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]

Core Viewpoint - The Hong Kong government is committed to developing the local bond market to enhance its role as an international financial center, focusing on innovative bond issuance and various supportive measures [1][2]. Group 1: Bond Market Development - The Hong Kong government aims to activate the bond market through regular issuance of government bonds, including institutional, retail, green, and tokenized bonds [1]. - Since 2008, Hong Kong has been the leading hub for bond issuance in Asia, with over $130 billion in issuance planned for 2024, capturing nearly 30% of the market share [1]. - Hong Kong accounts for approximately 70% of the first-time bond issuance market and 45% of the green and sustainable bond issuance market, indicating its leadership in various segments [1]. Group 2: Regulatory and Market Measures - The Hong Kong government and financial regulators are implementing measures to enhance primary market issuance, improve secondary market liquidity, and expand offshore RMB business [2]. - As of January 2, 2026, there are 1,351 listed bonds on the Hong Kong Stock Exchange, with 1,302 being professional investor bonds, which are primarily traded over-the-counter [2]. - The Hong Kong Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform to improve market liquidity [3]. Group 3: Offshore RMB and Risk Management - The offshore RMB bond market has seen significant growth, with issuance reaching 1.07 trillion RMB in 2024, a 37% year-on-year increase [1]. - The Hong Kong Stock Exchange is enhancing its role in the offshore RMB market by allowing foreign investors to use onshore government bonds as collateral for derivatives trading [3]. - The Hong Kong government is working on introducing offshore government bond futures to provide effective risk management tools for investors [5]. Group 4: Tokenized Bonds - The Hong Kong government has issued three batches of tokenized green bonds since 2023, with the largest issuance of 10 billion HKD in November 2025, attracting significant global institutional interest [5]. - The Hong Kong Monetary Authority is researching the secondary market applications for tokenized bonds to enhance their attractiveness and demand [6]. - Efforts are underway to optimize the legal framework for broader application of tokenization technology in the bond market [6].

Core Insights - The Hong Kong Stock Exchange (HKEX) reported a total market capitalization of HKD 47.4 trillion by the end of December 2025, representing a 34% increase from HKD 35.3 trillion in the same period of 2024 [1] Trading Activity - The average daily trading volume for 2025 was HKD 2,498 billion, a 90% increase from HKD 1,318 billion in 2024 [1] - The average daily trading volume for derivative warrants in 2025 was HKD 77 billion, up 48% from HKD 52 billion in 2024 [1] - The average daily trading volume for bull and bear certificates in 2025 was HKD 105 billion, an increase of 59% from HKD 66 billion in 2024 [1] - The average daily trading volume for exchange-traded funds (ETFs) in 2025 reached HKD 333 billion, a significant rise of 108% from HKD 160 billion in 2024 [1] - The average daily trading volume for leveraged and inverse products in 2025 was HKD 34 billion, up 17% from HKD 29 billion in 2024 [1] IPO and Fundraising - In 2025, there were 119 new listings, a 68% increase compared to 71 new listings in 2024 [1] - The total amount raised through initial public offerings (IPOs) in 2025 was HKD 2,858 billion, a remarkable 225% increase from HKD 880 billion in 2024 [1] - The total fundraising amount in 2025 reached HKD 6,444 billion, a 235% increase from HKD 1,922 billion in 2024 [1]

Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.0 trillion by the end of November 2025, a 41% increase from HKD 34.0 trillion in the same period last year [1] - The average daily trading amount in November 2025 was HKD 230.7 billion, up 43% from HKD 161.5 billion in November 2024 [1] - For the first eleven months of 2025, the average daily trading amount was HKD 255.8 billion, a significant increase of 95% compared to HKD 130.9 billion in the same period last year [1] Derivative Products - The average daily trading amount for warrants in the first eleven months of 2025 was HKD 8.0 billion, a 54% increase from HKD 5.2 billion in the previous year [2] - The average daily trading amount for bull and bear certificates was HKD 10.6 billion, up 58% from HKD 6.7 billion year-on-year [2] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 34.1 billion, representing a 116% increase from HKD 15.8 billion in the same period last year [2] - The average daily trading amount for leveraged and inverse products was HKD 3.5 billion, a 21% increase from HKD 2.9 billion year-on-year [2] IPO and Fundraising - There were 93 new listings in the first eleven months of 2025, a 52% increase from 61 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 259.4 billion, a remarkable increase of 228% compared to HKD 79.1 billion in the previous year [2] - The total fundraising amount for the first eleven months of 2025 reached HKD 575.0 billion, a 240% increase from HKD 169.0 billion year-on-year [3] Futures and Options Market - The average daily trading volume for futures and options in the first eleven months of 2025 was 1,692,878 contracts, an 8% increase from 1,571,189 contracts in the same period last year [4] - The average daily trading volume for stock options was 895,548 contracts, up 23% from 728,430 contracts year-on-year [5] - The average daily trading volume for Renminbi currency futures was 106,121 contracts, a 15% increase from 92,280 contracts in the previous year [5] - On November 25, 2025, the trading volume for Hang Seng Tech Index futures options reached a historical high of 80,803 contracts [5]

