Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has made significant reforms and strategic investments in 2025, enhancing its role as a global financial hub and attracting international investors back to the market [1]. Group 1: Technological Innovation Driving Market Development - In 2025, Hong Kong's new stock market financing ranked first globally, with a total financing amount of 274.6 billion HKD, reflecting a significant increase from the previous year [2]. - The average daily trading volume in the cash market reached a historical high of 230.7 billion HKD, up 43% year-on-year [2]. - The introduction of the "Tech Company Fast Track" has facilitated the listing of 88 biotech and specialized tech companies, showcasing strong investor interest in innovative sectors [2]. Group 2: Expanding Global Influence and Strategic Partnerships - HKEX has strengthened international connections by attracting issuers from regions such as Kazakhstan, Singapore, Thailand, and the UAE [5]. - The addition of the Stock Exchange of Thailand as a recognized exchange and the signing of a memorandum of cooperation with the Abu Dhabi Securities Exchange highlight HKEX's commitment to creating a vibrant and interconnected market [5]. - The establishment of an office in Riyadh and a commodity pricing subsidiary in Dubai underscores HKEX's strategic expansion in the Middle East [5]. Group 3: Enhancing Market Activity and Liquidity - The derivatives market achieved record performance, with an average daily trading volume of 1.69 million contracts, an 8% increase year-on-year [6]. - The trading of Exchange Traded Products (ETPs) doubled, with an average daily trading amount of 37.6 billion HKD [6]. - HKEX implemented measures to reduce trading costs and improve market efficiency, including lowering minimum tick sizes and optimizing settlement fee structures [6][7]. Group 4: Building an Innovative and Resilient Financial Ecosystem - HKEX is actively developing a fixed income and currency (FIC) product ecosystem, investing in 20% of Clearstream Holdings to strengthen its partnership with the Hong Kong Monetary Authority [9]. - The recognition of Hong Kong as a delivery point for the London Metal Exchange (LME) marks a significant milestone in developing a global commodity trading center [9]. - The LME has seen a 6% increase in average daily trading volume from January to November 2025, reflecting its strong performance [9]. Group 5: Community Contribution and Sustainable Development - HKEX has raised 9.7 million HKD through community events, demonstrating its commitment to social welfare [10]. - The charity fund increased its donation amount for caregiver support from 25 million HKD to 50 million HKD, reflecting a commitment to community engagement [10]. - HKEX has released guidelines to support low-carbon transitions, emphasizing its role in promoting sustainability and transparency in the market [10].

Market Performance - The Hang Seng Index rose by 111.24 points, an increase of 0.43%, closing at 25,801.77 points [1] - The Hong Kong Stock Exchange's main board recorded a total turnover of 169.77 billion HKD [1] - The Hang Seng China Enterprises Index increased by 38.45 points, closing at 8,939.68 points, also up by 0.43% [1] - The Hang Seng Tech Index gained 47.79 points, closing at 5,526.83 points, reflecting a rise of 0.87% [1] Blue-Chip Stocks - Tencent Holdings saw a slight increase of 0.08%, closing at 614.5 HKD [1] - Hong Kong Exchanges and Clearing remained unchanged at 407 HKD [1] - China Mobile experienced a decline of 0.24%, closing at 83.7 HKD [1] - HSBC Holdings rose by 1.68%, closing at 121.3 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.3%, closing at 40.02 HKD [1] - Sun Hung Kai Properties saw a minor increase of 0.05%, closing at 95.55 HKD [1] - Henderson Land Development fell by 0.2%, closing at 29.22 HKD [1] Chinese Financial Stocks - Bank of China declined by 0.45%, closing at 4.4 HKD [1] - China Construction Bank increased by 0.67%, closing at 7.54 HKD [1] - Industrial and Commercial Bank of China rose by 0.16%, closing at 6.13 HKD [1] - Ping An Insurance fell by 0.31%, closing at 65.25 HKD [1] - China Life Insurance decreased by 1.11%, closing at 28.48 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.44%, closing at 4.51 HKD [1] - PetroChina decreased by 0.12%, closing at 8.08 HKD [1] - CNOOC saw an increase of 2.06%, closing at 20.8 HKD [1]

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved the highest fundraising amount globally in the new stock market for 2025, with a total of 274.6 billion HKD raised by 106 companies listed as of December 19, reflecting a significant increase from the previous year [1] - The average daily trading volume in the cash market reached a historical high of 230.7 billion HKD, marking a 43% increase compared to the same period last year [1] - The introduction of various reforms and the emergence of technological innovations in mainland China have led to a noticeable return of international capital to Hong Kong [1][3] Group 1: Market Performance - In 2025, the average daily trading volume in the cash market for the first 11 months was 230.7 billion HKD, up 43% year-on-year [1] - The HKEX's derivatives market also saw record performance, with an average daily contract volume of 1.69 million, an 8% increase year-on-year [4] - The trading of Exchange-Traded Products (ETPs) doubled, with an average daily trading amount of 37.6 billion HKD by the end of November [4] Group 2: Strategic Developments - HKEX launched the Hang Seng Biotechnology Index Futures in November, providing risk management tools for investors [2] - The introduction of the HKEX Technology 100 Index aims to expand the index business by tracking 100 well-known large and mid-cap companies in the technology sector [2] - HKEX has strengthened international connections by welcoming issuers from Kazakhstan, Singapore, Thailand, and the UAE, and has signed a memorandum of cooperation with the Abu Dhabi Securities Exchange [3] Group 3: Future Outlook - HKEX plans to continue optimizing the market by introducing new products to enhance trading activity and diversify the product ecosystem [5] - Future initiatives include simplifying the number of shares per lot, implementing a paperless securities market, and other major reforms to maintain market vitality and competitiveness [5] - The exchange aims to build a robust financial ecosystem by developing the fixed income and currency (FIC) product ecosystem and has invested in a 20% stake in a clearing settlement company [6] Group 4: Community Contribution and Sustainability - HKEX has actively engaged in community contributions, raising 9.7 million HKD through charity events and increasing donations for caregiver support from 25 million HKD to 50 million HKD [7] - The exchange has also committed to sustainability efforts, recently releasing a guide on carbon credits to assist businesses and investors in making informed decisions [7] - HKEX's charitable foundation has contributed 10 million HKD to disaster relief efforts following a fire incident, demonstrating its commitment to social welfare [7] Group 5: Leadership Statements - The CEO of HKEX highlighted 2025 as a year of renewed interest from global investors, driven by innovation in mainland China and Asia [8] - The exchange aims to expand its product ecosystem and enhance market efficiency through strategic investments and reforms [8] - HKEX continues to serve as a bridge connecting mainland China with international capital markets, emphasizing its role as a comprehensive investment platform [8]

