{"id":358,"date":"2026-10-23T09:00:00","date_gmt":"2026-10-23T09:00:00","guid":{"rendered":"http:\/\/ss.local\/?post_type=ss_article&#038;p=358"},"modified":"2026-10-22T07:52:39","modified_gmt":"2026-10-22T07:52:39","slug":"when-the-share-certificate-disappears","status":"publish","type":"ss_article","link":"https:\/\/www.irostors.com\/zh_CN\/article\/when-the-share-certificate-disappears\/","title":{"rendered":"When the Share Certificate Disappears"},"content":{"rendered":"<style>\n#wp02-report a{color:#1444C7;text-decoration:none}\n#wp02-report a:hover{color:#1238A3;text-decoration:underline}\n<\/style>\n<div id=\"wp02-report\">\n<article style=\"max-width:760px;margin:0 auto;padding:56px 24px 96px;box-sizing:border-box\">\n\n\n  <section style=\"margin-top:64px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">01<\/span><h2 style=\"font:700 30px\/1.1 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">\u6267\u884c\u6458\u8981<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:18px 0 22px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The public equity market is entering the final phase of a transition that began decades ago: the disappearance of the physical share certificate. Hong Kong launches its Uncertificated Securities Market in November 2026. The United Kingdom has committed to digital share registers and the removal of paper certificates as evidence of ownership before the end of 2027. Australia has long operated an electronic registration and settlement model through CHESS. The United States has been overwhelmingly book-entry for years.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">It is tempting to describe these reforms as versions of the same technological journey. They are not. Each market has made different choices about the relationship between the registered owner, the beneficial owner, the intermediary and the issuer. Those choices determine whether digitisation makes ownership more transparent or merely makes an intermediated system operate more efficiently.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">This distinction matters because dematerialisation, direct ownership and ownership transparency are often treated as though they were the same thing. They are not. A market can eliminate paper while leaving the issuer several institutions removed from the investor whose capital actually owns the company. Equally, a market can use digital infrastructure while preserving direct legal title.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The next global debate is therefore unlikely to be paper versus digital. Almost every major market will become digital. The more meaningful divide may be between markets where issuers can identify and communicate effectively with beneficial owners, and markets where ownership is operationally efficient but structurally opaque. That difference has consequences for Investor Relations, corporate governance, voting, activism, retail participation and capital formation.<\/p>\n    <blockquote style=\"margin:26px 0 0;padding:26px 30px;background:#09090B;border-radius:12px\">\n      <div style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#00A6E8;margin-bottom:14px\">Core thesis<\/div>\n      <p style=\"font:500 22px\/1.32 'Inter Tight',sans-serif;letter-spacing:-0.015em;color:#FAFAFA;margin:0\">Dematerialisation solves the problem of paper. It does not automatically solve the problem of ownership.<\/p>\n    <\/blockquote>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">02<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">The end of paper is the beginning of a different debate<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">For most of the history of public equity markets, ownership had a physical manifestation. There was a certificate. It carried a name, a number of shares and the legal symbolism of ownership. In modern markets, the economics of ownership have moved far ahead of that physical architecture. Trading is electronic, settlement is automated, portfolios are global and investors expect information instantly.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The certificate is therefore disappearing, but different markets are replacing it with very different legal and operational structures. Some allow electronic holdings while preserving direct registration. Others rely heavily on omnibus or nominee arrangements. Some are moving deliberately toward full intermediation. The result is that two investors in economically similar public companies can have very different legal relationships with the issuer depending on the jurisdiction in which the securities are held.