Market Insights

Chow Tai Fook (01929.HK) announced the annual results for the fiscal year ending March 31, 2024. In the 2024 fiscal year, the group's turnover increased by 14.8% to 108.713 billion Hong Kong dollars. Due to rigorous cost management, the main operating profit grew by 28.9% to 12.163 billion Hong Kong dollars, with the main operating profit margin reaching 11.2%, setting new highs for both turnover and main operating profit. The profit attributable to shareholders increased by 20.7% to 6.499 billion Hong Kong dollars, with earnings per share at 0.65 Hong Kong dollars. The board of directors proposed a final dividend of 0.30 Hong Kong dollars per share, with a total annual dividend of 0.55 Hong Kong dollars per share. The total dividend payout ratio for the 2024 fiscal year is about 84.6%. In the 2024 fiscal year, driven by strong holiday demand and the steady improvement of the benefits of newly opened stores in the past two to four years, the turnover in Mainland China grew by 9.9%. The relevant growth calculated at the same exchange rate for the 2024 fiscal year was 14.1%. In the 2024 fiscal year, the Mainland business accounted for 82.5% of the group's turnover. In Hong Kong, Macau, and other markets, the turnover increased by 45.6% in the 2024 fiscal year, benefiting from the continuous recovery of inbound tourism. In Hong Kong and Macau, the influx of Mainland tourists and the Lunar New Year holiday drove a sustained growth momentum. During the year, the average daily customer flow in stores in Hong Kong and Macau saw a significant year-on-year increase, mainly driven by visits from Mainland tourists. The group's retail value in Hong Kong and Macau grew by 36.7% in the 2024 fiscal year. In the 2024 fiscal year, we opened a net of 2 retail points in Hong Kong and Macau. As of March 31, 2024, we had a total of 87 retail points in Hong Kong and Macau, sufficient to support us in driving high-value growth. We will continue to closely analyze store performance, lease terms, and other data, and reassess new opportunities in the market that are conducive to opening stores. More importantly, we will maintain our competitiveness through product portfolio innovation and customer service. Strong domestic demand and the rise of the middle class continue to support the economic recovery in Southeast Asia, and the return of Mainland tourists has further driven the recovery of the retail industry in the region. The World Bank said in its semi-annual economic outlook that the gross domestic product of developing countries in the Asia-Pacific region is expected to grow by 4.6% in 2024. According to statistics from the Haikou Customs, the duty-free sales in the Hainan Offshore Duty-Free Zone in 2023 saw significant growth, with the number of shoppers growing by 59.9% year-on-year and total sales increasing by 25.4% year-on-year. Measures introduced at the beginning of 2024, such as simplified purchase procedures and the issuance of duty-free consumption coupons, are expected to help the recovery of duty-free consumption in Hainan.

