant communication with regulatory bodies and market participants regarding the situation [1] - The exchange has implemented a "no market closure during typhoons" policy since September last year, allowing trading to continue during severe weather conditions [1] - Despite the ongoing operations, listing ceremonies will be postponed during adverse weather [1] Group 2: Typhoon Characteristics and Risks - Typhoon "Haikui" is characterized by rapid movement and strong intensity, with peak strength expected to be close to Typhoon "Mojiah" [1] - The typhoon is predicted to make landfall in South China at strong or super typhoon levels, posing high disaster risks, particularly in the densely populated and industrialized Pearl River Delta region [1] - Several areas in Guangdong Province have already announced or forecasted the implementation of "five stoppages" measures [1]

Group 1 - Goldman Sachs has raised its cash ADT and earnings per share forecasts for Hong Kong Exchanges and Clearing (00388) by 3% to 4% for the years 2025 to 2027, maintaining a price-to-earnings ratio of 40 times for 2026 and increasing the 12-month target price from HKD 524 to HKD 544 [1] - The bank expects the investment income for the third quarter to be approximately half of the first half of the year, influenced by the decline in HIBOR from May to August, a reduction in external investment portfolios, and revisions to margin funding interest-sharing agreements [1] - Southbound trading is estimated to account for a 30% to 40% year-on-year increase in overall average daily turnover (ADT), which will be a key determinant of short-term stock price movements [1] Group 2 - Goldman Sachs predicts that the ADT for the period from October to December 2025 will be around HKD 260 billion, aligning closely with consensus earnings per share estimates [1] - The bank views southbound trading as a unique factor contributing significantly to the overall ADT during this upward cycle, despite market uncertainties regarding future capital flows [1] - The firm remains confident that the flow and participation in southbound trading will structurally increase due to the diverse offerings, unique stocks, and valuation discounts (higher yields) available in the southbound market [1]