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Hong Kong Investors Pay Over HK$7.3 Billion in Annual Trading Fees, 65% of Investors Underestimate Impact of Trading fees on Returns, The Era of AI Agentic Trading Could Further Amplify Trading Friction

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Hong Kong investors pay an estimated HK$7.34 billion in total trading fees each year for Hong Kong and US stock transactions, averaging HK$2,094 per person annually. According to the 2026 Hong Kong Investor Trading Behavior Study, trading fees have become a major factor affecting investment returns – yet most investors continue to underestimate their long-term impact.

HONG KONG, June 11, 2026 /PRNewswire/ — As artificial intelligence (AI) technology rapidly evolves, global financial markets are entering a new era of agentic trading. However, for retail investors to truly benefit from the potential of intelligent trading, trading friction must first be significantly reduced. Webull Securities Limited (“Webull HK”), a subsidiary of Webull Corporation (NASDAQ: BULL), the owner of the Webull trading platform, today released the 2026 Hong Kong Investor Trading Behavior Study, conducted by independent market research firm Ipsos. The study systematically analyses the trading habits, fee awareness and platform selection criteria of Hong Kong retail investors and quantifies the impact of trading fees on long-term investment returns. The research was commissioned by Webull HK, with Ipsos independently designing the questionnaire, conducting the fieldwork and authoring the report.

Hong Kong Investors Pay Over HK$7.34 billion in Annual Trading Fees – Long-Term Returns Eroded

The report estimates that total annual trading fees (including platform fees and commissions) paid by Hong Kong retail investors for Hong Kong and US stock transactions amount to approximately HK$7.34 billion, with average annual trading fees per person reaching HK$2,094. These costs may appear modest on a per–trade basis, but they accumulate year after year through the compounding effect, creating a structural drag on long–term asset growth. Under a hypothetical 10% annual investment return, active traders could lose more than 20% of their investment returns over five years due to trading fees, and more than 50% over ten years. Historically, high–frequency trading was often seen as a sign of poor investment discipline. However, the report points out that the core issue is not the number of trades itself, but the friction cost attached to each transaction.

65% of Investors Underestimate the Impact of Trading fees – 35% Have Never Calculated Their Annual Fees

The report also reveals that investors generally lack a clear grasp of their own trading fees. Up to 65% of respondents still believe that trading fees have a “moderate, small, or almost no impact” on investment returns. 35% have never calculated their annual trading fees, and 84% are not fully aware of the components of the fees they pay. This indicates a widespread underestimation of the long–term compounding effect of trading fees. Such information asymmetry not only affects investment decisions but also undermines investors’ ability to compare the true costs of different platforms.

“Commission–Free” Does Not Equal Zero Cost – Limited Awareness of Actual Fee Structures

In terms of awareness of different fee types, 67% of respondents are aware of trading commissions, but only half know about platform fees. Awareness of deeper charges such as custody fees, depository fees and dividend handling fees is below 50%. The study reflects that while investors generally know they must pay fees, many do not truly understand where those fees come from or the actual cost differences between platforms.

Online Brokerages Offer Significant Price Advantage, Laying the Foundation to Reduce Trading Friction

The report shows that 59% of respondents use online brokerages to trade Hong Kong or US stocks, and in the US stock market, the penetration rate of online brokerages reaches as high as 78%. Younger investors show significantly higher acceptance of online brokerages, with a 79% usage rate among the 30–39 age group – in contrast to the preference for banking among those aged 50 and above.

The report further reveals that online brokerages have the lowest average annual per–person trading fees for Hong Kong and US stock transactions (HK$1,188). Banks charge 22% more than online brokerages (HK$1,444), and traditional securities firms charge 78% more (HK$2,112). This gap reflects the structural efficiency advantages of online brokerages and demonstrates that reducing trading friction is not impossible – it depends on a platform’s technology architecture and business model.

