Core Viewpoint - The Hong Kong IPO market is experiencing a strong resurgence in 2025, with total fundraising exceeding HKD 100 billion in the first half of the year, reclaiming the top position globally for IPO fundraising. The concentration of listings from biotech, new economy, and "A+H" companies has fueled this capital boom [1]. Group 1: IPO Process Overview - The IPO process in Hong Kong involves several key stages: submission of application, hearing, roadshow, subscription, announcement of allocation results, and listing [3]. - The initial stage includes appointing sponsors and advisors, conducting due diligence, preparing the prospectus, and submitting the listing application along with the draft prospectus to the Hong Kong Stock Exchange [3][4]. - The hearing stage lasts approximately 2-3 days, where the Exchange evaluates the application materials. If approved, the updated prospectus is published on the "disclosure" website [5]. Group 2: Detailed IPO Steps - After the hearing, a roadshow is conducted for about one week, where the management presents the company's performance and strategy to investors, aiming to secure cornerstone investors [6]. - The subscription phase lasts about one week, utilizing a combination of international placement (approximately 90%) and public offering (approximately 10%), with a mechanism for reallocating shares based on subscription levels [7]. - Following the subscription, allocation results are announced, detailing the final issue price, subscription multiples, and cornerstone investor participation [7]. Group 3: Post-Listing Support - After listing, the "green shoe mechanism" is employed to stabilize the stock price, allowing underwriters to borrow up to 15% of the shares for over-allotment. This mechanism helps support the stock price if it falls below the issue price or allows for additional shares to be issued if the price rises significantly [10]. - The IPO process is a rigorous and systematic endeavor requiring comprehensive evaluation of the company's business stage, compliance level, and strategic goals, supported by experienced intermediaries [10].

Group 1: Recent IPOs - Agricultural B2B e-commerce platform Yimuyuan officially listed on NASDAQ, raising approximately $20.54 million by issuing 5.01 million shares, with a market capitalization of $255 million [1] - Silicon carbide substrate manufacturer Tianyue Advanced completed its listing on the Hong Kong Stock Exchange, raising about HKD 2.044 billion by issuing 47.74 million shares, with a market capitalization of HKD 20.636 billion [2] - English education institution Monkey Tree submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.6 million shares to raise approximately $7 million [3] - New energy technology company EcoFusion filed for an IPO with the SEC, planning to issue 1.5 million shares to raise $6 million [4] - Marketing company AM PM Group submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.5 million shares to raise approximately $7 million [5] - Logistics solution provider Smart Logistics filed for an IPO with the SEC, planning to issue 1 million shares with a fundraising range of $5-6 million [6] - Hong Kong brokerage Huanbo Capital submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.4 million shares to raise $6 million [8] - Software development service provider Yihua Box filed for an IPO with the SEC, planning to issue 1.5 million shares with a fundraising range of $6-7.5 million [9] - Consumer goods supplier Aigou Holdings submitted an IPO application to the SEC for NASDAQ listing, planning to issue 2 million shares to raise approximately $10 million [10] Group 2: Upcoming IPOs - AI infrastructure software provider StarRing Technology submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, focusing on AI and big data infrastructure software [11] - Precision manufacturing innovation technology company Luxshare Precision submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, providing integrated manufacturing solutions for various sectors [12] - Photovoltaic cell manufacturer Yingfa Ruineng filed for an IPO on the Hong Kong Stock Exchange, recognized as the third-largest N-type TOPCon cell manufacturer globally with a market share of 14.7% [13] - Intelligent cockpit solution provider Zebra Smart submitted an application for IPO on the Hong Kong Stock Exchange, focusing on developing intelligent cockpit solutions [14] - AI and high-performance computing PCB supplier Shenghong Technology submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, leading the market in AI and high-performance computing PCB revenue [15] - Biopharmaceutical company Tianchen Biotech filed for an IPO on the Hong Kong Stock Exchange, focusing on the development of biological products for allergic and autoimmune diseases [16] Group 3: Ongoing IPO Processes - AIDC supporting energy storage company Shuangdeng Group is in the process of an IPO, planning to issue 58.557 million shares to raise approximately HKD 850 million, expected to list on August 26 [17] - Tungsten mining company Jiaxin International is undergoing an IPO process, planning to issue 109.8 million shares to raise approximately HKD 1.088 billion, expected to list on August 28 [17]

