港交所重磅改革：优化每手股数，下调散户门槛，分阶段推单一标准

21世纪经济报道2025-12-18

南方财经 21世纪经济报道记者袁思杰实习生张艺宁谢巧云香港报道12月18日，香港交易及结算所有限公司（香港交易所）举行传媒简报会，就优化证券市场每手买卖单位框架提出方案，并展开为期约12周的市场咨询。港交所证券产品发展部主管罗博仁（Brian Roberts）在传媒简报会上表示，此次优化旨在提升市场效率，并逐步朝着单一每手单位的长期目标迈进。罗博仁表示，新框架的核心建议主要包括三大部分：...

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Roberts）在传媒简报会上表示，此次优化旨在提升市场效率，并逐步朝着单一每手单位的长期目标迈进。罗博仁表示，新框架的核心建议主要包括三大部分：首先，将发行人可选择的每手买卖单位种类从目前繁杂的状况大幅精简至8种；其次，将现行每手买卖单位价值的下限指引由2000港元调降至1000港元；最后，增设50000港元的每手买卖单位价值上限指引。据初步估算，约有25%的现有上市公司需要进行相应调整，而这些公司的成交额占市场总成交额的比例也大致相当。罗博仁解释，此次改革是在审慎平衡的考量下提出的。他强调，全球尚无任何市场从超过40种每手买卖单位直接过渡到单一每手买卖单位的先例，且香港市场低价股占比较高，因此需要分阶段稳步推进。他表示希望向全球同行靠拢，实现单一每手单位制度，但这需要时间。针对方案的具体依据，罗博仁说明，将每手买卖单位种类标准化为8种，旨在覆盖低、中、高价股票，让发行人在遵守新指引的同时，仍能保有选择弹性。而下限的调降，则得益于近年港交所已取消交易费及结算费的固定最低收费，市场交易成本有所下降，为降低入场门槛创造了条件。至于增设50000港元的上限，罗博仁表示，此举基于两方面考量。一方面，数据分析显示，当每手价值超过此门槛时，散户的参与度会显著下降；另一方面，该设定旨在提升投资者参与度的同时，也避免发行人因股价频繁波动而需不断调整每手单位，从而平衡市场参与度与发行人的运营成本。与A股市场交易每手固定为100股的规则不同，港股市场的每手买卖单位并无统一标准，呈现出高度差异化的特征。在回答21世纪经济报道记者提问时，罗博仁特别提到，新框架将有助于降低内地南向投资者的交易复杂性。他表示，和内地市场相比，香港市场目前每手买卖单位种类繁多，优化后将逐步简化，从而提升南向投资者及所有市场参与者的交易效率。关于每手买卖单位改革的实施时间表，港交所计划分阶段推进：在咨询期结束后，新上市的公司将率先适用新规定。而对于现有发行人，港交所建议在其完成向无纸证券市场（USM）的转型后，给予6个月的过渡期来完成调整。罗博仁补充道，无纸化转型将使发行人无需重新印制实物股票，从而大幅降低调整成本并提升效率，为框架的平稳过渡提供重要支撑。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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