Group 1 - The Hong Kong government has signed a cooperation agreement with the Shanghai Gold Exchange to launch a cross-border precious metals trading and clearing system, aiming to establish Hong Kong as a regional gold reserve center with a target of over 2,000 tons of reserve capacity within three years [1] - Hong Kong is exploring measures to deepen mutual benefits between mainland and Hong Kong financial markets and is accelerating the development of new growth areas, including the establishment of an international gold trading market and a commodities trading ecosystem [1] - A central clearing system for gold will be established to provide efficient and reliable clearing services for gold transactions that meet international standards, diversifying gold investment [1] Group 2 - As of now, Hong Kong has 15 warehouses in operation, holding over 20,000 tons of metal certificates to support the exchange in fulfilling contracts [1] - By the end of 2025, over 200 family enterprises are expected to establish or expand their businesses in Hong Kong, with a goal to attract at least 220 more by 2028, alongside optimizing the main approval systems for listings and product issuances [1] - The Hong Kong Stock Exchange is working to promote electronic holding and trading of securities and will propose a plan to shorten the settlement cycle for the Hong Kong cash stock market in the coming months [1]

Core Viewpoint - The company, Junyu Foundation (01757), is expanding its business operations into the financial services sector, aiming to diversify its revenue sources and enhance shareholder value [1] Group 1: Company Overview - Junyu Foundation is primarily engaged in providing foundation engineering services in Hong Kong, including excavation, lateral support works, cap construction and demolition, underground drainage, earthworks, and structural reinforcement services [1] - The company also rents machinery to third-party construction firms [1] Group 2: New Business Development - The company intends to develop new business activities in the financial services sector, focusing on regulated activities under Class 1 (securities trading), Class 4 (advising on securities), Class 9 (asset management), and trust services [1] - The board believes that the strong macro support from government policies will bolster the prospects of the financial services industry in Hong Kong [1] Group 3: Strategic Expansion - The board views the initiation of this new business as a strategic expansion of the company's operations, aimed at diversifying income sources and seizing new market opportunities within the financial services sector [1] - This development is expected to align with the overall interests of the company and its shareholders [1]

Core Viewpoint - The company, Junyu Foundation (01757.HK), is expanding its business into the financial services sector, aiming to diversify its revenue sources and enhance shareholder value [1] Group 1: Company Overview - Junyu Foundation is primarily engaged in providing foundation engineering services in Hong Kong, including excavation, lateral support works, cap construction and demolition, underground drainage, earthworks, and structural reinforcement services [1] - The company also rents machinery to third-party construction firms [1] Group 2: New Business Development - The company intends to develop new business activities in the financial services sector, focusing on regulated activities under Class 1 (securities trading), Class 4 (advising on securities), Class 9 (asset management), and trust services [1] - The board believes that the macro support from government policies indicates a strong outlook for the financial services industry in Hong Kong [1] - This strategic expansion into financial services is seen as a way to diversify income sources and seize new market opportunities within the financial sector [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Afuent Foundation Holdings Limited 俊裕地基集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1757） 自願公告 開展新業務 周振林 香 港，二 零 二 六 年 一 月 二 十 二 日 於 本 公 告 日 期，董 事 局 包 括 執 行 董 事 周 振 林 先 生，非 執 行 董 事 張 章 女 士 以 及 獨 立 非 執 行 董 事 鄭 承 欣 女 士、蔡 志 熙 先 生 及 周 文 灿 女 士。 – 1 – 董 事 局 謹 此 強 調，於 本 公 告 日 期，新 業 務 未 必 會 進 行，且 本 集 團 並 無 就 新 業 務 訂 立 任 何 具 法 律 約 束 力 的 協 議。倘 新 業 務 得 以 落 實，本 公 司 將 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 ...

