元征科技(02488)发布公告，公司已于2026年2月6日收到中国证监会就公司申请H股全流通发出的备案通 知书。根据备案通知书，公司已完成向中国证监会就实施H股全流通(即1.94亿股未上市股份转换为H股) 的备案。如自备案通知书出具之日起12个月内未完成股份转换，而公司仍拟继续推进的，则须向中国证 监会更新备案材料。公司将向联交所申请转换及上市。 ...

Group 1 - The core point of the article is that Jiuyuan Gene (02566.HK) announced the board's approval for the proposal to implement full circulation of H-shares, converting 136 million unlisted shares held by 12 shareholders into H-shares [1] Group 2 - The conversion of shares is set to take place on December 2, 2025 [1] - The move aims to enhance liquidity and broaden the shareholder base for the company [1] - This decision reflects the company's strategy to optimize its capital structure and improve market accessibility [1]

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].