此外，联交所决定保留现有的基石投资6个月禁售期规定，以维持投资者对发售的承诺。 港交所上市主管伍洁镟表示，港交所希望通过这次改革，提升新股定价及分配机制的稳健性，并且平衡 各种不同类型的本地及国际投资者参与新股认购的需求。与此同时，新规已修订初始公众持股量要求， 为发行人提供更大的灵活性与确定性，并引入新的初始自由流通量要求，以确保上市时有足够的可交易 股份。 责任编辑：刘万里 SF014 上市规定的主要变化包括： 一是将IPO建簿配售部分的最低分配比例从原建议的50%下调至40%。 二是允许新上市申请人选用机制A或机制B，作为IPO发售分配机制。机制A下分配至公开认购部分的最 大回拨百分比由原建议的20%上调至35%；机制B为新引入的机制选项，要求发行人事先选定一个分配 至公开认购部分的比例，下限为发售股份的10%，上限为60%，并无回补机制。 三是明确初始公众持股量及自由流通量门槛。新层级式架构的最低初始公众持股量门槛由原建议的5% 上调至10%，而适用于A+H发行人的初始自由流通量门槛由原建议中占H股总数的10%改为占A+H股总 数的5%。 8月1日，港交所全资附属公司联交所发布就优化首次公开招股市场定 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing new regulations to optimize the pricing and allocation mechanisms for initial public offerings (IPOs), effective from August 4, aiming to enhance market stability and attract diverse investor participation [2][3]. Summary by Sections IPO Pricing and Allocation Mechanism - The minimum allocation ratio for the IPO book-building portion has been reduced from the proposed 50% to 40% [2][3]. - New listing applicants can choose between Mechanism A or Mechanism B for the IPO allocation process [4]. Mechanism A and Mechanism B - Mechanism A replaces the current allocation and replenishment mechanism with a specified allocation ratio for the public subscription portion [5]. - Mechanism B, a new option, requires issuers to pre-select an allocation percentage for the public subscription portion, with a minimum of 10% and a maximum of 60%, increasing the previous maximum from 50% [7]. Public Holding and Free Float Requirements - The new regulations clarify the minimum public holding and free float requirements for issuers at the time of listing [8]. - Initial free float thresholds and public holding requirements are specified, including a minimum public holding of 5% or a market capitalization of HKD 600 million for certain issuers [8]. Ongoing Consultation on Continuous Public Holding - HKEX is seeking market opinions on the continuous public holding requirements, with a consultation period lasting two months [10]. - The current continuous public holding requirements have been transitional, and further consultations will refine these rules to better accommodate larger companies [10][11].

Core Viewpoint - Hong Kong Stock Exchange (HKEX) aims to enhance the robustness of the IPO pricing and allocation mechanism while balancing the participation of various local and international investors in new share subscriptions through proposed reforms [1]. Group 1: Changes in IPO Pricing and Allocation Mechanism - The minimum allocation to the book-building portion is set at 40% of the initially proposed shares for the IPO, down from the previously suggested 50% [1][3]. - Under Mechanism A, the maximum percentage for allocation to the public subscription portion has been increased from 20% to 35% [3]. - Mechanism B introduces a new option where issuers must pre-select a percentage for public subscription, with a minimum of 10% and a maximum of 60%, without a reallocation mechanism [3]. Group 2: Public Holding and Free Float Requirements - The new regulations stipulate minimum public holding and free float requirements for issuers at the time of listing, which include specific thresholds based on market capitalization [4][5]. - The initial free float threshold varies, with requirements set for different categories of issuers, including a minimum of 5% for certain issuers with a market value of at least 600 million HKD [5]. - The new rules will take effect on August 4, 2025, and will apply to all issuers and new listing applicants filing documents on or after that date [5].

智通财经APP获悉，8月1日，香港交易所上市主管伍洁镟介绍了香港交易所即将推行的新股市场定价优 化措施，她表示，如果新股定价机制中没有足够的定价者，定出来的价格就可能不够准确，令公司上市 后股价出现较大波动。香港交易所现在要求新股发售须分配至少40%的股份至建簿配售部分的投资者， 回补机制也作出修订，确保机构投资者、全球投资者与散户投资者在新股发行的股份中取得平衡的分配 比例。 伍洁镟指，过去二十多年来，散户和机构投资者的结构已经发生了巨大变化，二十多年前，香港的市场 是散户为主，而机构投资者则较少，只占市场不到一半，但目前香港市场的交易接近九成都来自机构投 资者。所以当局希望可以为发行人和投资者在新股定价和股份分配方面建立一个更灵活、清晰和透明的 框架。 因此，在制定规定时必须考虑到机构投资者的参与程度有所改变，引入适当的规则调整，尤其是近年香 港市场备受国际资本关注，并吸引了更多海外机构参与，上市制度也需要根据市场的演变而做出相应的 提升。 播客内容如下： Thomas：主持岑国誉(Thomas) Katherine：嘉宾香港交易所上市主管伍洁镟(Katherine) Thomas: Katherine， ...

