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Wasion Holdings LimitedSEHK:3393 Rapport sur les actions

Capitalisation boursière HK$20.6b
Prix de l'action
n/a
1Y126.7%
7D-1.9%
1D3.4%
Valeur du portefeuille
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Wasion Holdings Limited

SEHK:3393 Rapport sur les actions

Capitalisation boursière : HK$20.6b

Wasion Holdings (3393) Aperçu de l'action

Wasion Holdings Limited, une société holding d'investissement, se consacre à la recherche et au développement, à la production et à la vente de solutions de mesure de l'énergie et de gestion de l'efficacité énergétique pour les industries d'approvisionnement en énergie en République populaire de Chine, en Afrique, aux États-Unis, en Europe et dans le reste de l'Asie. Plus de détails

3393 analyse fondamentale
Score flocon de neige
Évaluation5/6
Croissance future5/6
Performances passées5/6
Santé financière6/6
Dividendes3/6

3393 Community Fair Values

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Wasion Holdings Limited Concurrents

Historique des prix et performances

Résumé des hausses, des baisses et des variations du cours de l'action pour la période du 1er janvier au 31 décembre 2009 Wasion Holdings
Historique des cours de bourse
Prix actuel de l'actionHK$19.72
Plus haut sur 52 semainesHK$33.80
Plus bas sur 52 semainesHK$8.35
Bêta1.21
Variation sur 1 mois-15.00%
Variation sur 3 mois-30.02%
Variation sur 1 an126.67%
Variation sur 3 ans497.58%
Variation sur 5 ans753.68%
Évolution depuis l'introduction en bourse1,692.73%

Nouvelles et mises à jour récentes

Mise à jour du récit Jun 29

3393: State Grid Contract Wins Will Support Bullish View On Shares

Analysts have lifted their HK$ fair value estimate for Wasion Holdings from about HK$19.43 to roughly HK$32.34, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E levels. What’s in the News for Wasion Holdings Final dividend of HK$0.48 per share for the year ended 31 December 2025 approved at the Wasion Holdings annual general meeting on 15 May 2026.
Mise à jour du récit Jun 15

3393: Rights Issue And Major Grid Orders Will Support Future Repricing

Analysts have roughly doubled their fair value estimate for Wasion Holdings to HK$24.85 from HK$12.31, citing updated assumptions for a higher projected profit margin and a higher future P/E multiple, along with slightly adjusted revenue growth and discount rate inputs. What's in the News Wasion Holdings completed a HK$1.5b rights issue to support expansion across domestic and international operations, according to recent analyst coverage.
Mise à jour du récit Jun 01

3393: Global Tender Wins And Dividend Policy Will Support Re Rating

Analysts have reset their fair value estimate for Wasion Holdings from HK$50.69 to HK$39.52, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E as the key drivers of the new price target. What's in the News Wasion Holdings approved Second Amended and Restated Articles of Association at the annual general meeting held on 15 May 2026.

Recent updates

Mise à jour du récit Jun 29

3393: State Grid Contract Wins Will Support Bullish View On Shares

Analysts have lifted their HK$ fair value estimate for Wasion Holdings from about HK$19.43 to roughly HK$32.34, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E levels. What’s in the News for Wasion Holdings Final dividend of HK$0.48 per share for the year ended 31 December 2025 approved at the Wasion Holdings annual general meeting on 15 May 2026.
Mise à jour du récit Jun 15

3393: Rights Issue And Major Grid Orders Will Support Future Repricing

Analysts have roughly doubled their fair value estimate for Wasion Holdings to HK$24.85 from HK$12.31, citing updated assumptions for a higher projected profit margin and a higher future P/E multiple, along with slightly adjusted revenue growth and discount rate inputs. What's in the News Wasion Holdings completed a HK$1.5b rights issue to support expansion across domestic and international operations, according to recent analyst coverage.
Mise à jour du récit Jun 01

