Asia Pacific Media Coverage

Asia Pacific Media Coverage 9 November 2017 The Asset: State Street CEO to retire by 2018-end Citywire Asia: State Street CEO to retire State Street Corporation has announced that Jay Hooley will retire as Chief Executive by the end of 2018 after more than 30 years with the company. Hooley will remain as chairman through to 2019. State Street s board of directors has appointed Ron O Hanley, previously Vice Chairman and President of State Street and CEO of State Street Global Advisors, as President and Chief Operating Officer. O Hanley will succeed Hooley as CEO. Wall Street Journal: China s Tencent Buys 12% Stake in Snap Wall Street Journal (CN): China s Tencent Buys 12% Stake in Snap Tencent recently bought a 12% stake in Snap, becoming one of its largest shareholders. The article mentioned that BlackRock Inc., Vanguard Group and SSGA are signers of a governance initiative called the Investor Stewardship Group, which sets out principles for US-listed companies, including the adoption of a one-share, one-vote standard and avoidance of unequal voting rights. Hong Kong Economic Journal: 360 stock market review Hong Kong Economic Journal: Short-selling ratio drops to 9.1%, Tencent continues to rank first The short-selling ratio of the Tracker Fund reached 56.7% on 8 November, ranking second in terms of the amount of short selling. CORPORATION 1

Full articles The Asset 2017-11-08 State Street CEO to retire by 2018-end https://www.theasset.com/on-the-move/33692/state-street-ceo-to-retire-by-2018-end Ron O Hanley to succeed Jay Hooley as CEO State Street Corporation has announced that Jay Hooley will retire as CEO by the end of 2018 after more than 30 years with the company and will remain as chairman throughout 2019. State Street s board of directors has appointed Ron O Hanley, previously vice chairman of State Street and president and CEO of State Street Global Advisors, to president and chief operating officer. O Hanley will succeed Hooley as CEO. Our most significant differentiator at State Street will always be our people, and my greatest source of pride over the past eight years has been to lead this talented 36,000-strong team, says Hooley. I am very confident that Ron has the right qualities, expertise and vision to lead the next phase of State Street s growth. Ron brings tremendous passion and energy to the role, as well as a unique perspective having been a State Street client. I know that his perspectives and background will serve us very well as we seek to strengthen client engagement across the organization and create a more seamless experience for our clients. O Hanley has three decades of experience leading asset management firms and serving both asset owners and asset managers. Prior to joining State Street in 2015, O Hanley served as president of Asset Management & Corporate Services for Fidelity Investments. Before Fidelity, O Hanley spent 13 years in leadership positions at Mellon Bank and Bank of New York Mellon including vice chairman of Mellon Financial Corporation and Bank of New York Mellon, and CEO of BNY Mellon Asset Management. O Hanley began his career at McKinsey & Company, Inc. where he served as a partner and head of its Investment Management practice worldwide. In January 2017, O Hanley was named vice chairman of State Street. In addition to his leadership responsibilities, he oversaw the company s strategy group and serves as executive sponsor for State Street s Black Professional Group. Cyrus Taraporevala succeeds O Hanley as president and CEO of State Street Global Advisors. Taraporevala, a 27-year asset management industry veteran, joined SSGA in 2016 from Fidelity Investments. He will report to Hooley and join State Street s Management Committee, its senior-most policy making and strategy group. Mike Rogers, who O Hanley is succeeding as president and COO of State Street, will retire at the end of 2017. He joined State Street in 2007 following its acquisition of Investors Financial. Hooley continues, I want to thank Mike for his contributions to State Street and his support throughout this transition. Cyrus is an excellent leader with expertise and experience that I know will strengthen outcomes for State Street Global Advisors clients. I am excited to lead State Street at a time of profound change across the industry and for our clients, says O Hanley. I believe that we have the right strategy in place to enable our clients success, and growth for our shareholders. Throughout our 225-year history our primary role has been as stewards for the assets of our CORPORATION 2

