UBS released a research report indicating that NetEase-S (09999) is expected to meet the criteria for a dual primary listing on the Hong Kong Stock Exchange. According to Wind data, as of December 25, the trading volume of NetEase's Hong Kong-listed shares had accounted for 57% of its global (Hong Kong + ADR) trading volume, surpassing the 55% threshold required by the HKEX's dual primary listing trading migration test. UBS reiterated its "Buy" rating on NetEase and maintained its target price of HK$288.6. Based on an understanding of the relevant HKEX rules and assuming no substantial growth in NetEase's US market trading volume for the remaining trading days of 2025, the bank believes NetEase is likely to advance its compliance work for the dual primary listing qualification on the HKEX in 2026 and could achieve the dual primary listing around early 2027. If NetEase successfully obtains dual primary listing status as expected by the bank, a core benefit would be eligibility for inclusion in the Stock Connect program. However, for Southbound Connect inclusion assessments, NetEase currently does not meet the "fast-entry rule" (which currently requires being a top 10 constituent of the Hang Seng Index), therefore the expected inclusion timeframe is estimated to be around September 2027. The report stated that Southbound investors show strong interest in NetEase, primarily optimistic about its robust online gaming fundamentals and its more attractive valuation level compared to A-share gaming companies. The bank believes that if NetEase announces the initiation of the dual primary listing process, it would also serve as a short-term positive catalyst. Using Bilibili-W (09626) as an example, its stock performance outperformed the MSCI China Index by 12 percentage points within one week of announcing the start of preparation work for a dual primary listing.