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港交所(00388.HK):全新平台FINI未來可縮短新股定價及開始交易週期
阿思達克 07-27 09:46
香港交易所(00388.HK)創新及數據實驗室主管裴璐加於播客中表示,香港交易所最近宣布將推出全新平台FINI,以全面簡化和數碼化香港首次公開招股(IPO)的結算流程,他認為FINI未來可縮短新股定價與開始交易之間的週期,提升市場效率。

他指出FINI是對香港上市IPO程序的全面改革,特別是針對公司上市前最後兩周(又稱「IPO結算週期」)的安排,目前這個流程的時間比實際需要長,流程涉及大量市場持份者之間的溝通和協調,持份者數量可能比任何一個市場都要大,認為是時候要更新了。

他透露日後FINI將會是所有新股的統一處理平台,市場各界,從小型經紀商到主承銷商和監管機構,都可以利用它進行自動化的實時資訊共享,直至IPO成功上市。除了縮短結算週期時間,亦會透過FINI來解決現時香港IPO市場上的一些痛點,例如凍結預付資金、重複認購,以及仍然有許多人使用的實體表格認購新股。

他指出,香港目前最快只能做到「T+4」,相關企業均以全無紙化方式招股來加快上市週期,可是如果要將IPO結算週期縮至更短,就必須要對市場基建和程序等進行根本性的改變。舉例說,銀行的結算週期受制於工作日和其營業時間。

他續指,港交所花了兩年多的時間與經紀商、銀行、監管機構等進行討論,了解還有什麼地方可以做得更好,及如何縮短IPO結算時間以減低風險等。雖然「T+1」是個很好的目標,但經諮詢市場後,發現「T+1」在操作上可能過於緊湊,為突發事情預留的時間太少。另外一個考慮因素是,很多IPO路演的最後一站都會在美國;假設上市公司的管理層在紐約或西岸進行最後一天的IPO路演,他們在深夜完成定價後才回港。如果是「T+1」,公司的管理層可能沒有足夠時間親自飛回香港出席上市儀式。(el/k) ~

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