HKEX(HK:00388) Sou Hu Cai Jing·2025-06-29 11:37Group 1 - The Hong Kong securities market is undergoing a significant change in its trading cost structure, with major mainland brokers announcing adjustments effective June 30 [1] - The new fee structure will increase the transaction fee rate from 0.002% to 0.0042%, while eliminating the previous minimum fee of 2 HKD and maximum fee of 100 HKD [2] - This adjustment will impact trading channels such as Stock Connect and H-shares, directly affecting mainland investors participating in Hong Kong stock trading [2] Group 2 - The critical threshold for the new fee structure is set at 47,600 HKD, where small transactions will benefit from reduced costs, while larger transactions will incur higher fees [3] - For example, a transaction of 1,000 HKD will see fees drop from 2 HKD to approximately 0.042 HKD, a reduction of 95%, while a 1,000,000 HKD transaction will see fees increase from 20 HKD to 42 HKD [3] - Investors are advised to consider splitting larger transactions to take advantage of the lower fee rates for amounts below the critical threshold [3][6] Group 3 - The fee adjustment is closely linked to another significant reform in the Hong Kong market, which involves lowering the minimum tick size to reduce trading spreads and facilitate the execution of large orders [4] - The Hong Kong Stock Exchange aims to achieve a "cost-neutral" market structure through these changes, addressing the previously high costs associated with small transactions [4] Group 4 - Experts believe that the new regulations will significantly alter market participant behavior and enhance liquidity in the Hong Kong market [5] - The combination of fee adjustments and the reduction in minimum tick size is expected to increase retail investor activity, thereby improving overall market liquidity [5] Group 5 - Mainland investors participating through Stock Connect should be aware of exchange rate risks, as trading costs will fluctuate with currency movements [6] - The reduction in trading costs may encourage small investors to increase their trading frequency, but risk management remains crucial [6]