1. Overview of Chinese companies going to the US in April According to the statistics from uSmart Capital, a total of 8 Chinese stocks completed IPO in the US market as of April 30, 2024, and 3 new shares were listed on HKEX during that same period: Tianjin Construction and Development (2515.HK), Tea Baidao (2555.HK) and Chu Men Wen Wen (2438.HK). This brings the number of Chinese stocks listed in the US market this year to 20 (excluding SPAC), and the total IPO fundraising scale exceeding $2.7 billion, except Yamafen (Amer Sports Inc., code:AS.NYSE), while all other Chinese enterprises chose Nasdaq listing. It is worth noting that after entering mid-late April, the listing rate of Chinese companies has been greatly improved. From April 16 to 19, 5 Chinese enterprises completed the listing on NASDAQ in just four days, becoming the largest listing of Chinese companies since 2024, with the total amount of funds raised exceeding 30 million US dollars, a promising trend. This reflects the high interest of the capital markets on Chinese companies and the considerable improvement in investor confidence compared with the first quarter. Listing of Chinese Concept Stocks in 2024 (As of April 30,2024) No. Stock Code Name in Chinese IPO Date Exchange First Day Perform. Offer Amount 1 ROMA 罗马绿色金融 2024-01-09 Nasdaq -27.50% 12.3 million 2 CCTG 承创科技 2024-01-18 Nasdaq 92.50% 5.6 million 3 JL 即亮 2024-01-24 Nasdaq 48.80% 7 million 4 SUGP 荣志集团 2024-01-24 Nasdaq 0.00% 5 million 5 YIBO 星图国际 2024-01-25 Nasdaq -30.25% 5 million 6 HAO 浩希数字科技 2024-01-26 Nasdaq 32% 9.6 million 7 AS 亚玛芬 2024-02-01 NYSE 3.08% 1.365 billion 8 WETH 伟大奇科技 2024-02-21 Nasdaq -59.33% 11 million 9 LGCL 罗科仕 2024-03-05 Nasdaq -9.75% 6 million 10 INTJ 慧悦财经 2024-03-20 Nasdaq 25% 7.5 million 11 LOBO 萝贝电动车 2024-03-21 Nasdaq -13.25% 5.5 million 12 UBXG 有家保险 2024-03-28 Nasdaq -18% 10 million 13 ZBAO 致保科技 2024-04-02 Nasdaq -7.50% 6 million 14 TWG 富原集团 2024-04-16 Nasdaq -51.50% 8 million 15 JUNE 奥斯室内设计 2024-04-17 Nasdaq 1.50% 8 million 16 CDTG 城道通环保 2024-04-18 Nasdaq -17.50% 6 million 17 MTEN 铭腾模具 2024-04-18 Nasdaq -12.50% 5.1 million 18 TRSG 同日科技 2024-04-19 Nasdaq 48.75% 5 million 19 MFI 移动财经 2024-04-22 Nasdaq 173.11% 7.5 million 20 NCl 思宏国际 2024-04-23 Nasdaq 137.50% 9.28 million Under change with overall market environment and macro-economic factors, Chinese companies raised about US$1.5B in the first quarter of 2024, a significant year-on-year increase of 150% in fundraising; entering April, the momentum of Chinese companies listed in the US has increased, both in terms of number of filings, the scale of fundraising and the market reaction. 2. Industry distribution of Chinese companies in the United States in April In terms of industry distribution, most of the Chinese companies listed in the United States in April came from consumer services and industrial sectors, which have been more active in the U.S. market in terms of IPO activity. The details are shown below: Dimension Consumer Services Industry Industrial industry Information Technology Industry No. of IPO 3 3 2 Offer Amount 25 million USD 16 million USD 13.5 million USD According to Deloitte's report, the industry structure of Chinese companies going public in the U.S. in the first quarter of 2024 was similar to that of the same period in 2023, with 46% of the companies coming from the technology, media and telecommunication industry, and 23% of the companies coming from the consumer industry. And the industries to which the listed companies belonged changed in April, with the number of Chinese IPOs from consumer services and industrials leading the way. 3. A key factor to promote Chinese companies' travel to the US in 2024 1. Market recognition recovery: According to Deloitte's report, the number of Chinese companies listed in the U.S. in the first quarter of 2024 was the same as last year, but the amount of financing rose sharply, from $553 million to $1.467 billion. This shows that the capital market for the Chinese stock sector recognized, especially Amalfin sports and other consumer sector companies, showing a bullish trend for China's subsequent economic growth. 2. High-tech rise: PwC believes that with the steady progress of the filing system, China's capital market has shown strong vitality, especially with key core technology of science and technology innovation enterprises have more listing opportunities. In addition, it is expected that the listing of Chinese stocks in the U.S. stock market will further pick up in 2024. This shows that Chinese companies choose to list in the U.S. because of the warming trend of the U.S. market and the support for technology and innovation companies. 3. Specialization of overseas architecture: In the process of Chinese enterprises going to the U.S. for listing, the construction of offshore structure is crucial. In addition to financing needs, Chinese companies listing in the U.S. also seek professional offshore structuring to adapt to and utilize the rules and advantages of the U.S. capital market. Professional teams have a deep understanding of Chinese law and the U.S. capital market and a wealth of practical experience, and through the construction of offshore structures, they are able to bring significant advantages to enterprises in terms of saving tax costs, building equity structures, reducing investment risks, and increasing the convenience of future financing, etc. With the aid of their process-oriented operations, the efficiency of Chinese enterprises going public in the U.S. is greatly enhanced. From a comprehensive perspective, from 2024 to the present, the main motivation for Chinese enterprises to list in the U.S. is to solve the financing needs and seize the trend of the U.S. market rebound; at the same time, further promoting the listing of enterprises through the construction of offshore structures by professional teams adapts to the institutional needs of the filing system. 4. More Chinese companies choose to go public in the United States As of April 30, 2024, around 60 U.S.-listed companies completed the SEC filing, and more companies are continuing to promote the process of listing in the United States. For Chinese stocks, listing in the U.S. can bring a series of positive impacts. This includes standardized market operation procedures and lower costs, while listing in the U.S. establishes an international capital operation platform for enterprises, providing a platform for subsequent mergers and acquisitions, financing, and exit. In addition, overseas listing can raise awareness, bring feedback to the main business expansion into a virtuous cycle. However, changes in US listing regulatory policies have also brought challenges to Chinese companies going public in the US. Higher listing thresholds and compliance costs mean that companies need to comply with stricter disclosure and financial reporting requirements. Such changes may lead to a short-term stagnations in the pace of companies going public in the US. Therefore, professional counseling organizations that address the relevant requirements are increasingly important in the listing process. According to uSmart Capital, US stocks have advantages in terms of liquidity and listing valuation, which will continue to support Chinese companies choosing to go to the US. In addition, U.S. stocks are more relaxed in terms of refinancing, as long as the listed company is recognized by the market, there will be opportunities and space for financing, and the scale and frequency of financing are basically not restricted. In terms of PE Ratio, the average P/E ratio of NASDAQ high-tech stocks is about 30~40 times, while the average P/E ratio of HKEX and SGX is about 8~10 times. For high-quality and high-growth companies, it is easier to gain market capitalization growth space by listing in the US. 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Overview and Evolution of Gold Exchange-Traded Funds (ETFs) What is a Gold ETF? A Gold ETF, or Gold Exchange-Traded Fund, is a type of commodity ETF based on gold. It's traded on stock markets and typically divides the fund into units representing fractions of an ounce of gold. There are two main types: Physical Gold ETFs, which hold actual gold assets like bars or coins, and Derivative Gold ETFs, which track gold contracts without owning physical gold. Development History [image]

