UB-ICBC@EC2609A

CHK OIL

PETRO-KING

SHANDONG MOLONG

D&G TECH

YANCHANG PETRO

JX ENERGY

MIE HOLDINGS

YUANHENG GAS

XIMEI RESOURCES

CENTURY EN INTL

00011

02388

07300

07500

601939

00939

01398

516210

512700

512800

512820

601398

515020

00005

S&P reports that Hong Kong lenders may face "more collateral pain" as the commercial property market stabilizes, with office rents projected to fall by 1% and retail by 2% in 2025. Despite signs of stabilization, S&P warns it is too early to declare a market bottom, citing ample office supply and competition. The report anticipates further declines in commercial real estate loans in 2026, although Hong Kong's banking system is expected to remain resilient even under severe collateral value discounts, thanks to reduced exposure and strong earnings. However, small banks with high exposure to non-prime properties may face vulnerabilities.

- An S&P report indicates that Hong Kong lenders will face increased collateral pain as the commercial property market shows signs of stabilization, with moderate rent declines in 2025.  
- Despite expectations of continued downturn in commercial real estate loans in 2026, S&P believes the banking system will remain resilient due to measures taken in recent years to reduce exposure and maintain solid earnings.  
- However, small banks with high exposure to non-prime properties are identified as vulnerable and require close monitoring amid the overall strength of the system.

FiNews

HANG SENG BANK

BOC HONG KONG

FI CSOP HSI

FI2 CSOP HSI

China Merchants CSI BANK AH Price ETF

ICBC

Huaan CSI Banks ETF

China Southern CSI Banks ETF

Hwabao WP CSI Banks ETF

WP CSI Banks ETF

FL2 CSOP HSI

ChinaAMC CSI Banks ETF

HSBC HOLDINGS

BANKCOMM

STANCHART

S&P: «More Collateral Pain is Likely» for Hong Kong

01617

09618

Hong Kong stocks experienced a collective pullback today, with the three major indices retreating after reaching highs. The Hang Seng Index closed down 1.44%, and the Hang Seng Tech Index plummeted 2.87%. On the market, tech stocks and retail stocks showed weakness, with significant declines in heavyweight stocks like Alibaba and Kuaishou; bank stocks exhibited mixed performance, with HSBC Holdings rising 1.61% against the trend, supporting the market. Funds have not completely withdrawn, as the telecommunications equipment sector was in demand, with NANFANG COMM and MOBI DEV seeing significant price increases. On the macro front, the market is closely monitoring economic data from early 2026 to assess the sustainability of the recovery

- Hong Kong stocks experienced a collective pullback today, with the Hang Seng Index dropping 1.44% to close at 26,381.02 points after recent highs.  
- The Hang Seng Tech Index fell 2.87%, indicating significant profit-taking, while retail and internet sectors also showed declines amid a subdued market mood.  
- Investors are focusing on macroeconomic signals for early 2026, watching GDP growth and inflation rates to assess economic recovery and stock valuation trends.

Market Heartbeat

NANFANG COMM

JD-SW

BABA-W

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

MOBI DEV

PUTIAN COMM

KPM HOLDING

KraneShares 2x Long BABA Daily ETF

Alibaba

Hang Seng Index

ISHARESHSI

Hong Kong Stock Market Closing | The Hang Seng Index fell by 1.44%, the Tech Index plummeted by 2.87%, Alibaba's decline exceeded 3%, and NANFANG COMM surged over 42%

159887

Industrial and Commercial Bank of China signed a memorandum of understanding with Siemens to establish a strategic partnership. The chairmen of both sides met in Beijing to discuss deepening business cooperation and the role of the China-Germany Economic Advisory Committee. This cooperation will integrate financial, industrial, and technological advantages to promote cooperation between the Chinese and German industries and serve global clients. ICBC will leverage its global advantages to provide comprehensive financial solutions for Chinese and German enterprises, facilitating exchanges between companies from both countries

