2026年2月4日至7日，本所合伙人郑炎潘律师与林丽嫦律师作为本所代表，出席了在澳大利亚悉尼举行的Interlaw 2026亚太区域会议。作为覆盖全球150余个城市、拥有超过90家顶尖成员律所的精英法律网络之创始成员，本所通过深度参与此类高端国际交流，持续巩固在全球法律前沿领域的洞察力与影响力。

本次为期三天的会议以“以共同价值，促深度联结”为核心主题，聚焦于加强亚太地区及全球成员所之间的战略协作与业务融合。会议期间，郑炎潘律师与林丽嫦律师全程参与了多场专题研讨与实务工作坊，围绕法律行业面临的重大挑战与发展机遇，与来自不同法域的同行展开了富有建设性的对话。研讨内容紧扣时代脉搏，深入探讨了人工智能技术对银行业与知识产权领域的法律应用与合规影响，分析了数字时代共享价值观在劳动雇佣领域人才战略中的关键作用，并交流了法律机构在变革环境中的领导力构建与管理创新路径。此外，会议特设业务发展专题论坛，与会代表就深化跨境协作、优化区域服务流程与提升客户体验的具体举措进行了务实讨论，共同探索协同发展的有效模式。

如阁下有任何查询或想了解更多详情，请联络本所合伙人郑炎潘律师或林丽嫦律师。

2026年2月6日，史蒂文生黄律师事务所梁祺澧顾问律师与谢朗希律师应邀前往天风国际证券集团有限公司（「天风国际」）香港总部，举办了一场题为「精通《证券及期货条例》第XV部」的专业培训研讨会。本次研讨会重点深入剖析了作为香港市场透明度基石的「披露权益」制度。

为何第XV部（Part XV）至关重要？

对于上市公司董事、最高行政人员及股东而言，未能及时、准确地披露权益可能导致刑事责任、监禁及声誉受损。对于证券公司及持牌法团而言，深入理解该制度的细微差别——特别是最新的监管更新——对于内部合规及客户咨询服务都具有关键意义 。

研讨会精华回顾

梁律师与谢律师为天风国际团队提供了穿越第XV部复杂规则的实务指南，不仅涵盖基础规则，更深入探讨了高阶操作难题。研讨会涵盖的重点议题包括：

• “库存股份”新规： 详细解读香港证监会（SFC）于2024年5月修订的《第XV部概要》，特别是关于库存股份仍需计入“已发行有表决权股份”分母的规定（反映了港交所于2024年6月采用的新库存股框架），这直接影响大股东持股比例的计算。
• “视作持有权益”与集团架构： 拆解受控法团的“三分之一规则”（one-third rule），以及权益如何在复杂的集团架构、家族信托及一致行动协议中进行合并计算。
• 电子存档的常见陷阱： 分享使用港交所 DION系统 的最佳实践，包括严格的“3个营业日”时限，以及在“首次披露”与“权益性质变更”申报中的常见错误。
• 最终实益拥有人（UBO）的披露豁免： 深入剖析第XV部下的豁免条款，协助投资经理厘清在何种情况下无需披露最终实益拥有人。

关于天风国际证券

天风国际是香港历史最悠久的在港中资券商之一，其子公司持有香港证监会第1、2、4、5、6及9类受规管活动牌照。该集团由湖北省人民政府旗下唯一的金融服务企业——湖北宏泰集团控股。

我们可以如何提供协助

驾驭《证券及期货条例》不仅需要研读条文，更需要通过实务经验灵活应用。本所的监管执法与合规团队专注于协助上市公司、大股东及金融机构管理其申报义务并规避监管风险。

如有任何查询或希望为您的团队安排定制的监管合规研讨会，请联系本所梁祺澧顾问律师或谢朗希律师。

联会的成立是粤港澳三地法律界融合发展的重要里程碑，旨在加强三地法律专业人士的交流与协作，促进跨境法律服务的协同发展，并精准回应大湾区内日益增长的跨司法管辖区法律需求。作为区内执业律师的关键沟通平台，联会将致力于落实《粤港澳大湾区发展规划纲要》，推动法律服务的深度融合。徐律师作为联会副主席将克尽己任，尽心履职，与联会成员保持紧密合作，积极发挥沟通协调与专业桥梁作用，与业界同仁携手推动法律服务水平的持续提升，为粤港澳大湾区的高质量发展贡献专业力量。

