Core Points - The Hong Kong Stock Exchange (HKEX) has published a consultation summary regarding the optimization of initial public offering (IPO) market pricing and public market regulations, which will take effect on August 4 [1] - The new regulations aim to enhance market mechanisms and international competitiveness [1] Group 1: Changes in IPO Mechanism - The minimum allocation for the book-building portion has been reduced from 50% to 40%, ensuring a more significant share for institutional investors and enhancing their pricing participation [3] - The new rules introduce two mechanisms (A and B) for companies to choose from, allowing for flexibility in public subscription allocation, with mechanism A maintaining a lower public subscription minimum of 5% and mechanism B allowing a public subscription range of 10% to 60% [3][4] - The new regulations adjust the initial public holding and free float requirements while retaining a six-month lock-up period for cornerstone investors [3] Group 2: Benefits of the New Regulations - The new rules are expected to benefit institutional investors and large company IPOs by balancing interests and enhancing the robustness of the new stock pricing and allocation mechanism [4] - The regulations are anticipated to improve market liquidity and investor confidence, thereby increasing the international competitiveness of Hong Kong IPOs and providing issuers with greater flexibility [4] - The introduction of mechanisms A and B allows issuers to tailor their allocation strategies based on market conditions, complementing the "H+A" dual listing policy and offering more financing options for Greater Bay Area enterprises [4]

7月28日，香港交易所正式宣布，香港证券市场下调最低上落价位的第一阶段将于下周一（8月4日）生 效。所谓最低上落价位是每只股票的最小价格变动单位，这项措施将有助于降低市场的交易成本并提升交 易效率。 降低交易成本 较小的上落价位意味着更低的交易成本 香港交易所发布的消息显示，本次第一阶段的调整则会主要涉及到股价10港元至20港元以及20港元至50港元的 股票，这两大范围的最低上落价位将分别由0.02港元调整为0.01港元以及由0.05港元调整为0.02港元。 | r | MITX ZAFIL A MICEH | | | | --- | --- | --- | --- | | 价格 | 原有最低 | | 新的最低 | | 范围 | 上落价位 | | 上落价位 | | 20.00元 | 10.00元 - 0.02元 - | | 0.01元 | | 20.00元 - 50.00元 | 0.05元 | 1 | 0.02元 | 调整最低上落价位的适用证券 不包括:交易所买卖产品(ETP)、 交易所买卖期权、债券证券及结构性产品 为市场带来的好处 交易更有效率 订单将更易在预期价格内成交 股票 0 房地产投资信托基金(R ...

Core Viewpoint - The new IPO regulations by the Hong Kong Stock Exchange (HKEX) aim to optimize the pricing and allocation mechanisms for initial public offerings, enhancing the market's international competitiveness and attracting more institutional investors [2][11]. Group 1: Changes in IPO Allocation - The minimum allocation of new shares to the book-building portion has been reduced from 50% to 40%, ensuring that at least 40% of new shares are allocated to institutional investors [4][5]. - The new regulations introduce two mechanisms (A and B) for share allocation, allowing companies to choose their preferred method for public offerings [6][11]. - Mechanism A retains the original approach of adjusting allocations based on oversubscription but reduces the allocation percentages for different oversubscription levels [6]. - Mechanism B allows issuers to pre-select a fixed allocation percentage for public offerings, ranging from 10% to 60%, without a reallocation mechanism [6][11]. Group 2: Market Impact and Trends - The IPO market in Hong Kong has seen a resurgence, with 52 companies listed by July 25, 2025, nearing the total listings of the previous two years [10]. - The total funds raised through IPOs in Hong Kong have reached HKD 127.36 billion, the highest since 2021, indicating a strong market recovery [10]. - The new regulations are expected to improve market liquidity, investor confidence, and the overall attractiveness of Hong Kong IPOs to international investors [11][12]. Group 3: Implications for Investors - The new rules are designed to enhance the participation of institutional investors in the IPO process, potentially stabilizing post-IPO stock prices [5][13]. - The changes may lead to a decrease in the allocation of shares to retail investors, thereby affecting their chances of obtaining shares in popular IPOs [5][12]. - The regulations aim to balance the interests of various investor types, with a focus on improving the overall stability and transparency of the market [12][13].