3393: Global Tender Wins And Dividend Policy Will Support Re Rating

Analysts have reset their fair value estimate for Wasion Holdings from HK$50.69 to HK$39.52, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E as the key drivers of the new price target. What's in the News Wasion Holdings approved Second Amended and Restated Articles of Association at the annual general meeting held on 15 May 2026.
Mise à jour du récit May 01

3393: Brazil Tender Wins And Dividend Policy Will Support Re Rating

Analysts have trimmed their price target on Wasion Holdings to HK$50.69 from HK$51.99, citing updated assumptions that reflect slightly adjusted discount rate, revenue growth, profit margin and future P/E inputs. What's in the News Wasion Group Limited, a subsidiary of Wasion Holdings, secured contracts for approximately 462,000 smart meters in a 2026 State Grid Corporation of China tender, with a contract value of about RMB 97.66 million (around HK$110.51 million), and ranked in a leading position by total contract sum in this tender (Key Developments).
Mise à jour du récit Apr 17

3393: Brazil Contract Wins And Dividend Will Support Re Rating

Analysts have adjusted their fair value estimate for Wasion Holdings slightly, lowering it from HK$52.20 to HK$51.99. This revision reflects updated views on the discount rate, revenue growth, profit margin and future P/E assumptions.
Mise à jour du récit Apr 02

3393: Brazil Contract And Earnings Guidance Will Support Margin Expansion And Re Rating

Analysts have lifted their HK$ fair value estimate for Wasion Holdings from HK$51.58 to HK$52.20, reflecting updated assumptions around revenue growth, profit margin and a lower projected future P/E multiple. What's in the News Wasion Holdings reported that its Brazilian subsidiary, WASION ENERGIA DO BRASIL LTDA, secured a public tender to act as the sole supplier of reclosers to Companhia Energética de Minas Gerais S.A., with a contract value of about R$138.00m, equivalent to roughly RMB 182.20m or HK$206.48m, to be delivered in batches over the next two years (Company announcement).
Mise à jour du récit Mar 19

3393: Earnings Guidance And Dividend Prospects Will Support Margin And Re Rating

Analysts have raised their price target for Wasion Holdings from HK$34.83 to HK$51.58, citing updated assumptions around fair value, slightly adjusted discount rates, and refined estimates for revenue growth, profit margins, and future P/E levels. What's in the News A board meeting is scheduled for Mar 26, 2026 to consider and approve the annual results for the year ended Dec 31, 2025, and to consider a potential final dividend (Key Developments).
Mise à jour du récit Mar 04

3393: Brazil Contract Win Will Support Higher Margins And Earnings Re Rating

Analysts have lifted their HK$ price target for Wasion Holdings from about HK$24.80 to around HK$34.83, citing updated assumptions for fair value, discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Wasion da Amazonia Industria de Instrumentos Electronicos SA, a wholly owned Brazil subsidiary of Wasion Holdings, won a CPFL project tender in December 2025 with a contract value above RMB 80 million (HK$88.32 million) (Key Developments).
Mise à jour du récit Feb 18

3393: Brazil Contract Win Will Support Cautious View On Rich Share Pricing

Analysts have adjusted their HK$ price target for Wasion Holdings to reflect a fair value move from about HK$16.24 to around HK$19.43, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Wasion da Amazonia Industria de Instrumentos Electronicos SA, a wholly owned Brazil subsidiary of Wasion Holdings, won a CPFL project tender in December 2025 with a contract value above RMB 80 million, or about HK$88.32 million (Key Developments) CPFL, the project counterparty, is described as a leading power utility group in Brazil, serving more than 10 million customers across power generation, transmission, distribution and electricity commercialization (Key Developments) The CPFL contract win is presented by the board as evidence of growing international recognition of the Wasion brand among overseas electricity industry customers (Key Developments) Valuation Changes Fair Value: HK$16.24 to HK$19.43, a higher implied valuation level in the latest update.
Mise à jour du récit Feb 04

