HU-HKEX@EP2610A

Goldman Sachs Downgrades HKEX Target Price and Adjusts Financial Projections

CICC forecasts HKEX's Q1 revenue up 8% and profit up 9%

Starjoy Wellness and Travel Completes Required Director Training by HKEX

UBS forecasts HKEX's Q1 2026 earnings

CSC Financial analyst maintains Strong Buy rating on HKEX and sets price target

CICC Maintains Buy Rating on HKEX with Target Price of HKD 500

Hong Kong's Deputy Secretary for Financial Services Proposes Revision to Unified Settlement and Tax Payment in Renminbi

HKEX reports Q1 2026 average daily volume of 1.8 million futures and options contracts

Hong Kong SFC and HKEX Further Strengthen Financial Market Infrastructure

Qianhai Authority Releases Policy for Low-altitude Economy Industry Development

HKEX OTCClear and Swap Connectivity's Clearing Volume Reached New High in Q1 2026

Zhang Kun's 2025 Annual Report Reveals Major Addition to Hong Kong Exchanges and Multiple New Holdings

Hong Kong Brokerages Report 62% YoY Profit Growth in 2025, Hitting Five-Year High

Hong Kong Plans to Integrate Tokenized Bonds for Financial System Modernization

Confidence Intelligence Proposes Charter Amendments to Align with HKEx Rules

Securities and Futures Commission Announces Paperless Securities Market System to be Implemented on November 16, 2026

Hong Kong Exchange and Malaysia Exchange Sign MOU to Enhance Market Connectivity

HKEX Evaluating Launch of Mini-Futures for Hang Seng and Tech Indices

SFC Advises on Strengthening Stock Exchange Regulation for Enhanced Investor Protection

ECHO INT HOLD

ASIA TELE-NET

TIAN CHENG HLDG

ABC MULTIACTIVE

FU SHEK FIN

SINO-LIFE GROUP

JIAYUAN SER

GBG HOLDINGS

LOPAL TECH

BIREN TECH

01828

00388

HKXCY

FWD Group has published an offering circular for its USD 5 billion Global Medium Term Note and Capital Securities Programme, allowing the issuance of medium-term notes and capital securities. The programme targets professional investors and seeks a listing on the HKEX. The offering circular includes updates, with specific terms to be detailed in separate pricing supplements.

PUBT

HKEX

Hong Kong Exchanges and Clearing (HKEX)

HKEX-R

FWD Group publishes offering circular for USD 5 billion medium-term note, capital securities program

HKEX Chief Executive Officer Charles Li stated that the implementation of 24-hour trading in Hong Kong may be detrimental to retail investors, as they may not be able to respond promptly to market changes during U.S. trading hours. In addition, the amount of new stock fundraising by HKEX this year has reached 40% of last year's total, and the number of companies waiting to go public has hit a record high, with more than 10 multinational companies preparing to issue new shares in Hong Kong, providing more investment options

AASTOCKS

NASDAQ-100

Nasdaq

NASDAQ Composite Index

Invesco Nasdaq 100 ETF

HSBC HOLDINGS

HSBC

HSBC 5xShortSG241213

HSBC Holdings Plc

Chen Yiting: 24-hour trading in Hong Kong stocks may be detrimental to retail investors, with the number of companies waiting to go public reaching a new high

HKEX announced the addition of two technology indices, with five mainland mutual fund overseas subsidiaries set to launch related ETF products. These ETFs are expected to be included in the interconnectivity ETF category. In recent years, mainland mutual fund institutions have significantly expanded their presence in the Hong Kong ETF market. The number of ETFs listed on HKEX is projected to reach a record high in 2025, with over half being products from mainland mutual fund overseas subsidiaries. Among ETFs newly launched this year, products from mainland mutual funds accounted for more than 70%

Wallstreetcn

Interconnectivity Tools Continue to Expand as Mutual Funds Aggressively Enter Hong Kong ETF Market

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Hong Kong IPOs are experiencing a resurgence as global funds increase their investments in China, according to Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing. The exchange is witnessing strong demand from international investors, with significant capital raised by companies like Muyuan Foods and Biren Technology. Chan emphasized Hong Kong's role in connecting international capital with opportunities in mainland China and Southeast Asia. The IPO pipeline is diverse, with over 520 companies, including international firms, seeking to raise funds. In Q1, 37 companies raised approximately US$13.26 billion, marking a 453% increase year-on-year.