Core Insights - The total market capitalization of the securities market reached HKD 48.1 trillion by the end of October 2025, representing a year-on-year increase of 37% [1] - The average daily trading amount in October 2025 was HKD 274.9 billion, showing a year-on-year increase of 8% [1] - For the first ten months of 2025, the average daily trading amount was HKD 258.2 billion, which is a significant year-on-year increase of 102% [1] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 34.3 billion, reflecting a year-on-year increase of 127% [1] - The total fundraising amount from initial public offerings (IPOs) was HKD 216 billion, marking a substantial year-on-year increase of 209% [1]

Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.1 trillion by the end of October 2025, a 37% increase from HKD 35.2 trillion in the same period last year [1] - The average daily trading amount in October 2025 was HKD 274.9 billion, up 8% from HKD 255 billion in October 2024 [1] - The average daily trading amount for the first ten months of 2025 was HKD 258.2 billion, a significant increase of 102% compared to HKD 127.8 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first ten months of 2025 was 1,696,752 contracts, a 7% increase from 1,582,570 contracts in the same period last year [2] - The average daily trading volume of stock index futures was 568,701 contracts during the first ten months of 2025 [2] Stock Options and Futures - The average daily trading volume of stock index options was 115,461 contracts for the first ten months of 2025 [3] - The average daily trading volume of stock options increased by 22% to 896,891 contracts compared to 733,117 contracts in the same period last year [3] - The average daily trading volume of stock futures was 8,538 contracts for the first ten months of 2025 [4] Currency Futures - The average daily trading volume of Renminbi currency futures increased by 20% to 107,126 contracts compared to 89,600 contracts in the same period last year [4] Historical Records - On October 2, 2025, the weekly stock options trading volume reached a historical high of 312,545 contracts [4] - On October 27, 2025, the trading volume of Hang Seng Tech Index futures options hit a historical high of 64,982 contracts [5] IPO and Fundraising - There were 81 new listings in the first ten months of 2025, a 50% increase from 54 new listings in the same period last year [1] - The total amount raised through initial public offerings (IPOs) in the first ten months of 2025 was HKD 216 billion, a 209% increase from HKD 70 billion in the same period last year [1] - The total fundraising amount for the first ten months of 2025 reached HKD 507 billion, up 228% from HKD 154.8 billion in the same period last year [1]

