HKEX(HK:00388) Zheng Quan Ri Bao·2025-10-22 17:09Core Insights - The Hong Kong Stock Exchange (HKEX) has seen significant growth in its connectivity mechanisms, with record trading volumes in both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs [1][2][3] - The average daily trading volume for the Shanghai Stock Connect and Shenzhen Stock Connect reached 206.4 billion yuan, a 68% year-on-year increase, while the Hong Kong Stock Connect saw an average daily trading volume of 126 billion HKD, more than double that of 2024 [1] - The expansion of Exchange-Traded Funds (ETFs) has been successful, with 17 southbound and 273 northbound ETFs included by the end of September, and average daily trading volumes of 4.2 billion HKD and 3.2 billion yuan respectively [1] - The Bond Connect program continues to grow, with an average daily trading volume of 44 billion yuan for the northbound channel as of August, and a 69% year-on-year increase in average daily settlement amounts for the swap connect [1] Connectivity Mechanisms - The HKEX is actively working on optimizing connectivity measures, including the inclusion of REITs in the Stock Connect, introducing block trading mechanisms, and incorporating RMB counters into the Hong Kong Stock Connect [1] - Since its launch in November 2014, the Stock Connect has evolved significantly, with various enhancements such as the removal of total quota limits in 2016 and the inclusion of different voting rights structures in 2019 [2][3] Future Outlook - The HKEX aims to enhance its market competitiveness and cater to the diverse investment needs of global investors, particularly from mainland China, while continuing to optimize listing arrangements and expand connectivity mechanisms [2] - The Shanghai Stock Exchange (SSE) plans to collaborate with the HKEX to further improve the Stock Connect mechanism and promote the coordinated development of onshore and offshore markets [3] - The Shenzhen Stock Exchange (SZSE) emphasizes the importance of deepening cooperation with HKEX and SSE to enhance financial infrastructure and promote cross-border financial innovation [3]