Core Viewpoint - Goldman Sachs reports that the Hong Kong Stock Exchange (HKEX) is taking steps towards simplifying its platform, enhancing capital efficiency for market participants, and aligning with international standards through the recent reduction of trading and settlement fees and the expansion of derivative product holding limits by the Securities and Futures Commission [1] Group 1: Revenue and Earnings Forecasts - Goldman Sachs has revised down its yield forecasts from Hong Kong's margin balances for HKEX to 1.97%, 1.39%, and 1.42% for this year, next year, and 2027 respectively [1] - The daily average sales volume for HKEX is projected to be HKD 249 billion, HKD 275 billion, and HKD 299 billion for the respective years [1] Group 2: Earnings Per Share and Target Price - The earnings per share forecasts for HKEX have been increased by 2%, 3%, and 4% for this year, next year, and 2027 respectively [1] - The target price for HKEX has been raised from HKD 509 to HKD 524, maintaining a "Buy" rating [1]

经济观察网 据证券时报网消息，9月3日，纳斯达克证券交易所宣布提议修改上市标准，正将拟议规则 提交给美国证监会审核，若获批将立即实施。其中，规则对主要在中国运营的新上市公司提高了最低募 资要求。 2.对存在上市缺陷且上市证券市值低于500万美元的公司，加快其停牌和退市流程； 3.对主要在中国运营的新上市公司，公开发行募集资金最低要求为2500万美元。 根据纳斯达克发布的文件，修订后的标准有三个，分别为： 1.如果选择净利润上市标准上市的公司，其最低公众持股量市值为1500万美元（目前为500万美元）； ...

Core Viewpoint - Nasdaq is proposing to amend its listing standards, particularly increasing the minimum fundraising requirements for companies primarily operating in China, which aims to enhance investor protection and market integrity [1][4]. Group 1: Proposed Changes to Listing Standards - The revised standards include three main changes: 1. Companies choosing to list based on net profit must have a minimum public float market value of $15 million (up from $5 million) [2]. 2. Companies with listing deficiencies and a market value below $5 million will face expedited delisting processes [2]. 3. New companies primarily operating in China must raise a minimum of $25 million in public offerings [2]. Group 2: Rationale Behind Changes - Nasdaq emphasizes that these changes are part of its mission to protect investors and maintain market integrity, providing healthier liquidity conditions for public investors while still allowing access to emerging company stocks [4]. - The introduction of the $25 million minimum public offering requirement for companies from "restricted markets" is consistent with previous regulations established in 2020 [4]. Group 3: Accelerated Delisting Procedures - Nasdaq has previously implemented rules to accelerate the delisting process for companies, including restrictions on excessive reverse stock splits and immediate delisting for stocks trading below $0.10 for ten consecutive days [5]. - The proposed changes will be submitted to the SEC for review, with a 30-day grace period for companies already in the initial listing process to comply with the old standards before the new requirements take effect [5].

第二项是，对于市值低于500万美元的公司，加快其暂停交易和退市的程序。第三项是专门针对中国公 司，纳斯达克将要求公司通过首次公开发行（IPO）所募集的资金至少达到2500万美元。 来源：格隆汇APP 格隆汇9月4日｜纳斯达克表示，该拟议规则已提交给美国证券交易委员会（SEC）批准，对其现有上市 标准进行三项改变。第一项是提高上市门槛，根据净收入标准，最低公众持股量增加到1500万美元。目 前的门槛是至少500万美元。 ...

TMX Group (TMXX.F) 2025 Conference Summary Company Overview - **Company**: TMX Group - **Date**: September 03, 2025 - **Speaker**: John McKenzie, CEO Key Points Strategic Vision and Growth - TMX Group's strategy includes the **Core Plus Four** approach, focusing on core business reinvestment and identifying four growth vehicles: beyond listings, beyond borders, beyond data, and beyond traders [4][5] - The company reported an **18% year-over-year growth** for the first half of the year, with **16% organic growth**, despite a turbulent capital market [6] - The **TM2X vision** aims to change the growth paradigm, focusing on doubling the franchise rather than incremental growth [7] Market Conditions and Government Initiatives - The Canadian government is taking measures to improve the investment climate, which is expected to benefit TMX Group, especially in capital raising for companies [10][11] - TMX has proposed six strategies for capital market reforms, with one successful reform being the equalization of R&D tax credits for public and private companies [12][13] Growth Initiatives and Execution - TMX is focused on **growing its core business** and executing large-scale initiatives, including a **seven-year post-trade modernization program** and the launch of a U.S. ATS [14][15] - The U.S. ATS has seen a **300% increase** in activity in the second quarter compared to the first quarter, indicating strong market reception [70][71] Global Insights and Competitive Advantage - The **Global Insights portfolio** is crucial for TMX's resilience, with a focus on proprietary data and integrated SaaS solutions [20][21] - TMX aims to grow its data links business and enhance its analytics capabilities, with a target of increasing the share of higher-margin data business to **50%** of total revenue [47][48] Trayport and Market Expansion - Trayport is identified as a major growth engine, with plans to expand into the **Japanese power market**, which is comparable in size to France and Germany combined [34] - The company is also exploring opportunities in other regions, including Australia, New Zealand, and South America [36] Digital Assets and Innovation - TMX is preparing for digital assets but emphasizes that current digital securities are already fully digital through existing infrastructure [52][53] - The company is focused on being **token-ready** and exploring how digital assets can create liquidity events for private companies [56][57] Derivatives Market Growth - TMX has launched new futures products and is focusing on enhancing liquidity through revenue-sharing regimes [59][60] - The company plans to introduce credit futures and expand its OTC programs to improve capital efficiency [62][63] M&A Strategy - TMX's M&A strategy is centered on accelerating its core fundamentals, particularly in data and insights [73] - The company is actively looking for acquisitions that can enhance its capabilities in the ETF market, which is robust in Canada [75][76] Valuation and Investor Outlook - TMX acknowledges its historical valuation discount but believes it should trade at a premium due to its growth potential and recurring revenue mix [79][80] - The company aims to continue delivering on its growth promises to justify a premium valuation compared to peers [81][82] Additional Insights - The company is focused on **operating leverage** by growing higher-margin data businesses and improving lower-margin segments [50][51] - TMX is committed to nurturing its proprietary networks and enhancing customer relationships to maintain competitive advantages [24][29] This summary encapsulates the key insights and strategic directions discussed during the TMX Group conference, highlighting the company's growth initiatives, market conditions, and future outlook.

