北交所表示，新旧代码对应关系可通过北交所官网"服务—新旧代码对照表"栏目查询。记者注意到，该 栏目一共公布了248只股票的新旧代码对应情况。 资深新三板投资人周运南表示，920号段标志着北交所脱钩新三板号码，43、83、87三个号段将正式退 出北交所舞台。 同时，多家券商发布公告称，公司已就此对交易终端进行了优化，建议投资者使用最新版本交易终端。 投资者对北交所存量股票的交易委托、行情查询等均使用切换后的新代码。投资者使用新旧代码均可查 询股票自上市以来（含原精选层挂牌期间）的完整交易记录。新旧代码切换不涉及交易规则调整，买卖 方式、涨跌幅限制、交易时间等均不变。 【深圳商报讯】（记者 钟国斌）自2025年10月9日起，北交所将为存量股票启用新证券代码。这意味 着，北交所股票将全部切换为"920新代码"。 据悉，2023年证监会提出，启用北交所独立代码号段，2024年4月，北交所开始在新上市企业启用920代 码。 ...

Core Points - Starting from October 9, 2025, the Beijing Stock Exchange (BSE) will implement new securities codes for existing stocks, transitioning all to a new independent code segment beginning with "920," affecting a total of 248 stocks [1] - Previously, BSE-listed companies often retained their securities codes from their time on the New Third Board, which posed issues with recognition compared to codes used by companies listed on the Shanghai and Shenzhen exchanges [1] - In 2023, the China Securities Regulatory Commission (CSRC) proposed the use of independent code segments, and the BSE began using "920" codes for newly listed companies starting in April 2024 [1] Summary by Category Code Transition - The adjustment for existing stocks has been clearly outlined in the notice issued by the BSE in September 2024 regarding the switch of stock codes [1] - Multiple brokerage firms have issued announcements advising investors to use the new codes for trading orders and market inquiries related to existing stocks [1] Investor Impact - Investors can still query the complete trading history of stocks since their listing, including the period when they were listed on the selected layer, using both the old and new codes, ensuring continuity in holding periods and investor rights [1] - The switch from old to new codes does not involve any changes to trading rules, including trading methods, price fluctuation limits, and trading hours [1]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 49.9 trillion by the end of September 2025, a 35% increase from HKD 36.9 trillion in the same period last year [1] - The average daily trading amount in September was HKD 316.7 billion, up 87% from HKD 169.2 billion in the same month last year [1] - For the first nine months of 2025, the average daily trading amount was HKD 256.4 billion, a 126% increase from HKD 113.3 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an 11% increase from 1,515,613 contracts in the same period last year [2] - The average daily trading volume of stock options was 886,323 contracts, up 27% from 698,817 contracts year-on-year [2] - The average daily trading volume of stock futures was 8,616 contracts, a 7% increase from 8,026 contracts in the previous year [2] New Listings and Fundraising - There were 69 new listings in the first nine months of 2025, a 53% increase from 45 new listings in the same period last year [1] - The total fundraising amount for initial public offerings (IPOs) in the first nine months was HKD 182.9 billion, a 229% increase from HKD 55.6 billion year-on-year [1] - The total fundraising amount for the first nine months reached HKD 444 billion, up 252% from HKD 126.1 billion in the same period last year [1] Historical Records - On September 17, 2025, the weekly trading volume of stock options reached a historical high of 277,589 contracts [3]

Group 1 - The core concept of asset tokenization is evolving from a theoretical idea to a fundamental component of the next generation of financial market infrastructure, as evidenced by ICE's $2 billion strategic investment in Polymarket, which values the company at approximately $8 billion [1] - ICE will not only acquire financial stakes in Polymarket but will also become the global distributor of its event-driven data, indicating a significant collaboration aimed at developing new tokenization projects [1][3] - The partnership between ICE and Polymarket aims to address a critical gap in the tokenization ecosystem: the need for reliable data, which is essential for the value of digital twins of assets [3] Group 2 - Nasdaq, a major competitor to the NYSE, is also accelerating its transformation by planning to integrate tokenization and around-the-clock trading directly into its core stock market operations [5] - Nasdaq's CEO has expressed a cautious approach to embracing digital assets, emphasizing the need for regulatory clarity before fully committing to tokenized securities and crypto asset services [6] - The trend towards regulatory convergence is seen as a way to create conditions for institutional participation in the market, which aligns with the broader movement towards asset tokenization [6] Group 3 - The collaboration between established market leaders like ICE and innovative platforms like Polymarket is viewed as essential for unlocking the potential of new technologies such as tokenization [4] - The simplicity and accessibility of prediction markets, as noted by Nasdaq's CEO, highlight their potential to engage a broader audience in market price discovery, reinforcing the market potential behind ICE's investment in Polymarket [7]

