MB-HTSC@EC2606A

Huatai Securities Downgrades NetEase Cloud Music's 2026 Net Profit Forecast and Adjusts Target Price

Huatai Securities Successfully Issued HKD 10 Billion Zero-Coupon Convertible Bonds

Huatai Securities Successfully Issues HK$10 Billion Zero-Coupon Convertible Bond

Huatai Securities plans to issue HK$10 billion zero-coupon convertible bonds

Huatai Securities Provides $4.867 Billion Guarantee for Subsidiary's Medium-Term Notes

Huatai Securities Completes 2.5 Billion Yuan Short-Term Corporate Bond Issuance

Huatai International Finance Issues HK$385 Million Medium-term Notes

Huatai Securities Issues HK$3.1 Billion Senior Unsecured Bonds

Huatai Securities Expands Medium-Term Note Program to $10 Billion

Huatai Securities applies for MTN program listing, subsidiary issues MTNs

Huatai Securities Updates Board and Committee Structure

Huatai Securities In 增资 s 9 Billion Hong Kong Dollars to Support International Business Development

Huatai Securities Successfully Issued Subordinate Bonds Worth 7.5 Billion Yuan

Chongqing Yu Xin Investment Plans to Issue 3 billion yuan ABS Passes Approval

Huatai International Finance Issues $138 Million Medium-Term Notes

Huatai International provides guarantee for Huatai International Finance's medium-term note issuance

Jiangsu Huatai Guotai Kechuang Growth Equity Investment Fund Established

Huatai International Finance Issued $180 Million Medium-Term Notes

Huatai International Finance Issues Two Mid-term Notes

Renminbi Surpasses 7.0 Against US Dollar, Reaching New High Since Year-Start

STARCOIN GROUP

DAISHOMICROLINE

IDT INT'L

GUANZE MEDICAL

BOER POWER

KNOWLEDGE ATLAS

CHINA INFO TECH

QINGHUA HOLD

SUPER STRONG

HAIZHI TECH GP

512880

601688

159842

06881

06886

601881

512000

600308

513750

600918

The U.S. non-farm payroll data for January exceeded expectations, but analysts expressed concerns about the sustainability of the data. Galaxy Securities pointed out that the new jobs are highly concentrated in a few industries such as healthcare, and there has been no improvement in structural characteristics. HTSC believes that the Federal Reserve will pause interest rate cuts before June; although the risks in the labor market have eased, the sustainability of data improvement still needs to be verified. Market expectations for interest rate cuts in 2026 have narrowed, and analysts believe that the January data has not materially changed the policy path

- January's non-farm employment data in the U.S. exceeded expectations, yet analysts express concerns about the labor market's underlying recovery.  
- Job growth was concentrated in a few sectors, including healthcare, and the overall sustainability of improvements remains uncertain, with significant revisions to previous employment data.  
- While the jobless rate fell to 4.3%, indicating stronger labor utilization, many institutions believe the Federal Reserve will not cut rates until after June, pending further economic indicators.

Wallstreetcn

Guotai CSI All Share Investment Banking & Brokerage ETF

HTSC

Yinhua CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

SDHT

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

ZHONGTAI SECURITIES

What doubts lie behind the unexpectedly strong January non-farm payrolls?

Huatai Securities Co. Ltd. has successfully issued HK$10 billion in zero coupon convertible bonds due 2027. The net proceeds, approximately HK$9.92 billion, will primarily fund international business development, including fixed income and asset management. The remaining funds will enhance working capital. The company aims to utilize the proceeds by June 30, 2027, pending regulatory approval.

Reuters

Huatai Securities Completes HK$10 Billion Zero Coupon Convertible Bond Issue

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Huatai Securities Co. Ltd. has announced the successful placement of zero-coupon convertible bonds maturing in 2027, totaling 10 billion HKD. The net proceeds, after deducting commissions and estimated costs, amount to approximately 9.9247 billion HKD. About 90% of the net proceeds will be used for international business development, particularly in Fixed Income, currencies, commodities, Wealth Management, and Asset Management, while around 10% will strengthen liquidity and financial stability.

