惠譽:港交所修改上市規則利好在港中資券商
惠譽評級表示,港交所(00388.HK)修訂後的上市規則於今年正式生效以後,在港中資券商股票承銷業務的市佔率有望提升。惠譽認為,基於中國內地和香港資本市場之間愈來愈緊密的互通互聯,以及在港證券公司內地母公司已建立起的客戶關係,這些中資券商較其境外及香港本土同業公司更有可能自新上市規則中受益。
新規則將夯實香港作為中國內地企業重要境外融資渠道的地位,並吸引更多公司赴港上市。這一前景將為香港證券子公司對其內地母公司的戰略重要性提供支撐,並可能影響惠譽對母公司提供支持意願強弱的評估。不過,中資企業在香港股本市場的勢力不斷擴大亦會造成市場更高的集中度,以及透過中國內地經濟傳導過來的對市場波動的敏感性。
港交所計劃修改上市規則,於今年第一季度為特專科技公司來港上市開闢新規。在去年第四季度發布的早期意見徵詢稿中,特專科技公司被定義為主要從事關於新一代信息技術企業、先進硬件、先進材料、新能源及節能環保、新食品及農業技術的研發和商業化的科技公司。
過去十年,港交所為縮小香港和中國內地市場之間的差距作出了不懈努力,大大增強了其競爭力。2014年滬港通和深港通問世,2017年債券通出台,2018年對上市規則進行了修訂,這些舉措不僅提高了來自中國內地的資金流動,而且有效促進了港股市場的規模和深度的發展。
鑑於此,近年來港交所已成為眾多內資企業上市融資的優先選擇市場之一。截至去年末,赴港上市的內資企業數量升至1,409間,佔上市公司總數的54%,較十年前的47%有所提升。同時,內資企業已成為港交所市值及日均成交量的中堅力量。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.