clients, for our shareholders, for our employees, and for the broader communities where we live and work. I am enthused about this opportunity and very confident in our ability to succeed. O Hanley, Taraporevala and Rogers will work together over the next two months to enable a smooth transition of responsibilities. As part of this transition, Andrew Erickson, currently head of State Street s Global Services business for the Americas, will lead a newly-formed Global Services business worldwide. Jeff Conway, currently CEO of State Street in EMEA, will assume a new role leading State Street s operations, infrastructure and business transformation globally. These moves are in support of a more seamless and consistent experience for clients worldwide as well as to accelerate service and solution innovation as part of State Street s overall digital transformation. Liz Nolan, currently co-head of Global Services for EMEA, will succeed Conway as EMEA CEO and report to O Hanley. Nolan has more than 30 years of experience in the industry and she will also join State Street s Management Committee. CORPORATION 3

Citywire Asia 2017-11-09 State Street CEO to retire http://citywireasia.com/news/state-street-ceo-to-retire/a1067588 By Audrey Raj State Street said that chief executive Jay Hooley will retire by the end of 2018, and Ron O Hanley will succeed as CEO and be appointed as president and COO. Hooley will remain as company chairman throughout 2019. Under his leadership, since becoming CEO in 2010, State Street s total shareholder return reached approximately 130%. Mike Rogers, who O Hanley is succeeding as president and COO of State Street, will retire at the end of 2017. O Hanley was previously vice chairman of State Street and president and CEO of State Street Global Advisors to president and chief operating officer. Prior to joining State Street in 2015, he served as president of asset management and corporate services for Fidelity Investments. This is after he spent 13 years in leadership positions at Mellon Bank and Bank of New York Mellon. Succeeding O Hanley as president and CEO of State Street Global Advisors is Cyrus Taraporevala. CORPORATION 4

Wall Street Journal 2017-11-09 China s Tencent Buys 12% Stake in Snap https://www.wsj.com/articles/tencent-buys-12-percent-stake-in-developer-of-snapchat-1510143803 By Steven Russolillo, Saumya Vaishampayan and Maureen Farrell Purchase adds to an investment Tencent made in parent of Snapchat in 2013 before company went public Less than a day after Snap Inc. posted weak results that sent its shares plunging, the struggling social-media and camera company disclosed that Chinese internet giant Tencent Holdings Ltd. had recently bought a 12% stake, becoming one of its largest shareholders. Tencent, an early pre-ipo backer of Snap, acquired roughly 146 million of its shares in the public market, Snap said in a filing Wednesday. The purchase adds to an investment Tencent made in Snap in 2013 during a fundraising round before the company s initial public offering of stock. Tencent s current total position in Snap wasn t clear. Tencent didn t disclose the price it paid for the shares, but as recently as Oct. 6 executives were discussing raising its stake through share purchases on the open market, a person familiar with the matter said. That would suggest Tencent likely spent at least $2 billion acquiring the stake, based on Snap s minimum share price in this period. The disclosure comes one day after Snap s quarterly results fell short of Wall Street s expectations. The company failed to significantly add to the number of people using its app on a daily basis. The amount of money advertisers are spending on Snapchat to reach those users also disappointed investors. Tencent s purchase did little to cushion investors disappointment over Snap s performance. The Los Angeles company s shares fell more than 15% in Wednesday morning trading, after several analysts cut their price targets for the stock, which was recently trading 24% below its IPO price. We have long been inspired by the creativity and entrepreneurial spirit of Tencent, Snap said in a filing, and we are grateful to continue our longstanding and productive relationship that began over four years ago. Snap quoted Tencent president Martin Lau as saying his company is excited to deepen its shareholding relationship with us, and that it looks forward to sharing ideas and experiences. Tencent executives began discussing raising the company s stake in Snap in September, after Snap s shares touched a series of fresh lows in August, the person familiar with the matter said. Tencent wanted to support its investment in the U.S. company during its weakened state, the person said. Shenzhen-based Tencent, founded in 1998, is one of three internet giants in China, along with e-commerce titan Alibaba Group Holding Ltd. and search giant Baidu Inc. Tencent is the largest videogame publisher in the world by revenue but is best known in China for its WeChat and QQ messaging and mobile-payment apps, which are installed on almost every PC and smartphone. Tencent said in an August filing that WeChat had combined monthly active users of 962.8 million as of June 30, up 19% from a year ago. Its shares have more than doubled this year as profit has swelled. CORPORATION 5

