&nbsp;January 2024
Dear clients,&nbsp;
Re: Office Relocation Notice
We are delighted to inform you that we are moving to a new office location effective from 29 January 2024. Our new address will be &ndash;
27/F, GF Tower, 81 Lockhart Road, Wan Chai, Hong Kong
All of our landline numbers, fax numbers and email addresses will remain the same.
As our business has outgrown the current workplace, we believe this move will create a more productive environment to advance our &ldquo;going-global&rdquo; strategy and better service our clients. We will remain committed to pursuing excellence, and continue to provide all-round professional and efficient services to all clients as usual.
Thank you for your continued support, and if you have any enquiries about our relocation, please don&rsquo;t hesitate to contact our Customer Services Hotline at (852) 3719-1288 / 40086 95575 or email to seccs@gfgroup.com.hk.
&nbsp;
Best regards,
GF Securities (Hong Kong) Brokerage Limited
&nbsp;
&nbsp;

Re: Office Relocation Notice

Date: 20 December 2023
Dear Valued Client,&nbsp;
Notification of Change of Stock Options Trading Fee Tier Classification
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited. &nbsp;
Pursuant to the Operational Trading Procedures for Options Trading Exchange Participants of the Stock Exchange (Appendix B11), the trading fee tier levels of some of the stock option classes will be changed, effective from 2 January 2024, as a result of the annual review. Please refer to the HKEX&rsquo;s circular for the details of the abovementioned change of stock options trading fee tier classification, the full list of option classes and the new tier levels: <a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/EQD_12_23_e.pdf" target="_blank" rel="noopener">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/EQD_12_23_e.pdf</a>
Should you have any question, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.&nbsp;
 Yours faithfully, GF Securities (Hong Kong) Brokerage Limited
&nbsp;

Notification of Change of Stock Options Trading Fee Tier Classification

Date: 16 November 2023
Dear Valued Client,&nbsp;
HK Stock Market- Name Change of Transaction Levy and Reduction of Stamp Duty Notice&nbsp;
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited. &nbsp;
According to the press release issued by Hong Kong Stock Exchange (&ldquo;HKEX&rdquo;), the Name of Transaction Levy will be changed and Stamp Duty will be reduced, as below:
1. Update of &ldquo;FRC Transaction Levy&rdquo; to &ldquo;AFRC Transaction Levy&rdquo; (Effective Date: 22 Nov 2023)
2. Reduction of Stamp Duty on Stock Transactions (Effective Date: 17 Nov 2023)
<table style="border-collapse: collapse; border-spacing: 0px; color: #222222; font-family: monospace; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: pre-wrap; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: 601px; height: 135px; background-color: #dee7ff; border-color: #b7cbff; border-style: solid; margin-left: auto; margin-right: auto; line-height: 1.5;" border="1" cellpadding="1">
<tbody>
<tr style="height: 22px;">
<td style="width: 182.172px; background-color: #dee7ff; border: 1px solid #b7cbff; height: 45px; text-align: center; vertical-align: middle;">
Adjusted Item
</td>
<td style="width: 188.234px; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">Current Fee</td>
<td style="width: 188.25px; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">Adjusted Fee</td>
</tr>
<tr style="height: 45px;">
<td style="width: 182.172px; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">
Stamp Duty (HK stock)
</td>
<td style="width: 188.234px; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">0.13%</td>
<td style="width: 188.25px; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">0.10%</td>
</tr>
</tbody>
</table>
For more details, please visit HKEX's official website: &nbsp; <a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/ce_SEHK_CT_151_2023.pdf" target="_blank" rel="noopener">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/ce_SEHK_CT_151_2023.pdf</a> <a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/ce_SEHK_CT_099_2023.pdf" target="_blank" rel="noopener">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/ce_SEHK_CT_099_2023.pdf</a> <a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/ce_SEHK_CT_158_2023.pdf" target="_blank" rel="noopener">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/ce_SEHK_CT_158_2023.pdf</a>
We hereby inform you that our AFRC Transaction Levy and Stamp Duty of HK stock will be adjusted in accordance with the aforesaid announcement. For the latest fee rates, please visit our company&rsquo;s official website from time to time: <a style="color: #0000ee;" href="https://gfse.gfgroup.com.hk/en/fee/other" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/en/fee/other</a>
Should you have any question, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.&nbsp;
 Yours faithfully, GF Securities (Hong Kong) Brokerage Limited

