Date: 18 November 2022
Dear Valued Client,&nbsp;
&lt;Important Notice&gt; Re: Notification in respect of Withholding Tax and Trade Arrangement for Public Traded Partnership&nbsp;
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited.&nbsp;
The U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) has released an amendment of withholding taxes requirements on the sale or exchange of interests in, or allocation of taxable income arising from the Publicly Traded Partnership (&ldquo;PTP&rdquo;) held by non-U.S. investors in accordance with Section 1446(a) and (f) of the U.S. Internal Revenue Code (&ldquo;IRC&rdquo;), which will come into effect on 1 January 2023. After being effective, non-U.S.investors will incur the following withholding taxes when they conduct the following activities:
&bull; Receiving income including dividends/interests/yields: withholding tax rate of 37% for noncorporate foreign partners and 21% for corporate foreign partners will be charged on the allocated amount; &bull; Conducting the sale or exchange of PTP interest: withholding tax rate of 10% will be charged on the total amount realized.
For more details, please visit <a href="https://www.irs.gov/individuals/international-taxpayers/partnership-withholding" target="_blank" rel="noopener">IRS&rsquo;s official website</a> and browse the relevant <a style="color: #0000ee;" href="https://cdn.gfzq.cn/hkstore/gmp_hk/zh_cn/PTP%E5%8F%97%E5%BD%B1%E5%93%8D%E8%AF%81%E5%8A%B5%E5%90%8D%E5%8D%95%20(PTP%20Affected%20Securities%20List).pdf" target="_blank" rel="noopener">PTP Products Affected Securities List</a>*:
The above notification is made in accordance with the current IRS&rsquo; relevant regulations, while the content and implementation date may be changed according to the regulation update from IRS. Under the current regulations, and with reference to the notice issued by our custodians, any buy or transfer-in order of PTP products are prohibited with effect from the date of this letter, and any sell or transfer-out order of PTP products will be prohibited with effect from 9 December 2022, including any excepted trades listed in the regulations.&nbsp;
Please note that the aforementioned amendment of regulations are important to you and will directly affect your account portfolios if you are holding PTP products. We suggest you to review your account portfolios immediately and consider to sell or transfer-out the PTP products based on the prevailing market situations before the aforementioned date in order to minimize any potential impacts on you.&nbsp;
We will endeavour to provide the timely information for your reference, but you should still pay attention to the development of relevant regulations and the potential impacts on you. If you have any doubts, we suggest you to seek an independent professional advice from your tax advisor.&nbsp;
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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
*The list of PTP products is obtained from external sources for your information. It is not an exhaustive list of all PTP and may be changed from time to time without prior notice in accordance with the relevant U.S. regulations. GF Securities (Hong Kong) Brokerage Limited has no liability for the timeliness, accuracy and completeness of this list. From 1 January 2023 onwards, if any product sold is not listed in the this PTP list but falls under PTP classification, wereserve the rights to claim the withholding tax from you in order to satisfy the IRS withholding requirements.

<Important Notice> Re: Notification in respect of Withholding Tax and Trade Arrangement for Public Traded Partnership

17 November 2022
Dear Valued Customer,
&lt;Important Notice&gt; Re: Upgrade of Online Stock Options Trading System from iDoubleClick2 to iDoubleClick3
Thank you for choosing GF Securities (Hong Kong) Brokerage Limited.
To enhance the client experience in online stock options trading, we are writing to inform you that the current version of online stock options trading system-iDoubleClick2 (&ldquo;iDC2&rdquo;) will be out of service at 6:00 p.m. on 25 November 2022 and the upgraded version of online stock options trading system-iDoubleClick3 (&ldquo;iDC3&rdquo;)will be rolled out with effect from 26 November 2022.
In order to avoid any disruption of your online stock options trading, iDC3 will be available in advance for download and installation on 17 November 2022, where the launch date of iDC3 is on 26 November 2022.Please refer to the hyperlinks as below to:
Download and install iDC3 on or before 25 Nov 2022: <a style="color: #0000ee;" href="https://cdn.gfzq.cn/hkstore/economy/zip/iDC3_GF_v_2_2_5_202" target="_blank" rel="noopener">https://cdn.gfzq.cn/hkstore/economy/zip/iDC3_GF_v_2_2_5_202</a>.zip;&nbsp; Download and install iDC3 with effect from 26 Nov 2022: <a style="color: #0000ee;" href="https://gfse.gfgroup.com.hk/download" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/download</a>; and Browse the installation guide and user manual of iDC3: <a href="https://gfse.gfgroup.com.hk/use" target="_blank" rel="noopener">https://gfse.gfgroup.com.hk/use</a>.
If you have any questions, please contact our Customer Services Hotline at (852) 3719-1288 / (86) 40086 95575 or email us at seccs@gfgroup.com.hk. Thank you.
 Yours faithfully, GF Securities (Hong Kong) Brokerage Limited

