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。 Global Chinese Business Club 環球華商俱樂部 茲提述本企業日期為二零二六年一月二十二日有關本集團計劃透過進入金融 服 務 領 域 以 達 致 業 務 多 元 化 的 自 願 公 告。 承董事局命 環球華商俱樂部 主席及執行董事 周振林 董 事 局 欣 然 宣 佈，本 公 司 已 訂 立 買 賣 協 議 以 收 購 一 家 於 英 屬 處 女 群 島 註 冊 成 立 的 公 司（「目標公司」）已 發 行 股 本 合 共33%（「收購事項」）。目 標 公 司 全 資 擁 有 一 家 於 香 港 註 冊 成 立 的 公 司（「持牌證券公司」），該 公 司 獲 證 券 及 期 貨 事 務 監 察 委 員 會 發 牌，可 從 事 第1類（證 券 交 易）受 規 管 活 動。因 此，於 收 購 事 項 完 成 後， 本集團已收購持牌 ...

Core Viewpoint - The annual International Consumer Rights Day is approaching, and to boost consumer confidence and promote consumer rights protection, Sina Finance has launched the 2026 "315 Consumer Rights Protection" campaign in collaboration with the Black Cat Complaint platform [1] Group 1: Complaints Against the Company - From March 15, 2025, to February 28, 2026, China Merchants Securities received 18 complaints, with 8 being valid, resulting in a completion rate of 37.50%. The complaints primarily involved disputes over commission rates [1] - One complainant highlighted that China Merchants Securities charged a commission rate of 0.248%, which is significantly higher than the industry standard of 0.1% to 0.3%, indicating unreasonable high fees that severely infringe on investor rights [3] - Another complainant reported that the company changed their commission rate from 0.15% to 0.6% without prior notice, leading to increased trading costs [4] Group 2: Market Context and Company Performance - In a competitive market environment, many brokerage firms are engaged in a client acquisition battle, with new personal investor account commission rates generally around 0.15% to 0.1%. Some firms offer even lower rates, down to 0.00854% and 0.00841% based on the size of the funds [5] - In 2025, China Merchants Securities achieved total operating revenue of 24.99 billion yuan, a year-on-year increase of 19.19%, and a net profit attributable to shareholders of 12.3 billion yuan, up 18.43% [5] - The company's revenue growth was primarily driven by increased net income from brokerage business fees and market-making services, with brokerage business becoming the main growth driver, contributing 73.83% to the adjusted revenue increase [5]

Summary of the Conference Call on China's Financial Sector Industry Overview - The focus is on the **Chinese financial sector** and the implications of the rising debt-to-GDP ratio on financial stocks [1][2][29]. Core Insights and Arguments 1. **Debt-to-GDP Ratio and Financial Risk**: - Despite the rising debt-to-GDP ratio, financial risks are perceived to be decreasing. The shift of fiscal resources from infrastructure to consumption and social welfare is seen as a more favorable structural change for the financial system [1][2][3]. - The public sector's debt increase has actually lowered financial risks, countering market fears of unsustainable debt levels leading to systemic risks [1][2]. 2. **Credit Growth and Economic Stability**: - Credit growth has slowed to **6%**, with a shift in social financing from corporate and household credit to government sectors, indicating a transition from expansion to contraction in financial system risks [2][3]. - Improved project selection mechanisms and stable returns on infrastructure investments are expected to keep overall returns relatively stable, with government net interest burdens projected to rise to **2.6%** from **2.1%** in 2021 [2][3]. 3. **Transition from Infrastructure to Consumption**: - The gradual transition of fiscal support from infrastructure to consumption is viewed as an ideal transformation for the financial system, potentially stabilizing and enhancing financial returns [3][35]. - The financial sector is expected to benefit from a more stable environment, maintaining moderate credit growth and supporting ongoing industrial upgrades [3][36]. 4. **Investment Opportunities**: - Insurance stocks are anticipated to perform strongly, with banks showing stable performance. Brokerage firms and Hong Kong exchanges are expected to present investment opportunities in the second half of 2026 [3][39]. - Key stocks identified include **Ping An Insurance** as a preferred stock due to its growth potential in wealth management and healthcare [39]. Additional Important Points 1. **Risks to the Financial Outlook**: - Risks include a rapid shift of fiscal resources away from infrastructure, which could lead to a sharp decline in investment-related credit demand, negatively impacting income growth and industrial upgrades [3][43]. - Conversely, if debt continues to rise without proper project selection, infrastructure investment returns may decline faster, increasing the government's net interest burden and adversely affecting financial asset returns [3][43]. 2. **Long-term Financial Health**: - The analysis suggests that the long-term risks to financial assets remain manageable, with expectations of a gradual recovery in bank profitability and valuation metrics [39][40]. - The financial sector is entering a more stable operational cycle, moving away from previous volatility, with a focus on sustainable growth driven by strong household financial asset growth [39][40]. 3. **Projected Financial Metrics**: - Bank profit growth is expected to gradually align with nominal GDP growth by 2026, driven by rebounds in net interest income and healthy fee income growth [40]. - The projected price-to-book ratios for major banks are expected to rise, indicating a recovery in valuations [40]. This summary encapsulates the key insights from the conference call regarding the Chinese financial sector, highlighting the implications of rising debt levels, investment opportunities, and potential risks.

