香港交易所：2026年起香港过渡至无纸证券市场推进资本市场现代化进程

智通财经网2025-12-23

智通财经APP获悉，香港交易所发文指，香港最快将于2026年起过渡至无纸证券市场(USM)，标志着香港市场提升准入度、韧性及竞争力的重要里程碑。USM不仅能够减少交易及交易后流程的复杂程度，同时通过更清晰的资讯建立投资者信心，提升香港市场对广大参与者的吸引力。对于投资者而言，更简化的流程和更清晰的信息意味着更低的成本、更少的延误及更高的确定性，突显香港作为连接资本与机遇的角色。香港交易所会致力继续...

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market","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80388":0.6,"HKXCY":0.6,"HEXmain":1.5,"00388":1.5},"content_text":"智通财经APP获悉，香港交易所发文指，香港最快将于2026年起过渡至无纸证券市场(USM)，标志着香港市场提升准入度、韧性及竞争力的重要里程碑。USM不仅能够减少交易及交易后流程的复杂程度，同时通过更清晰的资讯建立投资者信心，提升香港市场对广大参与者的吸引力。对于投资者而言，更简化的流程和更清晰的信息意味着更低的成本、更少的延误及更高的确定性，突显香港作为连接资本与机遇的角色。香港交易所会致力继续进行各项市场优化措施，为全世界的投资者、企业和参与者带来更佳的服务和体验，巩固香港作为领先国际金融中心的地位。USM推动市场现代化USM推出后，将推动市场营运流程的现代化，让投资者能通过数码化的方式以个人名义更有效率地持有及管理证券。在USM的制度下，已于香港交易所上市或将上市的订明证券将淘汰纸本文件，并减少人手操作，全面以数码化的模式运作，令香港金融市场基础设施更具效率。为支持USM的推行，香港交易所将推出新的证券存管程序及令收费结构更切合所需，并与证券及期货事务监察委员会(香港证监会)、证券登记公司总会有限公司及其他持份者紧密合作，遵循全球通用的标准，让投资者和企业之间的互动更迅速高效。USM为市场带来裨益落实USM将为香港市场带来显著益处。日后，投资者将能够以自身名义及数码形式持有参与证券，管理及买卖证券的程序更为方便；而现有的中央结算及交收系统(中央结算系统)的中央代理人架构将会保留。投资者通过中央结算系统持有的证券将继续登记在香港中央结算(代理人)有限公司名下，向参与者提供服务水平保持不变的同时，证券转让及登记程序可大大缩短，提升操作效率。通过优化交易后系统设施、消除纸本文件程序的风险和实物操作的延迟，结算所需的过程可以缩短，最终提升市场整体容量及处理速度，增加效率。对发行人来说，投资者以自身名义持有参与证券，可提升透明度、促进沟通和互动，对加强企业管治亦有帮助。顾名思义，USM将可减少与印刷、运输及储存纸本文件有关的碳足迹，在主要工作流程中已无需额外使用纸张，推进香港的可持续发展进程。USM为日后更多市场优化措施奠定了基础，包括采用无纸化报表、更便捷的电子通讯，以及更智能化的交易后解决方案和简化每手买卖单位框架。为USM做好准备实施USM需要整个行业齐心协力，订明证券将分批成为参与证券。发行人将适时公布其过渡至USM的时间表。过渡期间，有纸形式和无纸形式的证券持有将并行运作，直至完全过渡至无纸证券市场，以确保市场准备就绪及日常运作不受中断。香港交易所将与中介机构和发行人紧密合作，为此大规模的过渡作出规划及实施必要的系统优化措施，同时为市场参与者安排演习，以便他们熟悉升级后的基础设施和运作流程。与此同时，香港将对收费结构进行调整，让收费更简单、更公平、更可预测，确保市场的营运成本切合数码化后的运作需要及支持市场可持续发展。香港交易所过去几年亦已经实施了多项市场优化措施，令交易更便捷、亦增加了市场流动性。当中在2024年9月推出的恶劣天气交易安排，已确保香港市场在七个恶劣天气交易日如常开市，避免过往因停市安排而影响国际投资者通过香港交易；而在2025年8月实施的新股定价机制改革亦促进新股的定价过程，增加香港作为集资中心的吸引力。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"policyRegulatory","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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香港交易所：2026年起香港过渡至无纸证券市场 推进资本市场现代化进程

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香港交易所：2026年起香港过渡至无纸证券市场推进资本市场现代化进程