Group 1 - The core viewpoint of the news is the extension of the "Northbound Swap Connect" product contract period to 30 years, enhancing the interconnectivity of the domestic and foreign interest rate derivatives market [1] - On the launch day of the optimization measures, 25 domestic and foreign institutions actively participated in transactions of over 10 years RMB interest rate swaps, with a total trading volume of 1.53 billion RMB [1] - The optimization will improve the yield curve, fill the gap for ultra-long-term interest rate management tools, and enhance the diversity of cross-border investment strategies [1] Group 2 - Since its launch in May 2023, the "Northbound Swap Connect" has seen increasing trading activity, with a cumulative transaction volume of 7.16 trillion RMB by June 2025, attracting 82 foreign institutions [2] - The "Northbound Swap Connect" has become a primary channel for foreign investors to manage RMB asset interest rate risks, continuously attracting more foreign capital to increase holdings in Chinese market bonds [2] - Future plans include enriching the product types of the "Swap Connect" and improving the risk management framework to promote the joint development of the financial markets in mainland China and Hong Kong [2]

Core Viewpoint - The extension of the "Northbound Swap Connect" product contract period to 30 years fills a gap in ultra-long-term interest rate management tools in the market [1] Group 1 - The "Northbound Swap Connect" product will be launched on June 30, 2025, with a contract period extended to 30 years [1] - On the launch day, 25 domestic and foreign institutions participated, with a total of 56 transactions and a nominal principal scale of 1.53 billion RMB [1] - The infrastructure successfully organized the first day's trading and settlement, with normal and stable operation of the business and systems [1] Group 2 - To reduce participation costs for institutions, the Foreign Exchange Trading Center and Shanghai Clearing House will waive the trading and clearing fees for the "Northbound Swap Connect" for one year [1] - The interbank market will also extend the centralized clearing contract period, considering the linkage effects between domestic and foreign markets [1]

香港交易所信息显示， 贝莱德在 理想汽车-W的持股比例于06月24日从4.79%升至5.03%。 ...

Group 1 - The Hong Kong Stock Exchange has implemented a new stock trading fee structure starting from June 30, which eliminates the previous minimum fee of 2 HKD and maximum fee of 100 HKD [1] - The adjustment is related to the Hong Kong market's policy to lower the minimum price fluctuation unit for buying and selling stocks, significantly reducing trading costs for small transactions [1] - For example, a transaction of 1000 HKD previously incurred a minimum fee of 2 HKD, resulting in a high fee ratio of 0.2%. Under the new structure, the fee ratio is reduced to 0.0042%, equating to 0.042 HKD, marking a substantial decrease in costs [1] Group 2 - The removal of minimum and maximum fee limits allows institutional investors to more accurately calculate trading costs and optimize trading strategies, aiding in better cost control during large-scale transactions [1] - The new regulations still require fees to be charged on both buy and sell sides of the transaction [1]

Group 1 - The company, Haipai Ke, has submitted its IPO application to the Hong Kong Stock Exchange [1]

Key Points - The Hong Kong Stock Exchange will implement a new stock trading fee structure starting June 30, 2025, abolishing the previous minimum fee of HKD 2 and maximum fee of HKD 100 [1] - The new fee structure will charge 0.0042% of the transaction amount, replacing the previous rate of 0.002% [1] - The new rules have been approved by the Hong Kong Securities and Futures Commission and will be implemented once the market is ready [1] Fee Structure Changes - Small transactions under HKD 47,600 will see a significant decrease in costs, with fees for a HKD 10,000 transaction dropping from HKD 2 to HKD 0.42, and for HKD 1,000 transactions from HKD 2 to HKD 0.042 [2] - Conversely, larger transactions will incur higher fees due to the removal of the HKD 100 cap, with fees for a HKD 1,000,000 transaction increasing from HKD 20 to HKD 42 [2] - This differentiated fee mechanism aims to balance the cost burden across various transaction sizes, enhancing market liquidity and activity, especially since approximately 77% of market transactions from 2019 to 2024 were below HKD 100,000 [2]

