Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing reforms 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][6]. Summary by Sections Changes in IPO Pricing and Allocation Mechanisms - The minimum allocation to the book-building portion has been reduced from 50% to 40% of the initially proposed shares for IPOs [2]. - Two allocation mechanisms have been introduced for new listing applicants: Mechanism A and Mechanism B. Mechanism A allows for a designated allocation percentage based on oversubscription levels, with the maximum clawback percentage increased from 20% to 35% [2][3]. - Mechanism B requires issuers to pre-select an allocation percentage for the public offering, ranging from 10% to 60%, without a clawback mechanism [3]. 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][11]. - The initial public holding requirement is tiered based on the issuer's market value, providing more flexibility compared to the previous fixed percentage [10][11]. Rationale for Changes - The pricing mechanism for new shares has not been updated for 27 years, despite significant changes in the market landscape, including a shift from retail to institutional investors [6][7]. - The reforms aim to create a more flexible, clear, and transparent framework for issuers and investors, addressing the increased participation of international and institutional investors [6][8]. Future Consultations - Further consultations will be conducted regarding the continuous public holding requirements to ensure they are appropriate for larger companies listing in Hong Kong [10][12]. - The new regulations are set to take effect on August 4, 2025, and will apply to all new listing applicants submitting documents on or after that date [5][10].

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 diverse range of international investors [1][9]. Summary by Sections Changes in IPO Pricing and Allocation Mechanisms - The minimum allocation to the book-building portion is set at 40%, down from the previously suggested 50% [3]. - Two allocation mechanisms are introduced for new listings: - Mechanism A allows for a specified allocation percentage based on the oversubscription ratio, with maximum allocation percentages of 5%, 15%, 25%, and 35% for different oversubscription levels [2][4]. - Mechanism B allows issuers to pre-select an allocation percentage between 10% and 60%, with no backfilling mechanism [4]. - The maximum backfilling percentage under Mechanism A has been increased from 20% to 35% [4][11]. Initial Public Holding and Free Float Requirements - New minimum public holding and free float requirements are established for issuers at the time of listing, with thresholds varying based on the type of issuer and market capitalization [5][6]. - For single-class issuers not registered in mainland China, the initial public holding must be between 10% and 25%, with a free float of at least 10% and a market value of HKD 50 million [6]. - The new regulations will take effect on August 4, 2025, and will apply to all new listing applicants [7]. Rationale for Changes - The existing IPO pricing mechanism has not been updated in 27 years, despite significant changes in the market and investor landscape, necessitating a more flexible and transparent framework [9][10]. - The shift from a retail-dominated market to one where institutional investors account for nearly 90% of trading volume requires adjustments to ensure balanced allocation among different types of investors [9][10]. Ongoing Consultation on Public Holding Requirements - The HKEX is seeking further consultation on the continuous public holding requirements, aiming to introduce a tiered system based on market capitalization to provide clearer guidance for companies [13][14]. - The current requirement of 25% for continuous public holding is deemed inflexible, especially for larger companies, prompting the need for a more adaptable approach [13][14].

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。 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。卸任半年后，他加入晨壹基金，担任管 理合伙人。阿里2025财年年报显示，张勇已退出合伙人之列。 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执行官马蔚 华、TPG中国的合伙人兼董事长孙强、香港交易所主席唐家成以及香港交易所集团行政总裁陈翊庭。 采写：南都N视频记者 黄培 张勇。资料图 香港交易所中国业务咨询委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交易所董事会 的顾问。 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) has published a consultation summary regarding the optimization of the initial public offering (IPO) market pricing and public market regulations [1] - HKEX proposes to allow new listing applicants to choose between Mechanism A or Mechanism B for the allocation mechanism of the IPO [1] - Under Mechanism A, the maximum percentage for the allocation to the public subscription portion has been increased from the originally proposed 20% to 35% [1] - Mechanism B introduces a new option requiring issuers to pre-select a percentage for the allocation to the public subscription portion, with a lower limit of 10% and an upper limit of 60%, without a replenishment mechanism [1]

港交所于今日宣布，优化新股市场定价及公开市场规定的改革方案将于8月4日正式生效，同时就持续公 众持股量规定展开为期两个月的进一步咨询。据了解，此次生效的改革方案主要变化包括2方面，一是 将IPO建簿配售部分的最低分配比例从50%下调至40%；二是允许新上市申请人选用机制A或机制B。同 时，明确初始公众持股量及自由流通量门槛。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"。（记者 赵昕睿） ...

