另外，每手价值的指引确保不会因为每手价值过低而导致"负价值交易"(即交易执行成本超过交易价 值)，亦不会因为每手价值过高导致投资者难以参与。由于目前交易的执行成本已有所降低，每手价值 的指引下限将由现在的2000港元减半至1000港元。对于采用每手股数大于100股的发行人，将增设5万港 元的每手价值指引上限。 港交所提出的主要建议包括标准化每手股数，有8种每手股数可供发行人选择包括1股、50股、100股、 500股、1000股、2000股、5000股和1万股。 格隆汇12月18日｜港交所就优化香港证券市场每手买卖单位框架的建议谘询市场意见，谘询为期12周， 将于2026年3月12日结束。 港交所已全面检视现行的每手交易机制，并就简化每手买卖单位框架谘询市场意见。适用证券(包括股 票及房地产信托基金)的每手股数，由目前超过40种简化至8种标准选项；此外，每手价值的指引下限将 显著下调，并将增设每手价值的指引上限。 ...

香港交易所于12月18日刊发《优化香港证券市场每手买卖单位框架》的咨询文件。香港交易所致力于持 续优化市场结构，以及根据香港特别行政区政府"促进股票市场流动性专责小组"提出的建议，香港交易 所现正提出一个新的每手买卖单位框架，旨在透过提高市场效率和降低市场投资门槛以提升市场竞争 力。 建议的新每手买卖单位框架适用于股票和房地产投资信托基金，并包含以下三个部分： 1.将每手价值的指引下限从2000港元降至1000港元。 2.增设50000港元的每手价值指引上限。 3.将每手股数的种类减至八种标准化的选项：1股、50股、100股、500股、1000股、2000股、5000股和 10000股。 咨询期将于2026年3月12日结束。 来源｜香港交易所官网 编辑｜钉钉 ...

香港交易所于12月18日刊发《优化香港证券市场每手买卖单位框架》的咨询文件。香港交易所致力于 持续优化市场结构，以及根据香港特别行政区政府"促进股票市场流动性专责小组"提出的建议，香港 交易所现正提出一个新的每手买卖单位框架，旨在透过提高市场效率和降低市场投资门槛以提升市场竞 争力。 2.增设50000港元的每手价值指引上限。 建议的新每手买卖单位框架适用于股票和房地产投资信托基金，并包含以下三个部分： 来源｜香港交易所官网 1.将每手价值的指引下限从2000港元降至1000港元。 编辑 ｜ 钉钉 3.将每手股数的种类减至八种标准化的选项：1股、50股、100股、500股、1000股、2000股、 5000股和10000股。 咨询期将于2026年3月12日结束。 ...

转自：证券时报 人民财讯12月18日电，香港交易所于12月18日刊发《优化香港证券市场每手买卖单位框架》的咨询文 件。香港交易所致力于持续优化市场结构，以及根据香港特别行政区政府"促进股票市场流动性专责小 组"提出的建议，香港交易所现正提出一个新的每手买卖单位框架，旨在透过提高市场效率和降低市场 投资门槛以提升市场竞争力。建议的新每手买卖单位框架适用于股票和房地产投资信托基金，并包含以 下三个部分：1.将每手价值的指引下限从2000港元降至1000港元。2.增设50000港元的每手价值指引上 限。3.将每手股数的种类减至八种标准化的选项：1股、50股、100股、500股、1000股、2000股、5000 股和10000股。咨询期将于2026年3月12日结束。 ...

香港交易所于今天2025年12月18日（星期四）刊发"优化香港证券市场每手买卖单位框架"的咨询文件。 香港交易所致力于持续优化市场结构，以及根据香港特别行政区政府"促进股票市场流动性专责小组"提 出的建议，香港交易所现正提出一个新的每手买卖单位框架，旨在透过提高市场效率和降低市场投资门 槛以提升市场竞争力。 建议的新每手买卖单位框架适用于股票和房地产投资信托基金，并包含以下三个部分： 1.将每手价值的指引下限从2,000港元降至1,000港元 2.增设50,000港元的每手价值指引上限 3.将每手股数的种类减至八种标准化的选项：1股、50股、100股、500股、1,000股、2,000股、5,000股和 10,000股 咨询期将于2026年3月12日（星期四）结束。 ...

