21世纪经济报道记者 张伟泽 香港报道 8月15日，广州银诺医药集团股份有限公司（02591.HK）正式登陆港交所，成为港交所IPO新规生效后 首家运用新分配机制的上市公司。上市首日，公司股价曾一度上涨超280%。 这家生物制药企业选择了新规中的机制B——预先锁定公开认购比例为10%，国际配售占90%，且不设 回拨机制。这意味着，无论公开认购多么火爆，机构投资者都能获得90%的稳定配售比例。 银诺医药获得约26万人认购，超购5364倍，成为今年超购王第二名。而银诺医药也创造了一个奇特的现 象："顶头槌"也要抽签——即使认购最大额度182.78万股，散户也可能一手都抽不中。 散户参与IPO市场的时代，已经结束了吗？ 8月4日，港交所关于IPO定价机制的新规正式落地生效。本次改革被市场认为是港交所27年来对新股定 价机制最全面、最深入的一次调整。 香港交易所发言人对21世纪经济报道记者表示，相比20多年前，香港股票市场已发生巨大变化。部分原 有规则已不符合当前市场需求，与国际市场做法脱节，甚至可能阻碍市场发展，上市公司以及机构投资 者等市场参与者已有改革呼声。 港交所此次IPO配售制度改革的核心是重新平衡机构投资 ...

Core Viewpoint - The Hong Kong stock market showed significant growth in July, with high trading activity expected to continue, leading to anticipated performance growth for the Hong Kong Stock Exchange (HKEX) [1][2]. Market Performance - The Hong Kong stock market experienced an overall increase, with the Hang Seng Index and Hang Seng Tech Index rising by 23.5% and 22.0% respectively compared to the end of 2024 [1]. - The monthly average daily turnover (ADT) for HKEX reached HKD 262.9 billion, reflecting a month-on-month increase of 14.2% and a year-on-year increase of 166.6% [1]. - Northbound trading ADT was HKD 222.3 billion, with month-on-month and year-on-year increases of 36.5% and 86.0% respectively, while southbound trading ADT was HKD 144.4 billion, increasing by 19.5% month-on-month and 329.0% year-on-year [1]. Derivatives Market - The derivatives market saw a recovery in options trading, with average daily volume (ADV) for futures at 572,000 contracts, showing a slight decrease of 0.1% month-on-month and 3.7% year-on-year [1]. - Options ADV was 942,000 contracts, with month-on-month and year-on-year increases of 14.8% and 30.6% respectively [1]. IPO Market - The IPO market in Hong Kong saw significant growth, with 9 new stocks listed in July, totaling HKD 19.9 billion, which is a decrease of 34% month-on-month but an increase of 333% year-on-year [2]. - New derivative warrants and bull/bear certificates listed were 850 and 2,271 respectively, with year-on-year increases of 42% and 31%, and month-on-month increases of 11% and 14% [2]. Investment Income - Investment income rates for HKEX showed a decline compared to previous months, with the 6-month HIBOR at 2.27%, down by 0.11 percentage points month-on-month [2]. Macroeconomic Environment - Domestic economic conditions showed a decline in manufacturing activity, with the PMI at 49.30%, indicating contraction [3]. - The overseas environment is characterized by tightening liquidity due to the Federal Reserve's decision to pause interest rate cuts, with expectations of a 25 basis point cut in September 2025 [3]. Valuation and Outlook - As of the end of July, the company's PE ratio was 38.24x, positioned at the 58th percentile historically since 2016, indicating potential value for investors [4]. - Revenue and other income projections for 2025-2027 are HKD 28.4 billion, HKD 31.1 billion, and HKD 33.7 billion respectively, with net profit estimates of HKD 17.7 billion, HKD 18.7 billion, and HKD 20.6 billion, corresponding to PE ratios of 30.9, 29.2, and 26.4 times [4].

