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Core Viewpoint - Hong Kong Stock Exchange (HKEX) has initiated a consultation to optimize the framework of trading units in the Hong Kong securities market, aiming to enhance trading, settlement, and clearing efficiency. The consultation will last for 12 weeks, ending on March 12, 2026 [1]. Group 1: Proposed Changes - HKEX plans to reduce the number of trading unit types from over 40 to 8 standard options, which include 1 share, 50 shares, 100 shares, 500 shares, 1000 shares, 2000 shares, 5000 shares, and 10000 shares [2][3]. - The lower limit for the value of each trading unit will be significantly reduced from 2000 HKD to 1000 HKD, while an upper limit of 50000 HKD will be introduced for issuers with trading units greater than 100 shares [4]. Group 2: Market Impact - The standardization of trading units is expected to provide options for issuers across different price ranges, while also reducing the impact on issuers and minimizing the occurrence of fractional shares. Approximately 25% of issuers may need to adjust their trading unit sizes if the proposals are implemented [3]. - The new framework aims to attract more retail investors to participate in the Hong Kong stock market by simplifying trading operations and enhancing market vitality [2]. Group 3: Implementation Phases - The new trading unit framework will be implemented in phases. In the first phase, new issuers will be required to select standardized trading unit sizes and comply with the revised value guidelines upon listing. Existing issuers will also need to adhere to the updated value guidelines [5]. - In the second phase, existing issuers will transition to one of the standardized trading unit sizes within a specified timeframe after the implementation of a paperless securities market, ensuring a smooth market transition and operational efficiency [6].