Group 1 - US stock indices opened slightly higher, with the Dow Jones up 0.01%, S&P 500 up 0.09%, and Nasdaq up 0.07% [1] - AMD continued its upward trend, opening over 6% higher, driven by a significant computing power partnership with OpenAI [2] - Dell's stock rose over 5%, with the company projecting sales growth of 7% to 9% by fiscal year 2030 [2] - IBM's stock increased by over 2% following its enterprise-level AI software collaboration with Anthropic [2] Group 2 - Tesla is expected to launch a more affordable version of the Model Y to adapt to the new market conditions after the US eliminated electric vehicle tax credits [2] - Several Wall Street firms raised AMD's target stock price, with Morgan Stanley increasing it to $246, Bernstein to $200, and Jefferies to $300 [2] - Intercontinental Exchange, owner of the New York Stock Exchange, saw its stock rise over 4% on news of a potential investment in the cryptocurrency-based prediction platform Polymarket, valued at approximately $2 billion [2] - Airbus A320 has surpassed Boeing 737 to become the historical delivery champion, with a total of 12,260 aircraft delivered since its service began in 1988 [2] Group 3 - AstraZeneca's investigational hypertension drug baxdrostat achieved its primary clinical endpoint, significantly lowering blood pressure in treatment-resistant hypertension patients, with expected annual sales exceeding $5 billion [3] - Anthropic's AI model will be integrated into IBM's software ecosystem, aimed at automating development tasks for software engineers [3]

Core Viewpoint - There has been a significant influx of overseas capital into emerging markets this year, with Hong Kong stocks becoming a popular choice for companies looking to go public, as evidenced by the leading financing figures in global exchanges [1] Group 1: Market Trends - In the first three quarters of this year, the Hong Kong Stock Exchange ranked first globally with over 180 billion HKD in financing [1] - The rising valuations of Hong Kong stocks have attracted numerous companies, particularly from Shenzhen, to consider listing in Hong Kong [1] Group 2: Company Strategies - Shenzhen companies are leveraging the opportunity of H-share issuance to attract international investors [1] - These companies are actively promoting their globalization strategies through listings in Hong Kong [1]

Core Insights - There has been a significant influx of overseas capital into emerging markets this year, with Hong Kong stocks becoming a popular choice for companies looking to go public [1] - According to Deloitte, the Hong Kong Stock Exchange ranked first globally in terms of fundraising, with over 180 billion HKD raised in the first three quarters [1] - A total of 66 new stocks were listed in Hong Kong during the first three quarters, raising over 180 billion HKD, a substantial increase compared to only 45 new stocks raising less than 60 billion HKD in the same period last year [1] - The increase in fundraising is attributed to the concentration of large new stock issuances from mainland China, with CATL's H-share raising 41 billion HKD, making it the largest new stock issuance globally this year [1] Company Highlights - Among the successful companies that went public in Hong Kong, four are from Shenzhen: Chow Tai Fook, Peak Technology, Daheng New Epoch Technology, and Health 160 [1] - Peak Technology successfully issued shares to establish an "A+H" dual listing structure, becoming the first stock in the Hong Kong semiconductor industry focused on motor drive control chips [1] - Peak Technology raised a total of 2.259 billion HKD, which will enhance its research and development capabilities and expand its overseas sales network, thereby increasing its competitiveness in the global market [1]