Group 1 - The core point of the article is that the "third pole" exchange MIAX saw its stock price increase by over 36% on its first day of trading, currently reported at $31.65 [1] Group 2 - MIAX's initial public offering (IPO) performance indicates strong market interest and investor confidence in the exchange [1]

Core Viewpoint - The recent changes in Hong Kong's IPO regulations signify a shift from a retail investor-dominated market to one that favors institutional investors, reflecting the increasing participation of international and institutional investors in the market [1][5]. Group 1: Allocation of Shares - The new regulations require that at least 40% of the shares in an IPO be allocated to the institutional placement portion, down from the previously suggested 50%, enhancing the importance of institutional investors and their pricing power [1][2]. - The revised allocation and reallocation mechanisms include two new systems: Mechanism A and Mechanism B, which adjust the public subscription and allocation ratios, ultimately reducing the chances of retail investors securing shares [2][4]. - Mechanism A allows for a maximum reallocation percentage of 35%, while Mechanism B introduces a fixed allocation ratio of 10%-60% for public subscriptions, contingent on maintaining the 40% allocation for institutional investors [2][3]. Group 2: Public Holding Requirements - The Hong Kong Stock Exchange has introduced a tiered mechanism based on market capitalization, lowering the public holding requirement for larger companies. Previously, all companies had to maintain at least 25% public holding, but now companies with a market cap of HKD 3 billion can meet either a 10% public holding or a 30 billion market cap requirement [5]. - This adjustment aims to reduce compliance difficulties while retaining necessary regulatory flexibility, allowing larger companies to maintain control without being forced to sell excessive shares [5]. Group 3: Market Trends - The overall changes in regulations reflect a broader market trend where institutional investors dominate over retail investors, with institutions now accounting for over 90% of trading activity in the Hong Kong market [1][5]. - The new rules are expected to attract more international and institutional investors, aligning with the current trading landscape and enhancing the quality of companies listed on the Hong Kong Stock Exchange [5].

TMX Group (TMXX.F) FY Conference Summary Company Overview - TMX Group operates key global markets, clearinghouses, and data analytics platforms within the capital market space [1][2] Core Industry Insights - Over 40% of TMX Group's revenues are derived from Global Insights, with aspirations to exceed 50% in the long term [6][8] - The company aims to grow recurring revenue to more than two-thirds of total revenue [7] - TMX Group is focused on expanding revenue outside of Canada while maintaining its core Canadian operations [7][8] Global Insights Strategy - Global Insights includes businesses like Trayport, TMX Verify, and TMX DataLinks, which are expected to grow at high single to double-digit rates [8] - TMX Verify has been performing well, consistently meeting high growth expectations since its acquisition [12][13] - The ETF market is experiencing significant growth, with TMX Verify positioned to leverage this trend [14][17] TMX Verify Performance - TMX Verify has successfully addressed client needs for custom index and benchmark capabilities, particularly in the U.S. and Canada [11][12] - The digital distribution network of TMX Verify is crucial for helping investment managers gain traction [20][22] - Recent acquisitions in Europe, including Index Research and ETF Stream, are expected to enhance TMX Verify's capabilities and market presence [25][27] Trayport Overview - Trayport serves as a digital trading platform for brokers and traders, facilitating price discovery and trade execution across various asset classes [30][31] - Subscriber growth remains strong, with significant expansion into the U.S. and Japan markets [34][35] - The addition of premium services like charting and analytics is driving further growth for Trayport [36] Derivatives Market Insights - The Montreal Exchange has seen a growth rate of 17% in 2024, with expectations for continued growth despite recent volatility [39][41] - The company is developing new products to sustain growth in the derivatives market [40] Tokenization and Digital Assets - TMX Group is monitoring developments in tokenization and digital assets, with plans to adopt these technologies as market structures evolve [42][44] - The company aims to be a fast follower in Canada, leveraging its clearinghouses for security and robustness in the tokenization process [47][48] U.S. ATS Development - The U.S. ATS is focused on enhancing order execution quality, with ongoing discussions about expanding features based on client feedback [50][52] IPO Market Outlook - The IPO market is currently experiencing cyclical lows, but TMX Group anticipates a recovery aligned with U.S. market trends [54][56] - The company has diversified its business, achieving record results despite low capital formation activity [59][60] Conclusion - TMX Group is strategically positioned for growth through its diversified offerings, focus on recurring revenue, and expansion into new markets and technologies. The company remains optimistic about future opportunities in both the domestic and international capital markets.