Huaan Securities

Huatai Securities platziert Nullkupon-Wandelanleihen über 10 Milliarden HK-Dollar

601108

02611

03908

601211

Bank of America Securities released a research report listing the investment ratings and target prices for Chinese brokerage stocks. CITIC Securities is rated as Buy, with a target price of HKD 35.7; Guotai Haitong is rated as Buy, with a target price of HKD 21.4; HTSC is rated as Buy, with a target price of HKD 22.1; GF SEC is rated as Buy, with a target price of HKD 22.9; CMS is rated as Underperform, with a target price of HKD 15.3; CGS is rated as Neutral, with a target price of HKD 12.1; CICC is rated as Buy, with a target price of HKD 26.9; CSC is rated as Buy, with a target price of HKD 15.7; DFZQ is rated as Underperform, with a target price of HKD 6.1

AASTOCKS

CAITONG SECURITIES

GTHT

CICC

DFZQ

CMSC

CITIC SEC

GF SEC

GUOTAI JUNAN I

Guotai Haitong

CITIC Securities Co., Ltd.

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

Bank of America Securities released a report stating that the fundamentals of Chinese brokerage stocks have decoupled from their stock price performance. Despite upward revisions in profit forecasts, A-shares and H-shares have performed poorly, affected by the national team's reduction in holdings and equity financing. The bank believes that the fundamentals of brokerages are robust and anticipates the government to introduce supportive policies, expecting a strong revaluation of valuations. Bank of America Securities prefers H-shares, giving "Buy" ratings to Guotai Haitong, CICC, and GF SECURITIES, and upgrading the rating of HTSC to "Buy," with a target price of 22.1 yuan

E Fund CSI Hongkong Bond Investment Theme ETF

GF SECURITIES

"Big Banks" Bank of America Securities: The fundamentals of Chinese brokerage stocks are decoupled from stock price performance, looking forward to the introduction of supportive policies

002466

09696

002460

01772

A surge in Hong Kong-listed companies issuing convertible bonds is underway, with 11 firms raising US$7.4 billion in early 2026, driven by strong equity market sentiment. Notable issuers include Tianqi Lithium and Huatai Securities. Bankers anticipate this trend will persist as companies leverage high share prices to issue equity-linked instruments. Convertible bonds offer advantages over straight equity, allowing issuers to set higher conversion prices and providing investors with bond-like security while retaining profit potential. The expanding market is attracting more investors, with expectations for continued momentum, contingent on market conditions.

南华早报

TIANQI LITHIUM

Ganfeng Lithium

GANFENGLITHIUM

Hong Kong firms rush to issue convertibles – and trend could continue: bankers

000750

As of February 6, 685 listed companies have received brokerage research teams this year. Leading brokerages, leveraging the advantages of their research teams, have become the "main force" in the research market, with CITIC Securities ranking first with 213 research visits; Changjiang Securities, Guotai Haitong, and CICC also exceeded 150 visits each; 12 brokerages including Guosen Securities, Huatai Securities, Western Securities, GF SEC, and CSC have all conducted over 100 research visits

Sealand Securities

Changjiang Securities

SINOLINK SECURITIES

GUOSEN SECURITIES

Western Securities

Since the beginning of the year, securities firms have "visited" a total of 685 A-share companies

02477

09678

00565

06681

03928

01024

01167

01873

00622

WELLCELL HOLD(02477) fell 10.19%, with a trading turnover 49.2 Million HKD, and a year-to-date fell 27%. HTSC(06886) fell 8.24%, with a trading turnover 1.6 Billion HKD, and a year-to-date fell 10%. UNISOUND(09678) fell 6.48%, with a trading turnover 330.3 Million HKD, and a year-to-date fell 12.9%.