Over the past few years, Tencent has lifted its international profile with several big deals including acquisitions of the game developer Epic Games Inc. and minority stakes in electric-vehicle maker Tesla Inc. and videogame company Activision Blizzard Inc. In a tweet at the time, Tesla Chief Executive Elon Musk said he was glad to have Tencent as an investor and advisor to Tesla. Tencent has invested in 41 tech startups in the U.S. since 2011, joining fundraising rounds worth $3.5 billion, the Journal recently reported, excluding investments in public companies. Recently, it led a $10 million investment round in Academia.edu, a San Francisco-based platform for scientists and academics to publish and review papers online, and it disclosed a $3 million investment in Innovega Inc., of Bellevue, Wash., which is building an augmented reality device into a contact lens. On the same day that its Snap stake was disclosed, Tencent benefited from the IPO of its publishing unit, China Literature Ltd. Shares nearly doubled in their trading debut on Hong Kong s stock exchange Wednesday, giving the four-year-old business a market value of nearly $12 billion. Tencent indirectly controlled 53% of the company s shares after the IPO, according to China Literature s prospectus. Years ago, when Snapchat was first shown to Tencent s executive team, Tencent s founder, Pony Ma, was bewildered as to why it was a hit, according to people who attended the meeting. Mr. Ma joked that he didn t understand young people, the people said. Nonetheless, Tencent later purchased a small stake in Snapchat. Daniel Ives, head of technology research at GBH Insights, said Tencent s increased stake speaks to confidence in the [Snap] story from an extremely respected global player, when many other investors are going to be throwing in the white towel today. The Class A shares in Snap Inc. that Tencent bought have no voting rights. Snap sold nonvoting shares in its March IPO and described that as unprecedented for a U.S. initial public offering in its filing. Snap s two co-founders, Evan Spiegel and Robert Murphy, own Class C shares, which control about 90% of the voting rights. Early investors hold Class B shares that get a small portion of the voting rights. Typically, companies with multiple classes of stock give IPO investors fewer votes per share than they give to founders, executives and early private investors. But the power of the supervoting shares is typically diluted over time as new shares are issued. Messrs. Spiegel and Murphy s proportional voting control wouldn t materially change when new shares are sold because the common stock doesn t have voting rights. Since Snap s debut, there has been broader pushback against these structures. In August, the keepers of the S&P 500 said they would bar new public companies with multiple classes of shares from their flagship index. That policy change rejects Snap s potential eligibility for the index, and other indexes have been weighing similar moves. Wednesday s filing said that as a result of Snap s ownership structure, neither Tencent nor Snap are obligated to disclose changes in Tencent s ownership of Snap shares in the future. Significant holders of nonvoting Class A common shares are exempt from the obligation that generally requires companies to report ownership changes, Snap said. That means Snap can reveal investor stakes strategically, informing the market when it deems helpful but keeping mum if the stakeholder sells. CORPORATION 6

And exclusion from S&P indexes would mean that Snap s stock price wouldn t benefit from forced buying of shares by popular S&P-index funds. Some $8.7 trillion in assets is benchmarked or indexed to the S&P 500, according to S&P Dow Jones. Companies increased use of multiple classes of shares has met with resistance from the largest providers of passive investments, which own an increasingly large slice of America s biggest companies and don t want their influence minimized. BlackRock Inc., Vanguard Group and State Street Global Advisors, the world s largest managers of indextracking funds, are signers of a governance initiative called the Investor Stewardship Group, which sets principles for U.S.-listed companies including the adoption of a one-share, one-vote standard and avoidance of unequal voting rights. CORPORATION 7

