【环球网财经综合报道】8月1日，港交所就优化首次公开招股市场定价及公开市场规定的咨询文件刊发咨询总结，新规于8 月4日正式生效。此次优化主要涉及首次公开招股市场及公开市场规定两方面内容，是港交所持续优化市场机制、增强国际 竞争力的重要举措。 新规核心变化，是对建簿配售比例调整。新规将建簿配售部分最低分配份额由原建议的50%下调至40%。港股新股发售分 基石配售、建簿配售和公开认购三部分，此前建簿配售无明确下限，热门新股回拨后机构获配比例可能极低。新规强制保 留机构投资者份额，增加其参与定价积极性，利于公司后市股价稳定。 同时，回拨机制提供双选项。新规提供机制A和机制B供公司选择。机制A沿用超额倍数回拨思路但减少比例，公开认购部 分最低比例降至5%，超额认购不同倍数回拨比例也相应降低；机制B引入新选项，发行人可事先选定分配至公开认购部分 比例，下限10%、上限60%，无回补机制，且分配至公开认购部分最大百分比上调至60%。以蜜雪冰城为例，按新规两种机 制均会降低散户中签概率。格上基金研究员托合江建议，企业可根据需求选择机制，吸引散户选A，控制发行节奏选B。 值得一提的是，新规对初始公众持股量及自由流通量进行调整 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing significant reforms to its IPO pricing mechanism, effective August 4, aimed at enhancing market competitiveness and adapting to international standards [1][3]. Group 1: Changes in IPO Mechanism - The new rules require at least 40% of shares to be allocated to the book-building portion of the IPO, down from the previously suggested 50% [4][5]. - The maximum percentage for public subscription allocation can now be adjusted up to 35%, increasing from the previous limit of 20% [5]. - A new mechanism allows issuers to set a fixed allocation for public subscription between 10% and 60%, without a reallocation mechanism [5]. Group 2: Public Holding Requirements - The HKEX is consulting on adjusting the public holding requirement, which currently mandates a minimum of 25% public float, to a more flexible tiered system based on market capitalization [6][7]. - For companies with a market value of HKD 1 billion, the public holding requirement can be as low as 10% [7]. - The initial free float requirement for "A+H" issuers has been reduced from 10% of H shares to 5% of the total A+H shares [7]. Group 3: Market Context and Rationale - The reforms are designed to attract international issuers and investors, enhancing the transparency and efficiency of the IPO process [3][4]. - The changes reflect the increasing participation of institutional investors in the Hong Kong market, which now accounts for nearly 90% of trading [5]. - The adjustments aim to balance the interests of institutional and retail investors in the IPO allocation process [5].

智通财经记者 | 邹文榕 历经逾7个月的筹备，香港交易所（下称：港交所）优化IPO新规出炉。 8月1日，港交所全资附属公司香港联合交易所有限公司（下称：联交所）就优化首次公开招股市场定价及公开市场规定 的咨询文件（下称：咨询文件）刊发咨询总结。 《上市规则》的优化主要涉及三项内容，并于8月4日起正式生效。 在首次公开招股市场方面，定价新规允许发行人将首次公开招股时初步拟发售股份的至少40%分配至建簿配售部分；同 时，允许新上市申请人选用机制A或机制B，作为首次公开招股发售的分配机制；在公开市场规定方面，新规还调整了 初始公众持股量及自由流通量的有关规定。 香港交易所上市主管伍洁镟认为，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资者参与新股认购的需求。 "与此同时，我们已修订初始公众持股量要求，为发行人提供更大的灵活性与确定性，并引入新的初始自由流通量要 求，以确保上市时有足够的可交易股份。"伍洁镟表示。 中国（香港）金融衍生品投资研究院院长王红英在接受智通财经记者采访时分析道，上述三项优化内容打破了港交所过 去近三十年相对稳定的一些制度。在保持监管稳定的前 ...

（原标题：今日看点｜港交所IPO定价及分配新规生效） 8月4日重点关注的财经要闻与资本市场大事： 1、港交所IPO定价及分配新规今起生效 7月28日，央行开展4958亿元7天期逆回购操作，操作利率为1.40％，今日到期。 5、欧元区8月Sentix投资者信心指数、美国6月工厂订单月率等数据将公布。 （数据来源Wind，内容不构成任何投资建议） 2、90.22亿元市值限售股今日解禁 8月4日，4家公司共发布4个股票回购相关进展。其中，2家公司披露股票回购实施进展，2家公司回购方 案已实施完毕。 从回购实施进展来看，颀中科技、湖南白银回购金额最高，分别回购1.0亿元、1826.2万元。从已完成回 购来看，当日共1家公司回购金额超千万。中航重机、三一重工已完成回购金额最高，分别回购2.0亿 元、524.5万元。 4、今日有4958亿元7天期逆回购到期 8月1日，港交所宣布，IPO建簿配售最低分配比例将从原建议的50%下调至40%，新股分配机制可由发 行人从A、B两种方案中作出选择。其中，机制A下分配至公开认购部分的最大回拨百分比由原建议的 20%上调至35%，机制B不设回补，公开发售比例在10%—60%之间选定。此 ...

Group 1 - The Hong Kong Stock Exchange officially launched an optimized pricing and allocation mechanism for initial public offerings (IPOs) on August 1, marking a significant transformation in the Hong Kong IPO market [1] - The new regulations will soon take effect, providing issuers with more options and flexibility in their IPO processes [1] - The adjustments were made after receiving 1,253 pieces of market feedback, leading to the adoption of key recommendations from the consultation document [1] Group 2 - The core of the reform is the introduction of two allocation mechanism options for issuers: Mechanism A and Mechanism B [3] - Mechanism A retains the existing allocation framework but increases the maximum percentage of shares that can be reallocated to the public subscription portion from the originally proposed 20% to 35%, benefiting retail investors in oversubscription scenarios [3] - Mechanism B introduces a fixed allocation model where issuers must determine the specific percentage of shares allocated to the public subscription before the offering, with a lower limit of 10% and an upper limit of 60% [3] Group 3 - The new regulations revise the minimum allocation requirement for the book-building portion from at least 50% to 40%, allowing more shares for public subscription and enhancing retail investor participation [4] - This adjustment reflects regulatory considerations to balance the needs of different investor groups, optimizing the participation structure of institutional and retail investors [4] - The new rules also introduce initial free float requirements to ensure sufficient tradable shares are available in the market at the time of listing [4]