Core Insights - Zhang Yong, former CEO of Alibaba Group, has been appointed as a new member of the Hong Kong Stock Exchange's (HKEX) China Business Advisory Committee, enhancing the committee's expertise in Chinese markets [2][4] - The committee, established in 2021, now has nine members, including industry veterans who provide advisory support to the HKEX board [4][5] - Zhang Yong's extensive experience in the Chinese market and financial sector is expected to contribute valuable insights to help HKEX achieve its strategic goals [2][4] Committee Composition - The committee is chaired by Zhang Jianchen, CEO of CITIC Capital Holdings, and includes notable members such as former HKEX Chairman Laura Cha and TPG China Partner Sun Qiang [4][5] - Other members include Huang Yiping, Dean of the National School of Development at Peking University, and Ma Weihua, former President and CEO of China Merchants Bank [5] Zhang Yong's Background - Zhang Yong served as Alibaba's CEO from 2015 and became Chairman in 2019, leading significant initiatives like the Double Eleven shopping festival and the company's transition to mobile [5] - In 2023, he initiated Alibaba's largest organizational restructuring in 24 years and announced plans to establish a technology fund with a $1 billion investment from Alibaba [5] - Zhang Yong joined Chen Yi Investment in March 2024 as a managing partner, marking a new chapter in his career at the age of 53 [5]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) appointed Zhang Yong, a partner at Chen Yi Fund Management and former chairman of Alibaba Group, to its China Business Advisory Committee, enhancing the committee's expertise in the Chinese market [1][2]. Group 1: Appointment Details - Zhang Yong's appointment increases the committee's membership to nine, with Zhang Yicheng, chairman of CITIC Capital Holdings, serving as the committee chair [1]. - The committee, established in 2021, consists of seasoned industry experts who advise the HKEX board on matters related to the Chinese market [1]. Group 2: Zhang Yong's Background - Zhang Yong graduated from Shanghai University of Finance and Economics and was a founding member of Alibaba Group's partnership system [2]. - He served as CEO of Alibaba Group from 2015 until 2023 and held various key positions within the company since joining in 2007 [2]. - Currently, Zhang Yong is an independent non-executive director at Hysan Development Company Limited and has held significant roles in various international business forums [2]. Group 3: Future Aspirations - Zhang Yong expressed enthusiasm about partnering with Liu Xiaodan at Chen Yi Fund, focusing on opportunities arising from technological development and economic transformation [3].

中国业务咨询委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交易所董事 会的顾问，张勇加入后，委员会成员将增至九名。香港交易所非执行董事及中信资本控股有限公司董 事长兼首席执行官张㦤宸担任委员会主席。 委员会的其他成员包括：香港交易所前主席史美伦、春华资本集团董事长胡祖六、北京大学国家发展 研究院院长及数字金融研究中心主任黄益平、现任国家科技成果转化引导基金理事长及招商银行前行 长兼首席执行官马蔚华、TPG中国的合伙人兼董事长孙强、香港交易所主席唐家成以及香港交易所 集团行政总裁陈翊庭。 2025.08. 01 本文字数：845，阅读时长大约2分钟 作者｜ 第一财经 陈杨园 8月1日，香港交易所公告显示，晨壹基金管理合伙人、前阿里巴巴集团董事会主席兼首席执行官张 勇获委任为香港交易所旗下中国业务咨询委员会的最新成员。 香港交易所主席唐家成表示，很高兴张勇先生加入中国业务咨询委员会。张勇对于中国企业和金融市 场都拥有丰富经验及深刻的认识，可以为港交易所董事会提供宝贵意见，帮助香港交易所发挥"连接 中国与世界"的独特优势，落实各项战略目标。 第 一 财 经 持 续 追 踪 财 经 热 点 。 ...

Core Viewpoint - The appointment of Zhang Yong as a member of the Hong Kong Stock Exchange's (HKEX) China Business Advisory Committee is expected to enhance the exchange's strategic goals and strengthen its role in connecting China with the global market [1][2]. Group 1: Appointment and Committee Structure - Zhang Yong has been appointed to the China Business Advisory Committee of HKEX, increasing the committee's membership to nine [1]. - The committee, established in 2021, consists of seasoned industry experts who advise the HKEX board on matters related to the Chinese market [1]. - The committee is chaired by Zhang Yicheng, the Chairman and CEO of CITIC Capital Holdings [1]. Group 2: Zhang Yong's Background - Zhang Yong is a graduate of Shanghai University of Finance and Economics and is currently a managing partner at Chen Yi Fund [2]. - He was a founding member of Alibaba Group's partnership system and served as CEO from 2015 until 2023 [2]. - His previous roles at Alibaba include CFO of Taobao, General Manager of Tmall, COO of Alibaba Group, and Chairman of Cainiao Network [2]. Group 3: Future Aspirations - Zhang Yong expressed enthusiasm about partnering with Liu Xiaodan at Chen Yi Fund to explore new opportunities in mergers and acquisitions [3][4]. - The focus will be on leveraging technological advancements and economic transformation to reshape industries and value chains [4].

