董秘制度全面升级 职责清单与履职保障双强化 《上市公司董事会秘书监管规则（征求意见稿）》明确了董秘在上市公司信息披露和公司治理等方面的 责任。在原有规则基础上，本次修订就董秘职责内容作进一步细化。第一，细化董秘在组织协调信息披 露事务方面的职责。强化董秘在组织定期报告和临时报告的编制和披露，信息披露暂缓、豁免和内幕信 息管理等方面的职责，推动提升上市公司信息披露质量。第二，明确董秘在促进公司治理合规方面的职 责。进一步细化董秘在组织筹备董事会及股东会方面的职责，明确董秘应当协助审查公司章程、组织机 构设置和职权分配的合规性，发现财务信息、内部控制问题或者违法违规线索的应当及时报告等，推动 提升上市公司治理有效性。第三，强化董秘在承担内外部沟通方面的职责。进一步细化董秘在投资者关 系管理、舆情管理、股东持股管理等方面的职责安排，新增董秘为独立董事提供履职协助等职责，加强 上市公司与相关各方的沟通协调。 为推动董秘依规履职，本次修订进一步完善董秘履职保障机制。第一，健全广泛及时的信息获取机制。 在规定董秘应当列席股东会、董事会会议，有权参加高管相关会议的基础上，明确上市公司董事及其他 高管、各职能部门应当积极配合 ...

新华财经上海12月31日电 上海证券交易所31日发布的2025年上海市场统计表和上海股票市场统计表显示，截至2025年底，沪市主板总市值54.46万亿元，较 2024年底增加8.37万亿元；科创板总市值10.32万亿元，较2024年底增加3.98万亿元。2025年沪市主板筹资额9343亿元，同比增长352.54%，其中IPO筹资额 432亿元，同比增长146.74%；科创板筹资额1073亿元，同比增长278.76%，其中IPO筹资额381亿元，同比增长151.08%。 截至2025年底，上证指数市盈率为16.3倍，科创综指市盈率为67.04倍。投资者数为2.64亿户，较2024年底增加1400万户；股票账户数3.99亿户，较2024年底 增加2700万户。 （文章来源：新华财经） (2025 年) | | | 主板 | | | | 科 | | --- | --- | --- | --- | --- | --- | --- | | | | 値 比上年土 | | 增减(%) | 値 | H | | 上市 | 上市公司数 | 1702 | 5 | 0. 29 | 600 | | | 公司 | IP0 公司数 | 2 ...

【环球网财经综合报道】12月26日，上海证券交易所与深圳证券交易所同步发布2026年系列降费让利措施，涵盖上市、交易、服务等多个环节。两所预计， 2026年合计降费让利金额将超过19亿元，以切实举措降低市场主体成本，激发市场活力。 具体来看，上交所发布的措施包括免收沪市上市公司上市费，减免交易单元使用费，免收除可转债外的债券交易经手费等。同时，上交所下属子公司将减免 交易网关流速费、上证e服务、上证e投票、上证云等相关费用。预计2026年上交所降费让利金额约11.13亿元。 一直以来，沪深交易所认真贯彻落实党中央、国务院有关减税降费的决策部署，持续挖掘降费空间，提升让利力度。 "十四五"期间，上交所研究调降股票、债券、基金、REITs等产品的交易经手费收费标准，持续免收上市公司及基金、REITs上市费，减免会员等市场主体的 交易单元使用费；上交所下属子公司持续减免上市公司和行业机构相关服务费用。 近年来，深交所先后调降基金、股票等产品交易经手费收费标准，连续多年免收基金上市费和流量费，免收相关债券产品融资交易费用，免收上市公司上市 费、减免网络投票服务费等，并指导下属子公司持续减免行业机构交易通信等费用。 深 ...

