Core Viewpoint - PACIFIC LEGEND's placement agreement has become invalid due to unmet conditions, leading to the termination of all responsibilities under the agreement [1] Group 1: Shareholder Activity - On November 5, PACIFIC LEGEND's shareholders transferred shares from a Ying Securities to UBS Securities Hong Kong Limited, with a market value of HKD 5.7567 million, representing 6.18% of the total shares [1] Group 2: Placement Agreement - The placement agreement was declared void as the preconditions were not met by the deadline of October 17, 2025, resulting in the cessation of any claims between the parties involved [1]

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]