{"id":17044,"date":"2025-08-07T12:20:24","date_gmt":"2025-08-07T04:20:24","guid":{"rendered":"https:\/\/www.sw-hk.com\/?p=17044"},"modified":"2026-03-26T09:09:25","modified_gmt":"2026-03-26T01:09:25","slug":"the-stock-exchange-of-hong-kong-limited-the-exchange-has-concluded-its-consultation-on-proposals-to-optimize-ipo-price-discovery-and-open-market-requirements-publishing-its-final","status":"publish","type":"post","link":"https:\/\/www.sw-hk.com\/zh\/the-stock-exchange-of-hong-kong-limited-the-exchange-has-concluded-its-consultation-on-proposals-to-optimize-ipo-price-discovery-and-open-market-requirements-publishing-its-final\/","title":{"rendered":"\u9999\u6e2f\u8054\u5408\u4ea4\u6613\u6240\u6709\u9650\u516c\u53f8\uff08\u300c\u8054\u4ea4\u6240\u300d\uff09\u5c31\u4f18\u5316\u9996\u6b21\u516c\u5f00\u62db\u80a1\u5e02\u573a\u5b9a\u4ef7\u53ca\u516c\u5f00\u5e02\u573a\u89c4\u5b9a\u6240\u8fdb\u884c\u7684\u54a8\u8be2\u516c\u5e03\u8c18\u8be2\u603b\u7ed3\uff0c\u5e76\u5c31\u6301\u7eed\u516c\u4f17\u6301\u80a1\u91cf\u7684\u5efa\u8bae\u5c55\u5f00\u8fdb\u4e00\u6b65\u54a8\u8be2\u3002"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.sw-hk.com\/wp-content\/uploads\/2025\/08\/20250807_C.png\" \/><!--more--> <span class=\"ellipsis\" id=\"ellipsis-1621772615\" style=\"opacity: 0; position: absolute; z-index: -1;\">&#8230;<\/span><span class=\"rmwp-button-wrap\" id=\"rmwp-button-wrap-1621772615\" style=\"display: none;\"><button name=\"read more\" type=\"button\" onclick=\"rmwpButtonAction( '1621772615', 'Read More', 'Read Less' )\">Read More<\/button><\/span><\/p>\n<div class=\"rmwp-toggle \" id=\"rmwp-toggle-1621772615\" style=\"display: none\">\n<p><strong>\u9996\u6b21\u516c\u5f00\u62db\u80a1\u5e02\u573a\u5b9a\u4ef7\u53ca\u516c\u5f00\u5e02\u573a\u6539\u9769\u5efa\u8bae\u7684\u603b\u7ed3<\/strong><\/p>\n<p>\u7ecf\u8003\u86511,253\u540d\u6765\u81ea\u5404\u754c\u56de\u590d\u8005\u7684\u54a8\u8be2\u610f\u89c1\u540e\uff0c\u8054\u4ea4\u6240\u5c06\u5bf9\u4e0a\u5e02\u8981\u6c42\u4f5c\u51fa\u4ee5\u4e0b\u4e3b\u8981\u4fee\u6539\uff1a<\/p>\n<ul>\n<li><strong>\u9996\u6b21\u516c\u5f00\u62db\u80a1\u53d1\u552e\u53ca\u5b9a\u4ef7\u673a\u5236<\/strong><strong>:<\/strong><\/li>\n<\/ul>\n<ol>\n<li><u>\u5efa\u7c3f\u914d\u552e\u90e8\u5206\u7684\u6700\u4f4e\u5206\u914d\u4efd\u989d<\/u>\uff1a<\/li>\n<\/ol>\n<p>\u89c4\u5b9a\u53d1\u884c\u4eba\u5c06\u9996\u6b21\u516c\u5f00\u62db\u80a1\u65f6\u521d\u6b65\u62df\u53d1\u552e\u80a1\u4efd\u7684\u81f3\u5c1140%\u5206\u914d\u81f3\u5efa\u7c3f\u914d\u552e\u90e8\u5206\u3002<\/p>\n<ol start=\"2\">\n<li><u>\u5206\u914d\u81f3\u516c\u5f00\u8ba4\u8d2d\u90e8\u5206<\/u>\uff1a<\/li>\n<\/ol>\n<p>\u5141\u8bb8\u65b0\u4e0a\u5e02\u7533\u8bf7\u4eba\u9009\u7528\u673a\u5236A\u6216\u673a\u5236B\uff0c\u4f5c\u4e3a\u9996\u6b21\u516c\u5f00\u62db\u80a1\u53d1\u552e\u7684\u5206\u914d\u673a\u5236\uff1a<\/p>\n<ul>\n<li><strong>\u673a\u5236<\/strong><strong>A\uff1a<\/strong>\u5c06\u73b0\u884c\u5206\u914d\u53ca\u56de\u8865\u673a\u5236\u66ff\u6362\u4e3a\u4ee5\u4e0b\u516c\u5f00\u8ba4\u8d2d\u90e8\u5206\u7684\u6307\u5b9a\u5206\u914d\u6bd4\u4f8b\uff1a<\/li>\n<\/ul>\n<style>table, th, td { border: 1px solid black;}<\/style>\n<table width=\"520\">\n<tbody>\n<tr>\n<td rowspan=\"2\" width=\"157\"><\/td>\n<td rowspan=\"2\" width=\"69\"><strong>\u521d\u8ba2<\/strong><strong><br \/>\n\u5206\u914d\u4efd\u989d<\/strong><\/td>\n<td colspan=\"3\" width=\"294\"><strong>\u516c\u5f00\u8ba4\u8d2d\u90e8\u5206\u8d85\u989d\u8ba4\u8d2d\u500d\u6570<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"105\"><strong>\u226515\u500d \u81f3 &lt;50\u500d<\/strong><\/td>\n<td width=\"113\"><strong>\u226550\u500d \u81f3 &lt;100\u500d<\/strong><\/td>\n<td width=\"76\"><strong>\u2265100\u500d<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"157\"><strong>\u5206\u914d\u4e88\u516c\u5f00\u8ba4\u8d2d\u90e8\u5206\u7684\u53d1\u552e\u80a1\u4efd\u767e\u5206\u6bd4<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td width=\"69\">5%<\/td>\n<td width=\"105\">15%<\/td>\n<td width=\"113\">25%<\/td>\n<td width=\"76\">35%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><strong>\u673a\u5236<\/strong><strong>B\uff1a<\/strong>\u5f15\u5165\u65b0\u7684\u673a\u5236\u9009\u9879\uff0c\u8981\u6c42\u53d1\u884c\u4eba\u4e8b\u5148\u9009\u5b9a\u4e00\u4e2a\u5206\u914d\u81f3\u516c\u5f00\u8ba4\u8d2d\u90e8\u5206\u7684\u6bd4\u4f8b\uff0c\u4e0b\u9650\u4e3a\u53d1\u552e\u80a1\u4efd\u768410%\uff08\u4e0a\u9650\u4e3a60%\uff09\uff0c\u5e76\u65e0\u56de\u8865\u673a\u5236\u3002<\/li>\n<li><strong>\u516c\u5f00\u5e02\u573a\u89c4\u5b9a<\/strong><\/li>\n<\/ul>\n<ol start=\"3\">\n<li><u>\u521d\u59cb\u516c\u4f17\u6301\u80a1\u91cf\u53ca\u81ea\u7531\u6d41\u901a\u91cf<\/u>\uff1a<br \/>\n\u89c4\u5b9a\u53d1\u884c\u4eba\u4e8e\u4e0a\u5e02\u65f6\u7b26\u5408\u4ee5\u4e0b\u6700\u4f4e\u516c\u4f17\u6301\u80a1\u91cf\u53ca\u81ea\u7531\u6d41\u901a\u91cf\u89c4\u5b9a\uff1a<\/li>\n<\/ol>\n<style>table, th, td {border: 1px solid black;}<\/style>\n<table width=\"520\">\n<tbody>\n<tr>\n<td width=\"161\"><strong>\u00a0<\/strong><\/td>\n<td width=\"180\"><strong>\u521d\u59cb\u516c\u4f17\u6301\u80a1\u91cf\u95e8\u69db<\/strong><\/td>\n<td width=\"180\"><strong>\u521d\u59cb\u81ea\u7531\u6d41\u901a\u91cf\u95e8\u69db<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong>\u62e5\u6709\u5355\u4e00\u80a1\u4efd\u7c7b\u522b\u7684\u53d1\u884c\u4eba<\/strong><strong>(\u5e76\u975e\u5728\u4e2d\u56fd\u5185\u5730\u6ce8\u518c\u6210\u7acb)<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td rowspan=\"2\" width=\"180\">10%-25%\u4e4b\u95f4\u4e0d\u7b49\u7684\u5c42\u7ea7\u5f0f\u767e\u5206\u6bd4\u95e8\u69db\uff08\u6309\u76f8\u5173\u80a1\u4efd\u7c7b\u522b\u4e0a\u5e02\u65f6\u7684\u5e02\u503c\u5398\u5b9a\uff09<\/td>\n<td