Wall Street Journal (CN) 2017-11-09 騰訊購入 Snap 12% 股權 http://cn.wsj.com/big5/20171109/tec071739.asp Snap Inc. (SNAP) 發佈疲軟業績導致股價大跌不到一天后, 這家陷入困境的公司披露, 中國互聯網巨頭騰訊控股有限公司 (Tencent Holdings Ltd., TCEHY, 簡稱 騰訊 ) 買入該公司 12% 的股權, 成為其最大股東之一 Snap 在週三提交的一份文件中稱, 騰訊近期在公開市場購入 Snap 約 1.46 億股股票 Snap 首次公開募股 (IPO) 前, 騰訊即是其早期支持者 在 Snap 上市前於 2013 年舉行的一輪融資活動中, 騰訊即對其投資, 本次購買股份為增資 一位知情人士透露, 騰訊並未披露其對這些股份支付的價格, 但截至 10 月 6 日, 高管們仍在討論通過公開市場購買股份提高持股 根據 Snap 在這段期間的最低股價來計算, 騰訊至少花了 20 億美元收購這些股份 Snap 披露該消息前一天剛剛公佈了不及華爾街預期的財季業績 該公司未能顯著提升其應用的每日活躍用戶數量 廣告收入也令投資者失望 該總部位於洛杉磯的公司於今年 3 月上市時,IPO 規模為美國數年來最大, 最新發佈的業績標誌著其遭遇的又一個挫敗 Snap 股價在盤後交易中下跌 20%, 但隨著騰訊增持股份的消息傳出, 開盤前的早盤交易時段跌幅收窄 Snap 在提交的文件中稱, 長久以來騰訊的創造力和創業精神一直帶給他們啟發, 他們對繼續雙方四年多前開始的這一長久且富有成效的關係心懷感激 Snap 還稱, 騰訊總裁劉熾平 (Martin Lau) 表示, 騰訊對於加深與 Snap 的持股關係感到興奮, 並期待交流想法和經驗 據知情人士稱, 騰訊高管從 9 月份開始探討增持 Snap,Snap 股價曾在 8 月份屢創新低 這位知情人士稱, 騰訊希望在這家美國公司股價受挫之際鞏固投資 總部位於深圳的騰訊在亞洲廣為人知, 不僅躋身全球最大電子遊戲開發商之列, 還擁有微信 (WeChat) 這個極為流行的社交媒體和移動支付手機應用 今年該公司股價隨利潤大增漲幅超過一倍 今年早些時候, 騰訊購入了矽谷電動車生產商特斯拉 (Tesla Inc., TSLA) 5% 的股份 特斯拉首席執行長馬斯克 (Elon Musk) 當時發推文稱, 他很高興騰訊能成為特斯拉的投資者和顧問 兩名與會人士透露, 兩年前 Snapchat 首次被介紹給騰訊的高管團隊時, 創始人馬化騰 (Pony Ma) 對該應用大受歡迎感到不解 這兩名知情人士稱, 馬化騰當時戲稱他不瞭解年輕人 不過, 騰訊之後仍然購入一小部分 Snapchat 股份 今年 3 月份進行 IPO 時,Snap 發行了沒有投票權的 A 類股票 該公司當時在遞交的 IPO 文件中稱, 發行無投票權股份是美國 IPO 史上一次史無前例之舉 該公司的聯席創始人 Evan Spiegel 和 Robert Murphy 持有該公司全部 C 類股票, 控制約 90% 的投票權 而早期投資者則持有 B 類股票, 擁有少量投票權 CORPORATION 8