Core Points - Euronext N.V. has received regulatory approvals to commence a voluntary share exchange offer for Hellenic Exchanges-Athens Stock Exchange S.A. shares, with the acceptance period starting on October 6, 2025, and ending on November 17, 2025 [2][3]. Regulatory Approvals - Euronext received a declaration of non-objection from foreign authorities on October 2, 2025, and approval from the Hellenic Capital Market Commission (HCMC) for the information circular on October 3, 2025 [3]. Acceptance Period - The acceptance period for ATHEX shareholders to submit their acceptance of the tender offer begins on October 6, 2025, at 08:00 AM (Greek time) and ends on November 17, 2025, at 02:00 PM (Greek time) [6][7]. Tender Offer Details - Euronext offers a ratio of 0.050 consideration shares for each ATHEX share tendered, with the nominal value of the consideration shares being €1.60 [2][12]. - The offer is subject to the condition that at least 38,759,500 ATHEX shares, representing at least 67% of ATHEX's total voting rights, must be tendered [22]. Consideration and Payment - The cash consideration for shareholders opting for the right of squeeze-out or right to sell-out is set at €5.98 per ATHEX share, which exceeds the volume-weighted average trading price (VWAP) of €5.9770 during the six months preceding the tender offer [26]. Timeline of Events - Key dates include the announcement of the tender offer results on November 19, 2025, and the commencement of trading of the consideration shares on November 24, 2025 [5][21]. Rights of Shareholders - If Euronext holds at least 90% of ATHEX shares by the end of the acceptance period, it will initiate a squeeze-out procedure, allowing remaining shareholders to sell their shares [25].

Core Viewpoint - The Singapore Exchange (SGX) has a well-structured IPO listing framework that differentiates between the Mainboard for mature companies and the Catalist for high-growth firms, allowing businesses to choose the appropriate platform based on their development stage and financial status [19] Group 1: Board Positioning and Applicable Enterprises - Mainboard targets mature businesses with stable profits or significant market capitalization, focusing on profitability records, business scale, and market position [2] - Catalist is aimed at high-growth, innovative companies, utilizing a more flexible sponsorship system that emphasizes business models, growth potential, and market recognition [2] Group 2: Core Listing Conditions - Mainboard listing requires meeting at least one of the financial tests, including cumulative profits of at least 10 million SGD (approximately 75 million RMB) over the last three fiscal years or a minimum revenue of 10 million SGD in the last fiscal year [3] - Catalist has no mandatory profit requirements, relying instead on market capitalization and sponsor evaluations, with a minimum market cap of 300 million SGD, which can be relaxed for high-quality firms [4][5] Group 3: Public Shareholding and Equity Distribution - Mainboard requires a public shareholding ratio of at least 25%, which can be reduced to 12%-20% for companies with a market cap over 3 billion SGD, subject to SGX approval [6] - Catalist mandates a public shareholding ratio of at least 20%, which can also be negotiated with the sponsor [7] Group 4: Lock-up Period for Management and Controlling Shareholders - Mainboard mandates a 6-month lock-up period for controlling shareholders (holding 30% or more), while management typically voluntarily locks up for 6-12 months [8] - Catalist also requires a 6-month lock-up for controlling shareholders, with management lock-up periods determined through negotiations with the sponsor [9] Group 5: Corporate Governance Requirements - Mainboard requires at least two independent non-executive directors on the board, with the audit committee led by independent directors [10] - Compliance requires the board to have relevant professional experience and establish clear internal control and related party transaction policies [11] Group 6: Listing Process - The core process for both Mainboard and Catalist includes preparation, application submission, hearing and feedback, roadshow and pricing, and official listing [12][13][14][15][16] Group 7: Ongoing Listing Obligations - Companies must disclose significant events promptly and adhere to financial reporting standards, with Mainboard requiring annual and semi-annual reports, while Catalist requires annual reports and quarterly updates [17]

Group 1 - Institutional investors play a crucial role in the IPO process on the Hong Kong Stock Exchange, influencing pricing, market confidence, and post-listing liquidity [2][3] - The typical structure of an IPO consists of a public offering (10%) and an international placement (90%), with a mechanism to adjust allocations based on demand [2][3] - Cornerstone and anchor investors are key participants, with cornerstone investors committing to purchase shares before the roadshow, providing market endorsement [5][6] Group 2 - The pricing mechanism is driven by an institutional-led bookbuilding process, where institutional investors' expertise and capital size help determine the final issue price [3][4] - Lock-up periods for cornerstone investors are typically six months, with additional restrictions for major shareholders, ensuring stability and reducing short-term speculation [4][5] - The selection criteria for institutional investors emphasize qualifications, background, and synergy with the issuer, ensuring a stable and supportive investor base [6] Group 3 - Transparency and information disclosure are critical, with requirements for revealing details about cornerstone investors and the allocation results of international placements [6] - The Hong Kong Stock Exchange's unique features include a globalized investor base and a market-driven pricing mechanism, allowing for flexible adjustments based on market conditions [6] - The green shoe option allows underwriters to request additional purchases from institutional investors to stabilize post-listing share prices, enhancing market confidence [6]