HK Stock Market- Name Change of Transaction Levy and Reduction of Stamp Duty Notice

Date: 28 August 2023
 Dear Valued Client,&nbsp;
Notification of Revision of Trading Handling Fee and Stamp Duty in relation to Stock Connect (Northbound) and B-shares
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited. &nbsp;
According to the press release issued by Hong Kong Stock Exchange (&ldquo;HKEX&rdquo;), Shanghai Stock Exchange, Shenzhen Stock Exchange, Ministry of Finance of the People's Republic of China and State Taxation Administration, the&nbsp; trading handling fee and stamp duty for Stock Connect (Northbound) and B-shares will be adjusted with effect from 28 August 2023, as below:
<table style="border-collapse: collapse; width: 80%; background-color: #dee7ff; border-color: #b7cbff; border-style: solid; margin-left: auto; margin-right: auto;" border="1" cellspacing="0px" cellpadding="1">
<tbody>
<tr style="height: 22px;">
<td style="width: 47.2892%; background-color: #dee7ff; border: 1px solid #b7cbff; height: 45px; text-align: center; vertical-align: middle;">
Adjusted Items:
Stock Connect (Northbound) and B-shares
</td>
<td style="width: 26.5061%; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">Before Adjustment</td>
<td style="width: 26.0541%; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">After Adjustment</td>
</tr>
<tr style="height: 45px;">
<td style="width: 47.2892%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">
Trading Handling Fee
</td>
<td style="width: 26.5061%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">0.00487%</td>
<td style="width: 26.0541%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">0.00341%</td>
</tr>
<tr style="height: 45px;">
<td style="width: 47.2892%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">
Stamp Duty (Sell Order)&nbsp;
</td>
<td style="width: 26.5061%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">0.10%</td>
<td style="width: 26.0541%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">0.05%</td>
</tr>
</tbody>
</table>
&nbsp;
For more details, please visit: HKEX's official website: &nbsp;<a href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/CT13423B.pdf">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2023/CT13423B.pdf</a>&nbsp; <a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKSCC/2023/ce_HKSCC_SET_039_2023.pdf">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKSCC/2023/ce_HKSCC_SET_039_2023.pdf</a>&nbsp;
Shanghai Stock Exchange's official website: <a style="color: #0000ee;" href="http://english.sse.com.cn/news/newsrelease/c/5725439.shtml">http://english.sse.com.cn/news/newsrelease/c/5725439.shtml</a>&nbsp;
Shenzhen Stock Exchange's official website: <a style="color: #0000ee;" href="http://www.szse.cn/English/about/news/szse/t20230821_602823.html">http://www.szse.cn/English/about/news/szse/t20230821_602823.html</a>&nbsp;
Ministry of Finance of the People's Republic of China's official website (in Chinese only): <a href="http://szs.mof.gov.cn/zhengcefabu/202308/t20230827_3904226.htm">http://szs.mof.gov.cn/zhengcefabu/202308/t20230827_3904226.htm&nbsp;</a>&nbsp;
We hereby inform you that our trading handling fee and stamp duty for Northbound Trading and B-shares will be adjusted in accordance with the aforesaid announcement. For the latest fee rates, please visit our company&rsquo;s official website from time to time: <a href="https://gfse.gfgroup.com.hk/en/fee/other">https://gfse.gfgroup.com.hk/en/fee/other</a>&nbsp;
Should you have any question, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.&nbsp;
 Yours faithfully, GF Securities (Hong Kong) Brokerage Limited
&nbsp;

Notification of Revision of Trading Handling Fee and Stamp Duty in relation to Stock Connect (Northbound) and B-shares