Top Gainers & Losers

WELLCELL HOLD

UNISOUND

ART GROUP HOLD

BRAINAURORA-B

CHINA NEXT-GEN

KUAISHOU-W

JACOBIO-B

VIVA BIOTECH

OSHIDORI

Top 10 HK Stock Losers (2.3)

00100

02513

01093

02259

00670

09888

00700

09626

MINIMAX-WP(00100) rose 10.98%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 252.1%. KNOWLEDGE ATLAS(02513) rose 8.28%, with a trading turnover 616.0 Million HKD, and a year-to-date rose 109.3%. HTSC(06886) fell 8.24%, with a trading turnover 1.6 Billion HKD, and a year-to-date fell 10%. KUAISHOU-W(01024) fell 4.61%, with a trading turnover 5.1 Billion HKD, and a year-to-date rose 14.9%.

- The Hang Seng Index rose by 0.22% with a year-to-date increase of 4.7%, while the Hang Seng Tech Index fell by 1.07%, resulting in a decline of 0.9% year-to-date.  
- MINIMAX-WP (00100) increased by 10.98%, recording a transaction value of 1.05 billion HKD and a remarkable annual rise of 252.1%.  
- Zhihu (02513) gained 8.28%, with a transaction value of 620 million HKD and a year-to-date increase of 109.3%, while Huatai Securities (06886) dropped by 8.24%.

MINIMAX-WP

CSPC PHARMA

ZIJIN GOLD INTL

CHINA EAST AIR

BIDU-SW

TENCENT

BILIBILI-W

Top 5 HK Stock Gainers/Losers (>100B) (2.3)

Huatai Securities shares fell 8% to 16.95 Hong Kong dollars after announcing a US$1.28 billion bond issuance plan. The company aims to raise HK$10 billion through zero-coupon convertible bonds due 2027, which can be converted into H-shares at a 6.8% premium. The proceeds will be used for business expansion and working capital. The bond issuance typically leads to share price declines due to potential equity dilution.

marketscreener

Huatai Securities Shares Fall After $1.28 Billion Bond Issuance Plan

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03993

603993

Huatai Securities is optimistic about the value enhancement of CMOC, raising the target price to HKD 33.95 and maintaining a "Buy" rating. It is expected that copper and gold prices will rise, with copper prices likely to exceed USD 15,000 per ton between 2025 and 2028. As a leading domestic copper mining company, it has added a new gold layout, which will achieve a "copper + gold" valuation transformation in the future. It is estimated that the net profit attributable to the parent company from 2025 to 2027 will be RMB 20.4 billion, 32.4 billion, and 36.1 billion, respectively, representing growth of 6%, 26%, and 27% compared to previous values

Huatai Securities Co., Ltd. GDR Class A RegS

ChinaAMC Gold ETF

CMOC

Huatai Securities is optimistic about the value enhancement of CMOC, raising the target price to 33.95 yuan

Shares of Huatai Securities fell 8.8% to HK$16.83 following the announcement of a HK$10 billion ($1.28 billion) plan to issue zero-coupon convertible bonds due in 2027. This marks the stock's largest intraday percentage drop since April 7 and positions it as the top percentage loser in the Hang Seng Composite Index. The issuance will convert into 507.6 million new H-shares, raising concerns over share dilution. Year-to-date, Hong Kong shares are down 9.1%, while Shanghai-listed stocks have decreased by 7.5%.

HK's Huatai Securities falls on dilution fears over $1.3 billion convertible bonds plan

MB-HTSC@EC2606A(23264.HK)

What doubts lie behind the unexpectedly strong January non-farm payrolls?

Huatai Securities Completes HK$10 Billion Zero Coupon Convertible Bond Issue

Huatai Securities platziert Nullkupon-Wandelanleihen über 10 Milliarden HK-Dollar

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

"Big Banks" Bank of America Securities: The fundamentals of Chinese brokerage stocks are decoupled from stock price performance, looking forward to the introduction of supportive policies