CT-HKEX@EC2611A

HARBOUR DIGITAL

HUILI RES

51WORLD

GF HEALTHCARE

CONGYU INTE AGR

KWONG MAN KEE

160 HEALTH

DOUMOB

METASURFACE

PETRO-KING

00388

Six months after the implementation of the IPO allocation mechanism reform at the Hong Kong Stock Exchange, the first-hand winning rate for Mechanism B has dropped to about 1%. Data from Tiger Brokers shows that there were 63 IPOs that chose Mechanism B, with the median oversubscription multiple skyrocketing to 1,091 times, and the median first-day stock price increase reaching 24%. The proportion of margin subscription users has risen to 90%, driving the total margin amount for the entire year of 2025 to exceed HKD 1 trillion for the first time. The median first-hand winning rate before the new regulations was 50%, while the median winning rate for new shares that triggered a clawback was 17.5%

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HKEX

After the new IPO allocation policy, the mechanism B's first-hand winning rate is only 1%. Tiger Brokers: Last year's margin trading amount first exceeded one trillion

JP Morgan released a research report, expecting the Hong Kong Stock Exchange's earnings per share to be adjusted upward by 7% over the next two years, with the target price raised from HKD 540 to HKD 550. It forecasts the average daily trading volume of securities from 2023 to 2028 to be HKD 616 billion, HKD 665 billion, and HKD 701 billion, respectively, with the average daily trading volume of derivative contracts expected to be 1.796 million, 2.047 million, and 2.375 million contracts. The forecast for the average daily trading volume of cash stocks in Hong Kong is HKD 262 billion, HKD 276 billion, and HKD 280 billion, maintaining an "overweight" rating

AASTOCKS

JP Morgan raises HKEX's earnings per share forecast for the next two years, target price adjusted to HKD 550

HKXCY

The Mandatory Provident Fund Authority updates investment guidelines, allowing actively managed ETFs as an investment category for MPF funds, with a limit not exceeding 10% of the fund's net asset value. The ETF must be approved by the Securities and Futures Commission and listed on the Hong Kong Stock Exchange. This move aims to provide more flexibility for MPF investments, increase potential investment returns, and help members better secure their retirement savings

Hong Kong Exchanges and Clearing (HKEX)

Mandatory Provident Fund can purchase actively managed ETFs

KPMG China consultant Li Huiqiong suggested during the National Two Sessions to accelerate the implementation of government bond futures in the Hong Kong market, supporting the development of an offshore RMB government bond market to aid in the internationalization of the RMB. She proposed establishing a regular offshore RMB government bond issuance mechanism, encouraging high-quality enterprises to issue RMB bonds in Hong Kong, optimizing the connectivity mechanism, enhancing cross-border risk management efficiency, and promoting the launch of key risk management tools such as government bond futures to improve the offshore RMB risk management product system

腾讯新闻 - 财经

KPMG China consultant Li Huiqiong suggested: Accelerate the implementation of government bond futures in the Hong Kong market

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The Hong Kong Securities Analysts Association submitted its opinions on the consultation document of the Hong Kong Stock Exchange, supporting the reduction of the minimum value guideline per lot to HKD 1,000, the establishment of a maximum limit of HKD 50,000, and the standardization of the number of shares per lot to 8 options to enhance secondary market efficiency. The association's chairman, Deng Shengxing, pointed out that the current system is complex, and standardization will help reduce transaction costs and increase trading volume. The association also suggested establishing quantitative indicators to monitor policy effectiveness and strengthening coordination with the mainland market

CSOP HSI ETF

ChinaAMC Hang Seng ETF

ISHARESHSI

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

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

Guotai CSI All Share Investment Banking & Brokerage ETF

China Southern Hang Seng ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

TRACKER FUND

The Stock Analysts Association calls for the optimization of the fractional share trading mechanism, with a long-term goal of "one share per lot."

The actively managed ETF for Mandatory Provident Fund investments has officially been included, with a cap of 10% of the fund's net asset value. This ETF must be approved by the Securities and Futures Commission and listed on the Hong Kong Stock Exchange, aiming to diversify risks and enhance investment returns. This move responds to the rapid growth of the actively managed ETF market in Hong Kong, covering various asset classes, but excluding cryptocurrency-related ETFs

The MPF includes actively managed ETFs, limited to those approved by the Securities and Futures Commission and listed in Hong Kong, with a maximum proportion of 10%. The Mandatory Provident Fund Schemes Authority expects to enhance return potential

The Hong Kong Securities Analysts Association supports the Hong Kong Exchanges and Clearing (HKEX) in simplifying the framework for trading units, suggesting a long-term goal of "one share per lot." The association's chairman, Deng Shengxing, pointed out that the current system results in multiple lot sizes in the market, increasing trading complexity. The association recommends coordinating with the paperless securities market initiative to gradually achieve the "one share per lot" goal and calls for the HKEX to publish a long-term reform roadmap to allow market participants to plan for system upgrades in advance

The Hong Kong Securities Analysts Association advocates for "one share per hand" as a long-term goal