AASTOCKS

Fullgoal CSI 800 Banks ETF

ICBC signs memorandum with Siemens to establish a strategic partnership

159842

512880

512000

IDCBY

Industrial and Commercial Bank of China Limited announced the resignation of Mr. Song Jianhua as Chief Business Officer, effective February 25, 2026, due to age. Mr. Song contributed significantly to various business functions, including personal banking and internet finance. The handover process has been completed as per requirements. The Board of Directors includes both executive and non-executive members, with a meeting scheduled for the resignation date.

marketscreener

Yinhua CSI All Share Investment Banking & Brokerage ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

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

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS

Industrial and Commercial Bank of China Limited Announces Resignation of Song Jianhua as Chief Business Officer, Effective February 25, 2026

ICBC Senior Business Director Song Jianhua has resigned due to age reasons, and his resignation letter has been submitted. Song Jianhua has held this position since April 2020 and has long been responsible for personal financial services. His work experience includes serving as the Deputy General Manager of the Jiangsu Branch and the General Manager of the Personal Financial Services Department at the head office. The ICBC Board of Directors expressed gratitude for his contributions during his tenure

- On February 25, the Industrial and Commercial Bank of China announced the resignation of senior business director Song Jianhua due to age.  
- Song, born in 1965, held various positions within the bank, including deputy president of the Jiangsu branch and head of personal financial services at the head office.  
- The bank expressed gratitude for his contributions during his tenure and confirmed there were no unresolved matters related to his departure.

Wallstreetcn

Another executive position at a state-owned bank has become "vacant"

Shenzhen Investment Parks 620 Million Yuan in ICBC Structured Deposits

Shenzhen Investment Parks 620 Million Yuan in ICBC Structured Deposits

The West Kowloon Cultural District Authority in Hong Kong has secured a HK$3 billion, 10-year loan from ICBC (Asia) to address funding challenges. This financing, alongside a US$1 billion bond sale program, aims to support the authority until its residential property development begins generating income in 2027. The authority has faced operating deficits in recent years and plans to draft tender documents for a housing project that will provide long-term revenue. The loan's unusually long duration reflects the bank's confidence in the authority's future financial prospects.

南华早报

Hong Kong’s West Kowloon arts hub secures HK$3 billion, 10-year loan facility

601988

601818

The West Kowloon Cultural District Authority (WKCDA) has secured a HK$3 billion loan from ICBC Asia to enhance financial flexibility and support its public mission. This follows a HK$4 billion sustainability-linked loan obtained in 2022. WKCDA plans to issue medium-term bonds capped at US$1 billion. The authority's projects, including the Art Square building and the West Kowloon Performing Arts Center, are expected to generate stable rental income. Last year, WKCDA reported over 17 million visitors, with significant attendance at exhibitions and a new ferry service transporting over 155,000 passengers.

CoinLive

Bank Of China

BANK OF CHINA

CEB Bank

Bank of China

CEB BANK

ChinaAMC SSE Financials Sector ETF Initiating Fund

West Kowloon Cultural District Authority Secures HK$3 Billion Loan for Financial Flexibility

The West Kowloon Cultural District Authority has reached a HKD 3 billion 10-year loan agreement with Industrial and Commercial Bank of China (Asia) and plans to issue up to USD 1 billion in medium-term bonds. The authority's deficit for the fiscal year 2024/25 is expected to widen by 33% to approximately HKD 769 million, with basic revenue declining by 18% to around HKD 871 million. The authority will continue to advance commercial development projects, including the tendering work for the Art Park building and residential development projects

The West Kowloon Cultural District Authority has been granted a HKD 3 billion ten-year loan from ICBC (Asia) and is also preparing to issue medium-term bonds of up to USD 1 billion

Justin posted yesterday on:China calls on banks to reduce US Treasuries exposure amid "market volatility" - reportI added a little more:ICYMI bombshell: China tells banks to curb US Treasury exposure, “sell-America” nervesChina is letting the yuan rise at the same time.