8月1日，港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（以 下简称"新规"）。新规于8月4日正式生效。 新规的优化主要涉及三项内容： 在首次公开招股市场方面，建簿配售部分的最低分配份额由 原建议的50%下调至40%； 同时， 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；在公开市场规定方面，调整了初始公众持股量及自由流通量的有关规 定。 业内人士认为， 此次港交所IPO新规的实施，是其持续优化市场机制、增强国际竞争力的重 要举措。 新变化 此次新规中，最受关注的是，发行人至少将40%的新股份额分配至建簿配售部分（最低分配比 例由50%下调至40%）。 业内人士介绍，港股新股发售通常分为基石配售（战略投资者）、建簿配售（机构）和公开 认购（散户）三个部分。"建簿配售"是指向机构投资者和专业投资者配售的股份。 港交所IPO新规出炉。 在此之前，"建簿配售"部分没有明确的下限规定。这导致热门新股在优先回拨50%给散户后， 再除去基石投资者的份额，机构获配比例可能会极低。机构投资者在新股IPO过程中的定位比 记者丨 庞华玮 编辑丨黄剑 较尴尬。 据介绍，港股IPO采用" ...

智通财经APP获悉，周一美股三大指数集体上涨，恒生指数ADR下跌，按比例计算，收报24674.48点，较香港收市跌58.97点或0.24%。 | .HSIADR 恒生指数ADR | | | --- | --- | | 24674.48 ↓ -58.97 -0.24% | | | ■ 可 可 | | | 最高价 24746.92 开盘价 24746.92 | 成交量 3562.57万 | | 最低价 24397.60 昨收价 24733.45 | 平均价 24572.26 | | 52周最高 25638.77 上 涨 -- | 平 智 -- | | 52周最低 16954.46下 跌 -- | 振 幅 1.41% | | 800000 恒牛指数 24733.45 +225.64 +0.92% | | 大型蓝筹股涨跌不一，汇丰控股收报97.005港元，较香港收市涨0.63%；腾讯控股收报551.117港元，较香港收市涨0.20%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICH | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | -- ...

Core Viewpoint - The Hong Kong stock market is undergoing a liquidity reform with the implementation of the first phase of lowering the minimum price fluctuation limits, effective from August 4, aimed at enhancing market liquidity and international competitiveness [1][2][3] Group 1: Implementation Details - The Hong Kong Stock Exchange (HKEX) announced the first phase of lowering the minimum price fluctuation limits on July 21, with successful pre-launch testing completed on August 2 [1] - The minimum price fluctuation for stocks priced between HKD 10 and HKD 50 will be reduced, with specific changes such as from HKD 0.02 to HKD 0.01 for stocks priced between HKD 10 and HKD 20, and from HKD 0.05 to HKD 0.02 for stocks priced between HKD 20 and HKD 50 [1][2] Group 2: Market Impact - As of August 4, there are 265 stocks priced between HKD 10 and HKD 50, accounting for approximately 10% of the total market stocks, with their trading volume representing nearly 29% of the total market turnover on that day [2] - The adjustment applies to stocks, real estate investment trusts, and equity warrants, but excludes exchange-traded products (ETPs), options, bonds, and structured products [2] Group 3: Future Outlook - The HKEX has indicated that the second phase of adjustments will be based on the outcomes of the first phase, expected to be implemented by mid-2026, targeting the minimum price fluctuation limits for stocks priced between HKD 0.5 and HKD 10 [3] - The average daily trading volume in the Hong Kong stock market has significantly improved, rising by 118% year-on-year to HKD 240.2 billion in the first half of 2023 [3] - The adjustment of minimum price fluctuation limits is anticipated to lower trading costs for investors, potentially attracting more institutional investors to participate in the Hong Kong stock market [3]

