Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has evolved into a vital international financial market over the past 25 years, significantly enhancing its role as a connector between China and global markets, while promoting the internationalization of the Renminbi and supporting the development of the mainland market [2][3][5]. Market Growth - Since 2000, HKEX has seen its average daily trading volume in the securities market increase from 13 billion HKD to over 240 billion HKD, representing a growth of more than 17 times [3]. - The derivatives market has experienced even more remarkable growth, with an average daily trading volume of 1.76 million contracts this year, compared to just 37,500 contracts in 2000 [4]. - The total market capitalization of Hong Kong stocks surged from 3.92 trillion HKD in March 2022 to 40.93 trillion HKD in May 2025, an increase of over 9 times [4]. - The total dividends distributed by Hong Kong stocks increased from 90.7 billion HKD in 2000 to over 1.35 trillion HKD in 2024, marking a growth of over 10 times [4]. Role of Mainland Companies - HKEX has played a crucial role in attracting trillions of capital for mainland companies, creating a win-win situation for both Hong Kong and mainland markets [5][7]. - The number of listed companies in Hong Kong has grown from 790 in 2000 to over 2,600 today, with mainland enterprises accounting for 81% of the total market capitalization [7]. Future Outlook - HKEX aims to enhance its market attractiveness and competitiveness by continuously optimizing infrastructure, diversifying product offerings, and expanding its global footprint [9]. - The mutual market access mechanism has evolved from stocks to include bonds, ETFs, and interest rate swaps, with plans to further expand into real estate investment trusts [9]. - HKEX is focused on providing a robust financing platform to support the development of quality enterprises, emphasizing service to the real economy over ranking [9].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) emphasizes the importance of continuous reform in listing rules to create a favorable investment environment, rather than focusing solely on absolute rankings [1][12]. Group 1: Development and Growth - HKEX has evolved from a local exchange to an international market connecting China and the world, with the number of listed companies increasing from 790 in 2000 to over 2600 today [2][6]. - The total market capitalization of the Hong Kong stock market has grown sixfold, and the average daily trading volume has increased ninefold, reaching over 2400 billion HKD compared to 130 billion HKD in 2000 [3][6]. - As of June 20, 2023, HKEX has completed 31 IPOs this year, raising a total of 884 billion HKD, surpassing the total financing amount for the entire previous year [2][8]. Group 2: Market Dynamics and Trends - There has been a significant shift in the types of companies listed, with an increase in technology and new economy firms, particularly those that were previously unprofitable, such as biotech companies [8]. - The proportion of new economy companies listed on HKEX has increased, with major mainland companies like SF Express and Midea Group seeking dual listings in Hong Kong [8]. - The market has seen a resurgence of interest from international capital, particularly in innovative technology and new consumption enterprises [4]. Group 3: Future Outlook and Initiatives - HKEX aims to continue enhancing its international presence and will promote its market abroad in the second half of the year [4]. - The exchange is expanding its connectivity mechanisms, which now include stocks, bonds, ETFs, and interest rate swaps, with plans to incorporate Real Estate Investment Trusts (REITs) in the future [11][13]. - HKEX is committed to optimizing its trading infrastructure and improving the trading experience for participants, including potential adjustments to trading fees and the cancellation of trading halts due to adverse weather [14].

