Core Insights - The Hong Kong Stock Exchange (HKEX) has seen significant growth in its connectivity mechanisms, with record-high average daily trading volumes in both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as of September 2023 [1][2] - The expansion of Exchange-Traded Funds (ETFs) has been successfully implemented, with notable increases in average daily trading volumes for both southbound and northbound ETFs [1] - The Bond Connect has also maintained a growth trend, with average daily trading volumes showing substantial increases [1] Connectivity Mechanisms - The Shanghai-Hong Kong Stock Connect has evolved since its launch in 2014, with various enhancements including the removal of total quota limits and the inclusion of different share structures [2][3] - As of September 2023, foreign capital through the Shanghai-Hong Kong Stock Connect has reached a cumulative trading volume of 90.1 trillion yuan, with daily trading amounts increasing significantly since its inception [3] - The collaboration between Shanghai and Hong Kong exchanges is set to continue, focusing on optimizing the Stock Connect mechanisms and enhancing the international competitiveness of both markets [3] Future Outlook - HKEX aims to enhance its market infrastructure and cater to the diverse investment needs of global investors, particularly from mainland China [2] - The Shenzhen Stock Exchange emphasizes the importance of deepening cooperation with HKEX and Shanghai Stock Exchange to promote cross-border financial innovation and support high-quality economic development [3]

Core Insights - The article highlights the continuous optimization of the Hong Kong and Shanghai stock market connectivity mechanisms, particularly through the Stock Connect programs, which have significantly increased cross-border trading volumes and investor participation [1][5]. Group 1: Stock Connect Mechanism - As of September 2023, foreign capital through the Shanghai Stock Connect has reached a cumulative trading volume of 90.1 trillion RMB, with daily trading volume increasing from 4.7 billion RMB in the first month of operation to 145.6 billion RMB by September 2025 [1][5]. - The Shanghai Stock Exchange plans to further enhance the Stock Connect mechanism in collaboration with the Hong Kong Stock Exchange, aiming to improve market efficiency and attract more international investors [1][7]. Group 2: IPO and Market Performance - The Hong Kong Stock Exchange has seen a significant increase in IPO activity, with total financing reaching 182.9 billion HKD by September 2023, more than doubling compared to the same period in 2024 [2]. - Nearly half of the companies currently applying for listing are technology firms, reflecting a shift in market dynamics and investor interest [2][3]. Group 3: Trading Volume and Market Growth - The average daily trading volume in the Hong Kong securities market reached 256.4 billion HKD by September 2023, a 126% year-on-year increase [3]. - The average daily trading volume for the Shanghai and Shenzhen Stock Connects also hit record highs, with the Shanghai Stock Connect reaching 206.4 billion RMB, a 68% increase year-on-year [3][6]. Group 4: Future Developments - The Hong Kong Stock Exchange is preparing to introduce new measures for the Stock Connect, including the inclusion of REITs and a block trading mechanism, to provide more investment options for domestic and international investors [4][5]. - The exchange aims to enhance its international competitiveness and expand the offshore RMB product ecosystem, supporting the internationalization of the RMB [5][7].

Group 1 - The average daily trading volume of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs in the first half of 2025, with the Shanghai and Shenzhen Stock Connect averaging a daily trading volume of RMB 206.4 billion, a 68% increase compared to the same period in 2024 [1] - The Hong Kong Stock Connect's average daily trading volume reached HKD 126 billion, more than double the level of the same period in 2024 [1] - The strong performance of the Hong Kong market is attributed to favorable economic policies and technological innovations in China, leading to increased global investor interest [1] Group 2 - The Hong Kong Stock Exchange (HKEX) is collaborating closely with the Shanghai and Shenzhen exchanges to include REITs in the Stock Connect, introduce a block trading mechanism, and incorporate RMB counters into the Hong Kong Stock Connect [1] - HKEX aims to deepen collaboration with various parties to optimize listing arrangements, expand the connectivity mechanism, and enhance market efficiency [2] - The exchange is focused on building a competitive ecosystem for fixed income and currency products, providing diverse asset allocation and risk hedging tools for domestic and international investors [2]

