UB-HKEX@EP2610A

HKEX Proposes to Modify Trading Processes to Support T+1 Settlement

HKEX Plans to Extend Settlement Related Service Hours

HKEX Proposes to Relax Rules for Differential Voting Rights IPOs, Supported by the Hong Kong Securities and Futures Association

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

ASIA TELE-NET

WAI CHUN GROUP

SILKWAVE INC

SHEUNG YUE GP

POLYFAIR HLDGS

BGMC International

CEC INT'L HOLD

RONGZHONG FIN

ECHO INT HOLD

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Hong Kong Exchanges and Clearing (HKEX) has proposed to halve the cash settlement cycle for share trading from T+2 to T+1 by Q4 2027 to enhance market efficiency and liquidity. This change would apply to various financial instruments and aims to align Hong Kong's market with international standards. HKEX CEO Bonnie Chan emphasized the importance of this transition for competitiveness. The proposal follows a previous suggestion and is part of broader reforms to strengthen Hong Kong's financial profile, including clearer guidelines for overseas companies seeking secondary listings.

- HKEX has proposed to halve the cash settlement cycle for stock trading to enhance market efficiency and liquidity, transitioning to a "T+1" system by Q4 2027.  
- This change will apply to stocks, exchange-traded products, structured products, real estate investment trusts, and listed debt securities, strengthening Hong Kong's competitive position globally.  
- The consultation period for this reform will conclude on May 18, and industry feedback is encouraged as HKEX aims to align with international standards in financial markets.

SCMP

HKEX

Hong Kong Exchanges and Clearing (HKEX)

Nasdaq

HKEX-R

HKEX proposes halving settlement cycle to boost Hong Kong’s financial profile

The Hong Kong Exchanges and Clearing (HKEX) has proposed to shorten the settlement cycle for the Hong Kong stock cash market from T+2 to T+1, with plans to implement it in the fourth quarter of 2027. The consultation period is four weeks, ending on May 18. T+1 will apply to exchange transactions in the secondary market, including stocks, structured products, and debt securities. HKEX encourages market participants to assess their operational readiness in advance and will revise relevant rules after determining the final operating model. The CEO of HKEX stated that T+1 will enhance the core competitiveness of the Hong Kong market

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The Hong Kong Exchanges and Clearing (HKEX) proposed to implement T+1 in the fourth quarter of 2027 and consult the market for four weeks

The Hong Kong Stock Exchange today published a consultation paper (the "Consultation Paper") on shortening the settlement cycle of the Hong Kong stock spot market, proposing a suggested operating model to reduce the settlement cycle from the current T+2 to T+1, and soliciting market feedback on the proposal. (Jinshi)

CoinLive

The Hong Kong Stock Exchange has released a consultation paper on shortening the settlement cycle of the Hong Kong stock spot market.

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Geopolitical tensions are driving fundraising in the mining sector amid a commodities 'supercycle', according to experts. Johnson Chui from HKEX noted that mining companies are becoming key players in capital markets, with significant IPOs like Zijin Gold's $3.7 billion offering. The sector raised $5.4 billion through IPOs last year, the highest in over a decade. Experts predict more listings in Hong Kong, while geopolitical factors complicate M&A activities, with countries like the US and Gulf nations investing in critical minerals. Regulatory challenges may slow down mega mergers due to national security concerns.

Zijin Mining

ZIJIN MINING

Geopolitics to drive Hong Kong mining fundraising amid ‘supercycle’, experts say

The Hong Kong Stock Exchange is consulting the market on the "Review of the Competitiveness of the Listing Mechanism." The Hong Kong Securities and Futures Professionals Association supports lowering the financial qualification testing thresholds for companies with different voting rights and the confidentiality application mechanism, believing that this will enhance the competitiveness of Hong Kong's listing system and attract more new economy enterprises. Recommendations include lowering the market capitalization threshold from HKD 40 billion to HKD 20 billion, reducing the revenue testing threshold to HKD 600 million, and allowing applications to be submitted confidentially to protect the business secrets of companies. The association also suggested strict confidentiality obligations and mechanisms for handling leaks

- The Hong Kong Stock Exchange is consulting the market on enhancing the competitiveness of its listing mechanism.  
- The Hong Kong Securities and Futures Professionals Association supports lowering thresholds for financial qualification tests for companies with different voting rights, believing it will attract innovative enterprises to list in Hong Kong.  
- Additionally, they endorse confidentiality for new applicants' submissions, arguing it protects commercial secrets while balancing transparency and reputational risks during the listing process.

The industry supports the Hong Kong Stock Exchange's proposal to review the competitiveness of the listing mechanism, hoping for strict confidentiality obligations and leak handling mechanisms

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 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%

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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.

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HSCEI ETF

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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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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

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Hang Seng TECH Index

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JD LOGISTICS

Xiaomi Corporation

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Tencent Holdings Limited

JD INDUSTRIALS

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BABA 2x Long Daily ETF - GraniteShares

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FI2 CSOP HSI

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Hang Seng China Enterprises Index

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LAOPU GOLD

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ALI HEALTH

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Alibaba HK SDR 5to1

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Meituan

Meituan HK SDR 5to1

Tencent

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Tencent HK SDR 10to1

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Xiaomi HK SDR 2to1

Laopu Gld HK SDR 50to1

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JD.com

BIDU-SWR

Baidu

Trip.com HK SDR 50to1

Trip.com

JD HEALTH-R

SMIC HK SDR 5to1

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POP MART HK SDR 20to1

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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

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

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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

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

UB-HKEX@EP2610A(28375.HK)

UB-HKEX@EP2610A Stock Performance Chart

HKEX proposes halving settlement cycle to boost Hong Kong’s financial profile

The Hong Kong Exchanges and Clearing (HKEX) proposed to implement T+1 in the fourth quarter of 2027 and consult the market for four weeks

The Hong Kong Stock Exchange has released a consultation paper on shortening the settlement cycle of the Hong Kong stock spot market.

Geopolitics to drive Hong Kong mining fundraising amid ‘supercycle’, experts say

The industry supports the Hong Kong Stock Exchange's proposal to review the competitiveness of the listing mechanism, hoping for strict confidentiality obligations and leak handling mechanisms