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The global policy question is no longer whether securities should be digital. It is what digital ownership should mean. Does it mean the investor remains visible on an electronic register? Does it mean the investor holds a beneficial interest behind a broker or custodian? Who receives communications directly? Who is entitled to vote? Who does the issuer recognise? And how easily can the company identify the person making the investment decision?<\/p>\n\n    <figure style=\"margin:24px 0 0;padding:26px 28px 22px;border:1px solid #E4E4E7;border-radius:12px\">\n      <div style=\"display:flex;justify-content:space-between;align-items:center;gap:12px;margin-bottom:22px\">\n        <span style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#A1A1AA\">Exhibit 1 \u00b7 Four different routes to a digital market<\/span>\n        <span style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#A1A1AA\">2026<\/span>\n      <\/div>\n      <div style=\"display:grid;grid-template-columns:repeat(auto-fit,minmax(150px,1fr));gap:12px\">\n        <div style=\"padding:16px;background:#FAFAFA;border:1px solid #E4E4E7;border-radius:8px;display:flex;flex-direction:column;gap:12px\">\n          <div style=\"font:600 15px\/1.2 'Inter Tight',sans-serif;color:#09090B\">\u9999\u6e2f<\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Electronic ownership<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">USM from 2026<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Direct legal title<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Yes<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Intermediated route<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Yes \u2014 CCASS<\/div><\/div>\n          <div style=\"padding-top:12px;border-top:1px solid #E4E4E7\"><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#1444C7\">IR question<\/div><div style=\"font:500 13px\/1.4 Inter,sans-serif;color:#09090B;margin-top:5px\">Can hybrid data be joined up?<\/div><\/div>\n        <\/div>\n        <div style=\"padding:16px;background:#FAFAFA;border:1px solid #E4E4E7;border-radius:8px;display:flex;flex-direction:column;gap:12px\">\n          <div style=\"font:600 15px\/1.2 'Inter Tight',sans-serif;color:#09090B\">Australia<\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Electronic ownership<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Mature CHESS model<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Direct legal title<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Yes<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Intermediated route<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Yes<\/div><\/div>\n          <div style=\"padding-top:12px;border-top:1px solid #E4E4E7\"><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#1444C7\">IR question<\/div><div style=\"font:500 13px\/1.4 Inter,sans-serif;color:#09090B;margin-top:5px\">Can digital title stay direct?<\/div><\/div>\n        <\/div>\n        <div style=\"padding:16px;background:#FAFAFA;border:1px solid #E4E4E7;border-radius:8px;display:flex;flex-direction:column;gap:12px\">\n          <div style=\"font:600 15px\/1.2 'Inter Tight',sans-serif;color:#09090B\">United Kingdom<\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Electronic ownership<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Digital registers by end-2027<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Direct legal title<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Initially yes<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Intermediated route<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Long-term direction<\/div><\/div>\n          <div style=\"padding-top:12px;border-top:1px solid #E4E4E7\"><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#1444C7\">IR question<\/div><div style=\"font:500 13px\/1.4 Inter,sans-serif;color:#09090B;margin-top:5px\">Can rights survive intermediation?<\/div><\/div>\n        <\/div>\n        <div style=\"padding:16px;background:#FAFAFA;border:1px solid #E4E4E7;border-radius:8px;display:flex;flex-direction:column;gap:12px\">\n          <div style=\"font:600 15px\/1.2 'Inter Tight',sans-serif;color:#09090B\">United States<\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Electronic ownership<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Long-established book-entry<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Direct legal title<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Yes, via direct registration<\/div><\/div>\n          <div><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#A1A1AA\">Intermediated route<\/div><div style=\"font:400 13px\/1.4 Inter,sans-serif;color:#171717;margin-top:5px\">Highly prevalent street name<\/div><\/div>\n          <div style=\"padding-top:12px;border-top:1px solid #E4E4E7\"><div style=\"font:600 9.5px\/1 Inter,sans-serif;letter-spacing:0.12em;text-transform:uppercase;color:#1444C7\">IR question<\/div><div style=\"font:500 13px\/1.4 Inter,sans-serif;color:#09090B;margin-top:5px\">Does efficiency obscure ownership?