Core Insights - Hong Kong Stock Exchange (HKEX) has grown significantly over 25 years, with a market capitalization of HKD 496 billion as of June 20, 2025, up from HKD 8.6 billion in 2000, representing an increase of over 56 times [1][2] - The number of listed companies on the Hong Kong Stock Exchange has increased from 790 to over 2,600 [1][2] - Mainland enterprises now account for 81% of the total market capitalization of Hong Kong stocks, indicating a strong presence of Chinese companies in the market [1][6] Market Development - The total market capitalization of the Hong Kong stock market rose from HKD 4.86 trillion at the end of 2000 to HKD 40.9 trillion by the end of May 2025 [3] - Daily trading volume in the Hong Kong stock market averaged HKD 242.3 billion in the first five months of 2025, a year-on-year increase of 120% [3] - The average daily trading volume for derivative warrants and bull/bear certificates also saw significant increases of 66% and 87%, respectively [3] Strategic Initiatives - HKEX has embraced reforms such as the introduction of dual-class shares and special listing rules for technology companies, enhancing its appeal to new economy firms [1][4] - The exchange has established mechanisms like the Stock Connect and Bond Connect to facilitate cross-border trading and improve market liquidity [1][6] - Future plans include upgrading trading and settlement systems, diversifying product offerings, and enhancing services to attract global capital [6][8] Future Outlook - HKEX aims to continue its role as a "super connector" between mainland China and global markets, focusing on innovative and high-quality enterprises [2][8] - The exchange is expected to promote investment opportunities in technology and new consumption sectors to international investors [8] - The introduction of the "H+A" listing model is anticipated to foster better interaction between A-shares and Hong Kong stocks, further expanding the market [7]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has undergone significant reforms and innovations over the past 25 years, enhancing its role as a key connector between China and the global financial markets [1][2][3] Group 1: Historical Context and Reforms - HKEX has experienced major transformations since its establishment, particularly highlighted by the 2018 listing rule reform, which allowed new economy companies to list in Hong Kong, reversing a trend of declining IPO rankings [1] - The 2018 reform was described as the most significant and controversial change in 25 years, enabling companies like Xiaomi, Meituan, JD.com, Alibaba, and Baidu to successfully list in Hong Kong [1][2] - The number of listed companies in Hong Kong has increased from 790 in 2000 to over 2600, demonstrating a growth of more than 200% [2] Group 2: Recent Developments - Since 2018, HKEX has continued to evolve, introducing a SPAC listing mechanism in 2022 and the 18C reform in March 2023, which allows unprofitable "specialized and innovative" tech companies to list [2] - In late 2024, HKEX will initiate a comprehensive reform of the new stock pricing mechanism, marking the most extensive change in 30 years [2] Group 3: Future Outlook - HKEX's role as a "super connector" remains unchanged, with an increasing importance in linking Chinese, Asian, and global emerging capital and innovative enterprises [3]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has established itself as a vital international financial center, celebrating its 25th anniversary with significant growth in market metrics and a commitment to connecting China with global markets [1][2]. Group 1: Market Growth and Performance - Since its inception, HKEX has transformed from a local exchange to a leading global market operator, with average daily trading volume exceeding HKD 240 billion in 2023, a more than 17-fold increase from HKD 13 billion in 2000 [1]. - The derivatives market has seen even more remarkable growth, with average daily trading volume reaching 1.76 million contracts in 2023, compared to just 37,500 contracts in 2000 [1]. - The new stock market remains active, with HKEX completing 31 IPOs in 2023, raising over HKD 88.4 billion, solidifying its position as the world's leading fundraising market [2]. Group 2: Market Capitalization and Dividends - The total market capitalization of the Hong Kong stock market surged from HKD 3.92 trillion in March 2022 to HKD 40.93 trillion by May 2025, representing an increase of over 9 times [2]. - Total dividends distributed by Hong Kong-listed companies increased from HKD 907 million in 2000 to over HKD 13.5 trillion in 2024, marking a growth of more than 10 times [2]. Group 3: Strategic Initiatives and Future Outlook - HKEX has played a crucial role in facilitating the listing of mainland companies, attracting trillions in capital and enhancing the connectivity between the mainland and international markets [3][4]. - The exchange has implemented various reforms, including the introduction of the Stock Connect program, which has expanded to include bonds, ETFs, and interest rate swaps, with plans for further enhancements [5]. - HKEX aims to continue improving its market appeal and competitiveness, focusing on optimizing infrastructure and expanding its product offerings to support quality enterprises globally [5].

Group 1 - The Hong Kong Stock Exchange (HKEX) celebrated its 25th anniversary, highlighting its role as the heart of Hong Kong's financial industry [1] - The Chief Executive of the Hong Kong Special Administrative Region, John Lee, acknowledged the HKEX's contributions to the prosperity and development of Hong Kong over the past quarter-century [1] - HKEX has strengthened its role as a "super connector" and "super value creator," enhancing the interconnection between mainland and Hong Kong capital markets [1] Group 2 - The Hong Kong government plans to collaborate closely with HKEX and regulatory bodies to enhance market liquidity in response to current global challenges [1]