Company Overview: Facebook, also known as FB, is a social networking service and social media platform founded in the United States on February 4, 2004, by Mark Zuckerberg and his Harvard University roommates. With over 2.6 billion active users as of the first quarter of 2020, Facebook is headquartered in Menlo Park, California. Product Domain: Facebook is a globally renowned technology company that ventures into multiple product domains, including social networking, instant messaging, photo and video sharing, and payment services. Its main products include the social networking platform Facebook, the Messenger instant messaging application, the Instagram photo and video sharing social platform, the WhatsApp cross-platform instant messaging application, Oculus VR virtual reality technology, Workplace enterprise social platform, Portal smart video calling device series, and Facebook Pay payment service. Furthermore, the company actively invests in and develops technologies and products in other domains such as virtual reality, artificial intelligence, and blockchain. Facebook Stock Information, Annual Income Statement, Balance Sheet, and Cash Flow Situation (Reference: Google Finance Data)Ticker Symbol: META Exchange: Nasdaq Market Cap: $772,488,775,788 (as of January 24, 2024) Index Inclusion: Dow Jones Industrial Average, S&P 500 Index, Russell 1000 Index, Russell 3000 Index, U.S. Technology Index, Dow Jones U.S. Index Stock Price Movement Over the Past Five Years (2020-2024) [image]

On February 29, 2024, according to a report from Hong Kong's Reuters, India's economic data for the fourth quarter of 2023 brought a surprise. The data showed that India's GDP grew by 8.40% year-on-year, far exceeding market expectations of 6.6% and the previous value of 7.6%. This unexpectedly strong growth has brought new opportunities and challenges for investors. India, as one of the world's largest democracies, has always been closely watched for its economic growth. The performance in the fourth quarter of 2023 is particularly noteworthy. [image]