When it comes to platform selection factors, respondents place the greatest importance on “Product & User Experience” (74%), followed by “Trust & Service” (68%) and “Costs & Fees” (62%). These results indicate that when choosing a trading platform, investors are not simply looking for the lowest fees, but rather consider platform stability, brand credibility, fee transparency and overall service quality in a comprehensive manner.

The Era of AI Agentic Trading Has Arrived – Zero–Fee Model Lays the Groundwork

The findings of this study are highly consistent with the global technological transformation underway in the brokerage industry. Anthony Denier, Group President and CEO of Webull Corporation, noted during the Q1 2026 earnings call: “We are at a true turning point in financial services. Over the past ten years, the competitive focus for retail brokers has been the user interface – who has the cleanest, most intuitive app. But a new dimension of competition has opened: the interface of the future is not the screen on your smartphone – it is the API.”

Webull has already deployed an MCP (Model Context Protocol) server, enabling third–party AI agent platforms to securely connect with Webull’s trade execution infrastructure – positioning Webull as the preferred execution and custody layer in the emerging AI agent ecosystem. In addition, Webull has been actively building out its AI product line globally. Its AI research tool, Vega Analyst, is currently being tested, allowing retail investors for the first time to access institutional–grade sell–side research depth on demand. Webull also plans to launch AI Portfolio within the year, enabling AI agent–driven portfolio construction and trade execution – making strategy tools that were once reserved for institutional investors progressively available to retail investors.

Mr. Wang Haichen, Chief Executive Officer of Webull HK, said: “The findings of this Ipsos study confirm a core issue in our industry: trading friction is a hidden tax on retail investors, and the cumulative effect is particularly significant for active traders. As AI agents help investors analyze markets in real time, optimize portfolio allocations, and automatically execute trading strategies, the friction cost per trade becomes even more critical – if every trade executed by an AI agent incurs a commission and platform fee, the frequency advantage of intelligent trading will instead turn into a cost burden.”

Mr. Wang added: “Webull HK is the first broker in Hong Kong to offer true ‘zero commission, zero platform fee’ for both US and Hong Kong stocks. Our goal is to eliminate trading friction at its source, so that in the coming era of AI agentic trading, investors can fully unlock the value of intelligent strategies rather than surrendering their returns to friction costs. As investors pay more attention to actual trading expenses, platform competition will gradually shift from a pure price war to competition based on transparency, technological innovation, and overall ecosystem experience.”

Note: Webull does not charge any commission or platform fee for Hong Kong and US stock trading.

About Webull HK
Webull Securities Limited (“Webull HK”) is a licensed corporation with the Hong Kong Securities and Futures Commission, holding SFC Type 1 (“Dealing in Securities”), Type 2 (“Dealing in Futures Contracts”), and Type 4 (“Advising on Securities”) licenses, with CE No. BNG700. Since its establishment in 2019, Webull HK has always put investors first, leveraging the technological expertise and proven success of its parent company, Webull Corporation (Nasdaq: BULL), as a leading broker in the US market, while adopting a localized business strategy in Hong Kong. With a highly competitive fee structure and a reliable, secure platform, Webull HK offers trading in a diverse range of assets including US stocks, Hong Kong stocks, and options, equipped with institutional–grade professional charting tools and real–time market data – empowering Hong Kong investors to navigate dynamic global financial markets with confidence. For more information about Webull HK, please visit https://www.webull.hk

About Webull
Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure. Through its global network of licensed brokerages, Webull offers investment services in 15 markets across North America, Asia Pacific, Europe, and Latin America. Webull serves more than 27 million registered users globally, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull’s trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com

About Ipsos
Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing nearly 20,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques. “Game Changers” – our tagline – summarizes our ambition to help our 5,000 clients navigate with confidence our rapidly changing world.

Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120, Mid-60 indices, and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP , website: www.ipsos.com

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SOURCE Webull Securities Limited

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Karma Automotive Announces Eximius, the Bespoke Vehicle Program for Elite Clients Seeking Singular Expressions of Extreme Performance and Bold Craftsmanship

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The First Eximius Creation, “Eximius 1,” is a Menacing Four-Seater Built for the Track which Makes its World Premiere at the 2026 Concours at Wynn Las Vegas

LAS VEGAS, Oct. 31, 2026 /PRNewswire/ — Karma Automotive builds vehicles in the hundreds rather than the thousands, attracting a highly individualistic clientele seeking a unique statement. For those who wish to go further still, and explore new possibilities beyond the extensive options for personalization available through the Studio program, Karma has created the Eximius bespoke vehicle program. Eximius clients may modify the vehicle’s body, performance and powertrain, collaborating with Karma’s design and engineering teams to build a One-of-One statement which will never be repeated.

Karma Eximius clients may modify the vehicle’s body, performance and powertrain to build a One-of-One statement

The first vehicle from Karma Eximius debuts today at the 2026 Concours at Wynn Las Vegas. A menacing four-seater purpose-built for the track, “Eximius 1” is in ongoing development with its commissioning client, who is not revealed at this time. Upon delivery in 2027, “Eximius 1” will be fitted with an extreme-performance Plug-in Series Hybrid utilizing a 6.2 Liter V8 producing nearly 1200hp (550hp ICE, 645hp battery), delivering acceleration from 0-60mph in 2.7 seconds and a top speed in excess of 200mph (estimated). As these parameters would demand, “Eximius 1” will be equipped with carbon-ceramic brakes and two-piece slotted brake rotors, and Ohlins semi-active suspension.

“‘Eximius 1’ began as a conversation with an elite client who loves their Karma Revero, but wanted something more extreme and unexpected, which was music to our ears,” says Marques McCammon, President and Chief Executive, Karma Automotive. “The Eximius program effectively deletes the word ‘no’ from conversations about what’s possible,” he continues, “and as a four-seat track weapon packing what’ll be the most powerful Plug-in Series Hybrid powertrain and vehicle ever developed, ‘Eximius 1’ shatters expectations and further establishes Karma as a manufacturer of exotic, uniquely American vehicles.” 

Exterior Design
“Eximius 1” is an imposing vehicle to behold, exhibiting the muscularity and eyepopping strength of a superhero. Every panel – excluding the body surface outer – is constructed of pre-impregnated carbon fiber, and the vehicle is 50mm wider due to its wheel arch extensions. The front doors and hood have a unique technical fade from glossy, exposed regular carbon fiber to signature Borealis Blue paint.

The front carbon splitter sets an aggressive tone and is flanked by massive side air intakes incorporating Karma’s Target Acquisition Lighting, rotated 45º to create a distinctive ‘><‘ DRL graphic identity. On the hood, the dramatic arc of the Comet Line – which is inspired by Halley’s Comet is it streaks across the evening sky – widens from its apex towards the base of the windshield; vents above the front fenders release air pressure from the wheel housings and add further visual intrigue. Moving to the side of the vehicle, the front fenders aft of the wheels feature Karma’s signature “Backslash” bearing the number “5,” which is of particular significance to the commissioning client. 21″ Magnesium wheels with center-locks reduce rotating and unsprung mass, and are finished in satin black. Aft of the driver’s side front wheel, twin exhaust tips announce the fearsome new powertrain.

The full-width rear GT wing maximizes stability and downforce at high speeds, and continues the distinctive ‘><‘ DRL graphic identity established at the front of “Eximius 1.” The rear fascia also boasts large side air intakes which are connected by a dominant diffuser to manage underbody airflow.

Interior Design
An aura of intensity continues to the interior of “Eximius 1.” In concert with the exterior, blue-tinted carbon-fiber adorns the seats, flat-bottom steering wheel and doors; for aesthetics and weight-savings, all four doors are manufactured in exposed carbon fiber with one purposeful arm pad on each door. The seats, which are Recaro carbon fiber buckets up front, are trimmed with blue Alcantara and blue Italian leather with Moondust Alcantara upper sections, creating an articulated, form-fitted feel. To support high-speed driving and intense braking force, the accelerator, brake pedal and dead pedal are billet machined aluminum.