Group 1 - The Hang Seng Index successfully maintained above the 25,000-point mark, with a strong inflow of southbound funds amounting to HKD 5.508 billion on September 3, 2023 [1] - Year-to-date net inflow of southbound funds has surpassed HKD 1 trillion, reaching approximately HKD 1,005.729 billion [1] - Southbound funds have become a key driver for enhancing liquidity in the Hong Kong stock market, with average daily trading volume in the first half of 2025 reaching HKD 111 billion, nearly three times that of the first half of 2024 [2] Group 2 - Southbound funds show a clear investment preference for high dividend, low valuation, and high growth sectors, with 81 stocks having over 20% ownership by southbound funds, primarily in healthcare, finance, industrial, and information technology [2] - The shift in southbound fund holdings from technology in Q1 to new consumption in Q2, and recently to healthcare and finance, indicates an increase in strategic allocation by mainland investors in the Hong Kong stock market [3] - The Hong Kong market features scarce high-quality assets, attracting more long-term investments from southbound funds, with 13 out of 59 newly listed stocks this year already included in the southbound trading scheme, focusing on popular sectors like consumption, technology, and pharmaceuticals [3]

Core Points - The Hong Kong Stock Exchange announced that the exchange rate deduction rates for RMB to HKD and RMB to USD will remain at 2.6% after market close on September 5, 2025 [1] - The deduction rate for USD to HKD will be revised from 0.7% to 1% effective September 5, 2025 [1] - The deduction rate for using HKD or USD as collateral for early use of frozen securities under the China Connect will remain at 3.7% starting September 5, 2025 [1]

Group 1 - Citi has raised the average daily trading volume forecast for the Hong Kong stock market for the fiscal years 2025 to 2027 by 2% to 3%, reaching HKD 238 billion, HKD 224 billion, and HKD 247 billion respectively [1] - The bank has increased its earnings per share estimate for Hong Kong Exchanges and Clearing (0388.HK) for the fiscal year 2025 by 2%, but has lowered the earnings per share estimates for 2026 and 2027 by 1% each [1] - Despite the adjustments, Citi maintains a "Buy" rating and a target price of HKD 500 for the stock [1] Group 2 - Hong Kong Exchanges and Clearing (0388.HK) is benefiting from improved liquidity in the Hong Kong stock market, leading to record high earnings [1] - The average daily trading (ADT) continues to show high growth, contributing to the company's record performance [1]

Group 1 - The core viewpoint of the article highlights the increasing attention and investment in companies listed on the Beijing Stock Exchange (北交所) due to the steady improvement in the quality of listed companies [1] Group 2 - As of the end of the first half of the year, there were 8.6613 million qualified investors in the Beijing Stock Exchange, an increase of 675,600 from the end of the previous year [1] - The average daily participation of investors in trading reached 343,700 [1] - The proportion of trading amount by professional institutional investors exceeded 10%, which is an increase of over 4 percentage points year-on-year [1]

Core Points - The Hong Kong Stock Exchange (HKEX) has introduced new regulations to optimize the pricing and public offering rules for initial public offerings (IPOs), marking the most comprehensive adjustment in 27 years [2][3] - The new rules aim to rebalance the interests of institutional and retail investors, providing greater flexibility for issuers in selecting their investor base [2][3] Summary of Key Changes 1. Adjustments to Initial Public Holding and Free Float Requirements - The new regulations introduce a tiered mechanism for initial public holding based on market capitalization, allowing companies with a market value of HKD 3 billion or more to meet either a 10% public holding requirement or a corresponding market value requirement, reducing compliance difficulty [5][6] - The free float requirement mandates that at least 10% of shares must be freely tradable, with a minimum market value of HKD 50 million, or a total expected market value of HKD 600 million at the time of listing [7] 2. Revisions to IPO Offering Mechanisms - The minimum allocation for the bookbuilding placing portion has been set at 40%, ensuring a significant share of the IPO is allocated to institutional investors [10][11] - Two mechanisms for public offering have been introduced: Mechanism A and Mechanism B, allowing issuers to choose their preferred allocation strategy based on market conditions [12][13] 3. Ongoing Public Float Consultation - HKEX is seeking market feedback on the establishment of appropriate ongoing public float requirements, with a consultation period ending on October 1, 2025 [14] Impacts of the New Regulations 1. Benefits for Institutional Investors - The new rules are expected to enhance the robustness of the IPO pricing mechanism, making it more attractive for institutional investors and improving market stability [16][18] 2. Effects on Retail Investors - Retail investors may face a lower allocation in new IPOs due to the adjustments in the offering mechanisms, potentially leading to a decrease in the success rate of applications for new shares [17][18] 3. Implications for IPO Issuers - Issuers may find it more challenging to secure cornerstone investments, necessitating a broader marketing approach to attract high-quality anchor orders [19][20]