cooperation mechanisms within the Greater Bay Area continue to improve, and connectivity between Hong Kong and Chinese Mainland financial markets has deepened, characterised by broader participation, more active capital flows and more diversified areas of cooperation. The ongoing optimisation of Stock Connect, Bond Connect, Chinese Mainland and global capital markets. In addition, Chapter 18C of the Hong Kong Main Board Listing flexible listing thresholds and valuation approaches, further strengthening Hong Kong SAR's position as a financing platform for innovation-driven enterprises. Since 2025, Hong Kong's IPO market has surged, with total IPO proceeds reaching USD 33.2 billion from January to November—-nearly three times the full-year total of Hong Kong SAR continues to pioneer reforms in areas such as financial opening-up and RMB internationalisation, technology innovation and intellectual property protection, green finance and cross-border data flows. By aligning advancement of institutional opening-up. @ 2026 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in Chinese Mainland, KPMG, Macau SAR partnership, and KPMG, a Hong Kong SAR partnership, are member firms of the KPMG global organisation of independent member firms affiliatec With KPMG International Limited, a private English company limited by guarante. ll rights reserved.