如阁下有查询或想了解更多详情，请联络本所合伙人徐凯怡律师。

公司法改革常务委员会是香港财经事务及库务局辖下的重要咨询组织，其职能就《公司条例》和《证券及期货条例》等条例修订向政府提供专业意见。委员会致力于构建清晰、高效且稳健的法律框架，以优化企业营运环境，进一步巩固香港作为国际商业及金融中心的领先地位。

徐律师是香港律师会理事、大中华法律事务委员会副主席及仲裁委员会委员；同时担任香港国际仲裁中心理事和香港国际仲裁中心仲裁女性俱乐部 (WIA) 委员。徐律师多获多家知名仲裁机构委任为仲裁员及调解员，包括香港国际仲裁中心、中国国际经济贸易仲裁委员会、上海国际仲裁中心、华南（香港）国际仲裁院、亚非法协（香港）、北京仲裁委员会/北京国际仲裁中心等。此外，她亦是广东省高级人民法院﹑深圳前海合作区人民法院的特邀调解员。

徐律师拥有粤港澳大湾区执业律师资格及中国委托公证人身份，并为英国特许仲裁司学会院士。

如阁下有查询或想了解更多详情，请联络本所合伙人徐凯怡律师，或按此查看香港政府之新闻公报。

史蒂文生黄律师事务所欣然宣布，合伙人﹑银行及金融部和诉讼及争议解决部主管徐凯怡律师﹐以及合伙人、企业融资部副主管、金融科技部联席主管张源辉律师，凭借其卓越的专业表现和客户的高度评价，荣登《商法》（China Business Law Journal）“The A-List 法律精英：2025-26年度中国业务律界精锐” 榜单。

这项殊荣再次肯定了两位律师在各自专业领域的持续领先地位。徐凯怡律师已是连续第五年荣获《商法》「The A-List 法律精英」的肯定；而张源辉律师亦是连续第三年获此殊荣。

《商法》“The A-List 法律精英”榜单的评选基于数千份来自企业法务、高管及法律同行的提名与独立调研，具有高度的行业公信力。其中“律界精锐”类别旨在表彰兼具精深专业素养与卓越市场影响力的杰出律师，其在推动业务发展、赢得客户信赖方面表现尤为突出。

本所谨此感谢《商法》与各界客户的长期支持，本所将继续以专业实力为依托，为客户提供跨领域、跨法域的优质法律服务。

如阁下有查询或想了解更多详情，请联络本所合伙人徐凯怡律师和张源辉律师，或按此查看《商法》之官网报道。

HKEX Publishes Consultation Paper on Enhancements to Board Lot Framework

 9 January 2026

1. Introduction

On 18 December 2025, Hong Kong Exchanges and Clearing Limited (“HKEX” or the “Exchange”) published a consultation paper on proposed enhancements to the board lot framework in the Hong Kong securities market (the “Consultation Paper”). The initiative, mandated by the HKSAR Government’s Task Force on Enhancing Stock Market Liquidity established in August 2023, aims to streamline trading, clearing and settlement processes while expanding investor participation.

The consultation period will run until 12 March 2026. Stakeholders are invited to submit feedback via HKEX’s online questionnaire, with a consultation conclusions paper tentatively (the “Consultation Conclusions”) scheduled for release by the end of the first half of 2026. This update breaks down the core proposals, their strategic rationale, and potential impacts on market participants.

2. Background: Hong Kong’s Board Lot Framework

A board lot is the standard number of shares required for a single transaction in the securities market, serving as a cornerstone of orderly trading and operational efficiency. Unlike most major global exchanges that adopt a single unified board lot unit, Hong Kong’s current framework is “issuer-led”, allowing each listed company to determine its own board lot size.

This approach has resulted in significant fragmentation. Currently, 44 distinct board lot units are in use, ranging from 10 shares to 100,000 shares. While 2,000 shares is the most common unit which is used by 25% of issuers, the 100-share unit accounts for the largest share of average daily turnover and market capitalisation.

This fragmentation has created multiple challenges:

(i)      Operational inefficiencies: Complexity in trading, clearing and settlement processes;
(ii)      Barriers to retail participation: Extremely high board lot values make certain securities
          unaffordable for small investors, while low board lot values risk “negative value trades”
          where execution costs exceed trade value; and
(iii)      Misalignment with global practices: Divergence from international standards complicates
          cross-market trading, particularly for Southbound Stock Connect investors familiar with
          Mainland China’s unified 100-share board lot.