rowspan=\"2\" width=\"180\">10%\u53ca\u8fbe5,000\u4e07\u6e2f\u5143<br \/>\n\uff08 GEM\uff1a 1,500\u4e07\u6e2f\u5143\uff09\u5e02\u503c\uff1b<u>\u6216<\/u><br \/>\n\u8fbe6\u4ebf\u6e2f\u5143\u5e02\u503c<\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong>\u65e0\u5176\u4ed6\u4e0a\u5e02\u80a1\u4efd\u7684<\/strong><strong>H\u80a1\u53d1\u884c\u4eba<\/strong><br \/>\n<strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong>A+H\u53d1\u884c\u4eba<\/strong><\/td>\n<td width=\"180\">10% \uff1b<u>\u6216<\/u><br \/>\n\u8fbe30\u4ebf\u6e2f\u5143\u5e02\u503c<\/td>\n<td width=\"180\">5%\u53ca\u8fbe5,000\u4e07\u6e2f\u5143<br \/>\n\uff08 GEM\uff1a 1,500\u4e07\u6e2f\u5143\uff09\u5e02\u503c\uff1b<u>\u6216<\/u><br \/>\n\u8fbe6\u4ebf\u6e2f\u5143\u5e02\u503c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u65b0\u89c4\u5b9a\u5c06\u4e8e2025\u5e748\u67084\u65e5\u751f\u6548\uff0c\u5e76\u9002\u7528\u4e8e\u6240\u6709\u53d1\u884c\u4eba\u53ca\u6240\u6709\u5728\u8be5\u65e5\u6216\u4e4b\u540e\u520a\u53d1\u4e0a\u5e02\u6587\u4ef6\u7684\u65b0\u4e0a\u5e02\u7533\u8bf7\u4eba\u3002<\/p>\n<p><strong>\u6301\u7eed\u516c\u4f17\u6301\u80a1\u91cf\u5efa\u8bae\u7684\u8fdb\u4e00\u6b65\u8c18\u8be2<\/strong><\/p>\n<p>\u56e0\u5e94\u5e02\u573a\u5bf9\u8bbe\u7acb\u9002\u5f53\u7684\u6301\u7eed\u516c\u4f17\u6301\u80a1\u91cf\u89c4\u5b9a\u7684\u610f\u89c1\uff0c\u8054\u4ea4\u6240\u4ea6\u5c31\u6709\u5173\u89c4\u5b9a\u7684\u8be6\u7ec6\u5efa\u8bae\u5c55\u5f00\u8fdb\u4e00\u6b65\u8c18\u8be2\u3002<\/p>\n<style>table, th, td {  border: 1px solid black;}<\/style>\n<table>\n<tbody>\n<tr>\n<td width=\"184\"><strong>\u00a0<\/strong><\/td>\n<td width=\"184\"><strong>\u73b0\u884c\u89c4\u5b9a<\/strong><br \/>\n<strong>\u00a0<\/strong><\/td>\n<td width=\"184\"><strong>\u5efa\u8bae\u89c4\u5b9a<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" width=\"553\"><strong>\u6301\u7eed\u516c\u4f17\u6301\u80a1\u91cf\u95e8\u69db<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"184\">\u00b7 \u62e5\u6709\u5355\u4e00\u80a1\u4efd\u7c7b\u522b\u7684\u53d1\u884c\u4eba\uff08\u5e76\u975e\u5728\u4e2d\u56fd\u5185\u5730\u6ce8\u518c\u6210\u7acb\uff09<\/td>\n<td rowspan=\"3\" width=\"184\">\u65e0\u8bba\u4f55\u65f6\uff0c\u7ef4\u6301\u4e0a\u5e02\u65f6\u7684\u89c4\u5b9a\u516c\u4f17\u6301\u80a1\u91cf\u767e\u5206\u6bd4\uff0c\u537325%\u6216\u4e0a\u5e02\u65f6\u89c4\u5b9a\u7684\u4efb\u4f55\u8f83\u4f4e\u767e\u5206\u6bd4\uff08<strong>\u521d\u59cb\u89c4\u5b9a\u95e8\u69db<\/strong>\uff09<\/td>\n<td rowspan=\"2\" width=\"184\">\u65e0\u8bba\u4f55\u65f6\uff0c\u7ef4\u6301\uff1a<br \/>\n1. \u521d\u59cb\u89c4\u5b9a\u95e8\u69db\uff1b<u>\u6216<\/u><u><br \/>\n<\/u>2. <strong>\u66ff\u4ee3\u95e8\u69db<\/strong>\uff1a 10\u4ebf\u6e2f\u5143\u5e02\u503c<u>\u53ca<\/u>10%\u516c\u4f17\u6301\u80a1\u91cf<\/td>\n<\/tr>\n<tr>\n<td width=\"184\">\u00b7 \u65e0\u5176\u4ed6\u4e0a\u5e02\u80a1\u4efd\u7684H\u80a1\u53d1\u884c\u4eba<\/td>\n<\/tr>\n<tr>\n<td