Group 1 - Zhang Yong has been appointed as the latest member of the Hong Kong Stock Exchange's China Business Advisory Committee [1][4] - The committee was established in 2021 and consists of industry experts with deep knowledge of the Chinese market, serving as advisors to the board of the Hong Kong Stock Exchange [4][6] - With Zhang Yong's appointment, the committee's membership will increase to nine, with Zhang Yichen serving as the chairman [4][6] Group 2 - Hong Kong Stock Exchange Chairman, Tang Jiacheng, expressed pleasure at Zhang Yong's appointment, highlighting his extensive experience and understanding of Chinese enterprises and financial markets [1][3] - Zhang Yong previously served as the CEO of Alibaba Group and played a significant role in the company's growth, including the creation of the Double Eleven shopping festival [6] - In 2023, Zhang Yong initiated a major organizational transformation at Alibaba and subsequently left all management positions within the company [6]

张勇加入后，中国业务咨询委员会成员将增至九名，香港交易所非执行董事及中信资本控股有限公司董 事长兼首席执行官张懿宸担任委员会主席。委员会的其他成员包括：香港交易所前主席史美伦、春华资 本集团董事长胡祖六、北京大学国家发展研究院院长及数字金融研究中心主任黄益平教授、现任国家科 技成果转化引导基金理事长及招商银行前行长兼首席执行官马蔚华、TPG中国的合伙人兼董事长孙强、 香港交易所主席唐家成以及香港交易所集团行政总裁陈翊庭。 资料显示，张勇现为晨壹基金的管理合伙人。加入晨壹基金之前，他于2007年加入阿里巴巴集团，期间 曾担任多个重要职位，于2015年起出任阿里巴巴集团首席执行官，并于2019年起同时出任阿里巴巴集团 董事会主席，直至2023年卸任。 智通财经APP获悉，8月1日，香港交易所宣布委任晨壹基金合伙人及阿里巴巴(09988)前董事会主席张勇 为香港交易所旗下中国业务咨询委员会的最新成员。 香港交易所主席唐家成表示，很高兴张勇先生加入中国业务咨询委员会。他对于中国企业和金融市场都 拥有丰富经验及深刻的认识，可以为香港交易所董事会提供宝贵意见，帮助香港交易所发挥"连接中国 与世界"的独特优势，落实各项战略 ...

泛欧交易所：第二季度实现了有史以来最高的收入和利润。 ...

伦敦证券交易所集团（LSEG）首席执行官就延长伦敦证券交易所交易时间表示，目前尚未就此作出任 何决定。 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is set to reduce the minimum price fluctuation unit for securities trading, with a maximum reduction of 60%, aimed at enhancing market liquidity and trading efficiency [1][2][3] Summary by Relevant Sections Minimum Price Fluctuation Unit Adjustment - Starting from August 4, the minimum price fluctuation unit for securities will be adjusted in phases. For securities priced between HKD 10 and 20, the minimum fluctuation will decrease from HKD 0.02 to HKD 0.01 (a 50% reduction). For those priced between HKD 20 and 50, it will drop from HKD 0.05 to HKD 0.02 (a 60% reduction) [2][5] - This adjustment applies to stocks, Real Estate Investment Trusts (REITs), and equity warrants [2] Market Liquidity and Trading Efficiency - The HKEX aims to improve market liquidity through this adjustment, making it easier for orders to be executed at expected prices and aligning trading prices closer to the actual value of stocks [1][4] - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of 2025, reflecting a 118% increase compared to the same period last year [3] Impact on Market Participants - Industry experts believe that the reduction in the minimum price fluctuation unit will lower trading costs and enhance efficiency, potentially attracting more quantitative funds into the market [4] - However, there are concerns that traders relying on small price differences for arbitrage may exit the market due to reduced profit margins, which could negatively impact overall market liquidity [1][7] Future Phases of Adjustment - A second phase of adjustments is planned for securities priced between HKD 0.5 and 10, which will see a 50% reduction in the minimum price fluctuation unit, expected to be implemented next year [2][5]

2025年上半年港股日均成交额已达2402亿港元，同比增长118%。 港股证券的最小有效报价单位，即将迎来下调，最高下调幅度达到60%。 香港交易所宣布，自8月4日起将分阶段调整证券市场最小价格变动单位，首阶段调整涉及10至50港元区间的股票及相 关产品。 根据新规，10至20港元证券的最低上落价位将从0.02港元下调至0.01港元，20至50港元证券则从0.05港元降至0.02港 元，调整幅度分别达50%和60%。 这是港交所继2023年成立促进股票市场流动性专责小组后，推出的又一重要举措，旨在通过缩小价差提升市场流动性 和交易效率。港交所数据显示，2025年上半年，港股日均成交额已达2402亿港元，较去年同期增长118%。 业内人士认为，此次调整将使订单更易在预期价格内成交，同时让交易价格更贴近股票实际价值，有望进一步增强市 场流动性。同时，让高频交易的冲击成本降低，未来市场或迎来更多量化资金。 不过，也有市场参与者担忧，新规实施后依赖微小价差套利的"爬格仔"投资者，可能因利润空间压缩而被迫离场，从 而不利于市场流动性。 10—50港元证券最低下调六成 根据披露，第一阶段，价格范围位于10港元至20港元、 ...