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HSBC's research report points out that the long-term capital inflow prospects for southbound trading stocks are optimistic, despite significant short-term volatility. The bank is optimistic about Hong Kong Exchanges and Clearing and BOC HONG KONG, believing that HKEX will benefit from increased market activity, while BOC HONG KONG is suitable for long-term income-oriented investors. In contrast, AIA's growth expectations remain high, but the bank prefers bank stocks, especially large state-owned banks such as ICBC and CCB

ICBC

Hang Seng Index

BOC HONG KONG

FL2 CSOP HSI

FI2 CSOP HSI

Fullgoal CSI 800 Banks ETF

ChinaAMC CSI Banks ETF

WP CSI Banks ETF

A GX HSICC

China Southern CSI Banks ETF

FI CSOP HSI

China Merchants CSI BANK AH Price ETF

Huaan CSI Banks ETF

Hwabao WP CSI Banks ETF

HSBC Research expresses confidence in long-term capital inflows into southbound stocks, optimistic about HKEX and BOC HONG KONG

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The Hong Kong stock market opened higher in the morning, with the Hang Seng Index rising by 331 points or 1.3%, reporting at 25,740 points. The National Index and the Hang Seng TECH Index opened higher by 95 points and 99 points, respectively. Oil prices declined, leading to lower openings for oil stocks PetroChina and CNOOC. Financial stocks such as HSBC and Hong Kong Exchanges and Clearing opened higher. AI stocks MiniMax and KNOWLEDGE ATLAS opened higher by 4.9% and 12.7%, respectively. Other tech stocks like Tencent, Alibaba, and JD.com also saw increases. Battery stock CATL opened 6% higher, exceeding last year's performance expectations

JD-SW

JD.com

CATL

TENCENT

MINIMAX-WP

Tencent

Hang Seng TECH Index

BABA-W

Tencent Holdings Limited

KNOWLEDGE ATLAS

Alibaba

CSOP HS TECH

"Hong Kong Stocks" The Hang Seng Index opened high at 331 points, OpenClaw's craze continues to heat up, KNOWLEDGE ATLAS rises 13%

奥动新能源股份有限公司

The HKEX documents show that Siger New Energy (Shanghai) Co., Ltd. has submitted a listing application to the HKEX, with CITIC Securities and BNP Paribas as joint sponsors

Wallstreetcn

Sige New Energy (Shanghai) Co., Ltd. submitted an application to the Hong Kong Stock Exchange

Hong Kong's IPO market is gaining momentum as Everdisplay Optronics and Zhejiang Galaxis Technology Group receive approval to list. The two firms aim to use IPO proceeds for technology upgrades and expansion. In 2025, Hong Kong's capital markets thrived, with 119 firms raising HK$285.8 billion. The first two months of 2026 saw 24 new listings and fundraising of HK$89.2 billion, a significant increase from the previous year. The exchange has 488 active IPO applications and aims to implement reforms to attract more international listings.

SCMP

ZhejiangGlass-D

Hong Kong’s IPO pace picks up as 2 mainland Chinese firms get listing approval

The Middle East has fallen into war due to the U.S. and Israel's attacks on Iran, leading to a decline in global stock markets, but also providing investors with a buying opportunity. Funds from the Middle East may flow into Hong Kong, and it is recommended to buy HSBC (005), Standard Chartered (2888), and HKEX (388). China's central policy emphasizes promoting consumption and developing AI, with Alibaba (9988) seen as a leader in AI. Despite its large market capitalization, investors find its contributions unclear. Tencent (700) has seen a recovery in stock prices in line with policy, while Alibaba has undergone a longer adjustment period

- A sudden attack by the U.S. and Israel killed Iran's supreme leader and led to widespread conflict in the region, impacting global stock markets.  
- Iran's military response included missile and drone attacks on U.S. bases and the blockade of the Strait of Hormuz, causing oil tankers to be stranded.  
- Amid this turmoil, investments are expected to flow into Hong Kong's stock market, with opportunities seen in HSBC and Standard Chartered amidst China's focus on boosting consumption and artificial intelligence development.

HSBC Holdings Plc

HSBC

HSBC Holdings plc ADRhedged

Standard Chartered PLC

HSBC HOLDINGS

STANCHART

Where is Middle Eastern capital flowing? Buy these 3 stocks at a low price | Zeng Yuancang

Hong Kong Exchanges and Clearing (SEHK:388) reported strong earnings for 2025, with revenue of HK$29,161 million and net income of HK$17,754 million, alongside a higher second interim dividend of HK$6.52 per share. The shares are currently trading at HK$415.0, below the fair value estimate of HK$500.33, indicating potential undervaluation. However, the high P/E ratio of 29.5x raises concerns about valuation risk if market sentiment shifts. Investors are advised to consider both opportunities and risks before making decisions.

