港交所，重大变革！下周一生效

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing a significant change by reducing the minimum price fluctuation for certain stocks, which is expected to lower trading costs and enhance market efficiency [1][4]. Summary by Sections Phase One Implementation - The first phase of the adjustment will take effect on August 4, 2023, focusing on stocks priced between HKD 10 to 20 and HKD 20 to 50, with minimum price fluctuations reduced from HKD 0.02 to HKD 0.01 and from HKD 0.05 to HKD 0.02, respectively [1][6]. - The adjustments represent a 50% reduction for stocks priced between HKD 10 and 20, and a 60% reduction for those priced between HKD 20 and 50 [5]. Consultation and Support - The HKEX conducted a consultation process that began in June 2022, receiving 110 responses from various market participants, with a majority supporting the proposed changes [4][9]. - The feedback indicated a consensus on the positive impact of smaller minimum price fluctuations on market liquidity [9][10]. Future Phases - A second phase is planned for mid-2026, contingent on the evaluation of the first phase's effectiveness, with a six-month preparation period before implementation [5][10]. - The second phase will also target stocks priced between HKD 0.5 and 10, proposing a 50% reduction in minimum price fluctuation [5]. Market Impact and Concerns - Some market participants, particularly traders and retail investors, expressed concerns about the potential impact of the second phase on lower-priced securities, fearing it may narrow bid-ask spreads and hinder profitability [8][10]. - The HKEX acknowledged these concerns, stating that lower minimum price fluctuations could reduce trading costs and improve liquidity, thus benefiting public investors overall [10].