Date: 12 May 2022
Dear Valued Client,&nbsp;
Update of U.S. Stock Trading Fee
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited.&nbsp;
Announced by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) that starting from trade date on 12 May 2022, the fee rate for certain U.S. securities transactions will be adjusted as below
<table style="border-collapse: collapse; width: 90%; height: 50px; background-color: #c2e0f4; border-color: #000000; border-style: solid; margin-left: auto; margin-right: auto;" border="1">
<tbody>
<tr style="height: 22px;">
<td style="width: 33.3333%; background-color: #c2e0f4; height: 25px; text-align: center; vertical-align: middle; border: 1px solid #000000;">Adjusted Item</td>
<td style="width: 33.3333%; height: 25px; text-align: center; vertical-align: middle; border: 1px solid #000000;">Current Fee Rate</td>
<td style="width: 33.3333%; height: 25px; text-align: center; vertical-align: middle; border: 1px solid #000000;">Adjusted Fee Rate</td>
</tr>
<tr style="height: 22px;">
<td style="width: 33.3333%; height: 25px; text-align: center; vertical-align: middle; border: 1px solid #000000;">SEC Fee (For Sell trade only)</td>
<td style="width: 33.3333%; height: 25px; text-align: center; vertical-align: middle; border: 1px solid #000000;">0.00051%</td>
<td style="width: 33.3333%; height: 25px; text-align: center; vertical-align: middle; border: 1px solid #000000;">0.00229%</td>
</tr>
</tbody>
</table>
For more details, please visit SEC's official website: <a style="color: #0000ee;" href="https://www.sec.gov/news/pressrelease/2022-60#:~:text=The%20Securities%20and%20Exchange%20Commission,at%20%2422.90%20per%20%241%20million" target="_blank" rel="noopener">https://www.sec.gov/news/pressrelease/2022-60#:~:text=The%20Securities%20and%20Exchange%20Commission,at%20%2422.90%20per%20%241%20million</a>
For fee rate and other adjustments* of foreign markets, please visit our company&rsquo;s official website:<a style="color: #0000ee;" href="https://gfse.gfgroup.com.hk/fee/other" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/fee/other</a>
Should you have any question, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.&nbsp;
&nbsp;
 Yours faithfully, GF Securities (Hong Kong) Brokerage Limited
&nbsp;
 *1. For Singapore market that dividend tax will be adjusted to 0-15% from current 30-46.5%. &nbsp; 2. Add custodian settlement fee with standards of SGD 0.35/USD 0.26/EURO 0.32/HKD 2.00/AUD 0.36 per settlement instruction (should be determined by the currency of transaction). &nbsp; 3. For Japanese market that settlement date will be adjusted from T+3 to T+2.

Update of U.S. Stock Trading Fee

Date: 6 May 2022
Dear Valued Client,&nbsp;
Notice of Revision of Northbound Transfer Fee in relation to Stock Connect
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited(&ldquo;GFSHK&rdquo;)!&nbsp;
With reference to the announcement on 28 April 2022 issued by China Securities Depository and Clearing Corporation Limited (&ldquo;ChinaClear&rdquo;), the Transfer Fee payable by each China Connect Clearing Participant (&ldquo;CCCP&rdquo;) through Stock Connect will be revised on 29 April 2022 Friday from 0.002% to 0.001% of the consideration of each transaction in China Connect Securities per side.
For more details, please refer to the corresponding circular published by HKEX:<a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKSCC/2022/ce_HKSCC_SET_017_2022_.pdf" target="_blank" rel="noopener">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKSCC/2022/ce_HKSCC_SET_017_2022_.pdf</a>
Should you have any question, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.&nbsp;
GF Securities (Hong Kong) Brokerage Limited

