China News Service, Hong Kong, February 28 (Reporter Han Xingtong) The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan Mo-po, stated in the new fiscal budget on the 28th that in order to further improve market efficiency and liquidity, the Securities and Futures Commission (Securities and Futures Commission) The Securities and Futures Commission (CSRC) and the Hong Kong Stock Exchange (HKEx) are exploring a series of measures, including improving the listing mechanism and optimizing the trading mechanism.
The Financial Secretary of the Hong Kong SAR Government, Paul Chan, released a new budget on the 28th.
Photo by China News Service reporter Chen Yongnuo
Paul Chan said that in the past year, Hong Kong has made good progress in developing the stock market. The SAR government, various regulatory agencies and the Hong Kong Stock Exchange have launched a number of measures, including the establishment of a listing system for specialized technology companies and a Hong Kong dollar-RMB dual-counter stock trading mechanism.
In terms of attracting overseas companies to list in Hong Kong, the Hong Kong Stock Exchange has included the Saudi Arabian and Indonesian stock exchanges as recognized exchanges last year to facilitate the secondary listing of companies listed on its main board in Hong Kong.
Chan Mo-po said that the SAR government is fully implementing a number of recommendations put forward by the Task Force on Promoting Stock Market Liquidity in October last year, including reforming the GEM.
The Hong Kong Stock Exchange has solicited market opinions on establishing a stock repurchase share mechanism and maintaining market operations during severe weather, with the goal of implementing it by the middle of this year.
To further enhance market efficiency and liquidity, the Securities and Futures Commission and the Hong Kong Stock Exchange are exploring a series of measures, including:
(1) Improve the listing mechanism.
Study and optimize the price discovery process for initial public offerings, and review the public float requirements of listed companies to improve market efficiency.
The listing requirements and arrangements for structured products will also be optimized and their listing costs will be reduced;
(2) Optimize the trading mechanism.
Explore the narrowing of the minimum price range to narrow the bid-ask spread, and make recommendations in the second quarter of this year; the next step is to study and optimize the spot trading unit of stocks; and explore to further optimize the position limits and margin arrangements of derivative products to better meet risk management needs ;
(3) Improve services to investors.
Research and optimize real-time market information services to provide services that meet the needs of different investors at reasonable prices;
(4) Strengthen marketing promotion.
HKEx will strengthen the promotion of the Hong Kong securities market through overseas offices and actively deepen its ties with the Middle East and ASEAN regions, hoping to attract more issuers and funds.
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