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On Monday night (January 15th), Donald Trump easily won the Iowa Republican Caucus. If Trump returns to power, it could have significant implications for certain countries and regions. Reflecting on Trump's policy orientation and actions during his tenure, I personally remain highly cautious regarding the Chinese and Hong Kong markets, as well as U.S.-listed Chinese stocks. I suggest everyone consider a global investment layout. In the realm of global investment, Exchange-Traded Funds (ETFs) serve as a popular investment tool, offering advantages such as diversification, low cost, flexibility, and low entry barriers, making them an ideal choice for investors seeking global asset allocation. Below, we will explore why it is necessary to consider a global investment ETF layout and the advantages it brings. 1.Asset Diversification and Risk Mitigation: A global investment ETF layout provides investors with extensive asset diversification. By investing in ETFs that cover different regions, industries, and asset classes worldwide, investors can access a broader range of investment opportunities and reduce the risk associated with adverse impacts from specific regions or industries. 2.Global Economic Growth and Opportunity Capture: A global investment ETF layout enables investors to participate in global economic growth and opportunities in emerging markets. Economic growth levels and market performances may vary across different countries and regions. By investing in global ETFs, investors can leverage these variations to capture growth opportunities on a global scale. The strategy targets are as follows: usBND Vanguard Total Bond Market ETF usDBJP Xtrackers MSCI Japan Currency-Hedged Equity ETF usGLD SPDR Gold ETF usIXJ iShares Global Healthcare ETF usJNK SPDR Bloomberg Barclays High Yield Bond ETF usPAVE Global X U.S. Infrastructure Development ETF usPSI Invesco Semiconductor ETF usSCHG Schwab U.S. Large-Cap Growth ETF usVPL Vanguard FTSE Pacific ETF usVWOB Vanguard Emerging Markets Government Bond ETF 3.Cost-effectiveness and Liquidity: Trading ETFs and derivatives in Hong Kong does not incur stamp duty, which means grid traders can save significant trading costs through multiple buy and sell transactions, thereby enhancing trading returns. Additionally, ETFs have good liquidity due to their open-ended structure, allowing investors to flexibly adjust their investment portfolios as needed. uSMART HK is a licensed securities broker authorized by the Hong Kong Securities and Futures Commission. With continuous investments from well-known financial institutions in Hong Kong and strategic investments from Chow Tai Fook Enterprises, it has a solid background and provides security assurance. It is an excellent tool for domestic investors to trade overseas ETFs. It offers various intelligent order functions, including grid trading, and allows trading of leveraged short ETFs such as SQQQ. Here are some popular overseas ETFs: Nikkei Index ETF: Tracks the Nikkei 225 Index, representing the largest Japanese companies listed on the Tokyo Stock Exchange. Cryptocurrency ETF: Provides exposure to a basket of cryptocurrencies, offering stable returns and resilience against market risks. India ETF: Invests in the Indian stock market, allowing participation in India's economic growth. Includes indices like Nifty 50 and Sensex. NASDAQ Composite Index: Covers all stocks listed on NASDAQ, with a focus on technology, biotechnology, and internet industries. S&P 500 Index: Comprises 500 large U.S. companies, reflecting the overall performance of the U.S. stock market across various sectors. Global investment layout, welcome to join uSMART Investing globally offers more opportunities, lower volatility, and better diversification. With the development of QDII products and platforms like Stock Connect, accessing overseas assets has become easier. uSMART selects diversified ETF strategies for investors looking to tap into the global market. We track and invest in ETFs that closely follow market trends, providing professional services with just one commission.[image]

Company Profile: Microsoft is a multinational technology company originating from the United States, founded in 1975 by Bill Gates and Paul Allen. Headquartered in Redmond, Washington, USA, it is one of the five tech giants alongside Amazon, Apple, Google, and Meta. Its primary business includes research, development, manufacturing, licensing, and provision of a wide range of computer software services. Its most famous and best-selling products are the Microsoft Windows operating system and Microsoft Office productivity software. Other subsidiaries such as the Xbox gaming business are also well-known. Product Areas: Microsoft operates in various product areas, including: Operating Systems: Notably, Microsoft develops the widely-used Windows operating system for personal computers and Windows Server for enterprise servers. Office Software: Microsoft Office suite comprises popular applications like Word, Excel, PowerPoint, and Outlook for office productivity. Cloud Computing and Enterprise Solutions: Azure cloud platform offers a range of services for building, deploying, and managing applications, along with enterprise solutions like Microsoft 365 and Dynamics. Development Tools: Microsoft provides tools like Visual Studio IDE and .NET framework for application development. Gaming and Entertainment: Microsoft's Xbox brand includes gaming consoles like Xbox Series X/S and services like Xbox Live, along with the Windows Store for distributing applications and games. Microsoft Corporation Stock Information, Annual Income Statement, Balance Sheet, and Cash Flow Situation (Reference Google Finance Data) Ticker Symbol:： MSFT Exchange:： Nasdaq Market Capitalization: ：$2,963,020,022,702 (as of January 19, 2024) Index Inclusion: Dow Jones Industrial Average, S&P 500 Index, Russell 1000 Index, Russell 3000 Index, US Technology Index, Dow Jones US Index Industry: ：ASIC, PC Gaming, Artificial Intelligence, Enterprise Resource Planning, Streaming Media, Operating Systems, Customer Relationship Management, Wearable Devices, Audio Equipment and Parts, Suite Software, Software Industry, Cloud Technology, Search Engines, Gaming Consoles, Application Software Microsoft Stock Price History[image]

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