Core Insights - Hong Kong Stock Exchange (HKEX) achieved the highest fundraising amount globally in the new stock market for 2025, with a significant increase compared to the previous year [1] - The average daily trading volume in the cash market reached a historical high of HKD 230.7 billion, representing a 43% increase year-on-year [1] - A total of 106 companies listed on HKEX by December 19, raising a total of HKD 274.6 billion, with four companies making it to the global top ten new stocks of 2025 [1] - HKEX's derivatives market also performed well, with an average daily trading volume of 1.69 million contracts, an 8% increase year-on-year [1] Market Developments - The Exchange-Traded Products (ETP) market, including ETFs and leveraged and inverse products, saw an average daily trading volume of HKD 37.6 billion, doubling compared to the previous year [2] - In 2025, 48 new ETPs were launched, enhancing product diversity and market liquidity [2] - HKEX plans to optimize the market further by introducing new products and simplifying trading processes, including reducing the number of stock lot sizes to eight options [2] Future Outlook - HKEX aims to maintain market vitality and competitiveness through various reforms, including the implementation of a paperless securities market [2] - The CEO of HKEX emphasized the importance of technology and collaboration in building a future-oriented ecosystem that offers a wider range of products and participation options [2]