Group 1: Major Upcoming IPOs - Reliance Jio is expected to debut in 2026 with a valuation between Rs 11 lakh crore and Rs 12 lakh crore, potentially becoming the largest IPO in India [2][11] - The National Stock Exchange of India (NSE) is preparing for its IPO after setting aside Rs 1,300 crore to resolve regulatory issues, awaiting a no-objection certificate from Sebi [3][11] - Flipkart aims for a 2026 listing with a valuation target of $60 billion to $70 billion, positioning itself as a major tech IPO in India [4][11] Group 2: Fintech and Other Sectors - PhonePe has filed confidential draft papers for a $1.5 billion IPO, targeting a valuation of $15 billion, marking a significant moment for the digital payments sector [5][11] - OYO is planning an IPO to raise up to $800 million, focusing on business stability and profitability after previous delays [6][11] - SBI Mutual Fund is considering an IPO of up to $1.2 billion in the first half of 2026, reflecting growth in the mutual fund industry [7][11] Group 3: Additional Companies Preparing for IPOs - Hero Fincorp plans an IPO of Rs 3,668.13 crore, including a fresh issue of Rs 2,100 crore, amid concerns over unsecured lending [8][11] - Navi Technologies is targeting a public listing in the second half of FY26, focusing on personal loans, home loans, and insurance [9][12] - Zepto aims to raise between $450 million and $500 million (approximately Rs 4,000 crore to Rs 4,440 crore) through its IPO, as competition in the quick-commerce sector intensifies [10][12] - Consumer electronics brand boAt is preparing for a listing, targeting a fundraise of $300 million to $500 million at a valuation exceeding $1.5 billion [11][12]

Core Viewpoint - The Moscow Exchange and St. Petersburg Exchange are prepared to launch regulated cryptocurrency trading by mid-2026, contingent on the establishment of a legislative framework in Russia [1][2]. Group 1: Regulatory Framework - The Bank of Russia has set July 1, 2026, as the deadline for comprehensive cryptocurrency legislation development [1]. - The regulatory framework will differentiate access for qualified and non-qualified investors, with non-qualified investors facing stricter conditions [3]. - Non-qualified investors can only purchase liquid cryptocurrencies from a specified list, with annual purchases capped at 300,000 rubles (approximately $3,800) through a single intermediary [4]. Group 2: Investor Classification - Qualified investors will not have volume restrictions but must demonstrate an understanding of crypto risks through testing [4]. - Qualified investors are prohibited from purchasing anonymous tokens that conceal transaction data [4]. Group 3: Market Infrastructure - The Moscow Exchange is actively developing solutions to service the cryptocurrency market, while the St. Petersburg Exchange has the necessary technological infrastructure for trading and settlements [2]. - Major exchanges are involved in developing the cryptocurrency market and organizing the required infrastructure [3]. Group 4: Market Dynamics - Despite the development of trading infrastructure, Russian authorities maintain a ban on using cryptocurrencies for domestic payments, insisting that all payments must be made in rubles [5]. - The Bank of Russia initially advocated for a total ban on crypto exchanges and token trading, but this stance has shifted due to Western sanctions [6]. Group 5: Market Growth - Russia's crypto ecosystem has significantly expanded, with $376.3 billion in received crypto transactions from July 2024 to June 2025, making it Europe's largest crypto market by transaction volume, surpassing the UK's $273.2 billion [7].

IPO Overview - The Indian primary market is expected to be busy in 2026, with over 190 companies either cleared or in the approval queue, aiming to raise more than Rs 2.5 lakh crore [11] - Reliance Jio is anticipated to dominate the IPO calendar, with a valuation between Rs 11 lakh crore to Rs 12 lakh crore, potentially becoming India's largest IPO [11] - The National Stock Exchange of India (NSE) is gaining momentum for its IPO, having set aside Rs 1,300 crore to settle regulatory matters, with expectations for a no-objection certificate from Sebi soon [11] Consumer Internet and Technology Companies - Flipkart is preparing for a 2026 listing, targeting a valuation of $60 billion to $70 billion, and is expected to be one of the largest technology offerings from India [3][11] - PhonePe has filed confidential draft papers for a $1.5 billion IPO, valuing the company at around $15 billion, marking a significant milestone for India's fintech sector [4][11] Hospitality and Financial Services - OYO is preparing for an IPO that could raise up to $800 million, focusing on stabilizing its business and improving profitability [6][11] - SBI Funds Management is considering raising up to $1.2 billion through an IPO in the first half of 2026, backed by State Bank of India and Amundi [7][11] Lending and Fintech - Hero Fincorp plans to raise Rs 3,668.13 crore through its IPO, consisting of a Rs 2,100 crore fresh issue and an offer for sale by existing shareholders [7][11] - Navi Technologies is targeting a listing in the second half of FY26, expanding across personal loans, home loans, and insurance [8][11] Quick-Commerce and Consumer Electronics - Zepto is preparing to refile its draft papers, looking to raise $450 million to $500 million (approximately Rs 4,000 crore to Rs 4,440 crore) [9][11] - boAt aims to raise $300 million to $500 million at a valuation of over $1.5 billion, having finalized major investment banks for its IPO [10][11]