width=\"184\">\u00b7 A+H\u53d1\u884c\u4eba<\/td>\n<td width=\"184\">\u7531\u516c\u4f17\u6301\u6709\u7684H\u80a1\u5fc5\u987b\u8fbe10\u4ebf\u6e2f\u5143\u5e02\u503c<u>\u6216<\/u>5%\u516c\u4f17\u6301\u80a1\u91cf<\/td>\n<\/tr>\n<tr>\n<td width=\"184\"><strong>\u516c\u4f17\u6301\u80a1\u91cf\u4e0d\u8db3<\/strong><\/td>\n<td colspan=\"2\" width=\"369\">\u82e5\u516c\u4f17\u6301\u80a1\u91cf\u4f4e\u4e8e\u9002\u7528\u7684\u6301\u7eed\u516c\u4f17\u6301\u80a1\u91cf\u95e8\u69db\uff0c\u4fbf\u8fdd\u53cd\u300a\u4e0a\u5e02\u89c4\u5219\u300b<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" width=\"553\"><strong>\u516c\u4f17\u6301\u80a1\u91cf\u4e0d\u8db3\u7684\u540e\u679c<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"184\">\u00b7 \u8fdd\u89c4\u8d23\u4efb<\/td>\n<td width=\"184\">\u6709\u8d23\u4efb\u6062\u590d\u516c\u4f17\u6301\u80a1\u91cf\u5e76\u520a\u53d1\u516c\u544a<\/td>\n<td width=\"184\">\u6709\u8d23\u4efb\u6062\u590d\u516c\u4f17\u6301\u80a1\u91cf\u5e76\u520a\u53d1\u516c\u544a\uff1b<u>\u53ca<\/u><\/p>\n<p>\u4e0d\u5f97\u91c7\u53d6\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u964d\u4f4e\u516c\u4f17\u6301\u80a1\u91cf\u767e\u5206\u6bd4\u7684\u884c\u52a8<\/td>\n<\/tr>\n<tr>\n<td width=\"184\">\u00b7 \u505c\u724c<\/td>\n<td width=\"184\">\u82e5\u516c\u4f17\u6301\u80a1\u91cf\u4e0d\u8db3\uff0c\u8054\u4ea4\u6240\u6709\u6743\u6307\u4ee4\u53d1\u884c\u4eba\u505c\u724c<\/td>\n<td width=\"184\">\u4e0d\u4f1a\u4ec5\u56e0\u516c\u4f17\u6301\u80a1\u91cf\u4e0d\u8db3\u800c\u505c\u724c<\/td>\n<\/tr>\n<tr>\n<td width=\"184\">\u00b7 \u9000\u5e02\u673a\u5236<\/td>\n<td width=\"184\">\u505c\u724c18\u4e2a\u6708\uff08 GEM\uff1a12\u4e2a\u6708\uff09\uff0c<br \/>\n\u5373\u53ef\u9664\u724c<\/td>\n<td width=\"184\">\u82e5\u53d1\u884c\u4eba\u516c\u4f17\u6301\u80a1\u91cf\u4e25\u91cd\u4e0d\u8db3\uff0c\u4fbf\u52a0\u4e0a\u80a1\u7968\u6807\u8bb0\uff1b<u>\u53ca<\/u><br \/>\n\u82e5\u53d1\u884c\u4eba\u672a\u80fd\u4e8e18\u4e2a\u6708\uff08 GEM\uff1a 12\u4e2a\u6708\uff09\u5185\u6062\u590d\u516c\u4f17\u6301\u80a1\u91cf\uff0c\u5373\u53ef\u9664\u724c<\/td>\n<\/tr>\n<tr>\n<td width=\"184\"><strong>\u62a5\u544a\u516c\u4f17\u6301\u80a1\u91cf<\/strong><\/td>\n<td width=\"184\">\u5728\u5e74\u62a5\u4e2d\u786e\u8ba4\u516c\u4f17\u6301\u80a1\u91cf\u5145\u8db3<\/td>\n<td width=\"184\">\u5728\u6708\u5ea6\u62a5\u544a\u548c\u5e74\u62a5\u4e2d\u786e\u8ba4\u516c\u4f17\u6301\u80a1\u91cf\u5145\u8db3\uff0c\u5e76\u5c31\u5b9e\u9645\u516c\u4f17\u6301\u80a1\u91cf\u4f5c\u989d\u5916\u62ab\u9732<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u516c\u4f17\u8c18\u8be2\u671f\u5c06\u4e8e2025\u5e7410\u67081\u65e5\u7ed3\u675f\u3002<\/p>\n<p>\u5982\u6709\u4efb\u4f55\u67e5\u8be2\u6216\u6b32\u4e86\u89e3\u66f4\u591a\u8be6\u60c5\uff0c\u8bf7\u8054\u7cfb\u672c\u6240<a 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