Notice of Revision of Northbound Transfer Fee in relation to Stock Connect

21 March 2022
Dear Valued Customer,
Re: Notification about Implement of Hong Kong Investor Identification Regime and Over-the-counter Securities Transactions Reporting Regime
Thank you for choosing GF Securities (Hong Kong) Brokerage Limited (&ldquo;GFSHK&rdquo;).
The Securities and Futures Commission (&ldquo;SFC&rdquo;) announces that an investor identification regime at trading level for the securities market in Hong Kong (&ldquo;HKIDR&rdquo;) and an over-the-counter securities transaction reporting regime for shares listed on the Stock Exchange of Hong Kong (&ldquo;OTCR&rdquo;) plan to implement in the second half of 2022 and the first half of 2023.Under the HKIDR and OTCR, GFSHK is required to assign a unique Broker-to-Client Assigned Number (&ldquo;BCAN&rdquo;) to each of our Hong Kong securities market trading clients. Each BCAN should be mapped to the Client Identification Data (&ldquo;CID&rdquo;) of that particular client which includes the full name, issuing country or jurisdiction, ID type and ID number shown on client&rsquo;s identity document.
Accordance with the SFC&rsquo;s guideline, GFSHK should issue a notification to the existing securities trading account holders (regardless of nationality) to inform them of the waterfall of identity documents under the HKIDR and request an identity document required under the waterfall (if not already obtained) or updated identity document information, as appropriate, to comply with the HKIDR.
The identity document type order of priority with the different type of clients for the purpose of CID of a client should be collected from the identity document that which is first mentioned in the list below save that where the client does not hold such document, the next mentioned document should be used and so forth:
<ul style="line-height: 1.75;">
<li>for individual clients should be: (1) Hong Kong Identify Card (HKID); (2) national identification document; (3) passport.</li>
<li>for corporate client should be: (1) legal entity identifier (LEI) registration document; or (2) certificate of incorporation; or (3) certificate of business registration; or (4) other equivalent identity document;</li>
<li>for a trust, the trustee&rsquo;s information as in (i) or (ii) (as the case may be). However, in the case of a trust which is an investment fund, CID of the asset management company or the individual fund, as appropriate, has opened a trading account with GFSHK should be obtained; and</li>
<li>for clients of a joint account, the CID for all clients named for a joint account should be provided under the same BCAN assigned to that account, the identity document type order of priority should be in line with the above proposed requirements, depending on the nature of the client.</li>
</ul>
GFSHK is required to submit the BCAN-CID mapping files of all our HK securities market trading clients in one file (i.e. &ldquo;BCAN-CID Mapping File&rdquo;) to SEHK. If the BCAN-CID mapping of a client has not been received by SEHK at or before the prescribed cut-off time, or such mapping information has failed the relevant validation check, the corresponding client shall not be allowed to place the buy orders in HK securities market. &ldquo;T day&rdquo; refer to HK securities market trading days under the current HK securities market trading calendar.
The HKIDR and OTCR will entail the collection and use of personal data by the SEHK and its subsidiaries. Upon the implementation of the HKIDR and OTCR, your authorization and written consent are required for on-going HK securities market trading service. Please provide the below application form and documents. Or else, you can only allow to place sell orders with your existing stocks holding under HK securities market.
Action should be taken &ndash; individual/joint client
(1) Submit the Client Consent
<ol style="line-height: 1.75;">
<li>Login E-commerce through APP, PC or Web to submit &ldquo;Client Consent&rdquo;; or</li>
<li>Complete and sign the part of &ldquo;Client Consent&rdquo; under the attached Personal Information Collection Statement - Re: Transfer of personal data to SEHK and/or the SFC under the HKIDR and OTCR (For Individual/Joint Account)&rdquo; for application;</li>
</ol>
(2) Update of identity documents (if applicable)
<ol style="line-height: 1.75;">
<li>Complete and sign the &ldquo;Change of Account Details Form&rdquo;; and</li>
<li>Certified true copy of identify documents.</li>
</ol>
For example: If an individual/joint client holds a HKID, but registered other identity documents (such as a passport or other national identity card) when opening an account or has not registered a HKID in GFSHK, please submit a HKID at the same time; If an individual/joint customer does not holds a HKID, but registered other identity documents (such as a passport) when opening an account or has not registered other national identity card in GFSHK, please submit an other national identity card at the same time.
Action should be taken &ndash; corporate client
(1) Submit the application
<ol style="line-height: 1.75;">
<li>Complete and sign the attached &ldquo;HK securities market trading application form (For Corporate/ Institutional Account)&rdquo; for application;</li>
</ol>
(2) Update of identity documents (if applicable)
<ol style="line-height: 1.75;">
<li>Complete and sign the &ldquo;Change of Account Details Form&rdquo;; and</li>
<li>Certified true copy of identify documents.</li>
</ol>
For example: If a corporate client holds a LEI, but registered other identity documents (such as certificate of incorporation; or certificate of business registration; or other equivalent identity document) when opening an account or has not registered a LEI in GFSHK, please a LEI registration document at the same time; If a corporate client does not holds a LEI, but registered other identity documents (such as a certificate of business registration or other equivalent identity document)) when opening an account or has not registered certificate of incorporation in GFSHK, please submit a certificate of incorporation at the same time, the next mentioned document should be used and so forth.
&nbsp;
If you have any questions, please contact our Customer Services Hotline at (852) 3719-1288 / 40086 95575 or email to <a style="color: #0000ee;" href="mailto:seccs@gfgroup.com.hk">seccs@gfgroup.com.hk</a>. Thank you!
&nbsp;
Yours faithfully,
GF Securities (Hong Kong) Brokerage Limited