The instrument panel is reimagined in glossy carbon fiber and incorporates anodized billet aluminum HVAC vents. The carbon fiber center console is simplified to include the essentials only: the PRND gear selector, window switches, key fob holder, and Emergency kill switch. This console extends through to the rear compartment, to which the client’s custom-fitted carbon fiber racing helmet is held in place by a center-latched strap matching the blue seat belts.

About Karma Automotive
Karma Automotive is America’s only full-line ultra-luxury vehicle manufacturer, and a pioneer of Plug-in Series Hybrid vehicles which it manufactures at its Karma Innovation and Customization Center (KICC) in Moreno Valley, CA. Its Executive, Product Development, and Design headquarters are located in nearby Irvine, CA. The Karma portfolio embodies California’s spirit of innovation and entrepreneurial boldness, reflected by the signature Comet Line which is the central hallmark of Karma’s new design language. The Gyesera Grand Coupe, a Plug-in Series Hybrid four-seater, arrives at dealerships in December 2026; and the Amaris GT 2-Door Plug-in Series Hybrid arrives in Q4 2027. The Karma Kaveya Super Coupe, with over 1,000HP and butterfly-doors, will arrive in Q1 2028, to be followed by the Karma Ivara GT-UV: both EVs will incorporate SDVA (Software-Defined Vehicle Architecture) developed with leading technology partners. For more information, visit www.karmaautomotive.com) 

Media Contact:

Joe Richardson, (917) 716-6617
Joe@BeautifulNoisePR.com 

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SOURCE Karma Automotive

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ModelBest and OpenBMB Open-Source MiniCPM-OCR Series, Delivering High-Performance Document Parsing and AI-Powered Quality Control

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BEIJING, Oct. 31, 2026 /PRNewswire/ — ModelBest and OpenBMB jointly announced the release and open-source availability of the MiniCPM-OCR series, a family of models for efficient document parsing and parsing-quality assessment. The launch includes two models: MiniCPM-OCR 1.0 (1.3B) and MiniCPM-OCR Jev (2B).

As the first OCR-focused model in the MiniCPM family, MiniCPM-OCR 1.0 brings top-tier parsing accuracy to a compact 1.3-billion-parameter architecture optimized for edge deployment, pushing forward the balance between efficiency and performance for open-source OCR models. Built for real-world conditions, it accurately parses scanned, photographed, curved, tilted and screen-captured documents without cumbersome image pre-correction, lowering the barrier to large-scale document digitization.

The model handles dense bilingual Chinese-English content, complex mathematical formulas, and multi-level or borderless tables, consistently performing at a leading level across a broad range of mainstream industry evaluations. Beyond full-page reconstruction, it supports key information extraction (KIE), pulling specified fields from invoices, IDs and financial statements according to business instructions.

Powered by DSpark decoding acceleration, MiniCPM-OCR 1.0 significantly increases end-to-end throughput while lowering per-page latency. For enterprises processing millions of pages—such as financial contract archives, academic libraries and government records—this means processing far more documents with the same hardware and time budget, at a substantially lower computing cost.

To address the long-standing need for page-by-page manual review, ModelBest and OpenBMB also introduced MiniCPM-OCR Jev, the first OCR result decision model that acts as an “AI quality inspector.” Rather than performing OCR itself, Jev compares the source image with OCR output and rapidly assigns confidence scores to text, LaTeX formulas and tables, detecting missing characters, errors and formatting misalignments. Despite its compact 2B-parameter size, Jev delivers judgment accuracy typically associated with far larger models.

Jev supports cross-model deployment and can be integrated into existing OCR workflows without replacing the underlying OCR engine. It can automatically identify reliable results for direct processing, flag potentially inaccurate outputs for human review and select the best result from multiple OCR systems. This enables enterprises to move from full manual inspection toward risk-based, automated quality control.

