Core Viewpoint - Global exchanges are extending trading hours to compete for liquidity and attract global capital, with Hong Kong Stock Exchange (HKEX) taking a cautious yet proactive approach to this trend [2][3][6]. Group 1: HKEX's Approach to Trading Hours - HKEX currently operates for 5.5 hours daily, which is longer than A-shares but shorter than major Western markets. The CEO emphasized the need for a careful and gradual approach to extending trading hours, citing significant market impacts and risk management concerns [3][7]. - Deloitte's report suggests that HKEX should gradually extend trading hours to 6 PM, eventually aiming for 24-hour trading to align with European markets and enhance liquidity [3][7]. - The CEO of HKEX highlighted the importance of stakeholder consultation and the potential risks associated with continuous trading, noting that current trading hours allow for error correction [6][7]. Group 2: A-shares Consideration - A-shares currently have the shortest trading time of 4 hours, which is less than that of major global exchanges. Experts argue that extending trading hours is essential for aligning with international standards and enhancing the attractiveness of Chinese assets [4][5][11]. - Suggestions for A-shares include a phased approach to extend trading hours, initially synchronizing with HKEX and later aligning with other major exchanges [5][11]. - The China Securities Regulatory Commission has indicated a willingness to explore extending trading hours for A-shares to better meet investor needs [10]. Group 3: Market Dynamics and Implications - The trend of extending trading hours is seen as a necessary evolution for global financial markets, with major exchanges like Nasdaq and NYSE planning significant extensions [6][8]. - Continuous trading could help smooth price fluctuations and attract more liquidity, benefiting different time zone investors and enhancing market competitiveness [8][9]. - However, there are concerns about the potential for lower trading volumes during night sessions and increased operational costs for brokers, though some believe it could lead to higher revenues for brokerage firms [9].

Group 1 - The proposal for extending trading hours in Hong Kong aims to implement 24-hour trading, which would attract more international capital and benefit the Hong Kong stock market and financing market [1] - The Hong Kong stock market has seen a significant increase, with the index breaking through 3800 points and maintaining a trading volume above 2.5 trillion, indicating a strong upward trend [1] - Retail investors are feeling anxious as the index reaches new highs while they are still recovering losses, highlighting the urgency to capitalize on the current bullish market [1] Group 2 - A-shares have reached a historic milestone, with the market capitalization surpassing 100 trillion yuan, and major indices, including the Shanghai Composite Index, hitting ten-year highs [3] - The ChiNext and Sci-Tech 50 indices have also seen substantial gains, with the Sci-Tech 50 index experiencing a single-day surge of over 8% [3] - Leading technology stocks, such as Cambrian and ZTE, have significantly contributed to this bullish sentiment, with Cambrian's market value exceeding 520 billion yuan [3] Group 3 - The potential for Cambrian's stock price to surpass that of Moutai raises questions about market leadership during bull markets, as historical trends show that each bull market is often led by a core stock [5] - The current market dynamics suggest that Cambrian could become a leading indicator similar to past leaders like Moutai and Ningde Times [5] Group 4 - The Shanghai Composite Index rose by 1.45%, the Shenzhen Component Index by 2.07%, and the ChiNext Index by 3.36%, marking a significant milestone as the Shanghai Composite Index surpassed 3800 points [7] - The technology sector, particularly in chips and AI, has been a major driver of this growth, with numerous stocks within the industry hitting their daily price limits [7] - The trading volume has increased to 2.55 trillion, indicating a healthy market environment with a potential for continued upward momentum [7]

Core Viewpoint - UBS has raised its average daily trading volume forecasts for Hong Kong Exchanges and Clearing (HKEX) for the years 2025 to 2027, reflecting positive market data and institutional targets for the Hang Seng Index [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased to HKD 230 billion, HKD 193 billion, and HKD 219 billion for 2025, 2026, and 2027 respectively [1] - Earnings per share estimates have been raised by 5%, 3%, and 2% to HKD 12.5, HKD 10.9, and HKD 11.8 for the same years [1] - The target price for HKEX has been adjusted from HKD 430 to HKD 464, while maintaining a "Neutral" rating [1] Group 2: Southbound Trading and Market Participation - The contribution of southbound trading to HKEX's overall average daily trading volume is expected to nearly double from approximately 16% in Q1 of last year to nearly 28% in the current third quarter [1] - Increased participation from a broader base of domestic investors, particularly retail investors, indicates further potential for growth in southbound trading [1] Group 3: Future Developments - HKEX is exploring the possibility of zero-day options, although the complexity of execution means that a specific timeline is still unclear [1] - The exchange believes that extending trading hours requires comprehensive consideration from various perspectives [1]