Core Insights - The total market capitalization of the Hong Kong Stock Exchange (HKEX) reached HKD 48.1 trillion by the end of October 2025, representing a 37% increase compared to HKD 35.2 trillion in the same period last year [1] - The average daily trading volume for October 2025 was HKD 2,749 billion, an 8% increase from HKD 2,550 billion in October 2024 [1] - The average daily trading volume for the first ten months of 2025 was HKD 2,582 billion, a significant 102% increase from HKD 1,278 billion in the same period last year [2] Trading Activity - The average daily trading volume for derivative warrants in the first ten months of 2025 was HKD 80 billion, up 60% from HKD 50 billion in the previous year [2] - The average daily trading volume for bull and bear certificates was HKD 104 billion, a 60% increase from HKD 65 billion year-on-year [2] - The average daily trading volume for exchange-traded funds (ETFs) was HKD 343 billion, reflecting a 127% increase from HKD 151 billion in the same period last year [2] New Listings and Fundraising - There were 81 new listings in the first ten months of 2025, a 50% increase compared to 54 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 2,160 billion, a remarkable 209% increase from HKD 700 billion year-on-year [2] - The total fundraising amount for the first ten months of 2025 reached HKD 5,070 billion, up 228% from HKD 1,548 billion in the previous year [3] Derivative Market Performance - The average daily trading volume for futures and options in the first ten months of 2025 was 1,696,752 contracts, a 7% increase from 1,582,570 contracts in the same period last year [4] - The average daily trading volume for stock index futures was 568,701 contracts [5] - The average daily trading volume for stock options was 896,891 contracts, up 22% from 733,117 contracts year-on-year [6] Historical Records - On October 2, 2025, the weekly trading volume for stock options reached a historical high of 312,545 contracts [7] - On October 27, 2025, the trading volume for Hang Seng Tech Index futures options hit a record high of 64,982 contracts [8]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 49.9 trillion at the end of September 2025, a 35% increase from HKD 36.9 trillion in the same period last year [1] - The average daily trading amount in September was HKD 3,167 billion, up 87% from HKD 1,692 billion in the same month last year [1] - For the first nine months of 2025, the average daily trading amount was HKD 2,564 billion, a 126% increase from HKD 1,133 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an 11% increase from 1,515,613 contracts in the same period last year [2] - The average daily trading volume of stock options was 886,323 contracts, up 27% from 698,817 contracts year-on-year [2] - The average daily trading volume of stock futures was 8,616 contracts, a 7% increase from 8,026 contracts last year [2] New Listings and Fundraising - There were 69 new listings in the first nine months of 2025, a 53% increase from 45 new listings in the same period last year [1] - The total fundraising amount for initial public offerings (IPOs) in the first nine months was HKD 1,829 billion, a 229% increase from HKD 556 billion year-on-year [1] - The total fundraising amount for the first nine months reached HKD 4,440 billion, up 252% from HKD 1,261 billion in the same period last year [1] Historical Records - On September 17, 2025, the weekly trading volume of stock options reached a historical high of 277,589 contracts [3]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 49.9 trillion by the end of September 2025, a 35% increase from HKD 36.9 trillion in the same period last year [1] - The average daily trading amount in September was HKD 316.7 billion, up 87% from HKD 169.2 billion in the same month last year [1] - For the first nine months of 2025, the average daily trading amount was HKD 256.4 billion, a 126% increase from HKD 113.3 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an 11% increase from 1,515,613 contracts in the same period last year [2] - The average daily trading volume of stock options was 886,323 contracts, up 27% from 698,817 contracts year-on-year [2] - The average daily trading volume of stock futures was 8,616 contracts, a 7% increase from 8,026 contracts in the previous year [2] New Listings and Fundraising - There were 69 new listings in the first nine months of 2025, a 53% increase from 45 new listings in the same period last year [1] - The total fundraising amount for initial public offerings (IPOs) in the first nine months was HKD 182.9 billion, a 229% increase from HKD 55.6 billion year-on-year [1] - The total fundraising amount for the first nine months reached HKD 444 billion, up 252% from HKD 126.1 billion in the same period last year [1] Historical Records - On September 17, 2025, the weekly trading volume of stock options reached a historical high of 277,589 contracts [3]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has signed a memorandum of understanding with Abu Dhabi Securities Exchange (ADX) to explore collaboration opportunities in capital markets and enhance connections between the two exchanges [1] Group 1: Collaboration Details - The memorandum outlines plans for cooperation in market promotion, exchange-traded funds (ETFs), ESG-related products, cross-listing, and other areas of mutual interest [1] - HKEX CEO Charles Li stated that since last year, ADX has been included in the list of recognized exchanges, and this memorandum will further strengthen cross-market connections and promote capital flow between Hong Kong and the Middle East [1] Group 2: Market Opportunities - The collaboration aims to create new investment opportunities and enhance market infrastructure to respond to the evolving needs of global issuers and investors [1] - ADX CEO Abdulla Salem Alnuaimi emphasized that this agreement will solidify the relationship between the Abu Dhabi and Hong Kong markets, reflecting ADX's commitment to integrating into the global market [1] - Both exchanges will explore cross-listing of products and the development of innovative financial products, including ETFs and indices, to facilitate investor participation in both markets and increase investment opportunities and market liquidity [1]