Core Insights - The Hong Kong market is experiencing a strong recovery as it approaches 2025, coinciding with the 25th anniversary of the Hong Kong Stock Exchange Group, which is enhancing capital flow between China and the world [1][3]. Market Performance - By the end of September, the new stock issuance scale on the Hong Kong Stock Exchange reached HKD 182.9 billion, more than doubling compared to the same period in 2024, with nearly 300 public listing applications currently being processed [3][4]. - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion, a year-on-year increase of 126% [5]. IPO Market Dynamics - The Hong Kong IPO market has regained its top position globally by the end of September, with refinancing activities also growing rapidly, totaling HKD 456.1 billion, which is more than double the new stock market fundraising during the same period [4][5]. - The A+H listing model has further developed, with nearly half of the new stock total coming from A+H listed companies, indicating closer integration between mainland and Hong Kong markets [3][4]. International Investment Trends - International investors are showing strong interest in Hong Kong IPOs, with long-term funds from Europe, the Middle East, and emerging markets actively participating in the issuance of Chinese tech companies, reflecting growing confidence in China's technological innovation [3][4]. Regulatory and Market Innovations - The Hong Kong Stock Exchange has implemented various reforms to enhance market vitality, including measures to optimize the listing process for tech companies and improve market quality and transparency [4][6]. - Recent initiatives include the launch of the "Hang Seng Biotechnology Index Futures" to provide diversified risk management tools for investors, responding to the rising interest in the biotechnology sector [6][7]. Future Outlook - The Hong Kong Stock Exchange aims to enhance its international competitiveness and continue optimizing its listing system and product offerings to meet the diverse needs of global investors, particularly from mainland China [7].

Group 1 - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in overseas investor participation in new stock subscriptions, indicating a shift in global asset allocation logic [1] - As of September 2025, the total IPO financing amount in Hong Kong reached HKD 182.9 billion, more than doubling compared to the same period in 2024, making it the leading IPO market globally [3] - The secondary market in Hong Kong also performed strongly, with an average daily trading volume of HKD 256.4 billion, a year-on-year increase of 126% [7] Group 2 - The "A+H" listing model has shown remarkable performance, with nearly half of the new stock financing amount in the first nine months coming from these listings, reflecting strong interlinkage between mainland and Hong Kong markets [5] - The mutual market access mechanism has been continuously optimized, with significant growth in both southbound and northbound trading volumes, indicating its role as a bridge for the opening of China's capital markets [9] - HKEX plans to introduce the Hang Seng Biotechnology Index futures to meet the growing demand for risk management tools in the biotechnology sector [9] Group 3 - HKEX is actively working on optimizing listing regulations and expanding mutual market access mechanisms to enhance market efficiency and promote the joint development of capital markets in Hong Kong and mainland China [10] - The exchange aims to build a competitive ecosystem for offshore RMB products, providing various asset allocation and risk hedging tools to both domestic and international investors [10]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a significant increase in IPO activities and foreign investment interest, reflecting a shift in global asset allocation strategies towards Chinese technology innovation [3][6][7]. Group 1: IPO Market Performance - As of September 2025, the total IPO financing amount in Hong Kong reached HKD 182.9 billion, more than doubling compared to the same period in 2024 [6]. - The strong momentum in the IPO market continues, with nearly 300 public listing applications currently being processed [6]. - The "A+H" listing model has shown remarkable performance, accounting for nearly half of the total IPO financing in the first nine months of the year [9]. Group 2: Secondary Market Activity - The Hong Kong securities market's average daily trading volume reached HKD 256.4 billion by the end of September, a year-on-year increase of 126% [11]. - The derivatives market also saw an increase, with an average daily contract volume of 1.68 million, up 11% year-on-year [11]. Group 3: Interconnectivity and Market Innovations - The interconnectivity mechanisms have been continuously optimized, with significant growth in ETF trading; as of September, the average daily trading volume for southbound ETFs was HKD 4.2 billion [13]. - The average daily trading volume for northbound ETFs reached RMB 3.2 billion [13]. - HKEX plans to launch the Hang Seng Biotechnology Index futures to meet the growing demand for risk management tools in the biotechnology sector [13][14]. Group 4: Future Outlook and Strategic Initiatives - HKEX aims to deepen collaboration with various parties to continuously optimize listing arrangements and expand interconnectivity mechanisms [14]. - The exchange is focused on building a competitive ecosystem for offshore RMB products, enhancing asset allocation and risk hedging tools for both domestic and international investors [14].