Re: Notification about Implement of Hong Kong Investor Identification Regime and Over-the-counter Securities Transactions Reporting Regime

17 March 2022
Dear Valued Customer,&nbsp;
Re: Notice of Amendments to "Terms and Conditions for Client&rsquo;s Accounts"
Thank you for choosing services of GF Securities (Hong Kong) Brokerage Limited (&ldquo;we&rdquo; or &ldquo;GFSHK&rdquo;).&nbsp;
Kindly note that an amended version of &ldquo;Terms and Conditions for Client&rsquo;s Accounts&rdquo; shall come into effect on 17 March 2022 and we hereby respectfully draw your attention to the following major amendments, including but not limited to: -
Addition paragraph 14 &ldquo;Risk of trading Special Purpose Acquisition Companies Shares and Special Purpose Acquisition Companies Warrants&rdquo; to the Third Schedule &ndash; Risk Disclosure Statement
For more details, please download the amended version of "Terms and Conditions for Client&rsquo;s Accounts" by clicking on the below hyperlink. <a style="color: #0000ee;" href="https://gfse.gfgroup.com.hk/table_person" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/table_person</a>
Please note that the above amendments shall be binding on you if you continue to use and/or retain your account(s) after the amendments are effective. If you do not accept the above amendments, we shall not be able to continue providing services to you and you can notify us for termination of the account services provided to you.&nbsp;
Should you have any enquiries, please call our Customer Service Hotline on (852) 3719 1288 / (86) 40086 95575 or visit our office in person.
 Yours faithfully, GF Securities (Hong Kong) Brokerage Limited
In case of inconsistency between the English and Chinese versions of this letter, the English version shall prevail.

Re: Notice of Amendments to "Terms and Conditions for Client’s Accounts"

Date: 16 December 2021
Dear Valued Client,&nbsp;
Notice of Commencement of the Payment of Financial Reporting Council Transaction Levy
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited(&ldquo;GFSHK&rdquo;)!&nbsp;
With reference to circular published by The Stock Exchange of Hong Kong Limited (&ldquo;HKEX&rdquo;) dated 28 June 2021, payment of levies payable by sellers and purchasers of securities to the Financial Reporting Council (&ldquo;FRC Transaction Levy&rdquo;) will commence on 1 January 2022.&nbsp;
The FRC Transaction Levy is applicable to all sale and purchase of securities (admitted to trading, listed, or approved to be listed on the HKEX) recorded on the HKEX or notified to the HKEX. The FRC Transaction Levy is calculated at 0.00015% per side of the consideration of a transaction (rounded to the nearest cent).
*There is no FRC Transaction Levy on securities market making transactions, sales and purchases of China Connect Securities through the use of the China Connect Service by a China Connect Exchange Participant, or stock option transactions.
For more details, please refer to the corresponding circular published by HKEX:&nbsp; <a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2021/cc_SEHK_CT_086_2021.pdf" target="_blank" rel="noopener">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2021/ce_SEHK_CT_086_2021.pdf</a>
Should you have any question, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.&nbsp;
 GF Securities (Hong Kong) Brokerage Limited

