港股结算周期拟大调整！T+2缩短至T+1？

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is considering shortening the settlement cycle for its stock cash market from T+2 to T+1 or even T+0, aligning with global trends where 88% of stock markets are expected to adopt T+1 or T+0 by the end of 2027 [1][2] Group 1 - The HKEX has maintained a T+2 settlement cycle since 1992, while other international markets have gradually moved to T+2 over the past 20 years [1] - HKEX CEO Charles Li emphasized the need for continuous optimization of Hong Kong's financial market infrastructure to keep pace with global developments [1] - The transition to T+1 is expected to enhance market efficiency, reduce systemic risk, and better integrate Hong Kong's market with international markets [1] Group 2 - Challenges of moving to T+1 include addressing time zone differences, foreign exchange conversions, and the need for market participants to upgrade systems and automate processes [2] - Goldman Sachs identified five key priorities for HKEX management, including narrowing the bid-ask spread for small and large stocks, preparing for T+1 settlement, reviewing new stock rules, developing derivative platforms, and exploring complementary businesses [2] - The discussion on the settlement cycle pertains only to the secondary market for stock cash transactions and does not include primary market transactions such as IPO subscriptions [2]