HKEX(HK:00388) 证券时报·2025-12-18 09:09Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has initiated a consultation to optimize the framework for trading units, aiming to enhance trading, settlement, and clearing efficiency in the market [1][2]. Group 1: Consultation Details - The consultation period will last for 12 weeks, ending on March 12, 2026 [1]. - HKEX plans to simplify the current trading unit mechanism, reducing the number of trading unit types from over 40 to 8 standard options [4][5]. - The proposed standard trading units will be: 1 share, 50 shares, 100 shares, 500 shares, 1000 shares, 2000 shares, 5000 shares, and 10000 shares [4]. Group 2: Market Efficiency and Participation - The suggestions aim to improve operational efficiency in the secondary market and lower the trading value threshold to encourage more retail investors to participate in the Hong Kong stock market [2][6]. - Approximately 25% of issuers may need to adjust their trading unit sizes if the proposals are implemented [5]. Group 3: Value Guidelines - HKEX intends to set a lower limit for the trading value from the current HKD 2000 to HKD 1000, while introducing an upper limit of HKD 50000 for issuers with trading units greater than 100 shares [7]. - Currently, 19 companies have a trading value exceeding HKD 50000, with 16 of them having trading units greater than 100 shares [8]. Group 4: Implementation Phases - The new trading unit framework will be implemented in phases to ensure a smooth transition for the market [10]. - In the first phase, new issuers will be required to select standardized trading units and comply with the revised trading value guidelines [10]. - Existing issuers will transition to the new framework within a specified timeframe after the implementation of a paperless securities market [10].