Haiqing Zhiyuan, Cofu Medical, Putailai, and Simo Technology Submit Listing Applications to Hong Kong Exchanges; Ant Group Acquisition of Yao才Securities Finance Approved | Hong Kong Exchanges Morning Briefing

| March 18, 2026, Wednesday |

NO.1 Haiqing Zhiyuan, Kefu Medical, Putailai, and Simou Technology Submit Listings to HKEX

According to HKEX news on March 16, Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (hereafter Haiqing Zhiyuan), Kefu Medical Technology Co., Ltd. (hereafter Kefu Medical, SZ301087), Shanghai Putailai New Energy Technology Group Co., Ltd. (hereafter Putailai, SH603659), and SmartMore Inc. (Simou Technology) have submitted applications for listing on the Main Board of HKEX. According to the prospectus, Haiqing Zhiyuan is a Chinese multi-spectral AI (artificial intelligence) technology company. Kefu Medical is one of China’s largest home medical device companies. Putailai is a provider of comprehensive solutions upstream in the new energy battery industry chain. Simou Technology is a leading global AI company redefining industrial automation in the AI era.

Comment: These four companies cover multi-spectral AI, home medical devices, new energy materials, and industrial AI, each being a leading enterprise in their respective fields.

NO.2 Hengan International’s 2025 Profit Attributable to Equity Holders Rises About 10.3%

On the afternoon of March 17, Hengan International (HK01044) released its annual results for the year ending December 31, 2025. According to the announcement, the group’s revenue increased approximately 1.8% year-over-year to about RMB 23.069 billion; profit attributable to equity holders rose about 10.3% to approximately RMB 2.535 billion. Hengan International stated that in 2026, the group will precisely allocate sales expenses, and high-end, high-margin products will continue to grow, effectively mitigating the impact of raw material price fluctuations on gross profit. The group’s gross profit margin is expected to remain stable.

Comment: Hengan International’s revenue and net profit both grew in 2025, with continuous improvement in gross profit margin, highlighting resilience as a leader in daily consumer products.

NO.3 Ant Group’s Acquisition of Yau Tai Securities & Finance Approved

On the evening of March 16, Yau Tai Securities & Finance (HK01428) announced that the takeover initiated by Ant Group has been approved by relevant authorities, with completion expected by March 30. After the transaction, Ant Group will officially hold a controlling stake in Yau Tai Securities & Finance. On March 17, Yau Tai Securities & Finance’s stock price surged, briefly rising over 82% intraday. As of the close on March 17, the stock was at HKD 13.6 per share, up 46.71%, with a market capitalization of HKD 23.1 billion.

Comment: Ant Group’s acquisition of Yau Tai Securities has been approved, marking its official entry into Hong Kong’s full-license brokerage market, completing a key part of its cross-border securities business and advancing its internationalization strategy.

NO.4 Tencent Music’s 2025 Net Profit Attributable to Shareholders Grows 66.4% Year-over-Year

After the Hong Kong stock market closed on March 17, Tencent Music Entertainment Group (HK01698) released its 2025 annual results. According to the announcement, the group achieved total revenue of RMB 32.9 billion in 2025, up 15.8% year-over-year; online music service revenue was RMB 26.73 billion, up 22.9%; profit attributable to shareholders was RMB 11.06 billion, up 66.4%; and it plans to distribute a cash dividend for the 2025 fiscal year totaling approximately USD 368 million.

Comment: Tencent Music’s 2025 performance was impressive, with growth in both subscription-based and diversified monetization channels, leading to rapid increases in revenue and net profit.

NO.5 Hong Kong Stock Market Overview:

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