Investinglive

Bank Of Communications

China's onshore yuan, CNY, hits its highest since 10 May 2023

002475

LUXSHARE-ICT plans to apply for a total comprehensive credit limit of RMB 65.5 billion from 7 banks, including the Shenzhen Bao'an Branch of Industrial and Commercial Bank of China Limited and the Shenzhen Branch of the Export-Import Bank of China

LUXSHARE-ICT

600489

600547

Today, the three major indices of A-shares opened lower and continued to decline, with the Shanghai Composite Index falling 1% to 4,059 points, the Shenzhen Component Index down 1.8%, and the ChiNext Index down 1.9%. Domestic bank stocks rose against the trend, with Industrial and Commercial Bank of China and China Construction Bank increasing by 0.7% and 1.2%, respectively. Oil and gold stocks generally fell, with the three major oil companies and gold-related stocks declining between 1.1% and 6.8%. The central parity rate of the RMB against the USD was adjusted to 6.9570. Today, the People's Bank of China conducted reverse repurchase operations, with a net injection of 64.5 billion yuan

ZHONGJIN GOLD

SD-GOLD

The three major A-share indices of Shanghai and Shenzhen fell by 1% to 1.9% in the first half of the day, with oil and gold stocks showing weakness, while domestic bank stocks rose against the trend

TCTZF

00388

00241

HKXCY

AAGIY

HSBH

PNGAY

Hong Kong's American Depositary Receipts (ADRs) mostly continued to decline. According to RTHK, several blue-chip ADRs fell between 1% and over 2%. Meituan and Alibaba experienced significant drops, both declining by more than 2%, with their Hong Kong dollar equivalents at 90.3 and 155.4, respectively. Tencent, Xiaomi, Hong Kong Exchanges and Clearing, AIA, Ping An Insurance, Industrial and Commercial Bank of China, and Bank of China ADRs all decreased by over 1%. In contrast, HSBC's ADR rose by 0.5%, equivalent to 139.7 in Hong Kong dollars.

Tencent Holdings Limited

HKEX

ALI HEALTH

Hong Kong Exchanges and Clearing (HKEX)

AIA Group

HSBC Holdings plc ADRhedged

Ping An Insurance

Meituan

Xiaomi Corporation

Tencent

MEITUAN

Hong Kong ADRs Experience Decline with Major Blue-Chip Losses

TSMC

Conference Minutes

Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Taiwan Semiconductor(TSM.US). For our earnings analysis, please see 'TSMC: the real heavyweight in AI — who would say no?'.Key takeaways from the call are summarized below. We highlight capex plans and spending mix.a) Capex: for 2026, raised to $52-56bn (+$11-15bn YoY), vs prior street $48-50bn. Allocation: 70-80% for advanced nodes, ~10% for specialty technologies...

Applied Materials

Taiwan Semiconductor

ASML

TSM (Trans): Capex to rise by tens of billions YoY, a decision made after talks with downstream customers.

Why are there two Alibaba icons? 😂, I don't know either, Gemini, do you have any special thoughts? Executive Summary: A Historic Leap from Follower to Definer In the 2024-2025 cycle, as the global economic landscape undergoes drastic restructuring, the discussion on &#34;whether China can produce globally dominant enterprises&#34; has shifted from hypothetical possibilities to quantitative analysis of established facts. This report, based on exhaustive financial data, technical parameters, and market share analysis, clearly identifies ten companies with strengths in scale, technological barriers, supply chain control, and financial resilience...

BYD COMPANY

Amazon

CATL

NAURA

MIDEA GROUP

Midea Group

BOYD Gaming

JPMorgan Chase

Huawei

BYD Company Limited

BYD COMPANY-R

BYD Company

BYD HK SDR 10to1

TENCENT-R

Tencent HK SDR 10to1

CATL HK SDR 30to1

BABA-WR

Alibaba HK SDR 5to1

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

Reshaping the Global Industrial Landscape: In-Depth Strategic Evaluation Report of China's Top 10 Leading Enterprises Benchmarking Against Global Giants (2024-2025)

UB-ICBC@EC2609A(26334.HK)

S&P: «More Collateral Pain is Likely» for Hong Kong

Hong Kong Stock Market Closing | The Hang Seng Index fell by 1.44%, the Tech Index plummeted by 2.87%, Alibaba's decline exceeded 3%, and NANFANG COMM surged over 42%

ICBC signs memorandum with Siemens to establish a strategic partnership

Industrial and Commercial Bank of China Limited Announces Resignation of Song Jianhua as Chief Business Officer, Effective February 25, 2026

Another executive position at a state-owned bank has become "vacant"