Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is actively promoting high-quality international expansion for listed companies through training and networking events, emphasizing the importance of overseas mergers and acquisitions, and global market outreach [1] Group 1: Event Overview - On June 25, the SZSE held the 25th "Chuangxianghui" event in Qingdao, focusing on the high-quality international expansion of listed companies [1] - The event was attended by over 20 representatives from listed companies, potential listing firms, securities firms, law firms, and other professional institutions [1] Group 2: Strategic Initiatives - The SZSE has been deepening comprehensive reforms in market financing, organizing overseas roadshows for listed companies, and building a global service network through the Kylin V-Next platform [1] - The exchange aims to facilitate industry communication and support the integration of technological and industrial innovation, helping listed companies explore new global markets [1]

Core Insights - The event "Linking to the European Gateway: Entering the Deutsche Börse Group" was successfully held in Shenzhen, aimed at promoting innovation and openness in the Guangdong-Hong Kong-Macao Greater Bay Area, facilitating connections between tech enterprises and financial institutions with European markets [1][2] - Deutsche Börse Group, as the largest exchange group in continental Europe, showcased its comprehensive financial services, including support for companies from listing to foreign exchange management, and emphasized the importance of cross-border financial cooperation [3][5] Group 1: Event Overview - The event was co-hosted by multiple organizations including the Shenzhen Financial Stability Development Research Institute and Deutsche Börse Group, with support from local financial associations [2] - It attracted representatives from over a hundred listed companies, financial institutions, and specialized enterprises in the Greater Bay Area [1] Group 2: Deutsche Börse Group's Role - Deutsche Börse Group operates across the entire financial market trading process, providing a full cycle of support for Shenzhen enterprises seeking internationalization [3][5] - As of March 2025, 496 companies were listed on Deutsche Börse, including major international firms like Siemens and BASF, highlighting its role as a key platform for Chinese enterprises to access European capital markets [5] Group 3: Financial Services and Trends - The event included discussions on global energy market trends and risk management strategies, with participation from leading financial institutions and experts [5][6] - The Shenzhen Financial Stability Development Research Institute is actively promoting the "Starry Phoenix City" initiative to support high-quality development of enterprises and enhance internationalization [7][8] Group 4: Shenzhen's Market Position - As of May 31, 2025, Shenzhen had a total of 584 listed companies, with 151 being overseas listings, ranking third in the number of A-share listed companies in China [7] - The city has seen a total of 8 new listings in 2025, tying with Suzhou for the highest number of new listings in the country [7]

Summary of Hong Kong Stock Exchange Conference Call Company Overview - The Hong Kong Stock Exchange (HKEX) generates revenue primarily from trading fees, settlement fees, listing fees, custody fees, and investment income, with trading and settlement fees accounting for 40%-65% of total revenue, highly correlated with market turnover [2][4][6]. Core Insights and Arguments - **Revenue Growth**: Since its listing in 2000, HKEX's revenue has increased from HKD 2.312 billion to HKD 22.4 billion, an 8.7x growth, while net profit rose from HKD 879 million to HKD 13.1 billion, a 13.8x increase. The compound annual growth rate (CAGR) for revenue is approximately 10%, and for net profit, about 12% [3]. - **Profitability Metrics**: HKEX maintains a return on equity (ROE) typically between 20%-25%, with a median around 25%. The net profit margin is approximately 60%, placing it among the top exchanges globally [3]. - **Investment Income Growth**: Investment income has significantly increased from 7% to over 20% of total revenue, attributed to the high interest rate environment set by the Federal Reserve [2][4]. - **Market Activity Expectations**: Anticipation of increased trading activity in the Hong Kong market is a key driver for HKEX's investment outlook, supported by regulatory encouragement for mainland companies to list in Hong Kong [2][8]. Business Segmentation - **Revenue Sources**: The main revenue sources include trading fees, settlement fees, listing fees, custody services, and investment income. Trading and settlement fees are the largest contributors, with their combined share of total revenue ranging from 40% to 65% [4][5]. - **Business Segments**: HKEX's operations are divided into five main segments: cash market, derivatives trading, commodity futures, company projects, and data connectivity, with cash and derivatives markets accounting for about 70% of total revenue [2][4]. Competitive Advantages - **Regional Monopoly**: HKEX is the only exchange group in Hong Kong, providing it with significant pricing power [6]. - **Integrated Services**: The exchange offers a full range of services from trading to clearing, enhancing operational efficiency and reducing costs [6]. - **Diverse Product Offering**: HKEX has a rich product portfolio, including equities, futures, derivatives, and various innovative financial instruments [6][7]. Market Trends and Future Outlook - **A-Share Listings**: As of June 2024, nine A-share companies have listed on HKEX, with nearly 100 more expressing intent to do so, indicating a strong trend expected to continue over the next three years [9]. - **Southbound Capital Inflow**: The proportion of southbound capital has increased from 10%-20% to 20%-25%, significantly impacting turnover rates and overall market liquidity [11]. - **Global Fund Flows**: There is a notable correlation between global fund inflows to HKEX and the Federal Reserve's interest rate policies, with expectations of a favorable macro environment for capital inflows [12]. Valuation and Investment Potential - **Valuation Metrics**: HKEX's historical valuation has ranged between 30-35x PE, with potential for recovery as profitability improves. The current PE is around 35x, with expectations to reach approximately 40x by the end of 2025 [16]. - **Future Profit Projections**: Net profit for 2025 is projected to grow by about 30%, with ROE expected to reach around 30% [15][16]. - **IPO Activity**: HKEX is anticipated to regain its position as a leading global IPO venue, with expected issuance volumes of HKD 150 billion to 200 billion in 2025 [14][15]. Additional Insights - **Data Business Growth Potential**: HKEX's information and data business currently accounts for less than 10% of total revenue, indicating significant growth potential compared to other major exchanges [15]. - **Market Positioning**: Despite a lower total market capitalization of approximately USD 5.5 trillion, HKEX has room for growth in daily trading volumes, which typically range from HKD 100 billion to 200 billion [13].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has shown strong recent performance, with a current price of HKD 416, indicating a bullish technical outlook and potential for further gains [1][3]. Technical Analysis - The moving averages MA10 (407.16), MA30 (399.17), and MA60 (370.67) are all in a bullish arrangement, suggesting an upward trend in the short to medium term [1]. - The RSI indicator is at 64, indicating that the stock has not yet entered the overbought territory, suggesting further upside potential [1]. - The overall technical signal is a "buy," with a strength of 13, indicating continued market inflow [1]. - Key support levels are identified at HKD 402 and HKD 391, while resistance levels are at HKD 424 and HKD 436, with potential for higher targets if these levels are breached [1]. Market Activity - On June 24, HKEX's stock price increased by 4%, closing around HKD 414, reflecting a vibrant IPO market with many new listings in Hong Kong [3]. - There has been notable activity in related financial instruments, with good performance in call warrants and some profit-taking observed among investors [3]. - The volatility of HKEX is highlighted by a 5-day price fluctuation of 8.1%, indicating opportunities for short-term traders [1]. Product Analysis - Various call warrants related to HKEX are available, with notable products including a call warrant with a strike price of HKD 450.2, which has a leverage of approximately 11 times [4]. - The performance of structured products has been strong, with significant gains observed in certain warrants following the stock's price increase [4]. - The analysis of implied volatility shows that some products are priced more competitively compared to market averages, providing potential advantages for investors [4][7].