Core Insights - Hong Kong has officially become an approved delivery location for the London Metal Exchange (LME), marking a significant milestone for both LME's global network and the development of Hong Kong's commodity market [1] Group 1: Market Development - As of December, the number of LME-approved delivery warehouses in Hong Kong has increased to 13, reflecting the commitment to developing a global commodity trading hub [1] Group 2: LME Performance - The LME has shown strong performance, with the average daily trading volume from January to November increasing by 6% compared to the same period last year [1] - Following the launch of the new trading platform LMEselect v10 in March, LME has also introduced a modernization plan for the options market aimed at enhancing liquidity and transparency [1] Group 3: Future Plans - LME plans to introduce an automatic expiration feature for options in the second half of 2026, with electronic options trading expected to be implemented by the end of that year [1]

格隆汇12月22日｜据港交所，截至12月19日，共有106家公司在香港交易所上市，融资总额达到2,746亿 港元，其中四家公司更跻身2025年全球十大新股之列。在香港交易所上市的公司透过再融资筹集了660 亿美元，彰显香港资本市场的活力和深度。 ...

12月22日，香港交易所发布2025年回顾。2025年，香港新股市场融资额位居全球第一，融资额较去年明 显上升，平均每日成交额更创下历史新高。现货市场2025年首11个月平均每日成交金额达2307亿港元， 较去年同期上升43%。截至12月19日，共有106家公司在香港交易所上市，融资总额达到2746亿港元， 其中四家公司更跻身2025年全球十大新股之列。在香港交易所上市的公司透过再融资筹集了660亿美 元，彰显香港资本市场的活力和深度。 ...

香港交易所：截至12月19日，106家新上市公司通过首次公开募股（IPO）筹集资金2746亿港元。 本文源自：金融界AI电报 ...

（文章来源：第一财经） 香港交易所发布2025年回顾。2025年，香港新股市场融资额位居全球第一，融资额较去年明显上升，平 均每日成交额更创下历史新高。现货市场2025年首11个月平均每日成交金额达2307亿港元，较去年同期 上升43%。截至12月19日，共有106家公司在香港交易所上市，融资总额达到2746亿港元，其中四家公 司跻身2025年全球十大新股之列。在香港交易所上市的公司透过再融资筹集了660亿美元，彰显香港资 本市场的活力和深度。 ...

经济观察网中共广州市委关于制定广州市国民经济和社会发展第十五个五年规划的建议发布。其中提 到，深化"债券通""跨境理财通"等业务，加快筹建大湾区国际商业银行，支持广州期货交易所与香港交 易所开展产品挂牌合作，联合澳门建设中葡农产品交易中心，扩围"一签多行""合作查验、一次放行"等 便利化政策；加强基础设施互联互通。推进广珠(澳)高铁、广深第二高铁规划建设，共建"轨道上的大 湾区"，落地大湾区航运联合交易中心，加强国际深水港前期谋划，共建世界级港口群，推动粤港澳游 艇自由行政策落地，谋划湾区跨境、跨城低空物流及客运快线，全空间提升湾区城市群互联互通水平。 ...

Core Viewpoint - The proposal emphasizes enhancing the core engine function of the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on technology cooperation, industrial collaboration, regulatory alignment, and cultural exchange to better integrate Hong Kong and Macao into the national development framework [1] Group 1: Economic Development - The plan aims to deepen market integration and actively participate in the construction of a unified market in the Greater Bay Area, adhering to the "five unifications and one openness" basic requirements [1] - It highlights the importance of legislative, enforcement, and judicial collaboration across all processes to facilitate smoother operations within the region [1] Group 2: Financial Initiatives - The proposal includes the establishment of more "Bay Area standards" and "Bay Area certifications" to enhance competitiveness and regulatory alignment [1] - It supports the development of cross-border financial services such as "Bond Connect" and "Wealth Management Connect," and the establishment of an international commercial bank in the Greater Bay Area [1] Group 3: Talent and Collaboration - The plan aims to expand the professional practice areas for talent from Hong Kong and Macao, facilitating their integration into the Greater Bay Area's economic activities [1] - It encourages collaboration between the Guangzhou Futures Exchange and the Hong Kong Stock Exchange for product listing cooperation [1]