Core Viewpoint - Yao Cai Securities (01428) has experienced a significant decline of over 6%, reaching a low of 7.2 HKD, which is a 50% drop from its year-to-date high [1] Group 1: Stock Performance - As of the latest update, Yao Cai Securities' stock is down 6.57%, trading at 7.25 HKD with a transaction volume of 153 million HKD [1] Group 2: Acquisition Update - On November 11, Yao Cai Securities announced that the acquirer, Ant Group, is considering extending the deadline for the acquisition offer [1] - The original deadline for the transaction was set for November 25 of this year, but the acquirer has the right to extend this date [1] - Yao Cai Securities indicated that a key condition, the completion of the application to the National Development and Reform Commission, has not yet been fulfilled, prompting the consideration of an extension [1]

（来源：MBMC美顺） 来源：市场资讯 港交所(00388.HK)公告，委任毕马威会计师事务所为集团2026年度(截至2026年12月31日)的外聘核数师 (审计师)，有关委任须待香港交易所股东于2026年股东周年大会批准后方可作实。 普华永道在于2025年4月30日举行的2025年股东周年大会上获续聘为审计师，为集团进行2025年度的审 核工作。 普华永道将于2026年股东周年大会完结时退任审计师职务。 香港交易所(00388.HK)于2000年6月27日在联交所上市，当时IPO的审计师便是普华永道。 | | 參與介紹各方 | | --- | --- | | 介紹的保薦人 | 滙豐投資銀行亞洲有限公司 | | | 香港 | | | 皇后大道中1號 | | | 15樓 | | | Merrill Lynch Far East Limited | | | 香港 | | | 中環 | | | 花園道3號 | | | 亞太金融中心17樓 | | | 摩根士丹利添惠亞洲有限公司 | | | 香港 | | | 中環 | | | 交易廣場第三座 | | | 30樓 | | 本公司的法律顧問 | 安理國際律師事務所 | | ...

Core Insights - A significant sell order of 349,800 lots was observed in CITIC Securities, amounting to approximately 1.045 billion yuan, coinciding with the Shanghai Composite Index reaching a 10-year high of 3,950.31 points on October 24 [1][2] - This marked the third occurrence of large sell orders in CITIC Securities within a month, raising discussions in the market [1][2] Group 1: Sell Order Events - The first large sell order occurred on September 17, with a sell order exceeding 3.1 billion yuan, resulting in a minor price drop of less than 1% [2] - The second instance was on September 29, where a sell order reached 9 million yuan, causing a decline from a near limit-up situation to a 6.07% increase [2] - The third instance on October 24 involved a sell order of approximately 1 billion yuan, but the stock closed up by 1.19% despite the large order [2][5] Group 2: Speculation on Seller Identity - There is speculation that the mysterious seller could be Yuexiu Capital, which has a plan to sell up to 1% of CITIC Securities' total shares, equating to about 1.48 million shares [4][5] - Yuexiu Capital had previously sold a small portion of its holdings but has not executed any further sales recently, leading to questions about the identity of the seller behind the large orders [5][6] Group 3: Financial Performance - CITIC Securities reported a 55.71% year-on-year increase in revenue for Q3 2025, totaling 22.775 billion yuan, with a net profit of 9.44 billion yuan, reflecting a 51.54% increase [7] - For the first three quarters of 2025, the company achieved a revenue of 55.815 billion yuan, up 32.70% year-on-year, and a net profit of 23.159 billion yuan, marking a 37.86% increase [7] - The asset management scale of its subsidiary, Huaxia Fund, reached approximately 3 trillion yuan as of September 30, 2025 [7]

耀才证券金融(01428)今早小幅高开后跳水，现跌逾9%，昨日股价曾暴涨34%。截至发稿，跌9.29%，报 10.64港元，成交额6.46亿港元。 消息面上，10月10日晚，耀才证券金融发布公告称，香港证监会已批准各要约人及其他相关人士成为受 规管集团公司(即耀才期货及商品有限公司、耀才证券国际(香港)有限公司、耀才资产管理有限公司及耀 才环球外汇有限公司)的主要股东，目前要约收购尚待中国国家发展和改革委员会批准。此前4月25日， 耀才证券公告，蚂蚁集团全资子公司上海云进计划以3.28港元/股的价格，收购耀才证券控股股东新长 明控股持有的50.55%公司股份，总对价约为28.14亿港元。 ...

Core Viewpoint - Yao Cai Securities Financial (01428) experienced a significant stock price increase of over 30%, currently trading at HKD 11.28 with a transaction volume of HKD 767 million, following the announcement of regulatory approvals related to a major acquisition [1] Group 1: Regulatory Approvals - On October 10, Yao Cai Securities Financial announced that the Hong Kong Securities and Futures Commission approved the offerors and related parties to become major shareholders of the regulated group companies [1] - The approval is valid for six months from the date of approval or a longer period with written consent from the commission [1] Group 2: Acquisition Progress - The offerors have submitted application materials to the National Development and Reform Commission of China and are actively communicating with them regarding the acquisition process [1] - The acquisition involves Ant Group's wholly-owned subsidiary, Shanghai Yun Jin, planning to acquire 50.55% of the company's shares at a price of HKD 3.28 per share, totaling approximately HKD 28.14 billion [1]