3393: Brazilian Contract Win Will Support Fairly Valued Earnings Re‑Rating

Analysts have raised their price target on Wasion Holdings to approximately $24.80 from about $21.75, citing a slight adjustment to the discount rate, a small change in profit margin assumptions, a higher future P/E multiple and updated revenue growth expectations of around 30%. What's in the News Wasion Holdings reported that its wholly owned Brazilian subsidiary, Wasion da Amazonia Industria de Instrumentos Electronicos SA, won a CPFL project tender in December 2025 with a contract value above RMB 80 million, or about HK$88.32 million (Key Developments).
Mise à jour du récit Jan 21

3393: CPFL Contract Win Will Mask Weaker Profitability Expectations

Analysts have raised their fair value estimate for Wasion Holdings from about $10.98 to about $12.31, citing updated assumptions for revenue growth, profit margin, and future P/E expectations as key drivers of the new price target range. What's in the News Wasion Holdings reported that its wholly owned Brazilian subsidiary, Wasion da Amazonia Industria de Instrumentos Electronicos SA, won the CPFL project tender with a contract value of more than RMB 80 million, or about HK$88.32 million (company announcement).
Article d’analyse Jan 19

An Intrinsic Calculation For Wasion Holdings Limited (HKG:3393) Suggests It's 46% Undervalued

Key Insights Using the 2 Stage Free Cash Flow to Equity, Wasion Holdings fair value estimate is HK$40.31 Wasion...
Mise à jour du récit Jan 06

3393: Brazilian Contract Win Will Support Higher Future Earnings Multiple

Analysts have raised their price target on Wasion Holdings to HK$21.75 from HK$14.99, citing updated assumptions that include slightly lower discount rates, higher revenue growth, modestly lower profit margins and a higher future P/E multiple. What's in the News Wasion da Amazonia Industria de Instrumentos Electronicos SA, a wholly owned Brazilian subsidiary, won the bid for the CPFL project in December 2025 with a contract value exceeding RMB 80,000,000 (HK$88,320,000) (company announcement).
Article d’analyse Jan 05

At HK$17.98, Is It Time To Put Wasion Holdings Limited (HKG:3393) On Your Watch List?

Wasion Holdings Limited ( HKG:3393 ), might not be a large cap stock, but it received a lot of attention from a...
Article d’analyse Dec 22

Wasion Holdings Limited's (HKG:3393) P/E Is Still On The Mark Following 31% Share Price Bounce

Despite an already strong run, Wasion Holdings Limited ( HKG:3393 ) shares have been powering on, with a gain of 31% in...
Mise à jour du récit Dec 18

3393: Subsidiary Tender Wins Will Support Steady Outlook Remaining Fairly Valued

Analysts have raised their price target on Wasion Holdings from approximately $14.57 to $16.24, citing slightly faster expected revenue growth, a marginally lower discount rate, and a modestly higher future price to earnings multiple, despite broadly stable profit margin assumptions. Valuation Changes Fair Value: increased slightly from HK$14.57 to HK$16.24.
Mise à jour du récit Dec 04

3393: Subsidiary Tender Wins Will Support Steady Outlook Ahead

Analysts have raised their price target for Wasion Holdings from CNY 13.25 to CNY 14.57, citing slightly higher long term revenue growth expectations and a modestly higher future earnings multiple that more than offset a small downward revision to profit margins. What's in the News Wasion Group Limited, a subsidiary of Wasion Holdings, secured contracts worth approximately RMB201.16 million in China Southern Power Grid's first 2025 framework tender for metering equipment (company announcement) Willfar Information Technology Company Limited, another subsidiary of Wasion Holdings, won additional contracts worth approximately RMB168.97 million in the same 2025 framework tender (company announcement) Wasion Holdings ranked first by total contract value in China Southern Power Grid's first 2025 metering equipment framework tender, reinforcing its leading position in the smart metering market (company announcement) Valuation Changes The fair value estimate has risen moderately from CNY 13.25 to CNY 14.57 per share, reflecting a higher intrinsic value assessment for Wasion Holdings.
Article d’analyse Dec 01