Notice of Commencement of the Payment of Financial Reporting Council Transaction Levy

Date: 30th November 2021
Dear Valued Customer,
&lt;Important Notice&gt; Re: Updates about the Two -Factor Authentication Mechanism for GF E-Commerce
Thank you for choosing GF Securities (Hong Kong) Brokerage Limited (&ldquo;GFSHK&rdquo; or &ldquo;our&rdquo;) Services.
To comply with the latest regulatory requirements and protect of your internet trading account, GFSHK hereby to inform you that in respect of the Two-Factor Authentication (&ldquo;2FA&rdquo;) for log into the internet trading account on GF E-Commerce (APP, iWeb and PC version), the Email One-Time Password (&ldquo;OTP&rdquo;) will be ceased with effective from 1st January 2022. For individual and joint accounts, both biometric authentication and SMS OTP can be utilized as the second factor to log into the internet trading account. For corporate and institution account, only SMS OTP is available.
To receive the OTP successfully so as to avoid any failure for login to your internet trading account, please ensure your mobile phone number registered with GFSHK remains up-to-date and if no, please update your mobile phone number via our E-commerce APP or download the &ldquo;Change Account Information Form&rdquo; on our website (hyperlink: <a style="color: #3598db;" href="https://gfse.gfgroup.com.hk/table_most" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/table_most</a>), complete and return the duly signed form to us.
Procedure of activating the Biometric login feature on GF E-Commerce APP
Please download and install the latest version of GF E-Commerce APP by the following hyperlink: <a style="color: #0000ee;" href="https://gfse.gfgroup.com.hk/download" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/download</a> Login the GF E-Commerce APP by using the &ldquo;Login ID&rdquo; and &ldquo;Login Password&rdquo;; Acquire the OTP by SMS and input the OTP to complete the authentication process; Upon successful login, there will be a pop-up box to activate the Biometric of Fingerprint ID/Face Recognition, you can choose &ldquo;Activate&rdquo; and follow the steps as it instructed to register your devices and agree to turn on the Biometric of Fingerprint ID/Face Recognition function.
For more details, please refer to our official website hyperlink: (<a style="color: #0000ee;" href="https://gfse.gfgroup.com.hk/use" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/use</a>)
Notes:
The Biometric login feature is available to individual and joint accounts only; A maximum of 3 devises can be bound or registered for each account; The Biometric authentication does not support on jailbroken or rooted device.
Should you have any enquiries, please do not hesitate to contact our customer services hotline at (852) 3719 1288/ (86) 40086 95575 or email to seccs@gfgroup.com.hk.Thank you!
&nbsp;
 Yours faithfully,
GF Securities (Hong Kong) Brokerage Limited

