T+2变T+1？！港股，拟重大调整！

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has published a discussion paper aimed at shortening the settlement cycle for the stock cash market, currently at T+2, to align with global trends towards T+1 or shorter cycles [1]. Group 1: Current Settlement Cycle - The HKEX has maintained a T+2 settlement cycle since 1992, while many international markets have moved to T+2 over the past 20 years [1]. - By the end of 2027, it is projected that 88% of global stock market transactions will adopt T+1 or T+0 settlement cycles [1]. Group 2: Benefits and Challenges - The discussion paper outlines potential benefits and challenges of shortening the settlement cycle in the Hong Kong stock cash market [1]. - It references experiences from other major markets that have undergone similar transitions, providing a foundation for in-depth discussions among market participants [1]. Group 3: Participation and Feedback - The discussion is limited to the settlement of secondary market transactions and does not include primary market transactions, such as new stock subscriptions [1]. - HKEX invites market participants and stakeholders to engage in the discussion and submit feedback by September 1, 2025, through their website [1].