<Important Notice> Re: Upgrade of Online Stock Options Trading System from iDoubleClick2 to iDoubleClick3

【IMPORTANT NOTICE】 &nbsp;Raise of HKD 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 of Hong Kong Dollar Prime Rate issued by Standard Chartered Bank (HK) Limited on 3 November 2022, GF Securities (Hong Kong) Brokerage Limited has raised its Hong Kong Dollar Prime Rate as below:
<table style="border-collapse: collapse; width: 60%; 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: 41.5662%; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">&nbsp;</td>
<td style="width: 29.3173%; background-color: #dee7ff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">Current rate</td>
<td style="width: 29.1164%; 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: 41.5662%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">
Hong Kong Dollar Prime Rate
</td>
<td style="width: 29.3173%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">5.375%</td>
<td style="width: 29.1164%; background-color: #f9fbff; text-align: center; vertical-align: middle; border: 1px solid #b7cbff; height: 45px;">5.625%</td>
</tr>
</tbody>
</table>
The above change would align with Standard Chartered Bank and take effect on 7 November 2022. 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 4008695575/852-37191288.
&nbsp;
GF Securities (Hong Kong) Brokerage Limited 11 November 2022

【IMPORTANT NOTICE】Raise of HKD Prime Rate

Date: 19 July 2022
Dear Valued Client,&nbsp;
Re: Amendment of Rules in Relation to Northbound Trading of Stock Connect
&nbsp;
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).
 Background
The CSRC, SSE and SZSE published market consultation (in Chinese only) in relation to restricting Mainland investors from Northbound Trading under Stock Connect on Friday, 17 December 2021. Mainland investors include: (a) individuals that possess Mainland ID documents; (b) holders of a joint account if one of the holders is considered as Mainland investor under (a); and (c) corporate or unincorporated entities which are registered in the Mainland.
The following investors will not be considered as &ldquo;Mainland investors&rdquo; and may continue to buy and sell China Connect Securities through Northbound Trading under Stock Connect:
 &bull; Any individual who holds a Permit for Proceeding to Hong Kong and Macao, i.e. One-way Permit (前往港澳通行證, i.e. 單程證) or who has obtained an identity document as proof of permanent residence in a country or region outside Mainland China &bull; Any branch or subsidiary of a corporate or unincorporated entity registered in Mainland China which branch or subsidiary is lawfully registered in Hong Kong or overseas*
 Implementation arrangements
According to the CSRC, SSE and SZSE: o Effective from 22 July 2022, GFSHK shall not register new Broker-to-Client Assigned Number (BCAN) for clients who are Mainland investors, i.e. registration of new BCANs with &lsquo;CHN&rsquo; as the country/ region of issuance (CHN BCANs) will be rejected; o There will be a 1-year transitional period (from 25 July 2022 to 23 July 2023) from the effective Date, during which Mainland investors with registered CHN BCANs could still buy and sell China Connect Securities through Northbound Trading under Stock Connect with the registered CHN BCANs; o During the transitional period, Mainland investors with registered CHN BCANs who cannot buy or sell China Connect Securities through Northbound Trading due to exceptional circumstances including bankruptcy of their brokers could open Northbound Trading account at GFSHK for new CHN BCANs registration; and o After the transitional period (from 24 July 2023): (A) GFSHK shall delete all CHN BCANs for their clients who are Mainland investors, (B) 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 corporate actions (such as distribution of stock dividends), and (C) Existing China Connect Securities held by Mainland investors could be sold by tagging the reserved value prescribed by the Exchange, the arrangements of which will be announced in due course.
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/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>
Please be reminded that you/your company should notify GFSHK promptly to ensure the account information is update and accurate, if there is any change of account information (e.g. identity information, contact details and tax jurisdiction etc.) in relation to you/your company. 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;
*For BCAN-CID Mapping Files (CHN BCAN) submission purposes, these entities may use their business registration certificates as identification documents.

Re: Amendment of Rules in Relation to Northbound Trading of Stock Connect

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

<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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