联交所就优化结构性产品上市制度建议征询意见

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is seeking market feedback on proposed enhancements to the listing regime for structured products, aiming to improve market competitiveness, quality, investor protection, and efficiency [1] Group 1: Enhancing Market Competitiveness - The minimum issuance price for derivative warrants is proposed to be reduced from HKD 0.25 to HKD 0.15, and the minimum issuance price requirement for bull and bear certificates will be removed to broaden product terms [2] - The eligibility threshold for issuing structured product ETFs will be lowered from a public holding market value of at least HKD 4 billion over 60 days to a total asset value of at least HKD 1 billion [2] - New additional ratios will be introduced to expand the conversion ratios for derivative warrants and bull and bear certificates [2] Group 2: Improving Market Quality and Enhancing Investor Protection - The minimum net asset value requirement for issuers will be increased from HKD 2 billion to HKD 5 billion, and issuers must be regulated entities [3] - Issuers (or guarantors) must obtain investment-grade ratings from all credit rating agencies for which they seek credit ratings [3] - The publication deadline for interim financial reports for issuers and guarantors will be shortened to within three months after the end of the relevant interim period [3] Group 3: Enhancing Market Efficiency - The requirement for publishing launch announcements will be removed, and the listing documents for further issuance of structured products will be simplified to reduce administrative burdens on issuers without compromising investor information [4] - Securities dealers that are also issuers will be allowed to provide discounts, subject to the safeguards outlined in the listing rules [4] - The proposals aim to promote product innovation, enhance market efficiency, and maintain high levels of market quality and investor protection [4]