GJ-HSI @EP2606A

Hong Kong Interbank Offered Rates (HIBOR) Across the Board Slightly Up

Hang Seng Index Night Futures Close Up 181 Points

HSI Futures Night Session Closes Up 0.65% at 26,923

Hong Kong Stock Market Stamp Duty Boosts Government Revenue, 2026 Budget Forecast Shows Little Increase

Government Announces Budget Forecasting Surplus from 2026/27 Fiscal Year Onwards

Hong Kong Increases Stamp Duty on Residential Properties Over HKD 100 Million

Financial Secretary Paul Chan's Budget Speech Predicts HK Economic Growth

Hang Seng Index Futures Closed on February 25th

HSI Futures, HKC Futures, and H shares Index Futures Open Lower than Spot Prices

LJ Group Analyzes Hong Kong Private Housing Construction and Completion

HANG SENG Index Bull and Bear Warrant Ratio and Quantity Updates

Hang Seng Index Futures Night Session Down 0.75%

HSI Night Index Futures Quotation Up 43 Points

Futures Open Higher Than Spot Prices

Hang Seng Index Futures Open 1.52% Higher at 26,787.44

Significant Rise in Singapore Black Index and Overnight Futures

Hong Kong Monetary Authority's Assessment and Outlook of Hong Kong's Economy

Hang Seng Index Night Futures (February) Up 38 Points

HSI Futures Midday Decline Expands to 1%

Hong Kong Futures Open Up 0.05% at 26820 Points

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EPI (HOLDINGS)

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NANFANG COMM

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The Central Plains Real Estate Research Department pointed out that the CVI index reported 86.71 points this week, an increase of 1.74 points from last week, with a total increase of 10.66 points over the past two weeks, reaching a nearly three-year high. Banks hold an optimistic attitude towards the property market, and the CVI has remained in the optimistic zone for 20 consecutive weeks, indicating an expansion in property price increases. Recently, the decline in interbank rates helps alleviate the pressure on banks' funding costs, and the CVI is expected to maintain above 80 points. The latest CCL reported 149.39 points, an increase of 10.53% from the low level of H interest rates in May 2025

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In the "Hong Kong Property" Centaline Valuation Index (major banks) CVI has risen for two consecutive weeks, reaching a nearly three-year high

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Hong Kong Exchanges & Clearing (HKEX) reported a record year, with a 15% increase in net profit to HK$4.335 billion and revenue rising 15% to HK$7.31 billion in Q4. The city hosted 119 new listings, raising HK$286.9 billion, driven by a tech rally and the AI boom. The Hang Seng Index rose nearly 30%, and the IPO pipeline remains strong with over 400 applications. Despite expected volatility in 2026, HKEX remains optimistic about investor interest in Asian assets and plans to modernize its infrastructure.

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ISHARESHSI

Hong Kong Exchanges and Clearing (HKEX)

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China Southern Hang Seng ETF

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HKEX Has Record Year as Hong Kong Reclaims IPO Crown -- Update

Hong Kong's Financial Secretary Paul Chan defended his budget amid public criticism, emphasizing the need for long-term investments over immediate financial sweeteners. He plans to brief credit-rating agencies on a proposed HK$150 billion transfer from the Exchange Fund for infrastructure projects. Chan highlighted tax relief measures aimed at boosting the economy and creating jobs, while addressing concerns from residents about insufficient support. He asserted that investments in projects like the Northern Metropolis are crucial for future economic growth, despite calls for more direct public assistance.

南华早报

Long-term gains worthwhile, Paul Chan says amid budget sweetener complaints

The Hong Kong Institute of Certified Public Accountants supports the Financial Secretary's presentation of the 2026-27 Budget today, believing that the budget adopts a prudent and forward-looking fiscal strategy in an uncertain external environment, supporting both people's livelihoods and the economy while paying attention to the sustainability of public finances. The Institute pointed out that the budget aligns closely with its earlier recommendations, emphasizing sound financial management, transparency, maintaining competitiveness, and making good use of government assets, believing that this will help rebuild market confidence and growth momentum

- The Hong Kong Institute of Certified Public Accountants supports the 2026-27 budget, recognizing the government's prudent fiscal strategy amidst economic uncertainties.  
- The budget emphasizes maintaining public support, enhancing fiscal sustainability, and rebuilding market confidence while addressing structural challenges like aging population and rising expenditures.  
- The association calls for specific measures and collaboration with the government to improve fiscal transparency and efficiency in public resource allocation to foster economic recovery.