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's PE ratio as of the end of July is 38.24x, which is at the 58th percentile historically since 2016, indicating a certain level of value for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 28.4 billion, 31.1 billion, and 33.7 billion HKD for 2025-2027, with net profits attributable to shareholders of 17.7 billion, 18.7 billion, and 20.6 billion HKD, corresponding to PE valuations of 30.9, 29.2, and 26.4 times respectively [2][52] Summary by Sections Market Performance - In July, the Hong Kong stock market continued its upward trend, supported by domestic policy drivers. The Hang Seng Index and Hang Seng Tech Index increased by 23.5% and 22.0% respectively compared to the end of 2024. The monthly average daily trading (ADT) for the Hong Kong Stock Exchange was 262.9 billion HKD, reflecting a month-on-month increase of 14.2% and a year-on-year increase of 166.6% [7][10][15] Derivatives Market - In July, the average daily volume (ADV) for futures was 572,000 contracts, showing a slight decrease of 0.1% month-on-month and 3.7% year-on-year. Conversely, the ADV for options increased by 14.8% month-on-month and 30.6% year-on-year, reaching 942,000 contracts. The ADT for structured products was 15.7 billion HKD, with a month-on-month decrease of 2.4% but a year-on-year increase of 48.0% [19][25] Primary Market - The IPO scale in the Hong Kong stock market saw a significant year-on-year increase of 333% in July, with 9 new listings totaling 19.9 billion HKD. However, this represented a month-on-month decrease of 34%. The cumulative number of new listings from January to July was 52, with a total scale of 128.7 billion HKD, reflecting a year-on-year increase of 610% [30][31] Investment Income - As of the end of July, the HIBOR rates for 6 months, 1 month, and overnight were 2.27%, 1.03%, and 0.19% respectively, showing a mixed trend with some rates declining year-on-year. The U.S. overnight bank funding rate remained stable at 4.33% [41][52] Macroeconomic Environment - The domestic economic sentiment has declined, with the manufacturing PMI for July at 49.30%, indicating a contraction. The overseas liquidity is tightening due to the Federal Reserve's pause on interest rate cuts, with expectations of a 25 basis point cut in September 2025 [44][46]

Group 1 - The Hong Kong Stock Exchange (HKEX) has implemented a significant market reform, adjusting the minimum price fluctuation units for stocks priced between 10 to 50 HKD, effective August 4 [2][3] - The minimum price change for stocks priced between 10 to 20 HKD has been reduced from 0.02 HKD to 0.01 HKD, while for those priced between 20 to 50 HKD, it has decreased from 0.05 HKD to 0.02 HKD, representing reductions of 50% and 60% respectively [2] - This reform aims to lower trading costs, enhance trading efficiency, and improve market competitiveness, making it easier for orders to be executed at expected prices [2][3] Group 2 - The reform will be implemented in two phases, with the second phase set to begin next year, targeting securities priced between 0.5 to 10 HKD, which will see a further 50% reduction in minimum price fluctuation units [3] - Market participants believe that this change will facilitate order matching for retail investors and reduce the premiums they pay for immediate execution [4] - However, there are concerns that traders relying on small price differences for arbitrage may be forced out of the market, potentially affecting market depth [5][7] Group 3 - Most brokerage firms have indicated that no major adjustments to their systems are necessary to accommodate the new pricing structure, as current systems can support three decimal places for pricing [8] - The Hong Kong stock market has experienced volatility, with mid-year earnings reports expected to be a focal point in August, particularly in the last week of the month [8] - As of August 4, the Hang Seng Index has seen a slight increase of 0.42% [10] Group 4 - Analysts from CITIC Securities project a 12.3% growth in earnings for the Hang Seng Tech Index constituents [11] - There are significant discrepancies in earnings expectations for the new energy vehicle and semiconductor sectors, indicating higher potential volatility, while the consumer electronics sector is viewed as a more stable choice [12] - Guosen Securities expresses an optimistic outlook for the Hong Kong stock market, suggesting a "synchronized easing" between domestic and foreign capital, with valuations remaining reasonable compared to A-shares [12]