<\/div><\/div>\n        <\/div>\n      <\/div>\n      <figcaption style=\"margin-top:20px;padding-top:14px;border-top:1px solid #E4E4E7;font:400 12px\/1.45 Inter,sans-serif;color:#71717A\">Exhibit 1. Sources: SFC\/HKEX, ASX, HM Treasury and SEC materials, 2026.<\/figcaption>\n    <\/figure>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">03<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">Hong Kong: a hybrid experiment<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Hong Kong\u2019s USM is particularly interesting because it does not force a choice between direct and intermediated ownership. From 16 November 2026, investors will be able to hold prescribed securities electronically in their own names and enjoy shareholder rights directly. At the same time, CCASS and HKSCC Nominees remain central to the market, and investors can continue holding through brokers and custodians.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">This creates a hybrid architecture. The investor who values direct legal ownership can hold electronically without paper. The institution that values custody and operational convenience can remain inside an intermediated structure. Mainland investors can continue to access Hong Kong through Stock Connect. The market therefore allows different forms of ownership to coexist rather than declaring one model to be universally superior.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">For Investor Relations, this makes Hong Kong a valuable test case. Will investors meaningfully adopt direct electronic registration, or will the convenience of intermediated holdings remain dominant? Will the directly registered portion of the shareholder base grow? Will issuers become better able to communicate with retail investors? Or will USM mainly improve the efficiency of a market in which much economic ownership remains beneath nominees?<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The answer will matter beyond Hong Kong because it tests whether direct digital ownership can coexist with a sophisticated institutional market rather than being treated as an historical exception.<\/p>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">04<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">Australia: electronic ownership without necessarily giving up legal title<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Australia provides a very different reference point. Under the CHESS framework, investors can hold legal title on the CHESS subregister through a sponsoring broker, identified by a Holder Identification Number. Alternatively, investors can hold on an issuer-sponsored subregister using a Securityholder Reference Number. ASX explicitly describes CHESS-sponsored investors as remaining the registered legal owners of their securities.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">This is important because it challenges a common assumption: that efficient electronic trading requires the investor to give up direct legal title to a nominee. Australia demonstrates that broker sponsorship and registered ownership can coexist. The investor can gain portfolio convenience through a sponsoring participant while remaining the person registered as the legal owner.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">That does not make the Australian system free of intermediaries or operational complexity. But it means the legal architecture starts from a different place. The broker helps administer the relationship; it does not necessarily replace the investor on the ownership register. For issuers and IR teams, that distinction can make direct communication and ownership transparency structurally easier.<\/p>\n    <blockquote style=\"margin:26px 0 0;padding:24px 28px;background:#FAFAFA;border:1px solid #E4E4E7;border-radius:12px\">\n      <div style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#1444C7;margin-bottom:12px\">Australian lesson<\/div>\n      <p style=\"font:500 20px\/1.38 'Inter Tight',sans-serif;letter-spacing:-0.01em;color:#09090B;margin:0\">Electronic settlement does not inevitably require omnibus ownership. Market design determines whether convenience and direct title can coexist.<\/p>\n    <\/blockquote>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">05<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">The United Kingdom: digitisation first, full intermediation later<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The United Kingdom is taking another route. In July 2026, the Dematerialisation Market Action Taskforce published an implementation plan that the government accepted. Paper share certificates in publicly traded UK companies are intended to cease being evidence of ownership, with digital share registers mandated before the end of 2027.