Group 1 - The Hong Kong Stock Exchange (HKEX) is open to suggestions regarding extending trading hours, but emphasizes the need for careful consideration due to the significant impact on the overall market [2] - HKEX CEO Charles Li indicated that while the exchange is committed to providing more convenience for investors, any changes to trading hours would require input from all market participants [2] - The potential risks associated with a 24-hour trading mechanism were highlighted, including the lack of time to rectify errors that could occur during continuous trading [2]

Group 1 - The CEO of Hong Kong Stock Exchange Group, Charles Li, emphasized the significant impact of extending trading hours on the overall market and the need for caution [1] - The exchange is open to suggestions regarding extended trading hours but acknowledges the challenges and the necessity to consult all market participants [1] - Currently, the exchange has extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday, and is developing a new platform to enhance trading, clearing, and risk management capabilities [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong mid-term results for 2025, highlighting ongoing efforts to enhance market infrastructure and adapt to changing global client needs [1] Group 1: Market Initiatives - HKEX is open to suggestions for extending trading hours but emphasizes the need for careful consideration due to potential market impacts and the necessity of consulting all market participants [1] - The exchange has already extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday [1] Group 2: Future Developments - HKEX is developing the "Navigator" derivatives platform to improve trading, clearing, and risk management capabilities in the derivatives market [1] - The company plans to continue enhancing market vitality and competitiveness in the second half of the year, including discussions on shortening the settlement cycle for the cash market and optimizing trading and settlement services [1]

Core Viewpoint - Market participants have suggested that Hong Kong Exchanges and Clearing Limited (HKEX) should extend trading hours, similar to Nasdaq's proposed 24-hour trading mechanism starting in the second half of 2026. However, HKEX emphasizes the need for careful consideration before making such changes [1] Group 1 - HKEX's CEO, Charles Li, stated that the exchange is open to suggestions for providing more convenience to investors [1] - The extension of trading hours is seen as having a significant overall impact on the market, presenting considerable challenges that require thorough examination [1] - HKEX highlighted the importance of consulting all market participants regarding any potential changes to trading hours [1] Group 2 - The current trading structure allows for several hours of buffer time to address any issues that may arise, which would be lost in a continuous 24-hour trading model [1] - The need for a cautious approach is underscored by the potential risks associated with a non-stop trading environment [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is open to suggestions regarding extended trading hours but emphasizes the need for careful consideration due to the significant impact on the market [1] Group 1: Trading Hours Discussion - Market participants suggested extending trading hours during the HKEX mid-year performance meeting [1] - HKEX CEO Charles Li clarified that while the exchange is open to ideas, extending trading hours poses substantial challenges and requires thorough consultation with all market participants [1] - The potential risks of a 24-hour trading mechanism were highlighted, including the lack of time to rectify errors that could occur without a break [1]

Group 1 - Hong Kong Exchanges and Clearing (HKEX) is considering implementing a five-day, 24-hour trading mechanism by mid-2026, following Nasdaq's plans [1] - HKEX is actively discussing shortening the settlement cycle for the cash market, with technology systems expected to support T+1 settlement by the end of this year [1] - The current trading hours for major global stock markets vary, with London, Frankfurt, and Paris at 8.5 hours, Singapore at 7 hours, and the US exchanges at 6.5 hours [1] Group 2 - The China Securities Regulatory Commission (CSRC) emphasized the need to enhance capital market activity and investor confidence by optimizing trading mechanisms and potentially extending trading hours for A-shares and bond markets [2] - Currently, A-share trading hours are only 4 hours, which is relatively short compared to other mature capital markets, affecting pricing efficiency and increasing overnight risk for small investors [2] - There is a suggestion to synchronize A-share trading hours with Hong Kong stocks to create overlap with European markets, which could positively impact trading volume and market activity [2] Group 3 - Changliang Technology has established partnerships with numerous overseas financial institutions [3] - Hengsheng Electronics' subsidiary, Hengyun Technology, is a leading provider of core trading systems for Hong Kong brokers [3]

Group 1 - The Hong Kong Stock Exchange (HKEX) is actively discussing the shortening of the settlement cycle for the cash market, with plans to support a T+1 settlement cycle by the end of this year [1] - HKEX CEO Charles Li noted the ongoing discussions regarding extending trading hours, referencing Nasdaq's plan to implement a 24-hour trading mechanism five days a week by the second half of 2026 [1] - The company will adopt a cautious and gradual approach, taking into account international experiences while considering local market conditions, with system upgrades and risk management frameworks being prerequisites for this process [1] Group 2 - Since the launch of the "Tech Company" special line, HKEX has received applications for IPOs from 50 companies under Chapter 18A and Chapter 18C listing rules [1]