今年以来，港股市场暖意融融，恒生指数与恒生科技指数累计涨幅超20%，IPO与上市后融资规模双双 创下新高;A股交投活跃度也同步飙升，日均成交额同比提升超两成。由于资本市场活跃度大幅提升，市 场交投情绪高涨，券商经纪业务等多业务线迎来多重利好，为券商业绩增长提供强劲助力。 在这样的背景下，兴证国际(06058)凭借着良好的业绩增长、创新的业务拓展及明朗的成长预期，赢得 投资者的青睐。自今年7月以来，兴证国际走出一波漂亮的近乎"翻倍"行情，并在不久前的7月30日盘内 股价突破0.86港元，创下年内新高。 智通财经APP了解到，8月18日，兴证国际发布2025年中期业绩。期内，公司把握市场机会、紧跟政策 导向，资产规模实现稳健扩张，盈利能力持续提升，不断攀升的股价反映的正是市场对公司价值的高度 认可。 受益于市场交投活跃，上半年业绩稳步前行 2025年上半年，香港作为国际金融枢纽在全球资本市场中表现亮眼，进一步巩固其国际金融中心的地 位。新股市场以1071亿港元集资额跃居全球首位，较去年同期激增七倍;恒生指数以近20%涨幅领跑全 球主要股市，港股日均成交额达2402亿港元，同比上升118%。 值此港股走牛之际，兴证 ...

Financial Data and Key Metrics Changes - The company reported revenues of $605 million for the first quarter, an 18% increase year-over-year, and adjusted earnings per share of $2.14, up 75% compared to the same quarter last year [5][6][10] - Adjusted compensation expenses were $372 million, up from $316 million in the same period last year, maintaining an adjusted compensation expense ratio of 61.5% [13][14] - Adjusted non-compensation expenses increased to $94 million from $80 million year-over-year, with a non-compensation expense ratio of 15.6% [14][15] Business Line Data and Key Metrics Changes - Corporate Finance generated $399 million in revenue, a 21% increase year-over-year, with 125 transactions closed, up from 116 [6][11] - Financial Restructuring revenues were $128 million, a 9% increase, with 35 transactions closed compared to 33 in the same quarter last year [7][12] - Financial and Valuation Advisory produced $79 million in revenues, a 16% increase, with 957 fee events, up from 847 [8][12] Market Data and Key Metrics Changes - The U.S. market continues to outperform EMEA in terms of revenue and activity levels, with expectations that this trend will persist [11][12][56] - The company noted that while the sponsor activity has been muted, there are signs of improvement expected post-Labor Day [54][55] Company Strategy and Development Direction - The company is focused on maintaining a diversified business model across industries and geographies, which has shown resilience in the current macro environment [6][10] - The company is committed to hiring senior talent and expanding its workforce through both organic growth and strategic acquisitions [9][78] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the business environment, acknowledging ongoing volatility and uncertainty [61] - The outlook for fiscal year 2026 remains positive, with expectations for continued growth across all business lines [10][19] Other Important Information - The company hosted the inaugural Houlihan Lokey ONE conference, which was well-received, showcasing its global reach and client engagement [9] - The adjusted effective tax rate for the quarter was negative 0.8%, a significant decrease from 31.2% in the same quarter last year, due to changes in stock-based compensation accounting [18][19] Q&A Session Summary Question: Insights on Corporate Finance market improvement - Management noted that while there is improvement quarter by quarter, it is not necessarily consistent month by month, with clients adapting to market conditions [25][26] Question: Backlog trends and sector performance - Management refrained from commenting on backlog specifics but indicated solid performance across sectors, with EMEA lagging behind the U.S. [28][29] Question: Quality of assets and deal activity - Management acknowledged a strong environment but noted that the volume of deals is expected to pick up after Labor Day [33][34] Question: Non-compensation expense growth expectations - Management confirmed expectations for high single-digit growth in non-compensation expenses for the year, despite a higher first quarter [36][37] Question: Restructuring market outlook - Management indicated that both in-court and out-of-court restructuring activities remain strong, with a good pipeline expected to continue [41][42] Question: Growth of the secondaries business - Management expressed satisfaction with the growth of the secondaries business, which is integrated within the Capital Solutions group [44][45] Question: Sponsor market activity post-Labor Day - Management expects an increase in sponsor activity after Labor Day, consistent with broader market trends [54][55] Question: Hiring strategy and focus areas - Management emphasized a commitment to hiring across all sectors, without specific focus areas, driven by growth opportunities [78][80]