【IMPORTANT NOTICE】Raise Prime Rate&nbsp;
Dear Clients,
Thank you for your continuous support towards GF Securities (Hong Kong) Brokerage Limited.&nbsp;
In response to the announcement about the revision Prime Rate issued by Standard Chartered Bank (HK) Limited on 31 July 2023, GF Securities (Hong Kong) Brokerage Limited has raised its Prime Rate as below:
<table style="border-collapse: collapse; border-spacing: 0px; width: 643.812px; height: 90px; background-color: #dee7ff; border-color: #b7cbff; border-style: solid; margin-left: auto; margin-right: auto;" border="1" cellpadding="1">
<tbody>
<tr style="height: 22px;">
<td style="width: 264.475px; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">&nbsp;</td>
<td style="width: 185.712px; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">Current rate</td>
<td style="width: 184.425px; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">Revised rate</td>
</tr>
<tr style="height: 45px;">
<td style="width: 264.475px; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">
&nbsp;Prime Rate (P)
</td>
<td style="width: 185.712px; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">6%</td>
<td style="width: 184.425px; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">6.125%</td>
</tr>
</tbody>
</table>
The above change would align with Standard Chartered Bank and take effect on 31 July 2023. Accordingly, our financing cost would be raised after the above adjustment, and please pay attention to the new interest rate on your statement.
Should you have any enquiries, please do not hesitate to contact your account executive or our Customer Service Department at 40086 95575/852-37191288.
&nbsp;
GF Securities (Hong Kong) Brokerage Limited 28 July 2023

【IMPORTANT NOTICE】Raise Prime Rate

Date: 14 July 2023
Dear Valued Client,&nbsp;
Re: Amendment of Rules in Relation to Northbound Trading of Stock Connect- 1-year transitional period in relation to restricting Mainland investors from Northbound Trading under Stock Connect will end soon
 Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited(&ldquo;GFSHK&rdquo;)!&nbsp;
On 24 June 2022, the Stock Exchange of Hong Kong Limited (&ldquo;HKEX&rdquo;) announced the amendment of rules in relation to northbound trading of stock connect by China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE), which the CSRC, SSE and SZSE have announced their rule amendments (in Chinese only) in relation to restricting Mainland investors from Northbound Trading under Stock Connect with effect from 25 July 2022 (the Effective Date).
Based on the amendment of rules, with effect from 24 July 2023, Mainland investors shall not proactively buy any China Connect Securities through Northbound Trading under Stock Connect (including subscription for right issues (配股)), but excluding obtaining China Connect Securities passively as a result of certain corporate actions (such as distribution of stock dividends).
For more details, please refer to the corresponding circular published by HKEX:&nbsp; <a href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2022/CT08822E.pdf" target="_blank" rel="noopener">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2022/CT08822E.pdf</a>
Should you have any questions, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.&nbsp;
 GF Securities (Hong Kong) Brokerage Limited&nbsp;
&nbsp;
&nbsp;

Re: Amendment of Rules in Relation to Northbound Trading of Stock Connect- 1-year transitional period in relation to restricting Mainland investors from Northbound Trading under Stock Connect will end soon

On March 28, 2024, Lianlian DigiTech Co., Ltd. (HKEX: 2598.HK) successfully debuted on the main board of the Hong Kong Stock Exchange, with GF Hong Kong playing a pivotal role as the joint bookrunner and lead manager for the offering. The global offering, priced at HK$10.22 per share, raised approximately HK$657 million (pre-greenshoe). The newly floated shares account for 5.96% of the expanded equity capital (pre-greenshoe).
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.gfzq.cn/hkstore/article/Picture2.png" alt="" width="554" height="535" />
GF Hong Kong leveraged its expertise to facilitate the company's listing by actively engaging in market activities and establishing robust communication channels with investors. With a focus on providing comprehensive investment banking services, GF Hong Kong remains dedicated to supporting exceptional Chinese enterprises in exploring international capital markets.
This offering has attracted significant investor attention, with oversubscription rates of 16.94 times in the Hong Kong public offering and 1.89 times in international placement. Proceeds from the offering will be allocated towards enhancing technical capabilities (60%), expanding global operations (30%), future strategic investments (5%), and general corporate purposes and working capital needs (5%).
Looking ahead, GF Hong Kong continues its commitment to delivering exceptional services and guiding more Chinese enterprises towards success in overseas markets.
&nbsp;
Note: The term "GF Hong Kong" mentioned in this article refers to GF Holdings (Hong Kong) Co., Ltd. and/or its related subsidiaries established in Hong Kong.
Disclaimer: The information on this article is compiled by GF Holdings (Hong Kong) Corporation Limited (the "Company") and is for reference purposes only. It is not and should not be regarded as an invitation, solicitation or recommendation to buy or sell any investment products. The information contained is provided by the Company in good faith and the source of the information is believed to be reliable. However, the Company does not guarantee the accuracy, completeness or correctness of such content and readers should not rely on it. The Company, its affiliates, directors, officers and employees disclaim any liability for any loss incurred by any person as a result of the use of this article. The company reserves the right to make changes to the content of this page without prior notice.