Re: Updates about the Two -Factor Authentication Mechanism for GF E-Commerce

<img src="https://cdn.gfzq.cn/hkstore/article/gfse app.jpg" alt="" width="705" height="1235" /> 
&nbsp;&nbsp;&nbsp; 2022年1月24日，新浪财经&ldquo;2021券商APP风云榜&rdquo;评选结果揭晓。广发证券（香港）经纪有限公司（以下简称&ldquo;广发经纪香港&rdquo;）易淘金国际APP荣获&ldquo;最佳港美股券商APP&rdquo;大奖。
&nbsp;&nbsp;&nbsp; 广发经纪香港为全球客户提供香港、美国及环球12个证券市场的证券交易服务。易淘金国际APP是由总公司及广发经纪香港联合开发，由广发经纪香港运营管理的一款面向全球投资者的境外理财APP。
&nbsp;&nbsp;&nbsp; 为快速响应客户不断变化的投融资需求，广发经纪香港非常重视金融科技在环球投资中的赋能，其倾力打造的易淘金国际APP不仅可在全球范围提供港股、美股、A/B股实时行情，及港股、美股、沪/深港通等多市场交易的核心功能模块，还可提供环球基金、债券及结构化产品的理财板块，更具备丰富的业务办理功能，涵盖账户业务、资金业务等多项网上营业厅功能，为用户提供便捷的掌上业务办理渠道。
&nbsp;&nbsp;&nbsp; 在疫情下，易淘金国际APP前进的步伐却并未因此减缓，广发经纪香港通过对易淘金国际APP持续进行版本迭代，成功开发为投资者在线上提供视频直播、智能客服等功能，实现大部分功能无纸化服务。2021年广发经纪香港通过易淘金国际APP开展了逾50次的在线直播，为投资者及时地传递了公司研究、上市公司介绍等服务。未来广发经纪香港还将在智能化上加大研发力度，让科技赋能金融，为全球投资者提供专业、便利的服务。
&nbsp;&nbsp;&nbsp; 新浪财经券商APP风云榜是一年一度的综合性评选活动，本次评选从应用运营、交易服务、赋能服务、活动运营、视频直播服务等方面入手，在百家券商APP中为投资者寻找当中的佼佼者，同时更加注重与券商互动与交流，旨在为各大券商提供一个全方位展示APP运营理念、创新战略的平台。

广发经纪香港荣获新浪财经第七届“最佳港美股券商APP”大奖

On October 28th, 2021, at the &ldquo;2021 China Securities Industry Junding Award Ceremony&rdquo; organized by Securities Times, a mainstream financial media in China, GF Securities (Hong Kong) Brokerage Limited (&ldquo;GF Securities (HK)&rdquo;) won the &ldquo;Junding Award for Hong Kong Stock Brokers&rdquo; for the second time, demonstrating the company's excellent and professional wealth management ability, as well as its strong brand influence.
Established in 2006, GF Securities (HK) is licensed by the Securities and Futures Commission to carry on Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) regulated activities in Hong Kong under the Securities and Futures Ordinance (Central Entity Number: AOB364), which is one of the first batch of mainland securities firms&rsquo; subsidiaries that approved to establish in Hong Kong. Comprising of a team of dedicated and experienced professionals, GF Securities (HK) is committed to providing top-quality and all-round wealth management services for its domestic and international clients.
Since its launch, the &ldquo;Junding Award for China Securities Industry&rdquo; has grown into an influential and well-recognized industry award by adhering to the principle of "fairness, openness, and justice". Through a comprehensive selection process encompassing data screening, expert review and online voting, it aims at recognizing and awarding top-tier wealth managers for the public of China.&nbsp;
GF Securities (HK)&rsquo;s winning history
2019 year E-Commerce International APP won the &ldquo;Excellent Hong Kong Securities Dealer APP" GF Securities (HK) won the &ldquo;Junding Award for Hong Kong Securities Brokerage Service Brand&rdquo;
2020 year E-Commerce International APP won the &ldquo;Junding Award for Hong Kong and US Stock Broker APP&rdquo;
2021 year GF Securities (HK) won the "Junding Award for Hong Kong Stock Brokers in China Securities Industry"

GF Securities (HK) Honored the “Junding Award for Hong Kong Stock Brokers” for the Second Year

