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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].