本报讯 （记者毛艺融）8月1日，香港交易及结算所有限公司（以下简称"香港交易所"）全资附属公司香港联合交易所有限 公司（以下简称"联交所"）就优化首次公开招股市场定价及公开市场规定的咨询文件刊发咨询总结，并就持续公众持股量的建 议展开进一步咨询。 上市规定的主要变化包括首次公开招股发售及定价机制、公开市场规定等。首次公开招股发售及定价机制方面，联交所规 定发行人将首次公开招股时初步拟发售股份的至少40%分配至建簿配售部分，即最低分配比例由原建议的50%下调至40%。 公开认购部分，联交所允许新上市申请人选用机制A或机制B，作为首次公开招股发售的分配机制。 机制Ａ下，分配至公开认购部分的最大回拨百分比由原建议的20%上调至35%。 机制B下，引入新的机制选项，要求发行人事先选定一个分配至公开认购部分的比例，下限为发售股份的10%（上限为 60%），并无回补机制。这意味着，机制Ｂ下分配至公开认购部分的最大百分比由原建议的50%上调至60%。 适用于A+H发行人的初始自由流通量门槛由原建议中"占H股总数的10%"改为"占A+H股总数的5%"。 《上市规则》新规定将于2025年8月4日生效，并适用于所有发行人及所有在 ...