Core Viewpoint - Des Voeux Partners Limited has been officially included in the SFC licensed corporation list, marking a significant transition towards compliance with international asset management standards [1][10]. Group 1: Regulatory Framework - The SFC licensing process is characterized by ongoing supervision rather than a one-time approval, requiring licensed entities to maintain capital adequacy, personnel qualifications, internal controls, compliance reviews, and risk management [2][9]. - The inclusion of Des Voeux Partners in this regulatory framework indicates alignment with international asset management compliance standards, emphasizing that the license represents a long-term commitment rather than a mere promotional tool [2][10]. Group 2: License Structure and Market Positioning - Des Voeux Partners' licensed activities focus on securities dealing (Type 1), advising on securities (Type 4), and asset management (Type 9), which reflects a professional route centered on research capabilities and long-term capital allocation [5][6]. - The regulatory requirements dictate that Des Voeux Partners primarily serves professional investors, leading to a business model focused on limited clients, in-depth service, and long-term partnerships rather than mass-market expansion [7][12]. Group 3: Industry Context and Competitive Landscape - The asset management industry's competitive dynamics are shifting from performance and scale to compliance, risk control, and governance structures, making institutional credibility an essential asset in mature regulatory markets like Hong Kong [9][10]. - Des Voeux Partners' entry into the highly regulated sector exemplifies this trend, highlighting the importance of institutions that can operate sustainably within stringent regulatory environments [10][14]. Group 4: Future Outlook - The company views the licensing approval not as a signal for expansion but as an opportunity to enhance its research systems, risk management mechanisms, and service capabilities within a compliant framework [11][14]. - This restrained approach aligns with the development logic of leading international asset management firms, emphasizing longevity over speed in the current financial landscape [13][14].

Group 1 - The core value of des Voeux Partners Limited is its inclusion in the highly regulated financial institution category under the Hong Kong Securities and Futures Commission (SFC) [2][3][4] - The SFC license indicates that the company has passed systematic reviews regarding its shareholder and capital structure, executive qualifications, internal compliance, risk control systems, client asset protection, and ongoing regulatory and disclosure capabilities [3][4] Group 2 - Des Voeux Partners Limited is clearly positioned in the financial market, focusing on regulated business types such as securities trading, advising on securities, and asset management [5][6][7] - The company primarily serves professional investors, including institutional investors, high-net-worth individuals, family offices, and professional funds, distinguishing itself from retail brokerage firms [8][9] Group 3 - The company was established in 2016 and operates as a private limited company in Hong Kong, focusing on global stock and multi-market allocation [10][11] - Des Voeux Partners Limited is developing a robust framework for international research, risk control, compliance, and institutional-level client services [12][13][14] Group 4 - The market views des Voeux Partners Limited favorably, especially in the context of increasing volatility and investment challenges, as its regulatory background and research capabilities attract high-net-worth clients [16] - The company's value lies in its ability to operate within the SFC regulatory framework, which enhances trust in the international capital market [16][20] Group 5 - Des Voeux Partners Limited is characterized as an international asset management firm rather than a typical financial company, focusing on compliance, risk management, and long-term strategies [17][19][20]

Core Viewpoint - The asset management industry in Hong Kong is experiencing a dual explosion of policy dividends and market demand, highlighted by Alawali Asset Management's preparation for an IPO, which signifies the company's strong capabilities in capital operations, business layout, and industry recognition [1] Group 1: Business Foundation and Core Strength - Alawali Asset Management's IPO confidence stems from years of deep engagement and evolution in the financial services sector, focusing on financial consulting and securities trading, creating a dual-driven model of "professional consulting + asset allocation" [3] - The company's compliance and risk control align well with Hong Kong's financial regulatory framework, establishing a comprehensive risk control system that covers client access, transaction monitoring, and fund management, positioning it advantageously in the market [3] - This compliance foundation is a core competitive advantage for Alawali Asset Management as it prepares to enter the Hong Kong stock market, contrasting with other firms that prioritize growth over compliance [3] Group 2: Capital Support and Institutional Recognition - During the IPO preparation, Alawali Asset Management has received strategic backing from numerous well-known investment institutions, forming a diversified capital matrix that likely includes global sovereign funds and prominent private equity firms [5] - The recognition from capital sources reflects a deep acknowledgment of the company's investment value, with the Hong Kong Monetary Authority projecting significant growth in the asset management market, indicating a robust demand for services [6] - Alawali Asset Management's prudent financial management strategy, relying on self-funding and unsecured loans rather than external borrowing, supports a healthy balance sheet and enhances investor confidence [6] Group 3: Policy Dividends and Industry Outlook - The IPO preparation aligns with unprecedented development opportunities and policy dividends in Hong Kong's asset management sector, particularly with new regulations facilitating the listing of alternative asset funds [8] - Hong Kong's status as an international wealth management hub is solidifying, with a rapid increase in high-net-worth individuals in the Asia-Pacific region, driving demand for asset management services [8] - The implementation of policies like the "Cross-Border Wealth Management Connect 2.0" is enhancing capital flow between mainland China and Hong Kong, further benefiting Alawali Asset Management's market positioning [8] Group 4: IPO Prospects and Future Growth - The IPO represents not just a capital milestone for Alawali Asset Management but also a new starting point for business development, with plans to expand capital scale and optimize business structure post-listing [10] - The company aims to leverage its listing to enhance its financial consulting and securities trading market share while exploring new business avenues in alternative asset funds and cross-border wealth management [11] - Alawali Asset Management's listing is expected to enrich the asset management sector in the Hong Kong stock market, providing diverse investment options and serving as a model for smaller asset management firms [11][12]

