Core Insights - Singapore Exchange (SGX) is actively seeking to attract more companies from China and Southeast Asia to list in Singapore to boost its IPO momentum [1][3] - The exchange is optimistic about the upcoming dual listing mechanism with Nasdaq, which is expected to draw more high-growth companies [3] - SGX's revenue for the first half of the year fell below analyst expectations, leading to a decline in its stock price [3] Group 1 - Pol de Win, the global head of sales and underwriting, noted that the current listing channels are more accessible than six months ago, with new projects accelerating [3] - Last year, total listing proceeds in Singapore reached $1.9 billion, marking a six-year high, indicating a market recovery [3] - Companies like Patsnap and Boustead Singapore Ltd. are considering or planning to list in Singapore, signaling further progress in the stock market recovery [3][4] Group 2 - SGX reported a net profit of 342.7 million Singapore dollars for the six months ending December 31, a year-on-year increase of 0.8% [4] - The average daily trading volume increased by 20% year-on-year to 1.51 billion Singapore dollars [4] - Despite the growth, SGX is lagging behind regional competitors like Hong Kong and India in terms of IPOs, with Chinese tech companies favoring Hong Kong for listings [4]

Market Overview - As of January 2026, the total market capitalization of the Hong Kong securities market reached HKD 50.8 trillion, a 44% increase from HKD 35.4 trillion in the same period last year [1] - In January 2026, the Hong Kong Stock Exchange welcomed 13 new listings, a 63% increase compared to 8 new listings in January 2025 [1] - The total fundraising amount in January 2026 was HKD 531 billion, up 318% from HKD 127 billion in January 2025 [1] Trading Activity - The average daily trading amount in January 2026 was HKD 2,723 billion, an 89% increase from HKD 1,438 billion in January 2025 [1] - The average daily trading amount for derivative warrants was HKD 78 billion, a 77% increase from HKD 44 billion in January 2025 [1] - The average daily trading amount for bull and bear certificates was HKD 142 billion, a 100% increase from HKD 71 billion in January 2025 [1] - The average daily trading amount for exchange-traded funds was HKD 359 billion, a 69% increase from HKD 212 billion in January 2025 [1] - The average daily trading amount for leveraged and inverse products was HKD 31 billion, a 19% increase from HKD 26 billion in January 2025 [1] Derivatives Market - The average daily trading volume for futures and options in January 2026 was 1,706,438 contracts, an 18% increase from 1,452,108 contracts in January 2025 [2] - The average daily trading volume for stock options was 900,960 contracts, a 19% increase from 759,565 contracts in January 2025 [2] Historical Records - On January 29, 2026, the trading volume of the Hang Seng Tech Index options reached a historical high of 39,229 contracts [3] - On January 28, 2026, the trading volume of the Hang Seng Biotech Index futures reached a historical high of 1,013 contracts [4]

格隆汇2月5日｜洲际交易所集团第四季度净利润为8.62亿美元，上年同期为7.09亿美元；第四季度交易 业务收入达到13.6亿美元，其中能源交易业务收入增长15%至5.48亿美元。 ...

Group 1 - The Hong Kong IPO market has shown strong momentum since 2026, with the number of IPO applications increasing from over 300 at the end of 2025 to 414 by the end of January 2026, indicating a rapid growth of nearly 100 applications in just one month [2] - Hong Kong Exchanges and Clearing Limited (HKEX) has regained the top position globally in IPO financing in 2025, attracting three of the top five global IPOs, with average daily trading volume doubling to approximately 250 billion HKD [3] - The current market supply is active, with many companies eager to list in Hong Kong, and the demand side remains strong, suggesting that high-quality IPOs will continue to attract international capital [4] Group 2 - HKEX has received over 400 IPO applications, including 11 from international companies outside mainland China, demonstrating that global quality enterprises are keen to enter the Chinese market through Hong Kong [3][4] - The quality of IPOs is emphasized as a key factor for attracting global investors, with HKEX and the Hong Kong Securities and Futures Commission (SFC) committed to maintaining high standards in the IPO approval process [3][4] - There is a noticeable trend of foreign capital returning to the Hong Kong market since 2025, driven by a desire for diversified asset allocation amid rising geopolitical uncertainties [5] Group 3 - HKEX plans to enhance its fixed income market as a core strategic focus for 2026, aiming to provide a comprehensive asset allocation solution beyond just equities [6] - The exchange has invested in the Central Moneymarkets Unit (CMU) to build a foundation for the fixed income market, with plans to expand offerings in bond issuance and repurchase transactions [6] - HKEX intends to collaborate with the Hong Kong Monetary Authority, SFC, and mainland partners to develop a robust ecosystem for fixed income markets and expand into commodities [6]