SCMP

Hang Seng Index

HSCEI ETF

HSCEI ETF-R

Global funds fuel Hong Kong IPO rebound as investors rebalance China portfolios

HKEX will announce its first-quarter results on the 29th of this month, with expected net profit ranging from HKD 4.429 billion to HKD 4.841 billion, representing a year-on-year increase of 8.6% to 18.7%. Revenue and other income are expected to be between HKD 7.397 billion and HKD 7.827 billion, with a year-on-year increase of 7.9% to 14.1%. Investors are focused on the management's latest operational guidance and market reforms. The ratings and target prices for HKEX from 10 brokerages are as follows: JP Morgan - Overweight at HKD 550, Goldman Sachs - Buy at HKD 546, DBS - Buy at HKD 540, Citigroup - Buy at HKD 525, HSBC - Buy at HKD 520, Bank of America Securities - Buy at HKD 520, Morgan Stanley - Overweight at HKD 510, CICC - Outperform at HKD 500, Credit Lyonnais - Outperform at HKD 500, UBS - Neutral at HKD 450

Latest Ratings and Target Prices of Major Banks for HKEX (Table)

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STECH

BABA

07500

07300

The Hang Seng Index closed at 26,069 points, up 197 points or 0.8%; the Hang Seng TECH Index reported 4,943 points, up 91 points or 1.9%. Alibaba rose over 4%, JD LOGISTICS, CITIC, Bank of China, JD INDUSTRIALS, and ANGELALIGN reached new highs. Among the active heavyweight stocks, MEITUAN, TENCENT, HKEX, and Xiaomi Corporation all saw varying degrees of increase

BABA-W

Hang Seng TECH Index

Alibaba

JD LOGISTICS

Xiaomi Corporation

TENCENT

MEITUAN

CITIC

Tencent Holdings Limited

JD INDUSTRIALS

ANGELALIGN

BABA 2x Long Daily ETF - GraniteShares

CSOP HS TECH

FI2 CSOP HSI

FI CSOP HSI

Hang Seng China Enterprises Index

XIAOMI-W

LAOPU GOLD

JD-SW

BIDU-SW

TRIP.COM-S

INNOVENT BIO

JD HEALTH

ALI HEALTH

SMIC

KUAISHOU-W

POP MART

SBP GROUP

BANK OF CHINA

51WORLD

XUANZHUBIO-B

BABA-WR

Alibaba HK SDR 5to1

MEITUAN-WR

Meituan

Meituan HK SDR 5to1

Tencent

TENCENT-R

Tencent HK SDR 10to1

XIAOMI-WR

Xiaomi HK SDR 2to1

Laopu Gld HK SDR 50to1

JD-SWR

JD.com

BIDU-SWR

Baidu

Trip.com HK SDR 50to1

Trip.com

JD HEALTH-R

SMIC HK SDR 5to1

KUAISHOU-WR

POP MART HK SDR 20to1

BOC HONG KONG

Bank of China

Bank Of China

The Half-Day Report: The Hang Seng Index closed at 26,069 points, up 197 points; the Hang Seng TECH Index closed at 4,943 points, up 91 points. Alibaba rose over 4%, while JD LOGISTICS, CITIC, Bank of China, JD INDUSTRIALS, and ANGELALIGN reached new highs

HKEX Group CEO Charles Li pointed out that since 2000, the market capitalization of Asian stock markets has quadrupled, expected to reach USD 34.4 trillion by the end of 2024. The amount of investment from international investors in the Asian market has doubled from 2014 to 2024, reaching approximately USD 6 trillion. HKEX is committed to building an interconnected Asian market and has recently collaborated with the Malaysian and Korean exchanges to launch a joint index, while exploring more dual listing avenues to attract more investors to participate in the Hong Kong market