發行多種類別股票的公司給予 IPO 投資者的每股投票權通常會少於創始人 高管和早期私人投資者 超級投票權股份的投票權力通常會隨著新股發行而逐漸被稀釋 但 Snap 發行無投票權股份的決定是特例 由於普通股不具有投票權, 發行新股不會令 Spiegel 和 Murphy 按比例獲得的投票權發生實際變化 自 Snap 上市以來, 對這種股份結構的反對聲紛至遝來 8 月份, 標準普爾 500 指數提供商表示, 不會再將擁有多類別股票結構的新上市公司納入其旗艦指數 這一政策變化取消了 Snap 的潛在資格 其他指數提供商也在考慮類似舉措 Snap 週三提交的這份文件顯示, 由於 Snap 的所有權結構, 不管是騰訊還是 Snap 都沒有義務披露未來騰訊對 Snap 所有權的變化 一般來說, 按照規定持有一家上市公司一定數量股份的投資者有責任披露其所有權變化, 但 Snap A 類股不具投票權, 因此即便大量持有也可以豁免披露 這意味著 Snap 可以有策略地披露這些投資者的持股變化, 在認為對其有幫助時選擇對外公佈, 但如果投資者賣出持股則可以保持沉默 被禁止納入股指意味著 Snap 的股價將無法受益於那些追蹤標準普爾指數的基金的被動買盤 S&P Dow Jones 的數據顯示, 大約有 8.7 萬億資產以標準普爾 500 指數為基準 多重股權結構越來越受歡迎, 這遭到一些大型被動投資機構的反對, 這些投資機構持有越來越多的美國大公司股份, 不希望其影響力被極大弱化 貝萊德 (BlackRock Inc.) 領航 (Vanguard Group) 和道富環球投資 (State Street Global Advisors) 這幾家全球最大指數追蹤基金管理機構均簽署了一項被稱為 投資者保護組織 (Investor Stewardship Group) 的治理計劃, 該計劃制定了美國上市公司的一些原則, 包括採取 一股一權標準 以及避免不公平投票權等 CORPORATION 9

Hong Kong Economic Journal 2017-11-09 360 市況概覽 http://www1.hkej.com/dailynews/article/id/1697449/360%e5%b8%82%e6%b3%81%e6%a6%82%e8%a6% BD ❶ 大市 / 指數表現港股昨天表現反覆, 恒生指數早段再創近 10 年新高, 惟午後走勢轉弱, 連續兩天未能成功收於 29000 點關 恒指收報 28907 點, 跌 86 點 (0.3%) 全日大市成交額 1388 億元, 較周二增加約 237 億元 (20.5%), 創 8 月 11 日以來近 3 個月高 整體 2000 多隻港股的升跌比例為 41.. 59, 下跌股份比例多於一半 市寬表現方面,3 天線高於 18 天線 股價高於 50 天線及股價高於 250 天線比率分別為 44%( 升 0.6 個百分點 ) 52.3% ( 跌 1 個百分點 ) 及 49.6%( 升 0.3 個百分點 ), 只有中線市寬向下, 短線及長線市寬皆向好 ❷ 板塊分析 25 個板塊中有 10 個逆市上升, 升幅介乎 0.03% 至 1.11% 其中, 多家汽車製造商造好, 廣汽 (02238) 急升 4.2%; 華晨 (01114) 漲 4%; 比亞迪 (01211) 升 2.7%; 五龍電動車 (00729) 飆 8.8% 相反, 吉利 (00175) 斥 18.33 億元人民幣向母企收購 3 家分別從事汽車引擎 變速器及相關售後零件公司, 吉利收市反覆跌 0.6% 另外, 個別 4S 零售商延續強勢, 正通汽車 (01728) 彈 3.4%; 中升 (00881) 漲 2.4% 零件商方面, 耐世特 (01316) 升 2.6%; 敏實 (00425) 再創新高, 收市漲 1.5%, 連升 7 天 ; 天能動力 (00819) 升 2%; 信邦 (01571) 漲 1.9% ❸ 沽空 / 淡倉港股全日沽空金額 125.91 億元, 另有約 851.6 萬元人民幣沽空, 大市沽空比率 9.07%, 較周二下跌約 1.2 個百分點 個股方面, 騰訊控股 (00700) 連續 2 天全日沽空金額居首, 金額 23.78 億元, 沽空比率 13.9% 第二及第三位分別是盈富基金 (02800) 及滙豐控股 (00005), 沽空金額 ( 和比率 ) 為 8.14 億元 (56.7%) 和 6.13 億元 (36.4%) ❹ 個股短評海爾電器 (01169) 股價已成功突破成交量密集區及水平阻力, 目前企穩於多條平均線上, 料升勢可持續 參考 EJFQ.com FA+ 資料, 綜合 11 名分析員預測, 其 2017 及 2018 年的每股盈利按年增長分別為 23.1% 及 16.3%, 預測巿盈率為 13.5 倍, 估值合理 ❺ 衍生市場表現從周二收市後數據分析, 最新牛熊證街貨比例為 69:31, 比例維持失衡, 惟距現價向上數百點內的熊證強制性贖回 ( 即打靶 ) 數目明顯較多, 大市持續上行殺熊證誘因較大 恒指牛熊證窩輪最痛指標 最低點範圍在 26400 至 27900 點 ( 最低點為 27100 點 ) 另外, 恒指牛證流出 8122 萬元, 認購證流出 1376 萬元, 好倉合共流出 9498 萬元 ; 熊證流入 10188 萬元, 認沽證流入 1334 萬元, 淡倉合共流入 11522 萬元 ; 淨資金流出反映散戶傾向淡倉部署 ❻A 股表現 CORPORATION 10

