Thursday December 18 2025
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: Hong Kong
On 18th December 2025, Hong Kong Exchanges and Clearing Limited (HKEX) published a consultation paper on proposed enhancements to the board lot framework in the Hong Kong securities market, supporting efficiencies across trading, clearing and settlement processes. The consultation is open for a 12-week period, concluding on Thursday, 12th March 2026.
These proposed changes are aimed at enhancing operational efficiency of the secondary market, as well as supporting investor participation in Hong Kong’s markets by making board lot values more accessible for retail investors.
Key proposals include:
Standardisation of Board Lot Units
- Issuers can select board lot units from a set of eight standardised options: 1, 50, 100, 500, 1,000, 2,000, 5,000, and 10,000 shares.
- These board lot units have been selected to provide options for issuers across different price bands, limiting both the impact to issuers and the creation of odd lots.
- In order to comply with standardisation, approximately 25 per cent of listed issuers will need to adjust their board lot sizes.
Board Lot Value Floor and Ceiling Guidance
- Board lot value guidance seeks to ensure that board lot values are not so low that they result in negative value trades (where execution cost exceeds trade value) or so high that board lots become unaffordable.
- Board lot value floor guidance will be reduced by 50 per cent from the current level of $2,000 to $1,000 to account for lower costs to execute trades.
- A new board lot value ceiling of $50,000 will be introduced for issuers that adopt board lot units larger than 100 shares.
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