Store Operations on Christmas Day - A limited number of stores and gas stations will remain open on Christmas Day, including Albertsons, CVS, 7-Eleven, Circle K, Safeway, Walgreens at select 24-hour locations, and Vons [2][10] - Most major retailers and grocery chains will be closed, including ALDI, Costco, Dollar General, Kroger, Target, Walmart, and Whole Foods [5][9][10] - Several national restaurant chains will operate on Christmas Day, such as Starbucks, Krispy Kreme, Fogo de Chão, IHOP, and Waffle House, though availability may vary by location [6][10] Postal and Delivery Services - The U.S. Postal Service will be open on Christmas Eve but all post offices will be closed on Christmas Day with no mail delivery [7][10] - UPS and FedEx will also be closed on Christmas Day [7][10] Financial and Market Operations - Banks will not operate on Christmas Day, adhering to the Federal Reserve holiday schedule [7][10] - Stock markets, including Nasdaq and the New York Stock Exchange, will be closed on Christmas Day [8][10] - All federal, state, and local government offices, including courts, will also be closed on Christmas Day [8][10]

Core Viewpoint - The International Stock Exchange Group Limited (TISE) has signed a Memorandum of Understanding (MoU) with Boursa Kuwait to explore collaboration opportunities in specialized listings and expanding investment channels in the Middle East [1][3]. Group 1: TISE Overview - TISE is a regulated exchange based in Guernsey, offering a diverse range of financial products and maintaining a presence in key international financial centers such as Dublin, Jersey, and London [2]. - TISE's Qualified Investor Bond Market (QIBM) is recognized as a leading market in Europe for high yield bonds, structured finance products, and securitization transactions [5]. Group 2: Boursa Kuwait Overview - Boursa Kuwait is classified as an emerging market in major global indices and is recognized as a leading regional exchange [2]. - The exchange aims to enhance its international presence and strengthen the reputation of the Kuwaiti capital market as a trusted investment destination [3][4]. Group 3: MoU Objectives - The MoU focuses on enhancing technical and knowledge-based cooperation between TISE and Boursa Kuwait, aiming to develop financial markets through expertise exchange and collaboration on innovative financial products [3][4]. - The partnership is part of Boursa Kuwait's strategy to foster international cooperation and enhance its position as an attractive investment destination in the region [4].

Funds raised in Hong Kong reached nearly HK$275 billion (US$35.4 billion) from 106 initial public offerings (IPO) as of December 12, helping the city become the world's top listing venue, the stock exchange operator said in a year-end review. "2025 has been a year of momentum - global investors returned with conviction, and innovation from the Chinese mainland and across Asia kept our markets vibrant," said Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing (HKEX). Four of these companies featu ...

Core Viewpoint - Investors in the Securities and Exchanges sector may find London Stock Exchange Group plc - Unsponsored ADR (LSEGY) more attractive than CME Group (CME) based on various valuation metrics and earnings outlook [1] Valuation Metrics - LSEGY has a forward P/E ratio of 21.99, while CME has a forward P/E of 23.90, indicating LSEGY may be undervalued compared to CME [5] - The PEG ratio for LSEGY is 1.89, significantly lower than CME's PEG ratio of 3.97, suggesting LSEGY offers better value when considering expected earnings growth [5] - LSEGY's P/B ratio is 2.05, compared to CME's P/B of 3.4, further supporting the notion that LSEGY is more attractively priced relative to its book value [6] Earnings Outlook - LSEGY currently holds a Zacks Rank of 2 (Buy), indicating an improving earnings outlook, while CME has a Zacks Rank of 3 (Hold), suggesting a less favorable earnings revision trend [3][7] - The positive earnings estimate revisions for LSEGY enhance its attractiveness to value investors [3][7] Value Grades - LSEGY has a Value grade of B, while CME has a Value grade of D, reflecting LSEGY's stronger position in terms of valuation metrics [6]