美國總統特朗普周三 (8 日 ) 起訪華 3 天, 內地股市個別發展, 深成指先升後跌, 滬指則微升 1 點, 連續第 3 天走高 上證指數收市報 3415 點, 升 1 點 (0.1%), 成交 2420 億元人民幣 各板塊普遍向好, 化工股漲 1%; 有色金屬 房地產 水泥 電力 煤炭 金融 鋼鐵股靠穩 ; 石油股則偏軟 有分析指出, 大市在券商股帶領下, 中段一度創出階段性新高, 但短線拋壓隨之湧現 大市連續上漲後有回調整固需要, 以消化獲利回吐壓力, 料後市將保持溫和上行節奏 ❼ 異動股 10 隻異動股中有 7 隻股價逆市升, 當中兩隻升幅達雙位數 時富系逆市急漲, 時富投資 (01049) 收市飆 9.3%, 報 0.41 元 ; 時富金融 (00510) 收市升 7.3% 報 0.265 元 時富投資及時富金融聯合公布, 時富投資將會向獨立第三方出售所持的 16.68 億股時富金融, 佔時富金融已發行股本約 33.62%, 每股作價將不低於 0.31 元, 較時富金融前收市價有最少 25.5% 溢價 ❽ 市場觀點國際貨幣基金組織總幹事拉加德在東京出席研討會時表示, 世界各地經濟加速增長將鞏固亞洲的發展 不過, 她又指出, 人口問題與生產力是亞洲經濟實現可持續性增長的兩大挑戰, 日本 南韓與中國將須採取措施應對人口快速老化問題, 而改善生產力是亞洲國家所面臨共同的問題 CORPORATION 11

Hong Kong Economic Journal 2017-11-08 沽空戰報 比率降至 9.1% 騰訊續排第一 http://www2.hkej.com/instantnews/stock/article/1697169/%e3%80%90%e6%b2%bd%e7%a9%ba%e6%88 %B0%E5%A0%B1%E3%80%91%E6%AF%94%E7%8E%87%E9%99%8D%E8%87%B39.1++%E9%A8%B 0%E8%A8%8A%E7%BA%8C%E6%8E%92%E7%AC%AC%E4%B8%80 港股全日沽空金額 125.91 億元, 另有約 851.6 萬元人民幣沽空, 大市沽空比率 9.07%, 較上日下跌約 1.2 個 百分點 騰訊控股 (00700) 連續 2 天全日沽空金額居首, 金額 23.78 億元, 沽空比率 13.9% 盈富基金 (02800) 排第二, 沽空金額 8.14 億元, 沽空比率 56.7% 第三位是滙豐控股 (00005), 沽空金額 6.13 億元, 沽空比率 36.4% 第四位是中國平安 (02318), 沽空金額 5.62 億元, 沽空比率 23.3% CORPORATION 12