据香港交易所数据，今年初至 6月20日，香港交易所共完成31项首次公开招股发行，融资额超过 884亿港元。 以下为 IPO早知道编译的徐经纬与CNBC的部分采访内容： 徐经纬： 显然，全球有更多投资者对香港市场感兴趣。我们的市场流动性一直很高，目前日均成交 额约为 2400亿港元。随着资金流入IPO和整个融资市场，我们一直保持着强劲的势头。目前，我们 是全球第一的IPO交易所，年初至今通过IPO筹集了超过120亿美元的资金。我们还看到了来自不同 行业的公司纷纷上市，关键行业包括消费零售、TMT、医疗保健以及新能源。同样，在本届夏季达 沃斯论坛中，"新领军者"是一个热门主题，我们认为香港交易所和IPO市场为这些新领军者提供了一 个资本市场平台。 去年在香港上市的中国公司中，超过四分之一有国际业务。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO早知道消息，6月24日，第十六届新领军者年会（夏季达沃斯论坛）上，香港交易所环球上市 服务部主管徐经纬Johnson Chui接受了美国CNBC的采访。 徐经纬表示，香港及港交所的超级联系人地位和强劲的流动性，使更多企业寻求在港股上 ...

Core Viewpoint - Major U.S. exchanges, Nasdaq and NYSE, are in discussions with the SEC regarding capital market regulatory reforms aimed at reducing listing costs and improving the friendliness of the process for companies [1] Group 1 - The discussions include lowering the costs associated with going public [1] - There is a focus on enhancing the disclosure of information related to listings [1] - The goal is to make the process of delegation more favorable for businesses [1]

Group 1 - The global capital flow is shifting, with a focus on regions beyond Asia, Europe, and the US, presenting market opportunities despite a fragmented environment [1] - Hong Kong Stock Exchange (HKEX) can play a crucial role in facilitating cross-border investments between Chinese and overseas investors [1] - Maintaining liquidity in the market relies on integrity and trust, supported by high regulatory standards and enhanced corporate governance [1] Group 2 - China is experiencing significant investment opportunities, highlighted by the largest IPO globally this year, aiming to raise $5.3 billion, attracting investors from Europe, the Middle East, and the US [2] - The trend of capital flow is shifting towards innovation, particularly in biotechnology, green transformation, and innovative technology sectors [2] - HKEX is actively connecting with global markets to attract companies focused on AI and biotechnology, which are seen as future growth areas [2]

Group 1 - The 2025 Summer Davos Forum (New Champions Annual Meeting) is held in Tianjin, highlighting the necessity of investment diversification, which presents new development opportunities for regions like the Middle East, East Asia, and China [2] - China is experiencing the largest initial public offering (IPO) globally this year, aiming to raise $5.3 billion, with investors from Europe, the Middle East, and the United States, indicating a strong influx of capital that boosts related industries [2] - The market outlook for technology development in East Asia and the Middle East is optimistic, with China and Hong Kong recognized for their investment value, leading in capital flow and fund-raising due to economic stimulus policies [2] Group 2 - Blindly following investment trends disrupts market pricing mechanisms, but China is actively guiding investment directions to avoid homogenized investments, particularly in competitive fields like technology and biotechnology [3] - China is focusing on attracting talent, which, combined with capital and development momentum, accelerates technological advancement; the "DeepSeek" model exemplifies a new opportunity for smaller countries to engage in technology innovation without massive funding [3] - China is redefining the path for technological innovation, which is crucial for future development, especially for Asia and the Middle East, where technology-driven growth may become the core engine of regional economic expansion [4]

泰国交易所敦促投资者对中东局势保持冷静，其表示可能在6月27日之前结束临时性限制股价涨跌幅的 措施。 ...

市场消息：泰国交易所敦促投资者对中东局势保持冷静，可能在6月27日之前结束临时性限制股价涨跌 幅的措施。 ...