Is Wasion Holdings (HKG:3393) Using Too Much Debt?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Mise à jour du récit Nov 20

3393: Subsidiary Contract Wins Will Support Steady Outlook Ahead

Analysts have maintained their fair value estimate for Wasion Holdings at HK$13.25. This reflects confidence in the company's steady financial outlook and consistent underlying assumptions, despite slight adjustments to the discount rate and future P/E ratio.
Article d’analyse Nov 18

We Like These Underlying Return On Capital Trends At Wasion Holdings (HKG:3393)

There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...
Mise à jour du récit Nov 04

3393: New Contracts and Steady Metrics Will Shape Outlook After Recent Tender Wins

Analysts have slightly lowered their price target for Wasion Holdings, adjusting it from $13.25 to $13.25 as minor changes in discount rates and future valuation metrics reflect updated market conditions. What's in the News Wasion Group Limited, a subsidiary of Wasion Holdings, secured contracts worth approximately RMB201.16 million (about HKD219.83 million) in China Southern Power Grid Co. Ltd.'s 2025 first framework tender on metering equipment.
Mise à jour du récit Oct 21

Analysts Lift Wasion Holdings Price Target Following New Contracts and Improved Revenue Outlook

Analysts have raised their price target for Wasion Holdings from ¥12.21 to ¥13.25. They cite expectations for slightly higher revenue growth, despite a modest dip in projected profit margins and a minor adjustment to the discount rate.
Article d’analyse Sep 12

Wasion Holdings Limited (HKG:3393) Stock Rockets 26% But Many Are Still Ignoring The Company

Despite an already strong run, Wasion Holdings Limited ( HKG:3393 ) shares have been powering on, with a gain of 26% in...
Article d’analyse Sep 08

Is Now An Opportune Moment To Examine Wasion Holdings Limited (HKG:3393)?

Wasion Holdings Limited ( HKG:3393 ), is not the largest company out there, but it led the SEHK gainers with a...
Nouveau récit Aug 31

International Expansion And Digitalization Will Unlock Global Potential

Key Takeaways Rapid global expansion and strong partnerships in emerging sectors are driving Wasion's revenue diversification and positioning it for sustained international and recurring earnings growth. Technological innovation, operational efficiency, and alignment with green energy trends enable Wasion to move up the value chain and support stable profit margins.
Article d’analyse Aug 25

With EPS Growth And More, Wasion Holdings (HKG:3393) Makes An Interesting Case

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Article d’analyse Aug 03

Wasion Holdings (HKG:3393) Is Experiencing Growth In Returns On Capital

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Article d’analyse Jul 20

A Piece Of The Puzzle Missing From Wasion Holdings Limited's (HKG:3393) 28% Share Price Climb

Wasion Holdings Limited ( HKG:3393 ) shareholders have had their patience rewarded with a 28% share price jump in the...
Article d’analyse Jun 02

Not Many Are Piling Into Wasion Holdings Limited (HKG:3393) Just Yet

It's not a stretch to say that Wasion Holdings Limited's ( HKG:3393 ) price-to-earnings (or "P/E") ratio of 9.4x right...
Article d’analyse May 20

Is Wasion Holdings (HKG:3393) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Article d’analyse Apr 23

Should You Investigate Wasion Holdings Limited (HKG:3393) At HK$7.75?