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Importantly, that first step is not the proposed end state. The UK reform programme is staged. The first phase replaces certificated registers with digitised registers while preserving the existing service model. The second phase is intended to improve the intermediated system so beneficial owners can exercise shareholder rights more effectively. The longer-term direction is towards a system in which shares move into the intermediated chain.<\/p>\n    <div style=\"margin:24px 0;display:grid;grid-template-columns:repeat(auto-fit,minmax(170px,1fr));gap:10px\">\n      <div style=\"padding:16px 18px;border:1px solid #E4E4E7;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#1444C7\">Phase 1<\/div><div style=\"font:500 13.5px\/1.4 Inter,sans-serif;color:#171717;margin-top:8px\">Certificated registers replaced with digitised registers<\/div><\/div>\n      <div style=\"padding:16px 18px;border:1px solid #E4E4E7;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#1444C7\">Phase 2<\/div><div style=\"font:500 13.5px\/1.4 Inter,sans-serif;color:#171717;margin-top:8px\">Intermediated system improved for beneficial owners<\/div><\/div>\n      <div style=\"padding:16px 18px;background:#EEF2FC;border:1px solid #EEF2FC;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#1444C7\">Longer term<\/div><div style=\"font:500 13.5px\/1.4 Inter,sans-serif;color:#09090B;margin-top:8px\">Shares move into the intermediated chain<\/div><\/div>\n    <\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">This creates a fascinating policy tension. A fully intermediated system may be operationally efficient and easier to integrate with modern trading platforms. But it also places greater importance on the mechanisms through which beneficial owners receive information, exercise votes and are identified by companies. The UK reform agenda itself recognises that those rights and communication channels have to be improved before the final transition can credibly occur.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The British experience therefore reframes dematerialisation as a governance question rather than merely a technology project. Removing paper is relatively straightforward. Rebuilding the connection between issuer and beneficial owner inside an intermediated structure is much harder.<\/p>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">06<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">The United States: efficient, electronic \u2014 and often opaque<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The United States offers the clearest warning against treating electronic ownership as synonymous with ownership transparency. The SEC describes \u201cstreet name\u201d ownership as the common arrangement in which a broker or nominee is the registered holder while the investor is recorded by the broker as the beneficial owner. The investor does not receive a certificate, but also does not appear as the registered owner.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">This structure is operationally efficient and supports enormous trading volumes. It also illustrates the distance that can emerge between legal title and economic ownership. Communications, voting materials and payments can travel through intermediaries because the issuer\u2019s formal relationship is with the registered holder rather than directly with every beneficial owner.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The United States also supports forms of direct registration, but the coexistence of direct and street-name ownership demonstrates that dematerialisation alone does not determine the issuer-investor relationship. The legal and operational architecture layered on top of electronic records does.<\/p>\n    <blockquote style=\"margin:26px 0 0;padding:24px 28px;background:#FAFAFA;border:1px solid #E4E4E7;border-radius:12px\">\n      <div style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#1444C7;margin-bottom:12px\">US lesson<\/div>\n      <p style=\"font:500 20px\/1.38 'Inter Tight',sans-serif;letter-spacing:-0.01em;color:#09090B;margin:0\">A market can be almost entirely electronic and still leave the issuer several layers removed from the beneficial owner.<\/p>\n    <\/blockquote>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">07<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">The central problem: who is the shareholder?<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">This sounds like an easy question. It frequently is not. Consider a global investment manager that controls 4% of a listed company. The legal owner may be a nominee. The economic interests may sit across several funds. Behind those funds may be pension schemes, insurance customers, wealth-management clients and individual savers. The entity meeting management may be the asset manager, while voting authority is distributed between stewardship teams, portfolio managers and increasingly the underlying clients themselves.