Chen Yiting: The market value of Asian stock markets has quadrupled since 2000, and the Hong Kong Stock Exchange builds bridges to connect Asian capital markets

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CICC published a research report indicating that it expects the Hong Kong Stock Exchange's revenue for the first quarter of this year to be HKD 7.4 billion, an increase of 8% year-on-year and 1% quarter-on-quarter. It also expects the main business expense revenue to be HKD 6.27 billion, an increase of 14% year-on-year and 4% quarter-on-quarter. As for profit, it is expected to be HKD 4.43 billion, an increase of 9% year-on-year and 2% quarter-on-quarter. The firm maintains a target price of HKD 500 for the Hong Kong Stock Exchange, which corresponds to a forecasted price-to-earnings ratio of 34.7 times and 33.1 times for this year and next year, respectively, and continues to give it an "outperform" rating

FL2 CSOP HSI

CICC

In "Major Banks," CICC expects HKEX's first-quarter revenue to increase by 8% year-on-year, with profits rising by 9%

Citi expects HKEX's net profit for the first quarter to reach HKD 4.7 billion, an increase of 16% year-on-year and 9% quarter-on-quarter. Total revenue is forecasted to be HKD 7.7 billion, up 13% year-on-year. Investment income is expected to be HKD 1 billion, down 25% year-on-year. Citi has raised its earnings per share estimate for HKEX for the fiscal year 2026 by 2%, maintaining a target price of HKD 525 and reiterating a "Buy" rating

Citigroup expects HKEX's first-quarter net profit to increase by 16% year-on-year and continues to recommend "buy."

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HKEX has launched two new technology-themed indices, including the HKEX Korea Exchange Semiconductor Index and the HKEX Technology and US Tech 100 Index, marking a new development in its index strategy. These two indices aim to provide investors with cross-market investment opportunities and have signed agreements with five issuers to launch ETFs tracking these two indices. The CEO of HKEX stated that this move will enrich its index products and promote market innovation and development

港交所

Tianhong CSI Computer Theme ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Guotai CES Semiconductor Chip Industry ETF

HKEX launches two technology-themed indices to enrich the existing index ecosystem

CSC Financial analyst maintained a Buy rating on Hong Kong Exchanges & Clearing yesterday and set a price target of HK$520.00. The company’s shares closed yesterday at HK$408.40.Easter Sale - 70% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Currently, the analyst consensus on Hong Kong Exchanges & Clearing is a Strong Buy with an average price target of HK$509.32.

Tip Ranks

CSC Financial Keeps Their Buy Rating on Hong Kong Exchanges & Clearing (HKXCF)

Hong Kong Exchanges and Clearing (HKEX) is proposing significant reforms to attract innovative firms for listing, including lowering the market cap requirement for weighted voting rights (WVR) companies from HK$40 billion to HK$20 billion. The changes aim to enhance Hong Kong's competitiveness as a listing venue amid global competition. The consultation period for the proposal ends on May 8. The reforms are expected to facilitate listings for smaller innovative companies, including those in AI, robotics, and healthcare, and allow more non-tech issuers to qualify under the WVR regime.

Can Hong Kong’s listing reform 2.0 win over innovative firms?

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

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 HK SDR 10to1

Direxion Auspice Broad COM

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

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...

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

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

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

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

HU-HKEX@EP2610A(28294.HK)

HU-HKEX@EP2610A Stock Performance Chart

FWD Group publishes offering circular for USD 5 billion medium-term note, capital securities program

Chen Yiting: 24-hour trading in Hong Kong stocks may be detrimental to retail investors, with the number of companies waiting to go public reaching a new high

Interconnectivity Tools Continue to Expand as Mutual Funds Aggressively Enter Hong Kong ETF Market

Global funds fuel Hong Kong IPO rebound as investors rebalance China portfolios

Latest Ratings and Target Prices of Major Banks for HKEX (Table)