Wasion Holdings Limited ( HKG:3393 ), might not be a large cap stock, but it saw a double-digit share price rise of...
Article d’analyse Mar 31

Wasion Holdings' (HKG:3393) Shareholders Will Receive A Bigger Dividend Than Last Year

Wasion Holdings Limited's ( HKG:3393 ) dividend will be increasing from last year's payment of the same period to...
Article d’analyse Mar 15

Here's Why Wasion Holdings (HKG:3393) Has Caught The Eye Of Investors

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Article d’analyse Mar 03

Not Many Are Piling Into Wasion Holdings Limited (HKG:3393) Just Yet

It's not a stretch to say that Wasion Holdings Limited's ( HKG:3393 ) price-to-earnings (or "P/E") ratio of 10.8x right...
Article d’analyse Dec 29

What Is Wasion Holdings Limited's (HKG:3393) Share Price Doing?

While Wasion Holdings Limited ( HKG:3393 ) might not have the largest market cap around , it received a lot of...
Article d’analyse Nov 24

Wasion Holdings Limited's (HKG:3393) Shares Leap 26% Yet They're Still Not Telling The Full Story

Wasion Holdings Limited ( HKG:3393 ) shares have had a really impressive month, gaining 26% after a shaky period...
Article d’analyse Oct 27

Wasion Holdings (HKG:3393) Could Easily Take On More Debt

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Article d’analyse Jun 11

Are Investors Undervaluing Wasion Holdings Limited (HKG:3393) By 27%?

Key Insights The projected fair value for Wasion Holdings is HK$9.09 based on 2 Stage Free Cash Flow to Equity Current...
Article d’analyse May 11

Wasion Holdings (HKG:3393) Has Announced That It Will Be Increasing Its Dividend To CN¥0.28

Wasion Holdings Limited's ( HKG:3393 ) dividend will be increasing from last year's payment of the same period to...
Article d’analyse Apr 26

Wasion Holdings' (HKG:3393) Dividend Will Be Increased To CN¥0.28

The board of Wasion Holdings Limited ( HKG:3393 ) has announced that it will be paying its dividend of CN¥0.28 on the...
Article d’analyse Apr 08

Wasion Holdings (HKG:3393) Could Easily Take On More Debt

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Article d’analyse Mar 18

Wasion Holdings' (HKG:3393) Dividend Will Be Increased To CN¥0.28

The board of Wasion Holdings Limited ( HKG:3393 ) has announced that it will be paying its dividend of CN¥0.28 on the...
Article d’analyse Mar 08

Wasion Holdings Limited's (HKG:3393) P/E Is Still On The Mark Following 30% Share Price Bounce

Wasion Holdings Limited ( HKG:3393 ) shares have continued their recent momentum with a 30% gain in the last month...
Article d’analyse Feb 23

Is Now The Time To Put Wasion Holdings (HKG:3393) On Your Watchlist?

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Article d’analyse Dec 31

Even With A 26% Surge, Cautious Investors Are Not Rewarding Wasion Holdings Limited's (HKG:3393) Performance Completely

Despite an already strong run, Wasion Holdings Limited ( HKG:3393 ) shares have been powering on, with a gain of 26% in...
Article d’analyse Sep 27

Shareholders Can Be Confident That Wasion Holdings' (HKG:3393) Earnings Are High Quality

Even though Wasion Holdings Limited's ( HKG:3393 ) recent earnings release was robust, the market didn't seem to...

Rendement pour les actionnaires

3393HK ElectronicHK Marché
7D-1.9%-7.3%1.1%
1Y126.7%75.2%-3.0%

Rendement vs Industrie: 3393 a dépassé le secteur Hong Kong Electronic qui a rapporté 75.2 % au cours de l'année écoulée.

Rendement vs marché: 3393 a dépassé le marché Hong Kong qui a rapporté -3 % au cours de l'année écoulée.

Volatilité des prix

Is 3393's price volatile compared to industry and market?
3393 volatility
3393 Average Weekly Movement9.8%
Electronic Industry Average Movement10.6%
Market Average Movement7.5%
10% most volatile stocks in HK Market16.6%
10% least volatile stocks in HK Market3.5%

Cours de l'action stable: 3393 n'a pas connu de volatilité de prix significative au cours des 3 derniers mois par rapport au marché Hong Kong.

