【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 ...

7月28日，香港交易所正式宣布，香港证券市场下调最低上落价位的第一阶段将于下周一（8月4日）生 效。所谓最低上落价位是每只股票的最小价格变动单位，这项措施将有助于降低市场的交易成本并提升交 易效率。 降低交易成本 较小的上落价位意味着更低的交易成本 香港交易所发布的消息显示，本次第一阶段的调整则会主要涉及到股价10港元至20港元以及20港元至50港元的 股票，这两大范围的最低上落价位将分别由0.02港元调整为0.01港元以及由0.05港元调整为0.02港元。 | r | MITX ZAFIL A MICEH | | | | --- | --- | --- | --- | | 价格 | 原有最低 | | 新的最低 | | 范围 | 上落价位 | | 上落价位 | | 20.00元 | 10.00元 - 0.02元 - | | 0.01元 | | 20.00元 - 50.00元 | 0.05元 | 1 | 0.02元 | 调整最低上落价位的适用证券 不包括:交易所买卖产品(ETP)、 交易所买卖期权、债券证券及结构性产品 为市场带来的好处 交易更有效率 订单将更易在预期价格内成交 股票 0 房地产投资信托基金(R ...

Core Viewpoint - The new IPO regulations by the Hong Kong Stock Exchange (HKEX) aim to optimize the pricing and allocation mechanisms for initial public offerings, enhancing the market's international competitiveness and attracting more institutional investors [2][11]. Group 1: Changes in IPO Allocation - The minimum allocation of new shares to the book-building portion has been reduced from 50% to 40%, ensuring that at least 40% of new shares are allocated to institutional investors [4][5]. - The new regulations introduce two mechanisms (A and B) for share allocation, allowing companies to choose their preferred method for public offerings [6][11]. - Mechanism A retains the original approach of adjusting allocations based on oversubscription but reduces the allocation percentages for different oversubscription levels [6]. - Mechanism B allows issuers to pre-select a fixed allocation percentage for public offerings, ranging from 10% to 60%, without a reallocation mechanism [6][11]. Group 2: Market Impact and Trends - The IPO market in Hong Kong has seen a resurgence, with 52 companies listed by July 25, 2025, nearing the total listings of the previous two years [10]. - The total funds raised through IPOs in Hong Kong have reached HKD 127.36 billion, the highest since 2021, indicating a strong market recovery [10]. - The new regulations are expected to improve market liquidity, investor confidence, and the overall attractiveness of Hong Kong IPOs to international investors [11][12]. Group 3: Implications for Investors - The new rules are designed to enhance the participation of institutional investors in the IPO process, potentially stabilizing post-IPO stock prices [5][13]. - The changes may lead to a decrease in the allocation of shares to retail investors, thereby affecting their chances of obtaining shares in popular IPOs [5][12]. - The regulations aim to balance the interests of various investor types, with a focus on improving the overall stability and transparency of the market [12][13].

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（以 下简称"新规"）。新规于8月4日正式生效。 新规的优化主要涉及三项内容： 在首次公开招股市场方面，建簿配售部分的最低分配份额由 原建议的50%下调至40%； 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，调整了初始公众持股量及自由流通量的有关规 定。 业内人士认为， 此次港交所IPO新规的实施，是其持续优化市场机制、增强国际竞争力的重 要举措。 新变化 此次新规中，最受关注的是，发行人至少将40%的新股份额分配至建簿配售部分（最低分配比 例由50%下调至40%）。 业内人士介绍，港股新股发售通常分为基石配售（战略投资者）、建簿配售（机构）和公开 认购（散户）三个部分。"建簿配售"是指向机构投资者和专业投资者配售的股份。 港交所IPO新规出炉。 在此之前，"建簿配售"部分没有明确的下限规定。这导致热门新股在优先回拨50%给散户后， 再除去基石投资者的份额，机构获配比例可能会极低。机构投资者在新股IPO过程中的定位比 记者丨 庞华玮 编辑丨黄剑 较尴尬。 据介绍，港股IPO采用" ...

Core Viewpoint - The new IPO regulations by the Hong Kong Stock Exchange (HKEX) aim to optimize market mechanisms and enhance international competitiveness, particularly by adjusting the allocation of shares to institutional investors and retail investors [2][8]. Group 1: Changes in IPO Regulations - The minimum allocation of new shares to the book-building portion has been reduced from 50% to 40%, ensuring that at least 40% of new shares are allocated to institutional investors [2][3]. - The new regulations introduce two mechanisms (A and B) for share allocation, allowing companies to choose their preferred method for public offerings [4][6]. - Mechanism A retains the original approach of adjusting allocations based on oversubscription multiples but reduces the allocation percentages for public offerings [4]. - Mechanism B allows issuers to pre-select a fixed allocation percentage for public offerings, ranging from 10% to 60%, without a reallocation mechanism [4][6]. Group 2: Market Impact and Trends - The new rules are expected to improve market liquidity and investor confidence, making the HKEX more attractive for high-quality companies to list [8][10]. - As of July 25, 2025, 52 companies have listed on the HKEX, nearing the total number of listings in 2024 and 2023, indicating a resurgence in the IPO market [6]. - The total funds raised through IPOs in 2025 reached HKD 127.36 billion, the highest since 2021, reflecting a significant increase in market activity [6]. Group 3: Institutional vs. Retail Investor Dynamics - The new regulations are designed to balance the interests of institutional and retail investors, with a focus on enhancing the role of institutional investors in the IPO process [7][10]. - The changes are expected to lead to a decrease in the allocation of shares to retail investors, thereby increasing the likelihood of institutional participation in pricing and stabilizing post-IPO stock performance [3][10]. - The shift in allocation dynamics may result in higher success rates for IPOs of quality companies while allowing poorer quality companies to attract more retail investors [9][10].

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].

格隆汇8月4日｜摩根大通将伦敦证券交易所集团目标价从12800便士上调至12900便士。 ...

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 ...

Core Viewpoint - Morgan Stanley raised the target price for London Stock Exchange Group from 12,800 pence to 12,900 pence [1] Company Summary - The adjustment in target price reflects a positive outlook on the performance of London Stock Exchange Group [1]

【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，新规将在8月4日正式生效，这 标志着港交所IPO定价机制迎来重要改革。 公开报道显示，港交所此次改革聚焦多个方向，包括优化新股配售比例分配、降低公众持股量门槛、便利"A+H"股发行人。调整后，港股新股发 售须分配至少40%的股份至建簿配售部分的投资者，同时保留基石投资者6个月禁售期，未作放宽。 另据Wind数据统计，截至7月31日，年内全市场共有178家公司向港交所递交上市申请书，其中科技企业68家、占比38.2%。在赴港上市的科技公 司中，多家A股上市公司或其分拆子公司在香港发行IPO ，"A+H"案例较多。 二级市场方面，公募基金二季报显示，不少产品提及上半年打新收益及下半年借打新增厚收益计划，跟踪沪深300指数的增强型产品拟通过科创板 和创业板打新获超额收益。（闻辉） ...