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酝酿重大变革!香港结构性产品市场最新动作
HKEXHKEX(HK:00388) 证券时报·2025-10-01 02:55

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is seeking market feedback on proposals to optimize the listing framework for structured products, aiming to enhance product innovation, market efficiency, and investor protection [1][2]. Summary by Sections Market Competitiveness - The proposals aim to enhance the competitiveness of the structured products market in Hong Kong, which has maintained its position as the global leader in structured product trading for 17 consecutive years, with a recent average daily trading volume exceeding HKD 20 billion [2][8]. Market Quality and Investor Protection - Recommendations include raising the minimum net asset value requirement for issuers from HKD 2 billion to HKD 5 billion, ensuring that issuers are regulated entities and have investment-grade ratings from credit rating agencies [7][8]. - The consultation also suggests improving the ongoing responsibilities of issuers to ensure financial stability and compliance with market standards, thereby enhancing investor protection [8]. Market Efficiency - The proposals include lowering the minimum issuance price for derivative warrants from HKD 0.25 to HKD 0.15 and removing the minimum issuance price for bull and bear certificates, which will provide issuers with greater flexibility to meet retail investor needs [7][8]. - Changes to the eligibility criteria for ETFs as underlying securities for structured products will lower the threshold to a total asset management size of HKD 1 billion, facilitating the development of a product ecosystem around ETFs [8].