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The result is that \u201cshareholder\u201d can describe several different relationships at once. There is the legal owner, the beneficial owner, the investment decision-maker and the voting decision-maker. Those parties may be the same in a directly registered retail holding. In institutional markets they can be four different entities.<\/p>\n    <div style=\"margin:24px 0;display:grid;grid-template-columns:repeat(auto-fit,minmax(140px,1fr));gap:10px\">\n      <div style=\"padding:16px 18px;border:1px solid #E4E4E7;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#1444C7\">01<\/div><div style=\"font:500 13.5px\/1.35 Inter,sans-serif;color:#171717;margin-top:8px\">Legal owner<\/div><\/div>\n      <div style=\"padding:16px 18px;border:1px solid #E4E4E7;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#1444C7\">02<\/div><div style=\"font:500 13.5px\/1.35 Inter,sans-serif;color:#171717;margin-top:8px\">Beneficial owner<\/div><\/div>\n      <div style=\"padding:16px 18px;border:1px solid #E4E4E7;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#1444C7\">03<\/div><div style=\"font:500 13.5px\/1.35 Inter,sans-serif;color:#171717;margin-top:8px\">Investment decision-maker<\/div><\/div>\n      <div style=\"padding:16px 18px;border:1px solid #E4E4E7;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#1444C7\">04<\/div><div style=\"font:500 13.5px\/1.35 Inter,sans-serif;color:#171717;margin-top:8px\">Voting decision-maker<\/div><\/div>\n    <\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">Dematerialisation makes the record keeping faster. It does not resolve the conceptual problem. In some markets it can even make the ownership chain less visible because highly efficient omnibus structures aggregate many investors beneath a small number of registered positions.<\/p>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">08<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">Voting is becoming more distributed at the same time ownership becomes more digital<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Another structural change is happening in parallel. Large asset managers are expanding pass-through, client-directed and customised voting models. This means a single manager\u2019s aggregate economic position may increasingly be divided across different voting policies.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">For Investor Relations teams, the implications are substantial. An issuer can identify the asset manager correctly and still misunderstand how its shares will vote. Different funds or clients can follow different governance policies. Some may delegate to a central stewardship team, some may select an external policy and others may exercise more direct influence.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">This fragments voting power even as electronic systems make voting technically easier. It also reinforces the importance of year-round governance engagement. Companies need to understand not only who owns the shares, but where decision-making authority sits within the ownership chain.<\/p>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">09<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">The retail investor is becoming more capable<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The institutionalisation of equity markets over recent decades encouraged many IR teams to concentrate heavily on professional fund managers. Digital ownership infrastructure may partly reverse that trend by making it easier for individual investors to receive information, manage holdings, vote and participate in corporate actions electronically.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">At the same time, retail investors now have access to analytical tools that were once the preserve of professional institutions. They can compare financial data instantly, participate in online meetings, discuss companies on social media and increasingly use AI tools to interpret announcements and annual reports.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">This combination matters. Digital securities infrastructure makes the retail shareholder easier to service at precisely the moment the retail shareholder is becoming more technologically capable. Markets that preserve direct or high-quality pass-through communication may therefore see the retail investor become a more active governance constituency rather than a passive residual category.<\/p>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">10<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">Corporate actions should become communications products<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Digitisation is often justified by efficiency: fewer manual forms, faster transfers, more automated elections and quicker payments. Those are important benefits, but they should not be the ceiling of ambition.