智通财经网·2025-12-23 09:40Core Viewpoint - The Hong Kong Stock Exchange (HKEX) plans to transition to a paperless securities market (USM) by 2026, enhancing market accessibility, resilience, and competitiveness [1] Group 1: USM Implementation and Benefits - The USM will modernize market operations, allowing investors to hold and manage securities more efficiently through digital means [2] - The transition to USM will eliminate paper documents for listed securities, reducing manual operations and increasing operational efficiency [2] - Investors will benefit from simplified processes and clearer information, leading to lower costs, fewer delays, and higher certainty [1][3] Group 2: Market Infrastructure and Efficiency - The existing central clearing and settlement system will remain, ensuring service levels are maintained while shortening the securities transfer and registration process [3] - The elimination of paper documents will reduce risks and delays associated with physical operations, ultimately enhancing market capacity and processing speed [3] - The USM will also contribute to sustainability by reducing the carbon footprint associated with printing, transporting, and storing paper documents [3] Group 3: Industry Collaboration and Transition - The implementation of USM requires collaboration across the industry, with securities transitioning in phases [4] - During the transition, both paper and paperless securities will operate concurrently to ensure market readiness and continuity [4] - HKEX will work closely with intermediaries and issuers to plan and implement necessary system optimizations and conduct training for market participants [4] Group 4: Fee Structure and Market Optimization - HKEX will adjust the fee structure to make it simpler, fairer, and more predictable, aligning with the needs of a digitalized operation [5] - Recent market optimization measures have already improved trading convenience and increased market liquidity, such as the severe weather trading arrangements and new IPO pricing mechanisms [5]