Tasty Money

The Hong Kong Institute of Certified Public Accountants supports the new fiscal budget for the upcoming year, endorsing a prudent and forward-looking strategy to promote sound financial management and economic transformation

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The Hang Seng Index fell by 1%, and the Hang Seng TECH Index fell by 2.3%

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Hong Kong Exchanges and Clearing (HKEX) reported a record annual profit of HK$17.75 billion for 2025, a 36% increase from the previous year, driven by higher market turnover and robust IPO activity. The exchange proposed a second interim dividend of HK$6.52 per share. Daily stock turnover surged 90% to HK$249.8 billion, boosting trading fee income by 80%. HKEX reclaimed the global top spot for IPO fundraising with 114 companies raising US$37.22 billion. CEO Bonnie Chan expressed optimism for capital markets despite expected volatility in 2026.

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HKEX profit jumps 36% to record high on surging turnover, IPOs

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Hong Kong's 2026-2027 budget focuses on enhancing the financial sector with initiatives aimed at improving capital markets, asset management, and digital assets. Key plans include reducing transaction costs for the offshore renminbi market, attracting yuan-denominated bond issuance, and forming an offshore RMB yield curve. The budget also aims to expand mutual market access with mainland China, enhance the family office tax regime, establish a digital bond platform, and develop gold trading. Financial Secretary Paul Chan emphasized strengthening Hong Kong's role as an international financial center and supporting China's financial development goals.

- Hong Kong's 2026-2027 budget introduces measures to enhance its financial sector, focusing on capital markets, asset management, and digital assets.  
- Key initiatives include lowering costs in the offshore RMB market, promoting RMB-denominated bond issuance, and expanding connectivity with mainland China through various financial instruments.  
- The government aims to strengthen its position as an international financial center and contribute to China's goal of becoming a financial powerhouse.

FiNews

ChinaAMC Gold ETF

EFUND GOLD MI-R

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ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

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Hong Kong Unveils Finance Plan in 2026-2027 Budget

[HONG KONG] Hong Kong Exchanges and Clearing, the city’s bourse operator, posted record full-year profit of HK$17.7 billion (S$2.85 billion) for 2025 as a surge in equity trading and a rebound in listings drove earnings to new highs.Profit for Hong Kong Exchanges and Clearing last year rose by 36 per cent from HK$13.1 billion in 2024, according to its earnings results. REUTERS

Businesstimes News

Hong Kong bourse full-year profit rises 36% to new high

The Hong Kong Exchanges and Clearing's net profit last year rose 36% year-on-year to HKD 17.75 billion, exceeding expectations, with the second interim dividend increasing to HKD 6.52

The Hong Kong Stock Exchange's net profit last year rose 36% year-on-year to HKD 17.75 billion, exceeding expectations, with the second interim dividend increasing to HKD 6.52

The latest Hong Kong Interbank Offered Rate (HIBOR) data shows that the overnight rate is 2.4175%, an increase of 27.298 basis points from the previous trading day; the one-week rate is 2.4%, up 10.5 basis points; the one-month rate is 2.4322%, up 7.845 basis points; the three-month rate is 2.6%, up 2.321 basis points; the six-month rate is 2.7872%, up 0.476 basis points; and the twelve-month rate is 2.88506%, up 0.393 basis points. The data is as of February 26, 2026, 11:15