每经AI快讯，12月18日，香港交易所刊发咨询文件，就优化香港证券市场每手买卖单位框架的建议咨 询市场意见，以提升交易、结算及交收效率。咨询为期12周，将于2026年3月12日结束。主要建议包 括：一、有八种每手股数可供发行人选择：1股、50股、100股、500股、1000股、2000股、5000股和 10000股，若实施相关建议，预计约25%的发行人须调整其每手股数。二、由于目前交易的执行成本已 有所降低，每手价值的指引下限将由现在的2000元减半至1000元，对于采用每手股数大于100股的发行 人，将增设50000元的每手价值指引上限。 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing new continuous public float requirements to enhance capital management flexibility for issuers and improve market transparency, effective January 1, 2026 [1][3]. Group 1: Key Reforms - Introduction of an alternative continuous public float threshold allowing issuers to meet requirements by having at least 10% of shares held by the public and a market value of at least HKD 1 billion [2]. - Specific regulations for A+H issuers, requiring H-shares to constitute at least 5% of the total issued shares or have a market value of at least HKD 1 billion [2]. - New periodic reporting obligations for all listed issuers regarding public float, with additional disclosure requirements for those falling short, aimed at enhancing transparency and encouraging timely restoration of public float [2]. - Identification of issuers with severely insufficient public float, marked with a "-PF" suffix, with a remediation period of 18 months (12 months for GEM) before potential delisting [2]. Group 2: Implementation Details - The amendments to the Listing Rules will take effect on January 1, 2026, replacing existing transitional continuous public float regulations [3]. - New guidelines (HKEX-GL121-26) will also be effective on the same date to assist issuers in complying with the updated Listing Rules [3].

Core Viewpoint - The rise of the Asian economy is a long-term trend, significantly contributing to global GDP and attracting foreign direct investment [1] Group 1: Economic Contribution - Asia's contribution to global GDP has nearly doubled since 1990, now accounting for 40% of global foreign direct investment [1] - Asia hosts 55% of the world's listed companies, indicating a strong market presence [1] Group 2: Hong Kong's Market Position - Hong Kong is positioned to become a global financial hub due to its unique connectivity with mainland China and high level of internationalization [1] - The Hong Kong Stock Exchange (HKEX) aims to strengthen its connectivity with mainland markets to support the opening of China's capital markets and the internationalization of the Renminbi [1] Group 3: Future Plans - HKEX plans to upgrade its platform and enhance regional cooperation to connect other Asian markets, such as Southeast Asia, with opportunities in China [1] - The goal is to create a globally attractive regional liquidity pool that presents Asian opportunities to mainland investors while attracting Asian capital to the mainland capital markets [1]

Core Points - The Hong Kong Stock Exchange (HKEX) is introducing alternative public float thresholds to provide issuers with greater flexibility in capital management [1][4] - New reporting responsibilities for public float levels will be implemented for all issuers, with additional disclosure requirements for those with insufficient public float, enhancing market transparency [2][4] - The new public float regulations will take effect on January 1, 2026 [1][4] Group 1 - The alternative public float threshold allows issuers to meet ongoing public float requirements by having at least 10% of shares held by the public and a market capitalization of at least HKD 1 billion [4] - For A+H issuers, the public float for H-shares must represent at least 5% of the total issued H-shares or have a market capitalization of at least HKD 1 billion [4] - All listed issuers will be subject to new periodic reporting requirements for public float, with additional responsibilities for those below the required levels, aimed at improving transparency and encouraging timely restoration of public float [4] Group 2 - The HKEX retains the right to delist shares of issuers that remain non-compliant for an extended period, reflecting a commitment to investor protection and maintaining market integrity [2] - The reforms are expected to complement previous initiatives such as the stock buyback mechanism and automatic share repurchase plan, enhancing market vitality and attractiveness [1][4] - The consultation summary and responses from stakeholders have been published on the HKEX website [5]

Core Viewpoint - Hong Kong Exchanges and Clearing (HKEX) has revised its post-listing public float rules to enhance capital management flexibility for companies while improving market transparency [1][3]. Group 1: New Public Float Rules - Listed companies can now meet an alternative ongoing public float threshold of at least 10% of issued shares with a market value exceeding HK$1 billion (approximately US$128.5 million) [1][2]. - For mainland China-listed firms, their Hong Kong shares must represent at least 5% of total issued shares or have a market value of at least HK$1 billion [2]. Group 2: Implementation and Impact - The new requirements will take effect on January 1, 2026, following a two-month consultation that garnered 43 responses [3]. - Current regulations require issuers to maintain at least 25% of their issued shares held by the public, with a potential lower float of 15% to 25% for companies with a market capitalization above HK$10 billion at listing [4]. Group 3: Market Liquidity and Competitiveness - The reforms are anticipated to enhance market liquidity and attract high-quality companies, thereby strengthening the competitiveness of Hong Kong's capital markets [5]. - The tiered public float structure is expected to provide issuers with greater flexibility, supporting large-cap companies and A+H share listings in Hong Kong [6]. - Companies will be able to adjust their equity structures more efficiently in response to market conditions, offering much-needed flexibility in capital management [7].