GFHK Supports Lianlian DigiTech to Float Shares in Hong Kong

<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.gfzq.cn/hkstore/article/111.jpg" alt="" width="3164" height="1787" />
On March 21, 2024, GF Hong Kong acted as the Sole Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager to assist Migao Group Holdings Limited (stock code: 9879.HK) ("the Company") in successfully listing on the main board of the Hong Kong Stock Exchange. The Company's global offering was priced at HK$4.08 per share. A total of 225 million shares were issued before the Greenshoe, raising HK$918 million. In the end, the Hong Kong Public Offering was oversubscribed with a subscription ratio of 9.79 times, and the International Offering was also oversubscribed with a subscription ratio approximately 1.28 times. It is the largest IPO deal in Hong Kong that launched its bookbuilding this year, which has become another typical deal of GF Hong Kong in the field of IPO services in Hong Kong.
Highlights of the Project
<ul>
<li>As the Sole Sponsor, GF Hong Kong fully demonstrates the service capabilities of the entire business chain. During the execution process, GF Hong Kong coordinated project progress and took the lead in completing various due diligences. In the face of many uncertain factors such as the test of the epidemic, fluctuations in the international situation, and the ups and downs in the capital market, GF Hong Kong assisted the Company to successfully obtain domestic and overseas regulatory approvals, and quickly responded to the Company's various needs and provide solutions throughout the whole process. Based on a deep understanding of the Company, GF Hong Kong helps the Company create a unique investment story and successfully list on the stock market with GF Hong Kong&rsquo;s rich project experiences and solid execution capabilities.</li>
<li>In the early stage of marketing, GF Hong Kong customized a marketing plan for the Company, actively mobilized domestic and overseas resources, and proactively introduced industrial investors and financial investors to the Company. GF Hong Kong also proactively conveyed the Company's core competitiveness as a leading domestic potash fertilizer enterprise to the market and its value to investors, maximizing investors&rsquo; interest in the Company. During the offering period, GF Hong Kong further arranged in-depth communication between investors and company management, enriched and optimized the investor structure, continued to promote the steady growth of bookbuilding coverage, and sent a positive signal to the market. This offering fully reflects GF Hong Kong's excellent capital market service capabilities, deep investor relations and strong Hong Kong stock underwriting capabilities, and highlights GF Hong Kong's high-level comprehensive service capabilities in the Hong Kong stock capital market.</li>
<li>Against the economic background of the sluggish performance of the Hong Kong stock market and the global macro turbulence, GF Hong Kong has always responded calmly and maintained its determination, working closely with client, adhering to high standards of work and outstanding professional capabilities to seize the market offering window. GF Hong Kong successfully sponsored the Company to be listed in Hong Kong, which was highly recognized by clients and the market. In the future, GF Hong Kong will adhere to an international perspective, wholeheartedly provide high-quality investment banking services to clients throughout the entire industry chain and cycle, and assist more outstanding Chinese companies in exploring overseas capital markets.</li>
</ul>

GFHK Completes IPO for Migao Group in Hong Kong as Sole Sponsor 

Dear Client,&nbsp;&nbsp;
We are pleased to announce that effective from January 29 2024, our office will be relocated to:
27/F, GF Tower, 81 Lockhart Road, Wan Chai, Hong Kong
Please note that our telephone numbers, fax numbers, and email addresses will remain unchanged.
We would like to take this opportunity to express our gratitude for your continued support. We will remain committed to providing you with comprehensive financial services through our subsidiaries. Should you have any further queries, please feel free to contact us at (852) 3719 1111.
&nbsp;
Yours sincerely,
GF Holdings (Hong Kong) Corporation Limited