GF Holdings (Hong Kong) Corporation Limited ("GF Holdings (HK)" or the &ldquo;Company&rdquo;) today announced the closing of its inaugural issuance of a three-year US$300 million bond.
The bond offering received strong interest and was heavily subscribed by investors. Peak orders on pricing day exceeded US$3 billion, and final issue price was set at 1.125%, a decrease of 42bps compared with the initial guided price.
Dr. Shen Minggao, CEO of GF Holdings (HK), thanked all investors for their trust and intermediary agencies for their support. He noted that this year marks the 30th anniversary of GF Securities and the 15th anniversary of GF Holdings (HK). As GF Securities&rsquo; primary platform for international expansion, GF Holdings (HK)&rsquo;s growth is built upon the continued reform and opening up of China's capital markets. Dr Shen went on to say that &ldquo;this offering marks a new milestone for GF Holdings (HK) as we continue to execute our strategic plan: building our core capabilities and businesses, as well as leveraging our cross-border strengths to provide top-quality and diversified investment and financing services for clients at home and abroad&rdquo;.
Mr. Edward Wu, Chief Financial Officer of GF Holdings (HK), noted that the bond issuance represented another successful appearance in the offshore capital market for the Company following the issuance of syndicated loans in 2014 and 2016, as well as the issuance of club loans in 2018, which has further diversified and expanded the Company&rsquo;s financing channels.&nbsp;

GF Holdings (Hong Kong) Issues Inaugural USD Bond

<img src="https://cdn.gfzq.cn/hkstore/article/signing ceremony1.jpg" alt="" width="1472" height="619" />On August 19, GF Holdings (Hong Kong) Co., Ltd. ("GFHK ") and Industrial Bank Hong Kong Branch signed a strategic cooperation agreement on the 29th floor of Li Po Chun Chambers. With commitment to further promote cross-border and cross-market cooperation, the signing marks an overseas extension of the comprehensive cooperation between the headquarters of the two parties.&nbsp;
According to the cooperation agreement, the two parties will build a comprehensive strategic cooperative relationship based on the principle of "complementary advantages, sharing resources, enhancing cooperation and mutual benefits". They will strengthen exchanges and cooperation in various aspects including business opportunities, customer services, market information and product innovation. With the development of interconnection between the financial markets of Hong Kong and the Mainland, the two parties see great room for cooperation in terms of leveraging both onshore and offshore resources to provide customers with richer and more competitive financial products and services.
Mr. Guo Ming, President of the Industrial Bank Hong Kong Branch, looks forward to the future cooperation between the two parties. He notes that as the first overseas institution of Industrial Bank, the Industrial Bank Hong Kong Branch capitalizes on the strength of Hong Kong as an international financial centre and establishes cooperative relationships with global financial institutions to provide customers with diversified financing channels and integrated services and products. He believes that the strategic cooperation with GFHK will further intensify the cooperative relationship between the two institutions, as well as continuously enhance business synergy.&nbsp;
Mr. Shen Minggao, CEO of GFHK, says, "Banks and securities firms have unique complementary advantages in areas like risk appetite, customer base and product offerings. GFHK is committed to cultivating and enhancing our core business capabilities to serve our customers with high-quality financial products with GF characteristics. With the strategic cooperation in place, we look forward to further deepening the depth and width of existing relationships between two institutions.&rdquo;

GF Holdings (Hong Kong) and Industrial Bank Hong Kong Branch Ink Strategic Cooperation Agreement