香港交易所主席唐家成表示："我很高兴张勇先生加入我们的中国业务咨询委员会。他对于中国企业和金融市场都拥有丰富经验及深刻的认识，可以为香 港交易所董事会提供宝贵意见，帮助香港交易所发挥'连接中国与世界'的独特优势，落实各项战略目标。" 每经编辑｜何小桃 8月1日，香港交易所宣布，委任晨壹基金管理合伙人及阿里巴巴集团前董事会主席张勇，为香港交易所旗下中国业务咨询委员会的最新成员。 图片来源：视觉中国 2019年9月10日，张勇接替马云成为阿里巴巴集团董事局新任主席，正式站上这个商业帝国的二号位。 张勇于2023年卸任阿里巴巴集团董事会主席、CEO，阿里云CEO等职务。今年6月，阿里2025财年年报例行披露了最新合伙人信息，张勇已退出合伙人之 列。 编辑|何小桃 杜波 香港交易所中国业务咨询委员会成立于2021年。 张勇加入后，委员会成员将增至九名。香港交易所非执行董事及中信资本控股有限公司董事长兼首席执行官张㦤宸担任委员会主席。 委员会的其他成员包括：香港交易所前主席史美伦、春华资本集团董事长胡祖六、北京大学国家发展研究院院长及数字金融研究中心主任黄益平、现任国 家科技成果转化引导基金理事长及招商银行前行长兼首席 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing reforms to optimize the pricing and allocation mechanisms for initial public offerings (IPOs) to enhance its competitiveness and attract a new generation of quality companies to list in Hong Kong [1][5]. Group 1: Changes in IPO Pricing and Allocation Mechanisms - The minimum allocation to the book-building portion of IPOs has been reduced from 50% to 40% [2]. - New applicants can choose between two allocation mechanisms: Mechanism A allows a maximum reallocation percentage of 35% to the public subscription portion, while Mechanism B sets a fixed allocation between 10% and 60% without a reallocation mechanism [2][6]. - The existing six-month lock-up period for cornerstone investors will remain in place to maintain investor commitment [2]. Group 2: Initial Public Holding and Free Float Requirements - New regulations will require issuers to meet minimum public holding and free float requirements at the time of listing, with HKEX retaining discretion to exempt certain applicants [3]. - The new rules will take effect on August 4, 2025, and will apply to all new applicants filing listing documents on or after that date [3]. Group 3: Rationale for Modifying the Pricing Mechanism - The current IPO pricing mechanism has not changed in 27 years, despite significant changes in the backgrounds of issuers and investors [5]. - The market has shifted from being dominated by retail investors to a landscape where institutional investors account for nearly 90% of trading [5][6]. - The reforms aim to create a more flexible, clear, and transparent framework for pricing and allocation, balancing the interests of institutional and retail investors [5][7]. Group 4: Future Consultation on Continuous Public Holding Requirements - HKEX is seeking further consultation on the continuous public holding requirements, recognizing the need for flexibility given the increasing number of large companies listing in Hong Kong [8]. - A tiered initial public holding requirement based on market capitalization will be introduced to provide clearer guidance for companies looking to list [8][9].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has appointed Zhang Yong, former chairman of Alibaba Group, as a new member of its China Business Advisory Committee, enhancing the committee's expertise in Chinese markets and financial systems [1][3]. Group 1: Appointment Details - Zhang Yong's appointment increases the committee's membership to nine, with Zhang Yichen, CEO of CITIC Capital Holdings, serving as the chairman [3]. - The China Business Advisory Committee was established in 2021 to provide insights to the HKEX board from seasoned industry experts familiar with the Chinese market [3]. Group 2: Zhang Yong's Background - Zhang Yong, aged 53, graduated from Shanghai University of Finance and Economics in 1995 and has worked at Andersen and PwC before joining Alibaba [4]. - He joined Alibaba in 2007 and held several key positions, including CFO of Taobao, General Manager of Tmall, COO of Alibaba Group, and Chairman of Cainiao Network [4][5]. - Zhang served as CEO of Alibaba Group from 2015 and became chairman in 2019, stepping down in 2023 [5]. Group 3: Achievements and Recognition - During his 16 years at Alibaba, Zhang Yong was instrumental in creating the "Double Eleven" shopping festival and driving the digital transformation of brand enterprises [5]. - Upon his retirement, Alibaba honored him with the title of "Meritorious Alibaba Person" and pledged to invest $1 billion to support his future technology fund [5].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) aims to enhance the pricing and allocation mechanisms for initial public offerings (IPOs) to maintain its competitiveness and attract a new generation of quality companies to list in Hong Kong [1][7]. Summary by Sections IPO Pricing and Allocation Mechanism - The minimum allocation to the bookbuilding portion of an IPO has been reduced from 50% to 40% [2]. - Two allocation mechanisms are introduced for new listing applicants: - Mechanism A allows for a designated allocation percentage based on the oversubscription ratio, with maximum allocation to the public offering portion increased from 20% to 35% [2][10]. - Mechanism B requires issuers to pre-select a fixed allocation percentage for the public offering, ranging from 10% to 60%, without a replenishment mechanism [3][10]. Initial Public Holding and Free Float Requirements - New minimum public holding and free float requirements have been established for issuers at the time of listing, with specific thresholds based on market capitalization [4][12]. - The new regulations will take effect on August 4, 2025, and will apply to all new listing applicants [5][12]. Rationale for Changes - The existing IPO pricing mechanism has not been updated for 27 years, despite significant changes in the market and investor demographics [7][8]. - The reforms aim to create a more flexible, clear, and transparent framework for issuers and investors, reflecting the increased participation of institutional investors [9][10]. Continuous Public Holding Requirements - Further consultations will be conducted regarding the continuous public holding requirements, with a proposal to introduce a tiered system based on market capitalization to provide clearer guidance for companies [11][12]. - The current requirement of 25% for continuous public holding is deemed inflexible, especially for larger companies [11]. Overall Market Context - The Hong Kong IPO market is currently very active, with a record number of applications in process, indicating a strong demand for the proposed reforms [10].

香港交易所上市主管伍洁镟表示："香港交易所希望透过这次改革，提升新股定价及分配机制的稳健 性，并且平衡各种不同类型的本地及国际投资者参与新股认购的需求。" 本次上市新规主要体现在首次公开招股发售及定价机制，以及公开市场规定两个方面：新规允许IPO建 簿配售部分的最低分配比例从50%下调至40%，新上市申请人可选用机制A或机制B；同时，港交所修 订了初始公众持股量，并引入新的初始自由流通量要求。 8月1日，香港交易所全资附属公司香港联交所就优化首次公开招股市场定价及公开市场规定刊发咨询总 结，并就持续公众持股量的建议展开进一步咨询。《上市规则》的新规定将于2025年8月4日生效。 ...