Office Relocation Notice

<img src="https://cdn.gfzq.cn/hkstore/article/图片11.jpg" alt="" width="2485" height="1097" />
GF Securities (Hong Kong) has successfully issued tokenised securities in Hong Kong on January 18, making it the first Chinese brokerage firm that completed mintage, issuance and distribution of such products with underlying assets originated by itself. This move underlies GF Securities (Hong Kong)&rsquo;s commitment to taking the lead in the development of the digital finance sector, and staying competitive and capturing new opportunities in this nascent marketplace.
The tokenised securities were issued after the Securities and Futures Commission in Hong Kong released a circular on tokenised securities-related activities in November 2023. The issuance were completed under Hong Kong laws and regulatory requirements, and t represents the company&rsquo;s significant contribution to Hong Kong&rsquo;s increasing efforts to promote itself as a key hub for virtual and digital financial assets.
&ldquo;The issuance of tokenised securities showcased our strong motivation and capabilities in seizing any fresh development opportunities at the forefront of the market,&rdquo; said Charles Lin, Chief Executive Officer of GF Holdings (Hong Kong) Corporation Limited. &ldquo;I&rsquo;m sure it will not only set up a pioneering model for the prospect of digitalized assets market in Hong Kong and beyond, but more importantly it will also increase our edge in bringing more first-class services to our clients around the world.&rdquo;
Taping into the public network ecosystem on the Ethereum blockchain, the tokenised securities issued by GF Securities (Hong Kong) displays a string of merits that can make transactions extremely secure, transparent and efficient. Some of the key traits include &ndash;
<ul>
<li>Investors can monitor trading records via the blockchain at any time without any restrictions. Auxiliary functions such as automatic book-building, risk management and valuation assessment can be freely developed by investors due to the openness of the Ethereum blockchain.</li>
<li>Investors can also manage different digital investment portfolios using the centralized features of the network without worries about system incompatibility issues.</li>
<li>Unlike traditional assets, issuance of tokenised securities do not rely on clearing house, meaning the base of investors can be tremendously expanded given the low participation barrier, and product design can be customized with smart contract technology.</li>
</ul>
Looking forward, investors can expect more useful functions facilitating transactions of tokenised securities including derivatives-related automatic calculations. The company will continue to explore more advanced development of digital assets, unswervingly honouring its commitment to provide all-round professional services to all clients and investors.

GF Securities (Hong Kong) Brings Securities Originated by Itself to Public Blockchain 

GF Holdings (Hong Kong) Corporation Limited (GF Holdings (Hong Kong), the company) announced that Fitch Ratings (Fitch) has affirmed the company&rsquo;s long-term issuer default rating at &lsquo;BBB&rsquo; with a stable outlook. GF Holdings (Hong Kong) has previously received a &lsquo;BBB&rsquo; investment grade rating from S&amp;P Global Ratings.
Fitch noted that GF Holdings (Hong Kong), as the principal platform for pursuing the internationalization strategy of GF Securities (GFS, the group), plays a unique role and receives strong support from the group. The company has been extending the group&rsquo;s overseas franchise, and its subsidiaries have been providing offshore capital market services.
The ratings from international rating agencies reflect their confidence in the development prospects of GF Holdings (Hong Kong). The company will remain committed to pursuing the strategy of going global, and its subsidiaries will continue to provide all-round professional and efficient capital market services for clients both at home and abroad.

GF Holdings (Hong Kong) Receives a ‘BBB’ Investment Grade Rating from Fitch with a Stable Outlook

Happy holidays from GF Holdings (Hong Kong)!
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.gfzq.cn/hkstore/article/Season's Greetings111.jpg" alt="" width="1240" height="2200" />

Happy holidays from GF Holdings (Hong Kong)

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 



广发控股（香港）有限公司,广发证券（香港）经纪有限公司,广发融资（香港）有限公司,广发资产管理（香港）有限公司及广发投资（香港）有限公司,广发全球资本有限公司,广发控股（加拿大）有限公司

What We Do

Brokerage and Wealth Management

Corporate Finance

Global Markets

Asset Management

Investment Management

Global Capital

Trading Platform Available in both English and Chinese

Information and Announcements