港交所(00388.HK) 去年年底就最优化首次公开招股市场定价及公开市场向市场咨询，其中建议要求发行人将至少一半的发售股份分配予建簿配售部分，以及将现行回拨机制上限最高50%改为20%。
港交所首席执行官陈翊庭曾发文解释指，调低回拨上限可提升更有议价能力的投资者在新股定价的参与程度，可以尽量降低新股上市后的价格波动，认为降低回拨比例最终反而有利散户利益。
香港保荐人主管协会创会会长邓澔𬀩表示，认同港交所方向，但认为回拨机制一直都行之有效，业内一向都没有特别意见。他建议，可从回拨机制触发条件(现行为新股超额认购逾15倍)着手。协会亦建议在基石投资者认购部分设上限，惟没有透露实际上限建议。
邓澔𬀩续指，下一步会就港交所及证监会推出的改善上市流程审批，向业界咨询实际情况。(vc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-11 12:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.