从融资规模来看，2025年上半年纳斯达克交易所的募资净额合计170亿美元，约合1,331.37亿港元，按年 增长100.38%，是五家交易所之中上半年募资规模最大的平台。港交所则为上半年募资规模增长最大的 平台，IPO募资净额达到1,067.13亿港元，同比大增688.56%。 不过值得留意的是，港交所从第2季开始发力，募资额已超越纳斯达克交易所，成为五家交易所中募资 净额最高的平台。 虽然第2季赴港上市的IPO不算太多，只有27家，少于纳斯达克交易所的83家，但是胜在赴港上市的巨 无霸企业多，募资规模也超群，因此尽管港股IPO相对较少，募资额却达到880.44亿港元，远超纳斯达 克交易所的95亿美元，约合744.94亿港元。 2025年6月行将结束，又到了年中盘点的日子。 今年上半年有一个有趣的现象，在港股上市的IPO明显增加，A股赴港上市的企业也在增加，近一个月 更是基本每天至少会有一家A股企业官宣赴港上市计划。 港交所第2季IPO规模赶超纳斯达克 财华社统计了全球最活跃的股权交易市场A股、港股和美股，涵盖五家交易所，分别为上交所、深交 所、港交所、纽交所和纳斯达克交易所。 今年上半年，从IPO交易的数量 ...

金十数据6月30日讯，香港交易所自今日（30日）起实施新的股票交收费结构，彻底打破原有的最低2港 元、最高100港元的限制。"本次调整，与香港市场下调最低上落价位（买卖股票最小价格变动单位）的 政策有关。新标准下，投资者小额交易的成本会大幅下降。"业内人士介绍称。具体来看，以前进行小 额交易时，由于最低收费限额的存在，交易成本相对较高。例如，一笔1000港元的交易，最低收费是2 港元，收费比例高达0.2%。调整后，收费比例为0.0042%，即0.042港元，成本大降。同时，取消最低和 最高收费限额，机构投资者能够更准确地计算交易成本，优化交易策略，有助于在进行大规模交易时更 好地控制成本。此外，新规之后，仍然是买卖双边收取。 （中国经济网） 港交所今起实施新的股票交收费结构 ...

7月北交所有哪些催化事件？ 6月即将结束，北交所在这里的走势强于我们的预期，7月有哪些时间值得我们提前关注和布局呢？请见 阅读催化盘点—— ...

在制度层面，徐经纬提到，香港上市制度改革为创新科技企业提供了更宽阔的融资途径。通过高透明度 的规则为基础的审批制度、优化上市申请审批流程、推出科企专线、增设针对特专科技公司的18C政策 等措施，持续提升上市确定性。 随着港股市场活跃度持续提升，A+H上市企业数量显著增长 "今年来港股市场表现强劲，特别是前沿技术领域的科技企业已成为最重要板块之一。"香港交易所董事 总经理徐经纬于6月28日在"2025上市公司论坛"上称，今年上半年，香港市场的平均每日成交量约为 2400亿港元。 合规重点方面，马茜芝认为，需强化内幕信息管理，关注负面舆情，如实控人立案调查可能构成实质障 碍；并落实中国证监会备案要求，包括数据合规、股权质押风险审查等。马茜芝强调，企业需将治理体 系与合规建设作为"出海"基础，通过专业化法律支持规避潜在风险。 此外，徐经纬也提到，港交所将继续提升上市制度的适应性和透明度，加强与内地监管机构的协同配 合，推动跨境信息对接和监管互认，降低内地企业赴港上市的制度性门槛。 "随着港股市场的活跃，A+H上市企业数量的持续增长，这一模式对内地企业上市融资吸引力也在不断 增强。"锦天城律师事务所高级合伙人马茜芝会 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) is set to implement a new trading fee structure on June 30, which will eliminate the previous minimum fee of 2 HKD and maximum fee of 100 HKD [1][3] - The new fee rate will be adjusted to 0.0042%, significantly reducing costs for small transactions (less than 47,600 HKD). For example, a transaction of 10,000 HKD will incur a fee of only 0.42 HKD, down from 2 HKD [3] - Approximately 77% of market transactions from 2019 to 2024 are expected to pay lower fees under the new structure, benefiting small investors and increasing market activity [3] Group 2 - Several institutions have raised their target prices for HKEX, with Morgan Stanley increasing its target from 440 HKD to 500 HKD, citing stronger average daily trading volume and profit forecasts [4] - Goldman Sachs has also revised its target price from 398 HKD to 455 HKD, indicating that HKEX's stock is undervalued relative to market activity levels, especially with potential increases in daily trading volume if more A-share companies list in Hong Kong [4] - As of June 27, 2025, HKEX's stock has risen 44.91% year-to-date, reaching a new high of 421.2 HKD, with a total market capitalization exceeding 530 billion HKD [3]