Group 1 - The core viewpoint of the articles highlights the significant fluctuations in the North Exchange market, marking its first experience of a cycle of accumulation, rise, and decline since its establishment [1][2] - The North Exchange 50 Index saw a notable increase of 27.54% in November, with a trading volume of 173.998 billion yuan, followed by a decline of 6.72% in the first week of December, closing at 922.51 points with a trading volume of 94.232 billion yuan [1] - Analysts believe that the North Exchange plays a unique role in China's multi-tiered capital market system, connecting the Shanghai and Shenzhen stock exchanges with the New Third Board [1][2] Group 2 - The current market trend is characterized as a valuation recovery, closely linked to investor confidence and sentiment, with the North Exchange showing a high correlation with the Shanghai and Shenzhen markets [2] - The North Exchange's investor suitability requirements are similar to those of the Sci-Tech Innovation Board, with a larger fluctuation range compared to the Growth Enterprise Market, making it suitable for high-risk investors [2] - The North Exchange's overall return on equity (ROE) stands at 9.9%, which is higher than that of the Growth Enterprise Market and the Sci-Tech Innovation Board, while its price-to-book ratio (PB) is significantly lower [2] Group 3 - Starting in December, the North Exchange securities will be included in the CSI All Share Index sample space, which is expected to enhance liquidity [3] - The China Securities Regulatory Commission (CSRC) plans to enrich the North Exchange index system and support the launch of ETFs and other products to increase market liquidity [3] - Following its successful "out of the circle" phase, the North Exchange has gained significant attention, with institutions generally optimistic about its long-term prospects despite short-term corrections [3]

Core Insights - SGX Group reported strong growth across its business segments in July, reflecting investor confidence in diverse asset classes [1][2][3] Securities Market Performance - In July, the total trading volume in the securities market increased by 27% year-on-year, reaching SGD 33.8 billion, marking a three-month high [1] - The average daily trading volume rose by 27% year-on-year to SGD 1.47 billion [1] - The Straits Times Index (STI) rose by 5.3% month-on-month, closing at 4,173.77 points, outperforming other major ASEAN markets [1] - Daily average trading value in Singapore stocks increased by 19% month-on-month, with improved liquidity across all sectors [1] Small and Mid-Cap Stocks - Small and mid-cap stocks saw a significant liquidity increase of 94% month-on-month, reaching SGD 261 million, contributing majorly to the trading volume growth [2] - The FTSE ST Small Cap Index and FTSE ST Mid Cap Index rose by 9.9% and 6.7% respectively [2] - Retail investors have become the fastest-growing segment, while institutional investors have net bought SGD 62 million in small and mid-cap stocks over the past six months [2] ETF Market Expansion - The launch of the 10th cross-border ETF under the Shenzhen Stock Exchange-SGX ETF mutual recognition mechanism contributed to market growth [2] - Total assets under management for ETFs increased by 36% year-on-year, reaching SGD 14.9 billion, with two ETFs tracking the STI surpassing SGD 3 billion in total size for the first time [2] Derivatives Market Performance - The total trading volume in the derivatives market increased by 25% year-on-year, reaching 29.3 million contracts [1] - Commodity trading volume surged by 76% year-on-year, hitting a historical high of 9 million contracts [3] - Iron ore average daily trading volume reached a record high of 362,755 contracts, with open interest nearing 3.5 million contracts [3] Forex Futures Demand - Forex futures trading saw increased demand due to uncertainties in US-India trade negotiations, with Indian Rupee/USD futures trading volume rising by 41% year-on-year to 2.2 million contracts [3] - The trading volume for USD/offshore RMB futures increased by 7% year-on-year to 3.1 million contracts amid heightened RMB exchange rate volatility [3]

新华财经新加坡8月11日电（记者刘春涛）根据新加坡华侨银行11日发布的一份报告，新加坡交易所 （SGX）公布了其2025财年（截至2025年6月30日）的业绩，税后净利润和少数股东权益（PATMI）同 比增长15.9%至6.095亿新元。尽管业绩表现强劲，但略低于市场普遍预期的6.402亿新元。 报告显示，新交所该财年净收入同比增长11.7%至12.982亿新元。全年总派发每股股息（DPS）为37.5新 加坡分，较上一财年增长8.7%。这一增长得益于稳健的收入表现和成本控制，调整后支出仅微增 1.6%。 展望未来，新交所管理层更新了股息指引，计划从2026财年至2028财年，在盈利增长的支撑下，每个季 度将每股股息增加0.25新加坡分。这意味着2026财年至2028财年的每股股息预计将分别达到44.5、48.5 和52.5新加坡分。管理层表示，强劲的资产负债表为未来股息提供了支持。 在增长策略方面，新交所旨在实现6%至8%的中期收入复合年增长率（不含财务收入）。关键举措包括 推动场外外汇（OTC FX）和衍生品业务的增长，加速股市发展势头，例如推动更多首次公开募股 （IPO），目前其IPO储备项目中的公司已超 ...