Core Viewpoint - The Hong Kong Stock Exchange will implement a new stock transaction fee structure starting June 30, 2025, eliminating the previous minimum and maximum fee limits, which is expected to significantly reduce transaction costs for smaller trades while increasing costs for larger trades [2][4][12]. Fee Structure Changes - The transaction fee will change from 0.002% of the transaction amount to 0.0042%, with the removal of the minimum fee of 2 HKD and the maximum fee of 100 HKD [5][7]. - For Exchange Traded Products (ETPs), the fee will be adjusted to 0.20 basis points (0.0020%), also removing minimum and maximum fees [5]. Impact on Market Participants - The new fee structure is anticipated to lower transaction costs for approximately 77% of market trades, which typically involve amounts less than 100,000 HKD, thus enhancing market liquidity and encouraging participation from retail and institutional investors [12][13]. - The reduction in costs is expected to particularly benefit high-frequency trading and quantitative strategies, leading to increased market activity [13]. Broker Notifications - Multiple brokers, including CITIC Securities and China Galaxy Securities, have issued notifications regarding the upcoming changes, advising investors to take note of the new fee structure [6][8].

Core Viewpoint - The Hong Kong Stock Exchange will implement a new stock transaction fee structure starting June 30, 2025, breaking the previous minimum and maximum fee limits, which is expected to lower transaction costs for small trades while increasing costs for larger trades [2][4]. Fee Structure Changes - The new fee structure will change the transaction fee from 0.002% to 0.0042% of the transaction amount, eliminating the previous minimum fee of 2 HKD and maximum fee of 100 HKD [4][5]. - For trades under 47,600 HKD, the new fee will be significantly lower, e.g., a 10,000 HKD trade will incur a fee of 0.42 HKD compared to the previous 2 HKD [2][4]. Impact on Market Participants - Over 70% of market transactions will see a reduction in trading costs, particularly benefiting small investors and high-frequency trading strategies [8][10]. - The adjustment is expected to enhance market liquidity by attracting more small transactions, as approximately 77% of trades from 2019 to 2024 were below 100,000 HKD [9][10]. Broker Notifications - Major brokers, including CITIC Securities and China Galaxy Securities, have begun notifying clients about the upcoming changes to the transaction fee structure [5][7]. - Brokers will update relevant trading agreements to reflect the new fee structure [7].

Core Viewpoint - The adjustment of the share transaction fee structure in the Hong Kong market is set to take effect on June 30, 2025, increasing the fee from 0.002% to 0.0042% of the transaction amount, while eliminating the minimum and maximum fee limits, which is expected to significantly lower costs for small transactions [1][2][3]. Summary by Sections Fee Structure Adjustment - The new fee structure will charge 0.0042% of the transaction amount, rounded to two decimal places, with no minimum fee of 2 HKD or maximum fee of 100 HKD [2][3]. - This adjustment applies to various trading activities including Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, H-shares "full circulation," and B-share to H-share conversions [2]. Impact on Small Transactions - The removal of the minimum fee means that small transactions will see a drastic reduction in costs. For instance, a transaction of 1000 HKD will incur a fee of only 0.042 HKD compared to the previous minimum fee of 2 HKD [3][6]. - Institutional investors will benefit from a more accurate calculation of transaction costs, allowing for better optimization of trading strategies [3]. Relation to Market Structure Changes - The fee adjustment is linked to the Hong Kong Stock Exchange's initiative to lower the minimum price fluctuation unit, which is expected to facilitate smaller transactions [4][5]. - The first phase of this initiative is planned for mid-2025, with further adjustments contingent on market conditions and regulatory approvals [4][5]. Rationale Behind Changes - The current fee structure disproportionately affects small transactions, leading to higher relative costs compared to larger trades. The new structure aims to maintain overall market cost neutrality while providing a fairer cost framework [7][8].

香港交易所信息显示， 贝莱德（BlackRock）在 药明生物的持股比例于06月23日从4.90%升至5.13%。 ...