HKEX(HK:00388) 证券时报·2025-12-15 05:27Core Viewpoint - Hong Kong Stock Exchange (HKEX) is planning a reform regarding the trading unit size, aiming to simplify the current complex structure of over 40 different trading units, while ensuring that the reform does not disadvantage retail investors [1][8]. Group 1: Trading Unit Reform - The current trading unit sizes in the Hong Kong market are diverse, with 43 different units ranging from 10 shares to 100,000 shares [3][4]. - The most common trading unit is 2,000 shares, with 666 companies using this size, accounting for 24.9% of the total [4]. - HKEX plans to initiate a market consultation on the trading unit reform soon, with the goal of reducing the number of trading units without completely standardizing them [8]. Group 2: 24-Hour Trading Discussion - There is ongoing discussion about whether HKEX should implement 24-hour trading, similar to some overseas markets, but this requires thorough research and consideration of market dynamics [9][10]. - The CEO of HKEX expressed caution, noting that extending trading hours could complicate processes and increase risks, and emphasized the need for consensus among market participants before proceeding [10]. Group 3: Interconnectivity and REITs - HKEX is actively working to enhance interconnectivity, with significant increases in both northbound and southbound trading volumes, particularly in ETFs [12][13]. - The average daily trading amount for southbound ETFs reached 4.2 billion yuan in the first three quarters of 2025, marking a record high [13]. - HKEX aims to expedite the inclusion of Real Estate Investment Trusts (REITs) into the interconnectivity framework to further enhance market participation [14].