2025 Q3 Results Analyst Presentation 5 November 2025 Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of any kind. This document is solely intended for distribution to and use by professional investors. This document is not directed at, and is not intended for dist ...

Core Viewpoint - Hong Kong aims to enhance its role not just as a financing center but as a platform for industries to establish operations, particularly attracting high-quality mainland enterprises to set up their supply chains in the region [1][2]. Group 1: Financial Market Development - The government plans to expand the financial value chain by promoting the internationalization of the Renminbi and establishing markets for gold and non-ferrous metals [2]. - There is a focus on creating new financial sectors, including fintech, virtual assets, stablecoins, and green finance, with legislative support for stablecoin regulation expected soon [2]. - Hong Kong's new listing of CATL has attracted global cornerstone investors, indicating a robust capital market [3]. Group 2: Economic Environment and Stability - Hong Kong provides a stable business environment, essential for mitigating uncertainties arising from global policy changes, particularly in response to U.S. tariff policies [4]. - The city has seen significant growth in new stock fundraising, with approximately HKD 60 billion raised this year and over HKD 170 billion in total fundraising in the first four months, marking a year-on-year increase of over three times [3]. Group 3: Renminbi Internationalization - Hong Kong is the largest offshore Renminbi hub, with 80% of offshore Renminbi transactions occurring through the city, and it has accumulated over CNY 1 trillion in Renminbi funds [5]. - The government aims to continue promoting Renminbi internationalization through various channels, enhancing connectivity between mainland and Hong Kong markets, particularly through stock and bond connect programs [5].

Core Viewpoint - The National Cybersecurity Center has reported that 65 mobile applications are found to be in violation of personal information protection laws, highlighting significant issues in user consent and data handling practices [1][2][3][4][5][6][7][8] Group 1: User Consent and Information Collection - 9 applications failed to clearly inform users about their privacy policies and data collection practices at the first run [1] - 43 applications did not specify the purposes, methods, and scope of personal information collection in their privacy policies [2] - 16 applications did not inform users about the transfer of their personal information to other parties, nor did they obtain separate consent [3] - 4 applications began collecting personal information without obtaining user consent [4] Group 2: User Rights and Data Management - 9 applications lacked effective mechanisms for users to correct, delete personal information, or cancel their accounts, and did not respond timely to such requests [4] - 3 applications failed to process complaints and reports within the promised timeframe and lacked a convenient mechanism for users to exercise their rights [5] - 32 applications did not provide users with a way to withdraw consent for data collection [5] Group 3: Sensitive Information and Security Measures - 6 applications used automated decision-making for information push and marketing without providing options to refuse or alternatives [6] - 7 applications processed sensitive personal information without obtaining separate consent and did not inform users about the necessity and impact on their rights [6] - 15 applications did not implement adequate security measures such as encryption or de-identification of personal data [7] Group 4: Privacy Policy Compliance - 5 applications were found to have no privacy policy at all [8] - 31 out of 67 previously reported applications still exhibited issues upon re-evaluation, leading to their removal from distribution platforms [8]