[Insurance] Northbound capital bought Ping An for nearly 1.2 billion yuan yesterday. Ping An has risen for three consecutive days, reaching a three-year high. Pay attention to Ping An purchase 21970 / ZhongShou purchase 22733

Recently, domestic insurance stocks have attracted market attention. Northbound funds had a net inflow of HKD 3.65 billion on Monday (15/12), with Ping An (02318) recording a net inflow of HKD 1.19 billion, while China Life (02628) also saw a net purchase of HKD 300 million. Major institutions have released reports indicating increased market interest in Ping An and believe its growth and profit potential are underestimated. This news stimulated Ping An to rise for three consecutive days, reaching a three-year high, but the stock price experienced a correction this morning (16/12). Investors looking to take advantage of the correction can consider Ping An call warrants (21970), with an exercise price of HKD 76.92, expiring in April 2026, and an actual leverage of 9.3 times. China Life has lagged behind Ping An since early December; those wanting to catch up can pay attention to China Life call warrants (22733), with an exercise price of HKD 35.02, expiring in May 2026, and an actual leverage of 6.5 times. This structured product has no collateral. If the issuer is unable to repay or defaults, investors may not recover part or all of the receivables. This article is issued by The Hongkong and Shanghai Banking Corporation Limited ("the Bank" or "the Issuer") (including any reference terms) for reference only and does not constitute an offer, solicitation, or recommendation to sell or purchase structured products. Structured products are complex products, and investors must act prudently regarding this. Unless investors fully understand and are willing to bear the risks involved, they should not invest in this product. The prices of structured products can rise or fall sharply, and investors may lose all or most of their investment. Past performance does not reflect future performance. Before investing, one should understand the nature and risks of structured products and carefully read the relevant offering documents to independently determine whether it is suitable for them. If needed, one should consult professional advice. The Bank and its appointed liquidity providers may be the only market participants for structured products, and the secondary market for structured products may be limited. Please note that bull and bear certificates have a mandatory redemption mechanism, which may lead to early termination. In this case, (i) investors in N-type bull and bear certificates will lose their entire investment in the certificates; and (ii) the remaining value of R-type bull and bear certificates may be zero. Trading structured products linked to U.S. indices may carry additional risks, including: (a) risks related to differences in trading days and trading hours; (b) less publicly available information regarding the index, or no Chinese version provided; (c) political and economic risks related to the index (e.g., the U.S.); (d) exchange rate risks; (e) potential settlement delays; (f) announcement of index levels when component stocks are not trading; and (g) mandatory redemption events for U.S. index bull and bear certificates occurring during non-trading hours. The author is a licensed person under the Monetary Authority and the Securities and Futures Commission and does not hold any direct or indirect interests in structured products or related assets. Information / Usage Unless specifically stated, the information in this article is provided by the Bank to Hong Kong residents ("Hong Kong Residents") for financial, market, or other information and data ("Information"). Non-Hong Kong residents should not rely on or make any decisions based on the information in this article. If you are not a Hong Kong resident and use this article, you may violate laws applicable to you. The Bank and all HSBC Group companies shall not be liable for any and all responsibilities arising from your use of this article as a non-Hong Kong resident "Hongkong and Shanghai Banking Corporation" refers to HSBC Holdings plc and any subsidiaries or affiliated companies