打破上下限！港交所交收费新规即将生效

Core Viewpoint - Hong Kong Stock Exchange (HKEX) will implement a new stock transaction fee structure starting June 30, 2025, which eliminates the previous minimum fee of 2 HKD and maximum fee of 100 HKD, aiming to enhance market efficiency and align fees more closely with transaction amounts [1][7]. Fee Structure Changes - The current fee structure is 0.002% with a minimum fee of 2 HKD and a maximum fee of 100 HKD, while the new structure will be 0.0042% with no minimum or maximum fee limits [7][8]. - The removal of the minimum fee will significantly reduce costs for small transactions (less than 47,600 HKD), making the new fee more favorable for these trades [8][11]. - For example, a transaction of 10,000 HKD will incur a fee of 0.42 HKD under the new structure, compared to 2 HKD previously [9]. Market Impact - Approximately 77% of market transactions from 2019 to 2024 are expected to pay lower fees under the new structure [11]. - The adjustment aims to address the structural issue of high costs for small transactions and low costs for large transactions, promoting fairness across different transaction sizes [11]. - The reduction in costs for small trades is anticipated to lower the trading threshold for retail and institutional investors, benefiting high-frequency trading, quantitative strategies, and participation from smaller investors, thereby enhancing overall market activity [11]. Stock Performance - As of June 27, 2025, HKEX's stock price has increased by 44.91% year-to-date, reaching 421.2 HKD, with a total market capitalization exceeding 530 billion HKD [12][13]. - Morgan Stanley has raised its target price for HKEX from 440 HKD to 500 HKD, citing increased average daily trading volume and profit forecasts as reasons for the upgrade [15]. - Goldman Sachs also noted that despite a 35% increase in HKEX's stock price, it remains undervalued relative to recent market activity levels, predicting a potential 15% increase in average daily turnover if more A-share companies list in Hong Kong [16].