以下文章来源于证券时报 ，作者吴瞬 证券时报 . 《证券时报》是人民日报社主管主办的全国性财经类日报，是证券市场信息披露媒体。 导读： 不担心IPO"堰塞湖"， 香港市场"胃口好，都能吃得下" 作者丨吴瞬 来源丨证券时报 2026年以来，香港资本市场保持强劲势头，IPO递表数量更是连创新高，从2025年末的300余 家，至今年1月底已达到414家，短短1个月猛增近百家。在这一迅猛增长的背景下，香港市场是 否有足够能力承接如此密集的新股供给？会不会出现新股"堰塞湖"？ 对此，香港交易所行政总裁陈翊庭2月4日在出席媒体活动时向证券时报记者表示，当前香港IPO市 场并未出现"堰塞湖"，市场有充裕的资金来吸纳这些上市项目。她戏称， 香港市场"胃口好，都 能吃得下"。 IPO质量是底气所在 香港交易所主席唐家成在同一场合表示， 2025年对香港是"极为出色的一年"： 港交所不仅重夺 全球IPO融资额榜首，更吸引了全球前五大IPO中的三家落户；市场活跃度大幅提升，日均成交额 跃升至约2500亿港元，较前一年翻倍。"这确实是非常了不起的一年。"他总结道。 唐家成进一步表示，更重要的是， 这一良好势头已延续到2026年。 截 ...

Group 1 - The Singapore Exchange (SGX) aims to attract more Chinese and Southeast Asian companies to list in Singapore to reverse a trend of more delistings than listings over the past decade [1][3] - SGX is optimistic about the dual listing mechanism in collaboration with Nasdaq, which is expected to inject new momentum into the long-dormant IPO market [1][2] - The total financing amount in the Singapore market is projected to reach $1.9 billion in 2025, marking a six-year high, driven by increased trading activity across various sectors [2] Group 2 - SGX is building a healthy pipeline of IPO candidates in traditional sectors like real estate and technology, with the dual listing mechanism expected to attract companies that would not typically consider Singapore as a listing venue [2][3] - The Singapore government plans to invest S$5 billion (approximately $3.9 billion) to purchase local stocks to bolster market activity and support the stock market recovery [2] - SGX has faced structural challenges, with annual delistings exceeding listings for over a decade, highlighting deeper issues regarding market attractiveness [3]

2026年以来，香港资本市场保持强劲势头，IPO递表数量更是连创新高，从2025年末的300余家，至今 年1月底已达到414家，短短1个月猛增近百家。在这一迅猛增长的背景下，香港市场是否有足够能力承 接如此密集的新股供给？会不会出现新股"堰塞湖"？对此，香港交易所行政总裁陈翊庭2月4日在出席媒 体活动时向证券时报记者表示，当前香港IPO市场并未出现"堰塞湖"，市场有充裕的资金来吸纳这些上 市项目。她戏称，香港市场"胃口好，都能吃得下"。 来源：滚动播报 ...

Core Viewpoint - The "Swap Connect" mechanism between mainland China and Hong Kong is gaining momentum, with the Hong Kong Stock Exchange (HKEX) reporting a record nominal principal of 576.6 billion RMB in January, highlighting its role in strengthening Hong Kong as a global offshore RMB business hub [1] Group 1: Market Performance - The nominal principal of the "Swap Connect" reached over 10 trillion RMB since its launch in May 2023, indicating the scale, resilience, and growing global demand for this mechanism [1] - The "Swap Connect" is projected to account for 12% of the onshore interbank interest rate swap (IRS) clearing market by 2025, with a network covering 110 domestic and international participants across regions including mainland China, Europe, the US, Australia, and Southeast Asia [1] Group 2: Operational Details - The "Swap Connect" is jointly operated by the China Foreign Exchange Trading System, Shanghai Clearing House, and HKEX's subsidiary, Hong Kong OTC Clearing Limited [1] - Investors can trade and settle onshore RMB interest rate swap products through the northbound "Swap Connect" without changing their usual trading and settlement habits [1]

面对如此汹涌的上市潮，市场开始担心：港股IPO审批是否会收紧，是否会出现IPO"堰塞湖"？ 2月4日，香港交易所(以下简称港交所)总裁陈翊庭在接受每日经济新闻等媒体采访时表示。只要"胃 口"足够好，香港市场便能消化一切高质量的上市公司。近期香港证监会联合港交所发函13家保荐人， 目的并非针对申请上市企业本身，而是要提高保荐人的IPO申请材料质量。 加强监管是为守住效率 面对近期香港监管层加强对上市申请中保荐人责任审查的动作，市场一度猜测这是否预示着港股IPO审 批节奏将放缓。 "大家似乎混淆了'上市申请人质量'和'IPO申请材料质量'。"陈翊庭对此进行了澄清，她指出，向保荐人 发出的通函，核心关注点都是保荐人提交的申请材料，而非企业本身的资质。 港交所主席唐家成也表示，非常欢迎这种监管举措。IPO是股票市场的重要组成部分，质量是底线，保 荐人的工作至关重要。"我们观察到，近期部分IPO申请中，有些保荐人未能尽到应尽职责，提交的申 请材料质量不佳，这既占用了我们的审核资源，也影响了市场效率。我们一直坚守审核标准，未来也会 继续保持严谨。毕竟，让保荐人聚焦优质企业、提交高质量申请，才能让市场形成良性循环，推动市场 ...

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