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) is expected to outperform both the bank's and market's earnings forecasts for Q4 2025, driven by favorable investment income and reduced operating expenses [1] Group 1: Earnings Performance - The earnings for Q4 2025 are projected to exceed Goldman Sachs' expectations by 5% when excluding investment income, indicating effective cost control [1] - The forecast for earnings per share (EPS) growth for 2026 is approximately 4%, with a projected 12% year-on-year increase in revenue excluding investment income [1] Group 2: Strategic Focus - Management emphasized a mid-to-long term development strategy during the earnings release, aiming to capture opportunities in China while positioning the exchange as a hub for regional growth [1] - For 2026, management anticipates that net investment income will be influenced by fluctuations in Hong Kong interbank offered rates and external portfolio redemptions, with a potential acceleration in the growth rate of operating expenses compared to FY 2025 [1]

Stock Performance - Tiger Securities' stock price experienced significant fluctuations in January 2026, with a notable increase of 5.08% on January 6, reaching $10.97 per share, followed by a decrease of 5.04% on January 7, dropping to $10.56 per share. These fluctuations are linked to market trading activity, although specific reasons remain unclear [2]. Financial Performance - In the financial report released in December 2025, Tiger Securities reported third-quarter revenue of $175 million, representing a year-over-year increase of 73.3%. The net profit was $53.96 million, showing a substantial growth of 201%. The company's client asset scale reached a historic high of $61 billion, with new client deposits exceeding annual targets [3]. Regulatory Environment - On January 16, 2026, the China Securities Regulatory Commission emphasized the need to strictly investigate excessive speculation and market manipulation, aiming to prevent significant market volatility. This regulatory direction may impact the business environment for brokerage firms, including Tiger Securities [3]. Institutional Insights - Guotai Junan raised the target price for Tiger Securities to $13.88 in a report dated December 11, 2025, maintaining a "Buy" rating due to optimism regarding the company's client asset growth potential. Industry analysis suggests that brokerage fundamentals may benefit from the expansion of light asset businesses and policy incentives in 2026 [4].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388 HK) with a target price of HKD 542 [7]. Core Insights - The report anticipates a decline in average daily trading (ADT) leading to a 24% quarter-on-quarter drop in net profit for 4Q25, with total revenue expected to be HKD 6.456 billion, reflecting a 17% decrease from the previous quarter [1][5]. - Despite the expected short-term challenges, the report suggests that factors such as the appreciation of the Renminbi, potential interest rate cuts by the Federal Reserve, and a strong IPO market will support liquidity in the Hong Kong stock market, benefiting the exchange's performance and valuation [1][2]. Summary by Sections Trading - The report estimates trading revenue for 4Q25 at HKD 42.1 billion, a 16% decrease quarter-on-quarter, primarily due to a 20% decline in ADT to HKD 2.298 billion [2]. - Southbound trading activity has also decreased, with a 31% drop in southbound ADT to HKD 529 billion, accounting for 23% of total ADT [2]. IPO Market - The IPO market remains robust, with 50 IPOs expected in 4Q25, raising HKD 980 billion, compared to 25 IPOs and HKD 790 billion in the previous quarter [3]. - The report highlights a strong pipeline of high-quality IPOs, with 395 companies currently awaiting approval [3]. Investment Income - Net investment income is projected to decline by 32% quarter-on-quarter to HKD 6.97 billion due to changes in margin rebate calculations and a high overnight HIBOR environment [4]. - The report notes that the reduction in margin requirements may also lead to a contraction in the investment income base [4]. Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025, 2026, and 2027 to HKD 171 billion, HKD 185 billion, and HKD 188 billion respectively, with a target price based on DCF methodology set at HKD 542 [5][14].

Group 1 - The core point of the article is that Liujin Technology, listed on the Beijing Stock Exchange, experienced significant trading activity on February 3, 2026, with a turnover rate of 29.42% and a transaction volume of 68.51 million shares, amounting to 964 million yuan [1] Group 2 - The top buying seat was from Dongfang Caifu Securities Co., Ltd., which purchased shares worth 14.97 million yuan [1] - The top selling seat was an institutional account that sold shares worth 20.31 million yuan [1]

Group 1 - The core point of the article is that Dongyao Pharmaceutical-B (01875.HK) has appointed Zhongyi Capital Limited as an independent financial advisor to provide opinions to the independent board committee regarding a specific offer, particularly on whether the offer is fair and reasonable and whether it should be accepted [1] Group 2 - The appointment of the independent financial advisor has been approved by the independent board committee in accordance with Rule 2.1 of the Takeovers Code [1]

Group 1 - The Philippine Stock Exchange's information disclosure system is currently non-operational [1] - A trading suspension for MRC stocks was implemented for one hour on January 19 from 9:30 AM to 10:30 AM [1]

Group 1 - The core viewpoint of the article is that the trading arrangements of the New York Stock Exchange and NASDAQ will remain unaffected despite the temporary government shutdown ordered by President Trump [1] - Both exchanges confirmed that trading will close early at 1:00 PM EST on December 24, will be closed on December 25 for Christmas, and will resume on December 26 according to the normal schedule [1] - The announcement follows Trump's directive for federal government departments and agencies to suspend operations on the day before and after Christmas, granting related employees temporary leave [1]