Simplywall

ISHRS Us Brokers & Sec Exchg

A Look At Hong Kong Exchanges And Clearing (SEHK:388) Valuation After Strong Earnings And Higher Second Interim Dividend

Li Xiaojia, former CEO of the Hong Kong Stock Exchange and chairman of DripNet, stated that DripNet does not require tokenization of real-world assets (RWA) and will not issue RWA tokens, as tokenization does not mitigate the risks associated with these assets. He categorized virtual asset investors into five groups: early entrants, mid-term entrants, traditional financial institutions, decentralized concept professionals, and new investors often referred to as "leeks."

CoinLive

Former HKEX CEO: Tokenization cannot reduce the risks of underlying real-world assets.

Today’s Key News Recap

0203 | Dolphin Research Focus: Macro/Industry. In early trading, Hong Kong stocks plunged on unverified tax rumors about revising the High-Tech Enterprise qualification and raising tax rates for internet and gaming. Against the backdrop that VAT changes for the telecom sector have already taken effect, the chatter quickly spread.It triggered a broad selloff across HK tech, internet, and gaming. Valuations were hit in the short term, risk aversion spiked, and funds rotated to safety.Dolphin Research has issued a First Take on this. See 'China ADRs: Tax Hike Rumor — The rationale behind the false alarm'...

Webull

Tesla

Alphabet - C

Alphabet

HKEX-R

Uber Tech

Palantir Tech

EASTROC

EASTROC BEVERAGE

WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

Tax-hike rumors rattled the market; Dongpeng Beverage's debut was 'lukewarm' | Daily News Recap

0109 | Dolphin Research Focus. 🐬 Macro/Industry 1) HKEX announced it will add six stock options effective Jan 19, covering names such as Zijin Gold Intl, Laopu Gold, and Horizon Robotics.The additions broaden derivatives choices and offer more risk management tools. They should also help lift liquidity in the underlying names.🐬 Single Stock 1) $Taiwan Semiconductor(TSM.US) TSMC reported Dec revenue of NT$335.03bn, down 2.5% MoM but up 20.4% YoY. 2025 YTD revenue rose 31.6% YoY...

Apple

Taiwan Semiconductor

JD-SWR

JD HK SDR 10to1

LAOPU GOLD

Laopu Gld HK SDR 50to1

Direxion Auspice Broad COM

TSM Q4 rev. seen >NT$1 tn; GOOGL integrates Gemini into Gmail | Daily News Recap

Baidu

Hot topic

Appraisal value

Long-rumored Kunlun Chip spin-off is now official as $Baidu(BIDU.US) announced it.On Jan 2, BIDU proposed to spin off Kunlun Chip Technology for an independent listing on the HKEX Main Board, while retaining control (59.45%).BIDU has filed confidentially, and the detailed prospectus is not yet public.Based on available information, Dolphin Research will first outline a few key questions.1. Kunlun Chip's origins and evolution? It traces back to BIDU's FPGA accelerator project launched in 2011...

BIDU-SWR

BIDU-SW

Baidu HK SDR 10to1

BIDU ADR US

Kunlun Chip IPO fast-tracks: Is BIDU's Google moment here?

1209 | Dolphin Research Focus: 🐬 Macro/Industry 1) Hong Kong Exchanges and Clearing Ltd. (HKEX) announced the HKEX Tech 100 Index, tracking the 100 largest Southbound Stock Connect-eligible tech names across six themes, including AI, biotech, and autonomous driving. The index fills a gap for a broad-based vehicle covering diversified China tech in HK and could attract more southbound flows.🐬 Single Stock 1) $NVIDIA(NVDA.US). Trump posted on Truth Social...

NVIDIA

Allianzim US Large Cap Buffer10 Mar ETF

POP MART

Bio-Techne

Mirae Asset Global Investments Co., Ltd.

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Morgan Stanley

LEAPMOTOR

LI AUTO-W

NIO-SW

XPENG-W

POP MART HK SDR 20to1

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

Li Auto

NIO Inc. USD OV

NIO Inc

XPeng

HKEX debuts flagship Tech Index; NVDA H200 cleared for China exports | Daily News Recap

禾赛科技

Conference Minutes

The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Bloomage Biotech

Renaissance Ipo

Hello

Hesai

Pony AI

PONY-W

JD LOGISTICS

HESAI-W

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

CTG DUTY-FREE

BYD COMPANY

SSE Index

Meta Platforms

Microsoft

BOE VARITRONIX

Amazon

Coinbase

OpenAI

Destiny Tech100

BYD Company Limited

BYD COMPANY-R

The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today's Important News Recap

CT-HKEX@EC2611A(26971.HK)

After the new IPO allocation policy, the mechanism B's first-hand winning rate is only 1%. Tiger Brokers: Last year's margin trading amount first exceeded one trillion

JP Morgan raises HKEX's earnings per share forecast for the next two years, target price adjusted to HKD 550

Mandatory Provident Fund can purchase actively managed ETFs

KPMG China consultant Li Huiqiong suggested: Accelerate the implementation of government bond futures in the Hong Kong market

The Stock Analysts Association calls for the optimization of the fractional share trading mechanism, with a long-term goal of "one share per lot."