The MiniCPM-OCR series is available on GitHub, Hugging Face and ModelScope, and supports vLLM, SGLang, llama.cpp and Ollama, along with SDKs, APIs, Agent Skill plugins and open-source fine-tuning code. Day-0 hardware adaptation covers AMD, Arm, Houmo AI, Intel and NVIDIA. Through the FlagOS software stack, it also has Day-0 support for AI and edge chips from CIX Technology, Huawei Ascend, Hygon, Iluvatar CoreX, Kunlunxin, MetaX, Moore Threads, Sunrise, T-Head, TsingMicro, NVIDIA and Apple Mac (Arm).

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SOURCE ModelBest

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Wulcea Elevates Consumer Trust in Heated Apparel Through Multi-National Safety Certifications and Rigorous Technical Testing

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NEW YORK, Oct. 31, 2026 /PRNewswire/ — As smart heated clothing gains broader adoption, consumers are paying closer attention to the safety and reliability of the technology behind these products. Wulcea, a brand specializing in graphene-powered heated apparel, combines its flexible GrapheneNano™ heating technology with documented safety compliance and durability testing for its heating components and battery systems.

“Trust in smart heated apparel goes beyond warmth—it comes down to confidence in battery safety and heating element reliability,” said John C, Founder of Wulcea. “Our goal is to give users peace of mind through certified technical standards.”

Advanced Graphene Heating Elements Supported by Global Standards

At the core of Wulcea’s thermal architecture is its GrapheneNano™ heating technology. Engineered to eliminate garment stiffness, Wulcea integrates flexible graphene elements that deliver balanced warmth across key upper-body zones while preserving natural garment drape and full freedom of movement.

Wulcea supports its heating components with applicable compliance documentation for major markets. These include CE and FCC compliance documentation addressing relevant electrical and electromagnetic compatibility requirements, as well as PSE compliance for applicable products in Japan. RoHS compliance further addresses restrictions on specified hazardous substances in applicable electrical and electronic components.

Multi-Certified Battery System for Dependable Power

To power its heating elements, Wulcea pairs its heated apparel with rechargeable battery systems designed for convenient everyday use. Featuring a compact design and housed in dedicated interior pockets, the batteries provide portable power while maintaining a streamlined garment profile and comfortable fit.

Wulcea backs its battery options with comprehensive third-party accreditations. UL certification demonstrates that the battery system has been evaluated against recognized power bank safety requirements, covering key areas such as overcharge protection, short-circuit protection, and thermal safety. The battery systems are also supported by applicable CE and FCC compliance documentation, addressing relevant regulatory requirements for electrical and electromagnetic compatibility.

For daily handling and travel, RoHS compliance validates that the battery system meets stringent global standards for material safety. The battery models have also undergone applicable UN 38.3 testing, supporting compliance with international requirements for lithium battery transportation.

Real-World Durability and Practical Usability

Component compliance forms Wulcea’s foundation, but reliability is defined by real-world performance. Built for high-flex endurance, Wulcea’s flexible graphene heating elements are tested through 10,000 active flexing cycles to maintain steady thermal output through repeated bending and everyday body movement.

Everyday convenience is equally essential. Built for hassle-free care, Wulcea’s heating elements withstand 100 machine-wash cycles under standard care guidelines, maintaining internal conductivity and structural stability under repeated laundering.

Integrated NTC temperature sensors provide thermal monitoring and are designed to stop heating if temperatures exceed 131°F (55°C). Combined with runtime of up to 10 hours on the low setting and a discreet interior control button, these features support practical everyday use in cold-weather conditions.

Aligning Technical Standards with Everyday Warmth

By combining graphene-based heating technology with documented battery safety compliance and durability testing, Wulcea continues to focus on the technical foundations of dependable heated apparel. This approach reflects the brand’s emphasis on bringing together safety considerations, practical functionality, and everyday comfort for cold-weather use.

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SOURCE Wulcea

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