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">A rights issue can be processed electronically and still be poorly understood. A tender offer can arrive in an investor\u2019s account without the investor understanding the economics. An AGM notice can be delivered instantly and still fail to engage the shareholder.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The next stage of digital market infrastructure should therefore treat corporate actions as communications products. Formal legal documents remain essential, but they can be supported by plain-language explanations, interactive timetables, multilingual content, digital reminders and more accessible investor support. The technology that removes paper should also reduce informational friction.<\/p>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">11<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">The intelligent register<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The traditional register is a legal record. The intelligent register is something broader: a connected view of legal ownership, beneficial ownership, ownership movement, engagement history and voting behaviour.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Imagine an issuer that knows Investor A is directly registered, Fund Manager B controls another position through Custodian C, B increased its holding after results, management met B twice during the year, three of B\u2019s underlying funds follow different voting policies, and several investors have repeatedly engaged with the company\u2019s strategy materials. No single dataset provides that picture.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The future of Investor Relations therefore lies not in replacing the share register, but in connecting it with shareholder identification, surveillance, CRM, meeting history, voting intelligence and digital engagement. This is where dematerialisation becomes strategically important. It creates faster, cleaner ownership infrastructure that can feed a broader investor-intelligence model.<\/p>\n\n    <figure style=\"margin:24px 0 0;padding:26px 28px 22px;background:#09090B;border-radius:12px\">\n      <div style=\"display:flex;justify-content:space-between;align-items:center;gap:12px;margin-bottom:24px\">\n        <span style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#00A6E8\">Exhibit 2 \u00b7 From statutory register to investor intelligence<\/span>\n        <span style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#A1A1AA\">Framework<\/span>\n      <\/div>\n      <div style=\"display:grid;grid-template-columns:repeat(auto-fit,minmax(140px,1fr));gap:10px\">\n        <div style=\"padding:14px 12px;border:1px solid rgba(255,255,255,0.18);border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#00A6E8\">01<\/div><div style=\"font:500 12.5px\/1.3 Inter,sans-serif;color:#FAFAFA;margin-top:8px\">Electronic register<\/div><\/div>\n        <div style=\"padding:14px 12px;border:1px solid rgba(255,255,255,0.18);border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#00A6E8\">02<\/div><div style=\"font:500 12.5px\/1.3 Inter,sans-serif;color:#FAFAFA;margin-top:8px\">Shareholder identification<\/div><\/div>\n        <div style=\"padding:14px 12px;border:1px solid rgba(255,255,255,0.18);border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#00A6E8\">03<\/div><div style=\"font:500 12.5px\/1.3 Inter,sans-serif;color:#FAFAFA;margin-top:8px\">Surveillance<\/div><\/div>\n        <div style=\"padding:14px 12px;border:1px solid rgba(255,255,255,0.18);border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#00A6E8\">04<\/div><div style=\"font:500 12.5px\/1.3 Inter,sans-serif;color:#FAFAFA;margin-top:8px\">Investor CRM<\/div><\/div>\n        <div style=\"padding:14px 12px;border:1px solid rgba(255,255,255,0.18);border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#00A6E8\">05<\/div><div style=\"font:500 12.5px\/1.3 Inter,sans-serif;color:#FAFAFA;margin-top:8px\">Voting &amp; AGM<\/div><\/div>\n        <div style=\"padding:14px 12px;border:1px solid rgba(255,255,255,0.18);border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:#00A6E8\">06<\/div><div style=\"font:500 12.5px\/1.3 Inter,sans-serif;color:#FAFAFA;margin-top:8px\">Digital engagement<\/div><\/div>\n        <div style=\"padding:14px 12px;border:1px solid #1444C7;background:#1444C7;border-radius:8px\"><div style=\"font:500 10.5px\/1 'JetBrains Mono',monospace;color:rgba(255,255,255,0.75)\">07<\/div><div style=\"font:500 12.5px\/1.3 Inter,sans-serif;color:#FFFFFF;margin-top:8px\">Board-level intelligence<\/div><\/div>\n      <\/div>\n      <figcaption style=\"margin-top:20px;padding-top:14px;border-top:1px solid rgba(255,255,255,0.1);font:400 12px\/1.45 Inter,sans-serif;color:#A1A1AA\">Exhibit 2. From statutory ownership record to continuous investor intelligence. Source: Irostors Research framework.