公告中亦警告投资者，只有在完成落实各项审批等条件后，收购事项方可作实，因此，该收购要约"可 能会或未必会"进行。 格隆汇10月13日｜据财新，蚂蚁要约收购耀才证券公告半年后，获得香港证监会批准。10月10日晚，耀 才证券(1428.HK )公告，截至2025年9月23日，根据《证券及期货条例》第132(1)条，要约人已获香港证 监会批准，成为耀才期货及商品有限公司、耀才证券国际（香港）有限公司、耀才资产管理有限公司及 耀才环球外汇有限公司的主要股东。该批准有效期为六个月，具体落实须在此期间内完成，或者获得香 港证监会书面同意延长有效期。 另一方面，要约人已向国家发改委提交申报材料，并一直积极与其进行沟通。与国家发改委就收购事项 得相关流程正按计划推进中。要约人及耀才证券将继续推进完成条件的达成。 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has achieved record-high profits in the first half of the year, driven by increased trading activity and the expansion of its services, presenting a historical opportunity for quality mainland enterprises to list in Hong Kong, which is expected to enhance HKEX's long-term profitability [1][3]. Summary by Relevant Sections Financial Performance - HKEX's revenue and net profit for the first half of 2025 are projected to be HKD 14.08 billion and HKD 8.52 billion, respectively, representing year-on-year increases of 32.5% and 39.1% [1]. - The trading-related income has significantly contributed to the company's performance, with trading fees and system usage fees increasing by 49% and 48% year-on-year, contributing 47% and 30% to revenue growth [2]. - The average daily turnover (ADT) in the Hong Kong cash market reached HKD 240.2 billion, a year-on-year increase of 118% [2]. Growth Drivers - The growth of HKEX is attributed to the expansion of the Hong Kong stock market and the broadening of its service boundaries, with an increasing number of quality mainland enterprises seeking to list in Hong Kong [3]. - The company's business model allows for long-term performance growth in line with the expansion of the Hong Kong stock market, with revenue stability around 1.2% of the total market capitalization since 2015 [3]. Market Outlook - The expectation of improved overseas liquidity and domestic economic stabilization policies is anticipated to further enhance trading and financing activities in the Hong Kong stock market, driving revenue growth beyond expectations [1]. - The ongoing internationalization of mainland enterprises and supportive external policies are expected to attract more quality companies to list in Hong Kong, thereby increasing the market's appeal [3].

Core Viewpoint - Futu Holdings reported significant year-on-year growth in revenue and profit for Q2 2025, driven by increased user accounts and trading volumes, particularly in the U.S. stock market [3][4][6]. User Growth and Asset Scale - The number of funded accounts increased by 40.9% year-on-year to 2.877 million, with over half coming from markets outside Hong Kong [6]. - Total client assets grew by 68.1% year-on-year to HKD 973.9 billion, marking a historical high [7]. Trading Activity - Total trading volume surged by 121.2% year-on-year to HKD 35.9 trillion, with U.S. stock trading contributing the most [2][8]. - U.S. stock trading volume reached HKD 27.0 trillion, while Hong Kong stock trading volume was HKD 8.335 trillion [8]. Financial Performance - Q2 2025 revenue reached HKD 53.1 billion (approximately USD 6.77 billion), a 69.7% increase year-on-year, while net profit soared by 112.7% to HKD 25.7 billion [4][6]. - The operating profit margin improved significantly from 47.3% in the same period last year to 63.0% [4]. Revenue Drivers - Commission and fee income rose by 87.4% year-on-year to HKD 2.58 billion, driven by the substantial increase in trading volume [6]. - Interest income increased by 43.8% year-on-year to HKD 2.29 billion, benefiting from growth in securities lending, bank deposits, and margin financing [6]. Wealth Management Innovations - Total assets under wealth management reached HKD 163.2 billion, a 104.4% year-on-year increase [8]. - The company has introduced various bond products and became the first online broker to offer structured products to retail investors [8].

Group 1 - The core point of the article highlights that the Hong Kong Stock Exchange reported significant growth in trading activity for the first half of 2025, with an average daily turnover of 240.2 billion HKD, which represents a 118% increase compared to 110.4 billion HKD in the same period last year [1] Group 2 - The data indicates that the average daily turnover encompasses half of the top ten trading days in the history of the Hong Kong Stock Exchange [1]

Core Viewpoint - The case highlights a dispute over high commission fees charged by a brokerage firm, with the court ruling in favor of the brokerage, stating that the fees were within regulatory limits and that the investor's claims of fraud were unfounded [1][3]. Summary by Sections Case Background - The plaintiff, a long-time investor, filed a lawsuit against a brokerage firm, alleging that the high commission fees were fraudulent. The court found that the brokerage's fees were compliant with regulatory standards [1][2]. Commission Fee Discrepancies - The plaintiff was charged a commission rate of 2.5‰ for several years, while new investors were charged a significantly lower rate of 0.6‰ starting in 2016. The plaintiff claimed this constituted price discrimination and fraud [2][3]. Court Rulings - The first-instance court ruled that the commission agreements were valid and that the fees charged were within the regulatory cap of 3‰. The court also noted that commission adjustments typically require investor initiation, which the plaintiff did not do until later [3][5]. - The appellate court upheld the initial ruling, stating that the brokerage acted within legal and contractual bounds, and dismissed the plaintiff's claims of excessive fees and fraud as lacking factual and legal basis [3][5]. Industry Context - The case reflects a broader issue in the securities industry where many investors remain unaware of lower commission rates available to new clients, leading to claims of being "taken advantage of" by their brokers [4][5]. - Similar cases have been reported, indicating that disputes over commission fees are not uncommon, with other investors also facing challenges in court regarding their brokerage fees [4][6].