<img src="https://cdn.gfzq.cn/hkstore/article/award.jpg" alt="" width="950" height="633" />
Recently, Global Markets - GF Holdings (Hong Kong) Corporation Limited won two &ldquo;Excellence Awards&rdquo;, namely &ldquo;Structured Products (China Greater Bay Area (&ldquo;CGBA&rdquo;)&rdquo; and &ldquo;Structured Products Provider of the Year (CGBA)&rdquo;, in &ldquo;Financial Institution Awards 2021 (Securities Sector)&rdquo; organized by Bloomberg Businessweek for its outstanding cross-border structured product capabilities and industry Influence. Bloomberg Businessweek has held the annual &ldquo;Financial Institution Awards&rdquo; for seven consecutive years, recognizing and awarding financial institutions with excellent market performances, growths, development and business strategy.&nbsp;
Global Markets - GF Hong Kong, which has won the excellence awards, is committed to building a professional platform for cross-border financial products focusing on the Greater Bay Area. It has launched a series of ground-breaking diversified cross-border structured products, leading the product innovation in the market. With the strengthening of connectivity in the CGBA, the market witnessed surging demand of Hong Kong and Mainland residents and institutions to make cross-border investment, and was thus in urgent need of a wider variety of cross-border financial products. Seizing the opportunity, Global Markets - GF Hong Kong, through its precise market positioning, forward-looking product design, effective execution, mobilized onshore &amp; offshore core resources, and by working with its parent company and subsidiaries, has provided investors with one-stop cross-border investment and financing solutions across asset classes. Its product spectrum is rather wide and spans across multiple asset classes, including structured notes programme, asset securitization, fund-linked structured products, index and other derivatives. By providing tailored solutions through various cross-border channels such as cross-border total return swaps, QDII, QFII and Bond Connect, the solutions meet the diversified cross-border investment needs of domestic and foreign individual investors, and are of strategic importance to Greater Bay Area institutional investors operating in both onshore and offshore markets.&nbsp;
Mr. Chao Zeng, Head of Global Markets - GF Hong Kong, said &ldquo;It is a great pleasure to see our achievements recognized by the industry's most renowned awards. Our team members have a vast knowledge and rich experience in both onshore and offshore financial markets. Some of them has fathered the creation of cross-border swap solutions, pioneering the blooming of cross-border structured products in China.&rdquo; Looking ahead, Mr. Zeng is confident that the Chinese financial institutions will further expand their presence in the cross-border market. He added, &ldquo;The Global Markets - GF Hong Kong will continue to focus on cross-border business, by leveraging its resources, further enhancing product innovation and differentiating business strategies in accordance with customer demands. We&rsquo;ll deepen our wallet size in traditional finance, as well as expand our coverage to highly customised sectors, such as private equity funds, family trusts and Internet finance. Meanwhile, we&rsquo;ll also be more proactive and forward-looking in risk management, closely monitor the market movement, so as to safeguard and grow our valued customers&rsquo; businesses.&rdquo;

GF Holdings (Hong Kong) Awarded “Structured Products (China Greater Bay Area)” and “Structured Products Provider of the Year (China Greater Bay Area)” by Bloomberg Businessweek

At the 8th Singapore Iron Ore Online Forum held on 13 July 2021, the Singapore Exchange, the world&rsquo;s largest trading platform for iron ore derivatives, awarded GF Futures (Hong Kong) Co., Ltd. (hereinafter &ldquo;GF Futures (Hong Kong)&rdquo;) &ldquo;The Best Chinese Futures Broker of the Year (Iron Ore category)" for the third year in a row!
Ms. Zhao Guiping, Chairperson of GF Futures Company Limited expressed her gratitude to the Singapore Exchange through a video message, and thanked the community and investors for their continuous trust and support!
As sister companies of the Group, GF Futures (Hong Kong) and GF Securities (Hong Kong) Brokerage Limited are pioneers for the international business of the GF Group. As one of the first six futures companies from mainland China to set up branches in Hong Kong, GF Futures (Hong Kong) has demonstrated a pioneering and enterprising spirit in the international futures market, and recorded the highest iron ore trading volume among the Singapore Exchange's Chinese futures brokers in 2019 and 2020. GF Futures (Hong Kong) is also the only Chinese futures broker that provides forex over-the-counter swap business, and has been awarded a number of international awards including "Best Non-Bank Chinese Futures Broker in Asia" and "Best Chinese Futures Broker" in the FOW Asia Capital Markets Awards.&nbsp;
In future, GF Futures (Hong Kong) will continue to innovate and forge ahead to pursue excellence, while further developing its financial services for global commodities and derivatives. In addition to promoting the development of the international futures market, the company will continue to leverage group resources to provide global investors with professional and comprehensive capital market solutions.

