格隆汇12月2日丨九源基因(02566.HK)宣布，于2025年12月2日，董事会已审议并批准关于建议实施H股 全流通的议案，即拟将12名股东持有的1.36亿股公司未上市股份转换为公司H股。 ...

Core Viewpoint - The company Guofu Hydrogen Energy (02582) has submitted a filing application to the China Securities Regulatory Commission (CSRC) for the proposed implementation of full circulation of H-shares, converting a total of 18.4168 million domestic shares into H-shares [1] Group 1 - The company plans to convert 18.4168 million domestic shares into H-shares upon completion of all filing requirements and obtaining necessary approvals [1] - The converted H-shares will be listed and traded on the Hong Kong Stock Exchange [1] - The filing was submitted on October 15, 2025, indicating a strategic move towards enhancing liquidity and market presence [1]

Core Viewpoint - The adjustment of the share transaction fee structure in the Hong Kong market is set to take effect on June 30, 2025, increasing the fee from 0.002% to 0.0042% of the transaction amount, while eliminating the minimum and maximum fee limits, which is expected to significantly lower costs for small transactions [1][2][3]. Summary by Sections Fee Structure Adjustment - The new fee structure will charge 0.0042% of the transaction amount, rounded to two decimal places, with no minimum fee of 2 HKD or maximum fee of 100 HKD [2][3]. - This adjustment applies to various trading activities including Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, H-shares "full circulation," and B-share to H-share conversions [2]. Impact on Small Transactions - The removal of the minimum fee means that small transactions will see a drastic reduction in costs. For instance, a transaction of 1000 HKD will incur a fee of only 0.042 HKD compared to the previous minimum fee of 2 HKD [3][6]. - Institutional investors will benefit from a more accurate calculation of transaction costs, allowing for better optimization of trading strategies [3]. Relation to Market Structure Changes - The fee adjustment is linked to the Hong Kong Stock Exchange's initiative to lower the minimum price fluctuation unit, which is expected to facilitate smaller transactions [4][5]. - The first phase of this initiative is planned for mid-2025, with further adjustments contingent on market conditions and regulatory approvals [4][5]. Rationale Behind Changes - The current fee structure disproportionately affects small transactions, leading to higher relative costs compared to larger trades. The new structure aims to maintain overall market cost neutrality while providing a fairer cost framework [7][8].