Volatilité au fil du temps: La volatilité hebdomadaire de 3393 ( 10% ) est restée stable au cours de l'année écoulée.

À propos de l'entreprise

FondéeSalariésPDGSite web
20005,448Chit Katen.wasion.com

Wasion Holdings Limited, une société holding d'investissement, se consacre à la recherche et au développement, à la production et à la vente de solutions de comptage d'énergie et de gestion de l'efficacité énergétique pour les industries d'approvisionnement en énergie en République populaire de Chine, en Afrique, aux États-Unis, en Europe et dans le reste de l'Asie. La société opère à travers trois segments : Power Advanced Metering Infrastructure, Communication and Fluid Advanced Metering Infrastructure, et Advanced Distribution Operations. Elle propose des compteurs intelligents, des compteurs d'eau et de gaz intelligents et des calorimètres à ultrasons ; des compteurs et des dispositifs de surveillance de la qualité de l'énergie ; des terminaux de collecte de données énergétiques, des terminaux de gestion de la charge et des dispositifs de gestion des utilisateurs ; des systèmes d'automatisation des mesures et divers systèmes d'application, des services et des services d'exploration des données énergétiques.

Wasion Holdings Limited Résumé des fondamentaux

Comment les bénéfices et les revenus de Wasion Holdings se comparent-ils à sa capitalisation boursière ?
3393 statistiques fondamentales
Capitalisation boursièreHK$20.62b
Bénéfices(TTM)HK$1.22b
Recettes(TTM)HK$11.65b
16.9x
Ratio P/E
1.8x
Ratio P/S

Le site 3393 est-il surévalué ?

Voir Juste valeur et analyse de l'évaluation

Bénéfices et recettes

Principales statistiques de rentabilité tirées du dernier rapport sur les bénéfices (TTM)
3393 compte de résultat (TTM)
RecettesCN¥10.07b
Coût des recettesCN¥6.48b
Marge bruteCN¥3.60b
Autres dépensesCN¥2.54b
Les revenusCN¥1.06b

Derniers bénéfices déclarés

Dec 31, 2025

Prochaine date de publication des résultats

s/o

Résultat par action (EPS)1.01
Marge brute35.71%
Marge bénéficiaire nette10.51%
Ratio dettes/capitaux propres29.9%

Quelles ont été les performances à long terme de 3393?

Voir les performances historiques et les comparaisons

Dividendes

2.5%
Rendement actuel des dividendes
39%
Ratio de distribution

Analyse de l'entreprise et données financières

DonnéesDernière mise à jour (heure UTC)
Analyse de l'entreprise2026/07/04 20:03
Cours de l'action en fin de journée2026/07/03 00:00
Les revenus2025/12/31
Revenus annuels2025/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

PaquetDonnéesCadre temporelExemple de source américaine *
Finances de l'entreprise10 ans
  • Compte de résultat
  • Tableau des flux de trésorerie
  • Bilan
Estimations consensuelles des analystes+3 ans
  • Prévisions financières
  • Objectifs de prix des analystes
Prix du marché30 ans
  • Cours des actions
  • Dividendes, scissions et actions
Propriété10 ans
  • Actionnaires principaux
  • Délits d'initiés
Gestion10 ans
  • L'équipe dirigeante
  • Conseil d'administration
Principaux développements10 ans
  • Annonces de l'entreprise

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d'analyse utilisé pour générer ce rapport sont disponibles sur notre page Github, nous proposons également des guides pour apprendre à utiliser nos rapports et des tutoriels sur YouTube.

Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

Wasion Holdings Limited est couverte par 27 analystes. 8 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

AnalysteInstitution
Felix LamCCB International Securities Limited
Qianwen LiuChina International Capital Corporation Limited
Yi ChenChina Merchants Securities (HK) Co., Ltd