Core Viewpoint - The new IPO regulations by the Hong Kong Stock Exchange (HKEX) aim to optimize market mechanisms and enhance international competitiveness, particularly by adjusting the allocation of shares to institutional investors and retail investors [2][8]. Group 1: Changes in IPO Regulations - The minimum allocation of new shares to the book-building portion has been reduced from 50% to 40%, ensuring that at least 40% of new shares are allocated to institutional investors [2][3]. - The new regulations introduce two mechanisms (A and B) for share allocation, allowing companies to choose their preferred method for public offerings [4][6]. - Mechanism A retains the original approach of adjusting allocations based on oversubscription multiples but reduces the allocation percentages for public offerings [4]. - Mechanism B allows issuers to pre-select a fixed allocation percentage for public offerings, ranging from 10% to 60%, without a reallocation mechanism [4][6]. Group 2: Market Impact and Trends - The new rules are expected to improve market liquidity and investor confidence, making the HKEX more attractive for high-quality companies to list [8][10]. - As of July 25, 2025, 52 companies have listed on the HKEX, nearing the total number of listings in 2024 and 2023, indicating a resurgence in the IPO market [6]. - The total funds raised through IPOs in 2025 reached HKD 127.36 billion, the highest since 2021, reflecting a significant increase in market activity [6]. Group 3: Institutional vs. Retail Investor Dynamics - The new regulations are designed to balance the interests of institutional and retail investors, with a focus on enhancing the role of institutional investors in the IPO process [7][10]. - The changes are expected to lead to a decrease in the allocation of shares to retail investors, thereby increasing the likelihood of institutional participation in pricing and stabilizing post-IPO stock performance [3][10]. - The shift in allocation dynamics may result in higher success rates for IPOs of quality companies while allowing poorer quality companies to attract more retail investors [9][10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 香港交易及結算所有限公司 | | | | 呈交日期: | 2025年8月4日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 香港交易所並無法定股本，及其股本並無股份面值。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing significant reforms to its IPO pricing mechanism, effective August 4, aimed at enhancing market competitiveness and adapting to international standards [1][3]. Group 1: Changes in IPO Mechanism - The new rules require at least 40% of shares to be allocated to the book-building portion of the IPO, down from the previously suggested 50% [4][5]. - The maximum percentage for public subscription allocation can now be adjusted up to 35%, increasing from the previous limit of 20% [5]. - A new mechanism allows issuers to set a fixed allocation for public subscription between 10% and 60%, without a reallocation mechanism [5]. Group 2: Public Holding Requirements - The HKEX is consulting on adjusting the public holding requirement, which currently mandates a minimum of 25% public float, to a more flexible tiered system based on market capitalization [6][7]. - For companies with a market value of HKD 1 billion, the public holding requirement can be as low as 10% [7]. - The initial free float requirement for "A+H" issuers has been reduced from 10% of H shares to 5% of the total A+H shares [7]. Group 3: Market Context and Rationale - The reforms are designed to attract international issuers and investors, enhancing the transparency and efficiency of the IPO process [3][4]. - The changes reflect the increasing participation of institutional investors in the Hong Kong market, which now accounts for nearly 90% of trading [5]. - The adjustments aim to balance the interests of institutional and retail investors in the IPO allocation process [5].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has optimized its IPO regulations to enhance the pricing and allocation mechanisms for new listings, effective from August 4, 2023, aiming to attract more local and international investors [1][3]. IPO Market Optimization - The new rules allow issuers to allocate at least 40% of the initially proposed shares to the book-building portion, down from the previously suggested 50% [3]. - A new mechanism (Mechanism B) has been introduced, allowing issuers to set a public offering allocation between 10% and 60%, while Mechanism A's maximum clawback percentage has been increased from 20% to 35% [3][4]. - The initial public holding requirement has been revised to provide greater flexibility and certainty for issuers, with new initial free float requirements introduced to ensure sufficient tradable shares at listing [3][5]. Market Dynamics - The changes reflect a shift in the investor structure of the Hong Kong market, where institutional investors now account for nearly 90% of trading, compared to less than half two decades ago [4][5]. - The adjustments are expected to enhance the attractiveness of listing in Hong Kong and boost investor confidence in participating in IPOs [3][5]. Impact on IPO Pricing - The new dual-track system (Mechanism A and B) is designed to stabilize the share allocation between institutional and retail investors, ensuring a balanced distribution of shares [5][6]. - The reforms aim to create a more institutionally driven IPO pricing ecosystem, potentially leading to a reshuffling in the brokerage industry, with larger firms gaining an advantage [6][7]. Future Projections - The HKEX is projected to lead global IPO fundraising, with 2025's first half already surpassing the total amount raised in 2024 [8]. - The new regulations are expected to facilitate larger companies in managing their capital more effectively, as they may prefer to issue shares at a later stage rather than during the IPO [9][10].