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Core Viewpoint - The Hong Kong Stock Exchange will implement a new stock transaction fee structure starting June 30, 2025, breaking the previous minimum and maximum fee limits, which is expected to lower transaction costs for small trades while increasing costs for larger trades [2][4]. Fee Structure Changes - The new fee structure will change the transaction fee from 0.002% to 0.0042% of the transaction amount, eliminating the previous minimum fee of 2 HKD and maximum fee of 100 HKD [4][5]. - For trades under 47,600 HKD, the new fee will be significantly lower, e.g., a 10,000 HKD trade will incur a fee of 0.42 HKD compared to the previous 2 HKD [2][4]. Impact on Market Participants - Over 70% of market transactions will see a reduction in trading costs, particularly benefiting small investors and high-frequency trading strategies [8][10]. - The adjustment is expected to enhance market liquidity by attracting more small transactions, as approximately 77% of trades from 2019 to 2024 were below 100,000 HKD [9][10]. Broker Notifications - Major brokers, including CITIC Securities and China Galaxy Securities, have begun notifying clients about the upcoming changes to the transaction fee structure [5][7]. - Brokers will update relevant trading agreements to reflect the new fee structure [7].