Group 1: Holiday Market Closure Schedule - The Shanghai, Shenzhen, and Beijing stock exchanges announced the market closure schedule for holidays in 2026, including New Year's Day, Spring Festival, Qingming Festival, Labor Day, Dragon Boat Festival, Mid-Autumn Festival, and National Day [1][2] - Specific closure dates include: - New Year's Day: January 1-3, reopening on January 5 [1] - Spring Festival: February 15-23, reopening on February 24 [1] - Qingming Festival: April 4-6, reopening on April 7 [1] - Labor Day: May 1-5, reopening on May 6 [1] - Dragon Boat Festival: June 19-21, reopening on June 22 [1] - Mid-Autumn Festival: September 25-27, reopening on September 28 [1] - National Day: October 1-7, reopening on October 8 [1] Group 2: Hong Kong Stock Connect Trading Days - The trading days for the Hong Kong Stock Connect under the Shanghai and Shenzhen stock exchanges for 2026 were also outlined, with specific closures during the same holiday periods [2] - Notable closures include: - New Year's Day: January 1-3, reopening on January 5 [2] - Spring Festival: February 15-23, reopening on February 24 [2] - Additional closures for Good Friday, Easter, and other local holidays in Hong Kong [2] Group 3: Securities Settlement Arrangements - China Securities announced the settlement arrangements for securities during holiday closures, detailing the clearing and settlement dates for transactions occurring before and after the holidays [3][4][5][6][7][8][9][10][11] - For example, during the New Year holiday, transactions on December 31 will have a settlement date of January 5, 2026 [3] - Similar arrangements are specified for each holiday, ensuring clarity on the settlement dates for transactions occurring around these periods [3][4][5][6][7][8][9][10][11]

Group 1 - The company Hanogach Pool (08428) has announced the appointment of Emperor Corporate Finance Limited as its financial advisor for the resumption of trading of its shares on the Hong Kong Stock Exchange [1] - The appointment is in accordance with the Securities and Futures Ordinance (Cap. 571) of Hong Kong, allowing for regulated activities related to Type 1 (dealing in securities) and Type 6 (advising on corporate finance) [1] - The financial advisor will assist the company in navigating the process for the resumption of trading [1]

Industry Overview - The report focuses on the upstream, midstream, and downstream industries, analyzing price fluctuations, production, and sales trends [1][3] Upstream Industry - In the non - ferrous metals sector, nickel and lead prices have declined; in the agricultural sector, pork prices have slightly decreased; in the energy sector, international crude oil and liquefied natural gas prices continue to fall [3] - As of December 17, the prices of some agricultural products such as eggs, palm oil, and pork have decreased, while the prices of corn and cotton have increased; among non - ferrous metals, the prices of zinc and some aluminum products have decreased, while the prices of copper, nickel, and some other aluminum products have increased; in the energy sector, the prices of WTI crude oil, Brent crude oil, liquefied natural gas, and coal have decreased [36] Midstream Industry - In the chemical industry, the operating rates of PX and PTA have declined; in the energy sector, the coal consumption of power plants has increased; in the infrastructure sector, the operating rate of road asphalt has decreased [3] Downstream Industry - In the real estate sector, the sales of commercial housing in first, second, and third - tier cities have continued to pick up at the end of the year; in the service sector, the number of domestic and international flights has continued to decline [3] Policy and Data - The National Development and Reform Commission and other departments have issued the "Benchmark Levels and Baseline Levels for the Clean and Efficient Utilization of Coal in Key Areas (2025 Edition)", aiming to promote the clean and efficient utilization of coal and eliminate backward production capacity [1] - From January to November 2025, the stamp duty was 404.4 billion yuan, a year - on - year increase of 27%. Among them, the securities trading stamp duty was 185.5 billion yuan, a year - on - year increase of 70.7%. In November 2025, the securities trading stamp duty was 22.6 billion yuan, a month - on - month increase of 24.86% compared with October and a year - on - year increase of 2.26% compared with November 2024 [1]