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 首席执行官马蔚华、TPG中国的合伙人兼董事长孙强、香港交易所主席唐家成以及香港交易所集团行政 总裁陈翊庭。 中国业务咨询委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交易所董事会的 顾问，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。 【#前阿里巴巴CEO张勇履新#，#前阿里CEO张勇加盟港交所#】8月1日，香港交易所公告显示，晨壹基 金管理合伙人、前阿里巴巴集团董事会主席兼首席执行官张勇获委任为香港交易所旗下中国业务咨询委 员会的最新成员。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) announced reforms to optimize the IPO pricing and public market regulations, effective from August 4, 2025, aiming to enhance market flexibility and protect shareholder rights [1][2]. IPO Pricing and Allocation Mechanism - The maximum allocation for retail investors has been increased to 35% from the previously suggested 20% [1][2]. - The minimum allocation for the book-building portion has been set at 40%, down from the original 50% [2]. - Two mechanisms for allocation to the public subscription portion have been introduced: - Mechanism A allows for a designated allocation based on oversubscription multiples, with maximum allocation percentages of 5%, 15%, 25%, and 35% for different oversubscription levels [2]. - Mechanism B allows issuers to pre-select an allocation percentage between 10% and 60%, with no reallocation mechanism [3]. Initial Public Holding and Free Float Requirements - New initial public holding and free float requirements have been established, ensuring sufficient tradable shares at the time of listing [4][5]. - The minimum public holding threshold varies based on market capitalization, with specific requirements for different categories of issuers [5]. Continuous Public Holding Consultation - Further consultation on continuous public holding requirements is underway, aiming to provide greater flexibility for issuers while protecting shareholder interests [6][7]. - The current and proposed continuous public holding requirements have been compared, indicating a shift towards more flexible thresholds [8][9].

Core Insights - Zhang Yong, former CEO of Alibaba Group, has been appointed as a new member of the Hong Kong Stock Exchange's (HKEX) China Business Advisory Committee, enhancing the committee's expertise in Chinese markets [2][4] - The committee, established in 2021, now has nine members, including industry veterans who provide advisory support to the HKEX board [4][5] - Zhang Yong's extensive experience in the Chinese market and financial sector is expected to contribute valuable insights to help HKEX achieve its strategic goals [2][4] Committee Composition - The committee is chaired by Zhang Jianchen, CEO of CITIC Capital Holdings, and includes notable members such as former HKEX Chairman Laura Cha and TPG China Partner Sun Qiang [4][5] - Other members include Huang Yiping, Dean of the National School of Development at Peking University, and Ma Weihua, former President and CEO of China Merchants Bank [5] Zhang Yong's Background - Zhang Yong served as Alibaba's CEO from 2015 and became Chairman in 2019, leading significant initiatives like the Double Eleven shopping festival and the company's transition to mobile [5] - In 2023, he initiated Alibaba's largest organizational restructuring in 24 years and announced plans to establish a technology fund with a $1 billion investment from Alibaba [5] - Zhang Yong joined Chen Yi Investment in March 2024 as a managing partner, marking a new chapter in his career at the age of 53 [5]

香港交易所信息显示， 贝莱德在 信达生物的持股比例于07月28日从5.19%降至4.69%。 ...

中国业务咨询委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交易所董事 会的顾问，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 长兼首席执行官马蔚华、TPG中国的合伙人兼董事长孙强、香港交易所主席唐家成以及香港交易所 集团行政总裁陈翊庭。 2025.08. 01 本文字数：845，阅读时长大约2分钟 作者｜ 第一财经 陈杨园 8月1日，香港交易所公告显示，晨壹基金管理合伙人、前阿里巴巴集团董事会主席兼首席执行官张 勇获委任为香港交易所旗下中国业务咨询委员会的最新成员。 香港交易所主席唐家成表示，很高兴张勇先生加入中国业务咨询委员会。张勇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。 第 一 财 经 持 续 追 踪 财 经 热 点 。 ...