Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) announced that the paperless securities market system is expected to be implemented on November 16, 2026, enhancing market efficiency and aligning with global best practices [1][3]. Group 1: Implementation Progress - The Hong Kong Stock Exchange (HKEX) has been preparing for the transition to a paperless securities market since May 2025, providing market participants and issuers with updated reference materials [1]. - The systems and processes related to the paperless securities market at HKEX and relevant share transfer offices are in the late stages of development and testing, with market participants invited to participate in testing in the coming months [2]. - The SFC has reviewed and approved HKEX's proposed amendments to multiple rules and operational procedures necessary for the implementation of the paperless securities market [2]. Group 2: Market Education and Communication - To deepen market understanding of the new system and its impacts, multiple documents have been published, and several briefings have been held, with ongoing efforts to enhance public awareness [2][4]. - The SFC plans to submit a notice of the effective date to the Legislative Council in the second quarter of 2026 to ensure the legal framework for the paperless securities market is established [3]. Group 3: Transition Details - New securities listed after the implementation date must be issued in paperless form, while existing securities will transition to the paperless system over five years, with issuers notified in advance [3]. - The current nominal holder structure in the Central Clearing and Settlement System will remain, with limited modifications to the processes for depositing and withdrawing securities [4]. - Intermediaries are encouraged to collaborate closely with HKEX to prepare for the new system, as adjustments to their business models and operational processes may be necessary [4].

Group 1 - The Hong Kong government, represented by Financial Secretary Paul Chan, announced the 2026-2027 fiscal budget aimed at optimizing the securities market to attract issuers and enhance market efficiency [1] - The Hong Kong Stock Exchange (HKEX) plans to revise the listing requirements for companies with dual-class shares, facilitate secondary listings for overseas issuers, and provide more flexibility for biotech and specialized technology companies in the IPO process [1] - HKEX aims to implement a structured product listing framework and consult on the specific implementation plan for a "T+1" settlement cycle within the first half of the year [1] - The securities market will undergo reforms regarding the trading unit size, and a paperless securities market system is expected to be launched in collaboration with the Hong Kong Securities and Futures Commission and industry stakeholders within the year [1]

Group 1 - The Hong Kong Financial Secretary, Paul Chan, announced initiatives in the 2026-27 budget to enhance the securities market, attract issuers, and improve market efficiency [1] - The Hong Kong Stock Exchange (HKEX) will revise the listing requirements for "dual-class shares," facilitate secondary listings for overseas issuers, and provide more flexibility for biotech and specialized technology companies seeking to go public in the first quarter [1] - In the first half of the year, HKEX plans to implement a structured product listing framework and consult on the specific implementation plan for a "T+1" settlement cycle [1] - The securities market will undergo reforms regarding the trading unit for securities, and a paperless securities market system will be launched in collaboration with the Securities and Futures Commission (SFC) and industry stakeholders within the year [1]