Core Viewpoint - The Hong Kong Stock Exchange's reform allowing companies to retain repurchased shares as treasury stock has led to a surge in share buybacks among listed companies, particularly Cathay Securities International, which has been actively repurchasing shares since July 2024 [1][5]. Group 1: Share Buyback Activity - As of June 19, 2024, 199 Hong Kong-listed companies have repurchased a total of 3.864 billion shares, amounting to over 87 billion HKD [1]. - Cathay Securities International has conducted over 60 buybacks since July 2024, repurchasing 36.5 million shares for over 35 million HKD, with costs ranging from 0.6 HKD to 1.22 HKD per share [1][5]. - In the second half of 2024, the company repurchased 17.445 million shares for 14.671 million HKD, and from early 2025 to June 18, 2025, it repurchased 19.055 million shares for a total of 20.782 million HKD [2]. Group 2: Financial Performance - Cathay Securities International reported a 37% year-on-year increase in revenue for 2024, reaching 4.422 billion HKD, and a 73% rise in net profit to 348 million HKD [10]. - The company's revenue sources include institutional investor services and wealth management, which together account for approximately 43% of total revenue, with institutional services seeing a 90% increase year-on-year [10]. - The company participated in 232 bond issuance underwriting projects in 2024, a 59% increase from the previous year, with a total issuance amount of approximately 389.1 billion HKD, marking an 85% year-on-year growth [10]. Group 3: Dividend Policy - Cathay Securities International has consistently paid cash dividends since 2010, with a dividend payout ratio of 88% for 2024, following the removal of a 50% dividend cap in 2022 [11][14]. - The total dividend for 2024 is 0.032 HKD per share, including an interim dividend of 0.012 HKD per share [11]. - The company has maintained a high dividend payout in recent years, with payout ratios of 594% in 2022 and 95% in 2023 [14].

Core Viewpoint - The capital market has seen a significant increase in activity since late September 2023, positively impacting brokerage firms' performance and leading to strong financial results for companies like Xingsheng International [1][2]. Group 1: Financial Performance - Xingsheng International reported a revenue of HKD 881 million for the fiscal year 2024, a year-on-year increase of 62.16%, and a net profit of HKD 108 million, up 98.11% [1]. - The company's wealth management service revenue reached HKD 196 million, a growth of 38.01%, while corporate financing services surged by 219.84% to HKD 131 million [2][5]. - Financial products and investment business revenue amounted to HKD 543 million, reflecting a 56.87% increase [2]. Group 2: Market Trends - The A-share and Hong Kong stock markets have rebounded significantly, with the Hong Kong market seeing new stock listings raising over HKD 80 billion and the Hang Seng Index rising approximately 17.7% [2]. - The bond market also experienced growth, with G3 currency bond issuance in Asia (excluding Japan) increasing by 38.41% year-on-year to USD 175.5 billion [2]. Group 3: Strategic Developments - Xingsheng International obtained the "Cross-Border Wealth Management Connect" pilot qualification, allowing it to provide cross-border investment services to investors in the Greater Bay Area [3][4]. - The company is transitioning its wealth management business from traditional commission-based income to a diversified revenue model that includes products, transactions, and services [4][6]. Group 4: Competitive Positioning - The corporate financing service has become a significant growth driver, with bond underwriting projects increasing by 137% year-on-year, totaling 225 projects and USD 21.33 billion in underwriting scale [5]. - Xingsheng International is focusing on a platform-based and ecological growth strategy, enhancing its competitiveness in the market by integrating its investment banking and wealth management services [5][6]. Group 5: Future Outlook - The ongoing policy support and market recovery are expected to continue benefiting brokerage firms, with Xingsheng International positioned to leverage its strengths in wealth management and institutional services [7][9]. - The company's strong performance and growth potential in both the brokerage and wealth management sectors are likely to enhance its market confidence and valuation [9].