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UBS Investment Bank analyst Deng Weishen pointed out that the Hong Kong government has used HKD 150 billion from the foreign exchange fund for northern infrastructure projects for the first time, which helps diversify and optimize the investment portfolio and reduce the need for borrowing. He believes that Hong Kong has room to diversify risks by issuing more RMB-denominated bonds and enhance long-term growth potential. UBS maintains its 2026 real GDP growth forecast at 3.3%, above market consensus, and is focused on government spending and changes in the industrial cycle

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UBS's Deng Weishen: The government's first use of the foreign exchange fund for Beijing's infrastructure will help diversify and optimize the investment portfolio, reducing the need for further borrowing

S&P Global stated that Hong Kong's public financial situation is robust enough to support a large infrastructure plan. A deficit of about 3% is expected in the fiscal year 2025, and about 2% in the fiscal year 2026. Despite a decline in land sale revenues, strong profits tax and an active stock market have restored operational accounts to surplus. Chinese enterprises seeking to list in Hong Kong are driving IPO growth, which is expected to boost stamp duty revenue. The government plans to invest heavily in the Northern Metropolis project, and while the overall fiscal balance remains in deficit, the deficit rate is expected to decrease to 1.8% from fiscal years 2026 to 2029. Fiscal reserves are expected to start increasing by the end of the fiscal year 2025

S&P: The improvement in Hong Kong's public finances is sufficient to support the massive infrastructure plan

Hong Kong will discontinue the two-decade-old "A Symphony of Lights" show, replacing it with immersive projections across various districts as part of a tourism revamp announced in the latest budget by finance chief Paul Chan. The budget allocates HK$1.66 billion to the Hong Kong Tourism Board, a 35% increase from last year, to promote events and attract tourists. Additional measures include a HK$200 million fund for rural tourism projects and a focus on promoting lesser-known festivals. The government aims to enhance the city's appeal to international visitors, particularly from the Middle East and ASEAN.

Hong Kong 2026-27 budget: ‘Symphony of Lights’ to go dark under tourism revamp

The Rating and Valuation Department's property price index shows that in January, the private residential price index rose to 301.4 points, reaching a new high in over a year and a half, marking eight consecutive months of increase. The rental index rose to 201.1 points, setting a historical high. Centaline Property's Chen Yongjie stated that the property market is recovering healthily, benefiting from an improved economic environment and wealth effect, leading to increased confidence in property ownership. Despite the absence of new stimulus measures in the budget, the property market will continue to rise steadily, with demand continuing to increase

The "Hong Kong Property" Rating and Valuation Department's property price index hits a high not seen in over a year and a half. Centaline's Chen Yongjie: Multiple favorable factors drive the property market steadily upward

$Hang Seng Index(00HSI.HK)has evolved into a hybrid market that reflects China’s economic cycle more than Hong Kong’s domestic fundamentals. Its performance is increasingly driven by mainland policy follow-through, earnings durability in platform and financial stocks, and cross-border capital flows via Stock Connect. Valuation alone is no longer a catalyst; sustained upside depends on whether policy support translates into real profit recovery and renewed confidence from long-term global investors.

$XTALPI(02228.HK) The first to rise in the Hong Kong stock watch list! Push it up!

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CSOP A50 ETF-R

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Hang Seng TECH ETF I

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Tencent HK SDR 10to1

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Tencent Holdings Limited

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

POP MART HK SDR 20to1

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Alibaba HK SDR 5to1

Alibaba

The exchange rate of HKD against USD is rising rapidly. Will there still be big opportunities in Hong Kong stocks? $Hang Seng Index(00HSI.HK) $Hang Seng TECH Index(STECH.HK)