<\/figcaption>\n    <\/figure>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">12<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">The new global divide: transparent ownership vs efficient intermediation<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Within a few years, the distinction between \u201cpaper markets\u201d and \u201cdigital markets\u201d will be increasingly meaningless. Major developed markets are moving decisively towards electronic ownership records. The more important distinction will be what those electronic records allow issuers and investors to do.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">One group of markets may combine digital efficiency with strong visibility of legal or beneficial ownership and reliable shareholder communication. Another may achieve exceptional settlement efficiency while the issuer remains dependent on layers of intermediaries to identify, communicate with and understand its economic owners.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">This divide has implications beyond IR. It affects corporate governance, stewardship, takeover defence, shareholder activism, retail participation, capital raising and investor protection. A market that cannot connect companies with their real owners may be operationally modern but relationally weak.<\/p>\n  <\/section>\n\n  <section style=\"padding-top:40px\">\n    <div style=\"display:flex;align-items:baseline;gap:14px\"><span style=\"font:500 12px\/1 'JetBrains Mono',monospace;color:#1444C7\">13<\/span><h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">Conclusion: the real revolution comes after paper<\/h2><\/div>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The disappearance of the share certificate is inevitable. It may also be the least interesting part of what comes next. The deeper transformation concerns the relationship between capital and companies: who owns the company, who controls those shares, who decides how they vote, who management communicates with and whether the legal register bears any meaningful resemblance to economic ownership.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">Technology can make ownership records instantaneous. It cannot, by itself, answer those questions. Hong Kong\u2019s hybrid model, Australia\u2019s direct-title CHESS architecture, the United Kingdom\u2019s planned move from digital registers towards fuller intermediation and the United States\u2019 long-established street-name system all demonstrate that market design matters as much as market technology.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0 0 14px\">The most successful reforms may therefore be judged not by how quickly paper disappears, but by whether issuers and investors become better connected after the paper is gone.<\/p>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">The future of securities ownership will unquestionably be digital. The unanswered question is whether it will also be transparent.<\/p>\n    <blockquote style=\"margin:26px 0 0;padding:28px 32px;background:#09090B;border-radius:12px\">\n      <div style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#00A6E8;margin-bottom:14px\">Final thought<\/div>\n      <p style=\"font:500 22px\/1.32 'Inter Tight',sans-serif;letter-spacing:-0.015em;color:#FAFAFA;margin:0\">When everything becomes digital, will companies finally know their shareholders better \u2014 or will technology simply make an opaque ownership system operate faster?<\/p>\n    <\/blockquote>\n  <\/section>\n\n  <section style=\"margin-top:64px\">\n    <h2 style=\"font:700 26px\/1.12 'Inter Tight',sans-serif;letter-spacing:-0.02em;color:#09090B;margin:0\">\u5173\u4e8e Irostors<\/h2>\n    <div style=\"height:1px;background:#E4E4E7;margin:16px 0 20px\"><\/div>\n    <p style=\"font:400 15.5px\/1.62 Inter,sans-serif;color:#171717;margin:0\">Irostors \u901a\u8fc7\u6574\u5408\u80a1\u4e1c\u8bc6\u522b\u3001\u80a1\u6743\u76d1\u6d4b\u3001\u6295\u8d44\u8005\u5b9a\u5411\u3001\u4f1a\u8bae\u60c5\u62a5\u4e0e\u516c\u53f8\u884c\u52a8\u6d1e\u5bdf\uff0c\u534f\u52a9\u4e0a\u5e02\u516c\u53f8\u66f4\u597d\u5730\u4e86\u89e3\u3001\u76d1\u6d4b\u6295\u8d44\u8005\u7fa4\u4f53\uff0c\u52a0\u5f3a\u4e0e\u6295\u8d44\u8005\u7684\u4e92\u52a8\u6c9f\u901a\uff0c\u5e76\u5e2e\u52a9\u6295\u8d44\u8005\u5173\u7cfb\u56e2\u961f\u4ece\u5468\u671f\u6027\u7684\u80a1\u4e1c\u5206\u6790\u8fc8\u5411\u6301\u7eed\u7684\u6295\u8d44\u8005\u60c5\u62a5\u3002<\/p>\n    <div style=\"margin:28px 0 0;padding:26px 28px;border:1px solid #E4E4E7;border-radius:12px;display:flex;justify-content:space-between;align-items:center;gap:24px;flex-wrap:wrap\">\n      <img decoding=\"async\" src=\"https:\/\/irostors-platform-assets.s3.ap-southeast-1.amazonaws.com\/irostors_logo__transparent_no_space.png\" alt=\"Irostors\" style=\"height:26px;display:block\">\n      <span style=\"font:600 11px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#1444C7\">\u8d85\u8d8a\u6295\u8d44\u8005\u60c5\u62a5<\/span>\n    <\/div>\n    <div style=\"margin-top:22px;display:grid;grid-template-columns:repeat(auto-fit,minmax(180px,1fr));gap:20px\">\n      <div><div style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#A1A1AA\">\u529e\u516c\u5730\u5740<\/div><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717;margin-top:8px\">\u9999\u6e2f\u7279\u522b\u884c\u653f\u533a\u7687\u540e\u5927\u9053\u897f77\u201391\u53f7\u8377\u674e\u6d3b\u5546\u4e1a\u4e2d\u5fc3<\/div><\/div>\n      <div><div style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#A1A1AA\">\u7535\u8bdd<\/div><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717;margin-top:8px\">+852-2338-2839<\/div><\/div>\n      <div><div style=\"font:600 10.5px\/1 Inter,sans-serif;letter-spacing:0.14em;text-transform:uppercase;color:#A1A1AA\">\u8054\u7cfb\u6211\u4eec<\/div><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717;margin-top:8px\">irostors.com<br>research@irostors.com<\/div><\/div>\n    <\/div>\n\n    <h3 style=\"font:700 19px\/1.2 'Inter Tight',sans-serif;letter-spacing:-0.01em;color:#09090B;margin:40px 0 0\">Research sources and notes<\/h3>\n    <div style=\"height:1px;background:#E4E4E7;margin:14px 0 18px\"><\/div>\n    <ol style=\"list-style:none;margin:0;padding:0;display:flex;flex-direction:column;gap:14px\">\n      <li style=\"display:grid;grid-template-columns:30px 1fr;gap:12px\"><span style=\"font:500 11.5px\/1.5 'JetBrains Mono',monospace;color:#A1A1AA\">01<\/span><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717\">Securities and Futures Commission of Hong Kong, USM overview and FAQs, 2026; Hong Kong Exchanges and Clearing Limited, USM overview and Guide on the Uncertificated Securities Market, July 2026.<\/div><\/li>\n      <li style=\"display:grid;grid-template-columns:30px 1fr;gap:12px\"><span style=\"font:500 11.5px\/1.5 'JetBrains Mono',monospace;color:#A1A1AA\">02<\/span><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717\">Australian Securities Exchange, materials on CHESS-sponsored and issuer-sponsored holdings, legal title and holder management, accessed September 2026.<\/div><\/li>\n      <li style=\"display:grid;grid-template-columns:30px 1fr;gap:12px\"><span style=\"font:500 11.5px\/1.5 'JetBrains Mono',monospace;color:#A1A1AA\">03<\/span><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717\">HM Treasury, Dematerialisation Market Action Taskforce implementation plan and government response, July 2026; Digitisation Taskforce final report, July 2025.<\/div><\/li>\n      <li style=\"display:grid;grid-template-columns:30px 1fr;gap:12px\"><span style=\"font:500 11.5px\/1.5 'JetBrains Mono',monospace;color:#A1A1AA\">04<\/span><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717\">U.S. Securities and Exchange Commission, investor guidance on street-name ownership and beneficial ownership.<\/div><\/li>\n      <li style=\"display:grid;grid-template-columns:30px 1fr;gap:12px\"><span style=\"font:500 11.5px\/1.5 'JetBrains Mono',monospace;color:#A1A1AA\">05<\/span><div style=\"font:400 13px\/1.5 Inter,sans-serif;color:#171717\">Industry USM briefing supplied for this research, 27 August 2026. Company and presenter names intentionally omitted.<\/div><\/li>\n    <\/ol>\n    <p style=\"font:400 12px\/1.5 Inter,sans-serif;color:#71717A;margin:24px 0 0\">This paper is intended as research and discussion material and does not constitute legal, regulatory or investment advice.<\/p>\n  <\/section>\n\n  <footer style=\"margin-top:64px;padding-top:16px;border-top:1px solid #E4E4E7;display:flex;flex-wrap:wrap;gap:8px;justify-content:space-between;align-items:center;font:500 10.5px\/1.4 'JetBrains Mono',monospace;letter-spacing:0.1em;text-transform:uppercase;color:#A1A1AA\">\n    <span>Irostors Research \u00b7 When the share certificate disappears<\/span>\n    <span>October 2026 \u00b7 Global<\/span>\n  <\/footer>\n<\/article>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Does digitisation bring companies and investors closer together \u2014 or simply make an opaque system faster? Irostors Research thought piece, October 2026.<\/p>","protected":false},"author":7,"featured_media":364,"template":"","class_list":["post-358","ss_article","type-ss_article","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/ss_article\/358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/ss_article"}],"about":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/types\/ss_article"}],"author":[{"embeddable":true,"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/users\/7"}],"wp:attachment":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/media?parent=358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}