【导读】港交所主席唐家成：香港上市公司数量25年翻3倍 中国基金报记者 郭玟君 6月19日，港股低开低走，恒生指数收跌1.99%，报23237.74点；恒生科技指数跌2.42%，报5088.32点；恒生中国企业指数跌2.13%，报8410.94点。全日大 市成交额为2201亿港元，南向资金净买入额为14.27亿港元。 石药集团跌6.40%，中升控股跌5.94%，阿里健康跌5.26%，领跌蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ^ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 石药集团 | 1093 | 7.610 c | -0.520 | -6.40% | 24.60亿 | 61.26% | | 2 | 中升控股 | 0881 | 11.720 c | -0.740 | -5.94% | 1.03亿 | -16.05% | | 3 | 阿里健康 | 0241 | 4.320 c | -0.240 | -5.26% | 5.15亿 | 30.12% | | 4 | 中国宏桥 | 1378 ...

6月19日，港股低开低走，恒生指数收跌1.99%，报23237.74点；恒生科技指数跌2.42%， 报 5088.32点；恒生中国企业指数跌 2.13%，报8410.94点。全日大市成交额 为 2201亿港元，南向资金净买入额 为 14.27亿港元。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 23237.74 8410.94 | | 5088.32 | | -472.95 -1.99% -183.25 -2.13% -126.09 -2.42% | | | 石药集团跌6.40%，中升控股跌5.94%，阿里健康跌5.26%，领跌蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ^ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 石约集团 | 1093 | 7.610 c | -0.520 | -6.40% | 24.60亿 | 61.26% | | 2 | 中升控股 | 0881 | 11.720 c | -0.740 | -5.94% | 1.03亿 ...

6月20日，香港交易所将举行25周年庆祝典礼。 在这一日期前夕，6月19日，香港交易所主席唐家成重磅发声。他表示，香港与内地市场多年来的紧密 连系，一直为两地资本市场创造双赢局面。这二十五年来，香港交易所致力为香港建设一个极具韧性及 活力的市场，并借着"互联互通"推动中国与世界的市场更紧密连接，亦努力实践可持续发展的承诺。 在回望过去取得的成果外，唐家成表示，更希望借此机会展望满载机遇的未来。香港交易所深信，香港 和香港交易所作为超级联系人的角色会显得更重要，将中国、亚洲及世界新兴资本和创新企业连接起 来，释放绿色转型所蕴藏的巨大潜力。 资本市场在中国的经济发展中扮演着关键角色，支持基础设施、银行、新经济等一系列帮助中国经济现 代化的行业发展。 独一无二的联通桥梁 唐家成介绍，他在八十年代初回流香港，见证着香港经济起飞，一步步从一个制造业中心发展成为今天 的国际金融中心，更成为中国与世界的重要桥梁。 "在资本市场的发展历程上，香港交易所一直担当重要角色。我们与市场持份者通力合作，一同在香港 建设了具韧性和充满活力的国际金融中心。近年香港市场更逐渐演变成流动性充足和具活力的新经济市 场，吸引了不少全球备受瞩目的 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has played a crucial role in connecting the Chinese and global capital markets over the past 25 years, fostering a resilient and vibrant market environment while promoting sustainable development initiatives [2][3][6]. Group 1: Achievements and Historical Context - HKEX has evolved from a manufacturing hub to an international financial center, serving as a vital bridge between China and the world [5][6]. - The number of listed companies on HKEX has increased from 790 in 2000 to over 2600 today, representing more than a threefold growth, with mainland enterprises accounting for 81% of the market capitalization [10]. - The introduction of the H-share mechanism and the Stock Connect programs have significantly enhanced the connectivity between international capital and Chinese opportunities [9][10]. Group 2: Future Opportunities and Strategic Focus - HKEX aims to strengthen its role as a super connector for emerging capital and innovative enterprises, particularly in the context of green transformation [3][19]. - The exchange is actively seeking to attract companies from Southeast Asia and the Middle East for secondary listings, expanding its international reach [14][19]. - HKEX plans to leverage its financing platform to connect green innovation companies with capital, while enhancing ESG standards and guidelines for market participants [16][21]. Group 3: Community Engagement and Social Responsibility - HKEX has contributed over HKD 600 million through its charity fund to support various community projects focused on financial education, diversity, and environmental initiatives [16]. - The exchange believes that social prosperity is closely linked to economic development and will continue to collaborate with community service sectors to promote long-term growth in Hong Kong [16].