Additionally, Hong Kong’s market has a higher proportion of low-priced securities (56% of securities traded in the Hong Kong securities market (“Applicable Securities”) trade below HK$1.0) and fixed execution costs, making an immediate shift to a single unified board lot unit impractical due to the risk of widespread negative value trades.

3. Key Enhancements in Detail

3.1  Board Lot Value Floor and Ceiling Guidance

To balance accessibility and risk mitigation, HKEX proposes revising existing guidance and introducing a new ceiling:

(i)      Reduction of board lot value floor guidance: HKEX proposes decreasing the existing board
          lot value floor from HK$2,000 to HK$1,000. This adjustment reduces entry barriers without
          increasing negative value trade risks. The floor applies only when issuers list or adjust board
          lot units. No action is required if stock price movements push values below HK$1,000.
(ii)      Introduction of board lot value ceiling guidance: HKEX proposes to introduce board lot
          value ceiling at HK$50,000, applicable only to issuers using units larger than 100 shares. The
          ceiling encourages issuers to split units to maintain accessibility.

 3.2 Standardisation of board lot units

HKEX proposes reducing the number of permissible board lot units to eight board lot options (i.e., 1, 50, 100, 500, 1,000, 2,000, 5,000, and 10,000 share(s)), covering diverse price bands from HK$0.1 to HK$1,000+ per share. The proposed new board lot framework would result in 657 securities needing to change board lot units, representing approximately 25% of the 2,680 Applicable Securities. The standardised set supports future convergence to a single unit by encouraging gradual adoption of smaller units.

 3.3 Phased Implementation Aligned with the Uncertificated Securities Market (“USM”)

To minimise market disruption, the framework will be rolled out in two phases, coordinated with HKEX’s USM initiative which replaces physical share certificates with electronic records:

Phase One:

(i)      New issuers: Must adopt the eight standardised units and comply with the HK$1,000
          floor/HK$50,000 ceiling upon listing.
(ii)      Existing issuers: No immediate unit standardisation required. Only need to adhere to the
          HK$1,000 floor/HK$50,000 ceiling guidelines.

Phase Two: Existing issuers must adopt one of the standardised units within a specified period after transitioning to USM. This aims at avoiding reprint physical share certificates and optimising issuer resources.

 A detailed implementation timeline may be included in the Consultation Conclusions Paper.

4. Strategic Implications for Market Participants

The proposed enhancements will have distinct impacts on key market stakeholders:

 Approximately 25% of listed issuers will need to revise their board lot units to one of the eight standardised options. In the long term, these reforms will reduce operational complexity and better align with the needs of global and international investors—particularly for “A+H share” issuers seeking consistency across Mainland China and Hong Kong markets. Issuers must continuously monitor their board lot values to ensure compliance with the HK$50,000 ceiling applicable to units exceeding 100 shares.

Investors will benefit from lower entry barriers, expanding access to high-quality securities, reducing concentration risk, and enabling portfolio diversification. Institutional investors will find trading, hedging and settlement processes simplified by standardised units, lowering operational costs and the risk of errors.

Fewer board lot units significantly enhance the operational efficiency of brokers and intermediaries by streamlining system configurations, order entry, and client onboarding processes. Reduced odd lot creation and clearer value guidelines help mitigate operational and settlement risks, strengthening risk management. Additionally, standardised board lots simplify the management of associated products, whose terms are often linked to the underlying securities’ board lot units, eliminating the need for complex adjustments.

5. Conclusion

The consultation period runs until 12 March 2026, and all interested parties—including issuers, brokers, institutional and retail investors, legal and compliance professionals, and investor advocacy groups—are strongly encouraged to submit feedback via the Exchange’s online questionnaire.

Given the transformative nature of these proposals, stakeholders are urged to:

(i)      review the Consultation Paper in full (available on HKEX’s website);
(ii)      provide detailed, data-driven feedback by 12 March 2026 to shape the final rules; and
(iii)      prepare for phased implementation, particularly aligning systems and processes with USM
          transition timelines.

The success of this reform will depend on balancing operational efficiency, investor accessibility and issuer flexibility, ensuring Hong Kong’s securities market remains dynamic, inclusive and aligned with global best practices.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

This news update is for information purposes only. Its content does not constitute legal advice and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage arising from or in connection with any decision made, action or inaction taken in reliance on the information set out herein.