8月1日，香港交易所(00388)全资附属公司香港联合交易所有限公司(联交所)宣布优化IPO市场定价及公开市场规定，新规 将于2025年8月4日生效。其中，散户回拨比例上限调整至35%(原建议20%)，并保留基石投资者6个月禁售期，未放宽限 制。同时，引入新的初始自由流通量要求，确保上市时有足够可交易股份。此外，联交所正就持续公众持股量规定展开 进一步咨询，旨在提升市场灵活性，同时加强股东权益保护。 首次公开招股市场定价及公开市场改革建议的总结 联交所收到1,253份来自各界人士对咨询文件的非重复回应意见。经考虑这些回应意见，联交所在略作修订及厘清后，将 采纳咨询文件中的大部分建议。 香港交易所上市主管伍洁镟表示："作为全球最活跃的新股集资市场之一，香港在过去二十多年来吸引了各行各业的发行 人在此上市。这些新股的发行规模越来越大，亦吸引了日渐多元化的国际投资者参与认购。为了保持国际竞争力、持续 吸引新一代的优秀企业在港上市，我们必须与时并进，不断优化上市制度，确保我们的制度与国际市场上的标准接轨。" 伍洁镟续说："香港交易所希望透过这次改革，提升新股定价及分配机制的稳健性，并且平衡各种不同类型的本地及国际 投 ...

Group 1: Regulatory Response to Private Markets - The Australian Securities and Investments Commission (ASIC) is expected to clarify its approach to the rapid growth of private market assets, particularly private credit, and the declining IPO market [1][3] - ASIC Commissioner Simone Constant will address these issues at an investor symposium, highlighting the importance of the health of Australia's economic and financial systems [3][4] - ASIC is balancing the need for increased transparency and disclosure obligations with the necessity of not overburdening the industry with compliance costs [3][5] Group 2: Initial Reform Measures - ASIC is anticipated to announce an early reform initiative as a "quick win" and will continue to explore other rapid reform suggestions [3][5] - A discussion paper released by ASIC in February analyzed structural issues in private and public markets, receiving around 90 feedback submissions, with over half to be disclosed this week [5] Group 3: Global Context and Systemic Risks - The International Monetary Fund (IMF) has identified the rising role of non-bank financial institutions (NBFI) in the financial system, with banks' exposure to private credit exceeding $500 billion (approximately 777 billion AUD) [5] - The IMF emphasizes the need for improved regulation of NBFIs due to their increasing influence on systemic financial stability [5] Group 4: Industry Perspectives on Regulation - Industry opinions on ASIC's regulatory approach vary, with some advocating for caution in new regulations to avoid disadvantaging private asset managers compared to banks [6] - Others argue for stronger governance and transparency standards in private credit [6] Group 5: IPO Market Reform - There is significant interest in how ASIC will revitalize the IPO process, as the number of new listings on the Australian Securities Exchange (ASX) has been low in recent years [7][8] - ASIC does not view the decline in IPO numbers as a structural issue but acknowledges that streamlining the process could attract more companies to list [8] Group 6: Ongoing Initiatives and Market Dynamics - Virgin Australia and GemLife are planning IPOs, and their pricing and market performance will influence the IPO window [9] - Investment banks, including JPMorgan, are pushing for reforms to optimize the IPO process, recognizing the need for a competitive capital market in Australia [10] - The ASX has also acknowledged the necessity for reform and has proposed several optimization suggestions for the IPO process [10]