GF Futures (Hong Kong) awarded the "Best Chinese Futures Broker of the Year" by the Singapore Exchange for three years in a row

November data were mixed 
Economic data in November were mixed, indicating downward pressure on the economy. We suggest watching how fiscal easing and investment will feed into the macroeconomy at the beginning of 2022. As constraints from the supply side (price hikes caused by power rationing and p

November data were mixed&nbsp; Economic data in November were mixed, indicating downward pressure on the economy. We suggest watching how fiscal easing and investment will feed into the macroeconomy at the beginning of 2022. As constraints from the supply side (price hikes caused by power rationing and production restrictions) were alleviated, industrial production improved in November. Auto production and sales rose MoM, and decreases in property investment and consumption narrowed. But demand weakened due to the spread of the pandemic. The services production index, discretionary consumption and infrastructure investment remained subdued. Employment remained under pressure. Policy designers stressed the need to stabilize growth and focus on fiscal and investment support at the Central Economic Work Conference. The National Development and Reform Commission (NDRC) called for more efforts to (1) speed up the construction of key projects, (2) take a moderately proactive approach to advancing infrastructure investment, (3) allow government investment to play a guiding role and (4) encourage private capital to participate in construction to strengthen weak links. We suggest watching how these policies will be carried out at the beginning of 2022. Guo Lei - Dec 17, 2021
Keeping steadfast with growth stabilization Fiscal policy should be more proactive and front-end loaded in 2022. Government-subsidized housing and infrastructure construction should be key. There should be room for healthy leverage additions in the short term. We estimate the government will see higher-than-planned revenue but miss its expenditure target for 2021. Meanwhile, fiscal spending was back-end loaded in 2021 due to more stringent fiscal discipline and government efforts to resolve hidden debts. Moreover, sentiment in the land market and property sales has weakened, resulting in declines in land transfer fees. Growth stabilization measures are needed to cope with potential pressure. According to the Central Economic Work Conference, fiscal policy should be more proactive in 2022 and front-end loaded fiscal spending is very likely. It is imperative to stabilize the investment ratio and most proceeds should be used in infrastructure and project construction. We estimate narrow-sense fiscal revenue growth of around 10%, a post-2016 peak. The deficit ratio is unlikely to see large fluctuations given carryover funds. Meanwhile, fiscal arrangements should affect infrastructure investment. We suggest watching policy setting and infrastructure investment growth. Overall, subsidized housing, carbon peaking and carbon neutrality as well as tax reductions and fee cuts should be the centerpiece for growth stabilization in 2022. We believe the government will continue its controls over hidden debts, but there should be room for healthy leverage additions in the short term. Wu Qiying - Dec 17, 2021
Improved liquidity in the real economy and sufficient liquidity in the banking system&nbsp; We expect monetary policy to be aimed at stabilizing credit growth in 2022. Declines in stock valuations may moderate given relatively accommodative monetary conditions. Sectors that are sensitive to financing were hampered in 2021 but are expected improve in 2022. Lliquidity in the banking system remained sufficient in 2021. Yet, liquidity in the real economy contracted during the year. We expect monetary easing in 2022 in order to stabilize credit growth. The PBoC may adopt measures such as RRR cuts, structural support tools, guiding banks to reduce MLF rates and lower LPR quotations, and replenish capital funds for small and medium-sized banks through multiple channels, but this is currently unlikely as overseas advanced economies may enter rate hike cycles in 2022 while the PBoC would avoid rate cuts. We expect to see stabilized social financing, a narrowing gap between monetary policies and financial policies, and sufficient liquidity in the banking sector amid credit stabilization. The liquidity environment will be reflected in asset prices in four ways: (1) the large long-term interest rate drops seen in 2021 are unlikely in 2022; (2) declines in stock valuations may moderate; (3) sectors that are sensitive to financing and economic performance were hampered in 2021 and are expected improve in 2022. Meanwhile, we estimate macro leverage will edge up in 2022. We suggest watching risks such as faster rate hikes in overseas advanced economies, weaker-than-expected property investment, and higher inflation. Guo Lei, Zhong Linnan - Dec 16, 2021

1.November data were mixed 
2.Keeping steadfast with growth stabilization
3.Improved liquidity in the real economy and sufficient liquidity in the banking system 



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