While the US stock market hovers under the shadow of tariffs, the Hong Kong stock market is experiencing a liquidity-driven structural frenzy. But is this 'Hong Kong stocks feast' the beginning of a trend revaluation, or a short-lived bubble induced by capital?From a macro perspective, the weak dollar cycle and the abundance of Hong Kong dollar liquidity are the core drivers of the Hong Kong stock market. In May, US tariff revenue surged to a peak of $22 billion, yet the CPI remained stable, coupled with the potential impact of immigration policies on the job market, the probability of a Fed rate cut in June-July is extremely low. The US stock market remains in a tug-of-war between 'chicken ribs market and downside risk.' In contrast, the Hong Kong dollar exchange rate has quickly slid from the strong-side guarantee to the weak-side edge, HIBOR rates are nearly zero, and the abundant liquidity is flooding into new consumption, innovative drugs, and A/H premium targets, driving both blue-chip dividend stocks and growth assets higher.However, the sustainability of the structural revaluation of Hong Kong stocks is highly dependent on the liquidity environment. The current extremely low level of HIBOR has deviated from the US benchmark interest rate. If the Fed's policy shifts or there are changes in the supply and demand of funds, a liquidity retreat could trigger a valuation correction. More critically, the structural premium of the same asset in Hong Kong stocks compared to A-shares lacks fundamental support. In a market dominated by southbound funds, caution is needed against the risk of valuation overshoot under 'capital frenzy.'In the short term, as long as the cost of borrowing in Hong Kong dollars remains low, there is still room for liquidity-driven revaluation to continue. However, in the long term, whether Hong Kong stocks can escape the 'capital market' dilemma depends on whether corporate earnings can take over liquidity as the anchor of valuation. Investors need to closely monitor changes in HIBOR rates and maintain sensitivity to risks amid the liquidity feast. $Hang Seng Index(00HSI.HK)

$Hang Seng Index(00HSI.HK)When the Hong Kong dollar triggers the strong-side convertibility undertaking, the Hong Kong government will be forced to issue Hong Kong dollars to buy US dollars (unless Hong Kong abandons the linked exchange rate system due to another crisis caused by excessive base money).Short-term may benefit the Hong Kong stock market.

On a weekly basis, the southbound capital flow in Hong Kong stocks was a net outflow in the past week. This is unusual, as it's the first time this has happened in at least over a year. $HSTECH ETF(03032.HK) $Hang Seng Index(00HSI.HK) $XIAOMI-W(01810.HK)

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Xiaomi HK SDR 2to1

Xiaomi Corporation

$XTALPI(02228.HK)$Hang Seng Index(00HSI.HK)This is a key macro indicator for Hong Kong stocks.

$Hang Seng Index(00HSI.HK) $XTALPI(02228.HK) Who should be blamed for these poor souls in Hong Kong stocks today? Sigh... damn it

During the 2018 trade war, Gao Shanwen gave a relatively well-known internal speech:Our generation has already made enough money, so young people should just wash up and go to sleep.As for the 2025 tariff war, what I want to say is: young people might not be able to sleep.$Hang Seng Index(00HSI.HK)$Hang Seng TECH Index(STECH.HK)$Invesco QQQ Trust(QQQ.US)$SPDR S&amp;P 500(SPY.US)

Invesco QQQ Trust

SPDR S&P 500

Another day protected by southbound capital! At 13:30 in the afternoon, the southbound capital suddenly surged, and the intraday chart skyrocketed after a 10-minute delay (did you day trade during these 10 minutes? 😂).Unlike yesterday, the southbound capital first rose and then fell in the morning, showing overall weakness. By 13:30, the net purchase was only 1.5 billion. After the surge, the cumulative net purchase for the day reached 5.15 billion. Compared with yesterday, I'm more convinced that there is a will behind the southbound capital.$Hang Seng Index(00HSI.HK) $BABA-W(09988.HK) $TENCENT(00700.HK)

GJ-HSI @EP2606A(25170.HK)

In the "Hong Kong Property" Centaline Valuation Index (major banks) CVI has risen for two consecutive weeks, reaching a nearly three-year high

HKEX Has Record Year as Hong Kong Reclaims IPO Crown -- Update

Long-term gains worthwhile, Paul Chan says amid budget sweetener complaints

The Hong Kong Institute of Certified Public Accountants supports the new fiscal budget for the upcoming year, endorsing a prudent and forward-looking strategy to promote sound financial management and economic transformation

The Hang Seng Index fell by 1%, and the Hang Seng TECH Index fell by 2.3%