港交所自 2025 年 6 月 30 日起实施新的股票交收费结构，彻底打破原有最低 2 港元、最高 100 港元的限 制。 据香港交易所官方公众号， 2025 年 2 月 21 日，香港交易所就宣布将优化证券市场的股份交收费结构， 以提高市场效率及确保有关收费与交易金额更紧密挂钩。 香港交易所首席营运总监及集团首席财务总监刘碧茵此前表示，"香港交易所致力于为全球投资者提供 一个活跃和高效的市场，我们很高兴优化股份交收费结构，令有关收费更为清晰及一致，对不同成交金 额的交易都更为公平，让散户和机构投资者更灵活地执行其交易策略。" // 小额交易成本骤降 // 股票交收费是香港中央结算有限公司向其结算参与者收取的，用于与责务变更、交收担保、风险管理和 净额结算相关服务的费用。 具体调整如下： 原规则： 0.002% 费率，最低 2 港元 / 笔，最高 100 港元 / 笔 新规则： 0.0042% 费率，取消最低 / 最高限额 | | 現行的股份交收費結構 | 新股份交收費結構 | | --- | --- | --- | | 收藏事 | ○.２０ 基點 ( 0.0020% ) · 最低收費 100港元・最高收費1 ...

Group 1 - The Hong Kong stock market indices collectively rose during the week of June 27, with the Hang Seng Index increasing by 3.2% to close at 24,284.15 points, the Hang Seng Tech Index rising by 4.06% to 5,341.43 points, and the National Enterprises Index up by 2.76% to 8,762.47 points [1] - The IPO market in Hong Kong remained active, with several companies successfully listing or initiating the offering process, including the smart control component manufacturer Sanhua Intelligent Control, which officially listed on June 23 [1] - On June 26, the Hong Kong Stock Exchange witnessed a lively scene with three consumer sector companies—Chow Sang Sang, Saint Bella, and Yingtong Holdings—listing on the same day, while two other companies, Boke Vision and FWD Group, also began their offering process during the week [1] Group 2 - According to Deloitte's recent report, Hong Kong has seen 40 new listings this year, raising HKD 102.1 billion, a significant increase compared to 30 listings and HKD 13.2 billion in the same period last year, marking a 33% rise in the number of new listings and a 673% increase in total funds raised [2] - Ernst & Young's report anticipates that the Hong Kong IPO market will continue to recover in the second half of the year, with a conservative estimate of total fundraising reaching approximately HKD 160 billion for the year [2]

Core Insights - Emerging market funds have continued to reduce their exposure to mainland China stocks for the fourth consecutive month, while Asian funds have slightly increased their allocation [2][3] - There has been a notable increase in fund allocations to South Korea, at the expense of Taiwan and ASEAN stocks [3][9] - Foreign investors have purchased approximately $4 billion in Asian (excluding China) stocks since June, with strong inflows into South Korea [11] Fund Allocation Trends - Emerging market funds have slightly decreased their exposure to mainland China while maintaining an overweight position, with increased allocations to South Korea and a continued reduction in exposure to ASEAN markets [8][9] - Asian funds have increased their allocation to Hong Kong stocks, including companies like AIA and Hong Kong Exchanges, while reducing their holdings in India and Taiwan [3][8] - The allocation to Taiwan stocks has been reduced to a five-year low by both Asian and emerging market funds [9] Market Performance - Since the beginning of the year, cumulative outflows from Asian (excluding Japan and mainland China) stocks have reached approximately $37 billion [19] - Foreign institutional investors have been net buyers of Indian stocks for the fourth consecutive month, although the inflow remains modest compared to previous years [11] - South Korean stocks have been the primary destination for foreign investment, with about $4 billion in purchases noted [11]

金十数据6月27日讯，6月23日至6月27日，本所共对97起证券异常交易行为采取了自律监管措施，涉及 盘中拉抬打压、虚假申报等异常交易情形；共对10起上市公司重大事项进行核查，并上报证监会4起涉 嫌违法违规案件线索。 深交所：本周共对97起证券异常交易行为采取了自律监管措施 ...

6月25日，深交所在青岛举办第二十五期"创享荟"活动，围绕上市公司高质量国际化拓展举办专题培训 和座谈交流。具有海外并购、出海模式和出海意愿的上市公司和拟上市企业，以及券商、律所等20余家 企业和专业机构代表参加活动。深交所相关负责人表示，近年来深交所不断深化市场投融资综合改革， 组织上市公司举办境外路演活动，构建科融通V-Next平台全球服务网络，搭建行业交流沟通平台，助力 上市公司高质量国际化拓展。下一步，深交所将继续发挥平台功能优势，尊重市场规律、经济规律、创 新规律，全力促进科技创新和产业创新融合发展，支持上市公司开拓广阔新天地（301277），助力更多 的中国产品、中国品牌、中国标准走向全球市场。(人民财讯) ...