Core Insights - China's investment opportunities have regained global investor attention due to economic policies and technological innovations since September last year [1] - The Hong Kong market has shown strong performance, with record trading volumes in the securities and derivatives markets, and new stock market financing returning to the top globally [1] Group 1: Market Performance - As of September 30, 2023, the total IPO financing in Hong Kong reached HKD 182.9 billion, more than doubling compared to the same period in 2024 [3] - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion, a 126% year-on-year increase [5] - The average daily trading volume for the derivatives market increased by 11% [5] Group 2: Investor Participation - There has been a notable increase in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets [3] - The A+H listing model has developed further, with nearly half of the new stock financing in the first nine months coming from A+H listed companies [3] Group 3: Market Structure and Reforms - Recent listing policy reforms have enhanced the vitality of the Hong Kong capital market, attracting high-quality companies, especially in technology [4] - The "Tech Company Fast Track" launched in May aims to assist specialized technology and biotech companies in preparing for listings more efficiently [4] Group 4: Connectivity Mechanisms - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 206.4 billion, a 68% year-on-year increase [7] - The Southbound and Northbound ETF trading volumes have also seen significant activity, with Southbound ETFs averaging HKD 4.2 billion and Northbound ETFs averaging RMB 3.2 billion in daily trading [7] Group 5: Future Outlook - The company plans to continue optimizing listing arrangements and expanding connectivity mechanisms to promote the joint development of capital markets in both regions [9]

Core Insights - Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO financing, reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [1] - There is a notable rise in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets, indicating strong international confidence in China's tech innovation [1] - The "A+H" listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from "A+H" companies, showcasing strong market linkage between mainland China and Hong Kong [1][2] IPO Market Performance - Hong Kong ranks first globally in IPO financing this year, with a total of HKD 182.9 billion raised [2] - The total amount raised through refinancing activities reached HKD 456.1 billion by the end of September, more than double the new stock market fundraising amount, providing efficient financing channels for listed companies [2] Secondary Market Performance - The secondary market in Hong Kong has also shown robust growth, with an average daily trading volume of HKD 256.4 billion by the end of September, a 126% increase year-on-year [3] - The average daily trading volume for the Stock Connect programs reached HKD 206.4 billion for Shanghai and Shenzhen stock connects, a 68% increase year-on-year, while the Hong Kong Stock Connect saw a daily average of HKD 126 billion, more than double that of 2024 [3] Connectivity and Future Developments - Preparations for optimizing the connectivity mechanisms are underway, with plans to include REITs in the Stock Connect and introduce block trading mechanisms [4] - The HKEX aims to enhance its international competitiveness and meet the diverse investment needs of global investors, including those from mainland China, while continuing to optimize listing regulations and expand connectivity mechanisms [4]

责任编辑：郭建 10月22日，在2025HKEX中国机遇论坛上，香港证券及期货事务监察委员会执行董事叶志衡表示，香港 证监会未来6个月将重点做十项工作：一是透过发行政府债券引领市场发展；二是向目标市场的发行人 和投资者推广香港的优势；三是扩大投资者基础（如家族办公室、基金和企业财资中心等）；四是落实 推行场外固定收益及货币衍生工具制度；五是促进在香港发展回购交易中央对手方；六是扩大离岸人民 币的应用；七是完善互联互通机制，以提升离岸人民币流动性及增加人民币相关产品供应；八是为固定 收益及货币市场基建做好准备迈向未来；九是助力新一代电子交易平台的发展；十是促进市场创新及落 实代币化固定收益及货币产品的用例。（第一财经记者 黄思瑜） ...

Core Insights - The Hong Kong IPO market has seen significant growth in 2023, with total IPO financing reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [1] - The Hong Kong Stock Exchange (HKEX) is focused on optimizing listing systems and expanding connectivity mechanisms to enhance market efficiency and promote the development of capital markets [1][2] - There is a notable increase in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets, indicating a shift in global asset allocation [2] - The A+H listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from A+H listed companies [2] - The secondary market in Hong Kong has also performed well, with average daily trading volume reaching HKD 256.4 billion, a 126% year-on-year increase [2] Market Developments - As of September 30, 2023, the total amount raised through refinancing in the Hong Kong stock market reached HKD 456.1 billion, more than double the amount raised through new IPOs during the same period [2] - The ETF market has expanded, with 17 southbound and 273 northbound ETFs included by the end of September, and average daily trading volumes of HKD 4.2 billion and RMB 3.2 billion, respectively [3] - The Bond Connect program has maintained growth, with average daily trading volume reaching RMB 44 billion as of August 2023 [3] Strategic Initiatives - HKEX plans to launch the Hang Seng Biotechnology Index futures to meet the growing demand for risk management tools in the biotechnology sector [3] - Ongoing preparations for optimizing connectivity measures are in progress, including collaboration with the Shanghai and Shenzhen stock exchanges to incorporate REITs and introduce block trading mechanisms [3] - The company aims to enhance its international competitiveness and cater to the diverse investment needs of global investors, including those from mainland China [3][4]