Group 1 - The average daily trading volume of Hong Kong Exchanges and Clearing Limited's subsidiary, Hong Kong Stock Exchange, reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [1][3] - As of June 30, 2025, the market capitalization of Hong Kong was HKD 42.7 trillion, up 33% from HKD 32.1 trillion in the same period last year [3] - The strong performance of the Hong Kong market in the first half of 2025 demonstrates its resilience and vitality as a global financial center [3] Group 2 - The average daily trading volume of leveraged and inverse products increased to HKD 4.2 billion in the first half of 2025, a 75% rise from HKD 2.4 billion in the same period last year [3] - The first half of 2025 marked a breakthrough period for Hong Kong's capital markets, with strong trading volumes in both the securities and derivatives markets [3] - The robust trading activity and growing derivatives market indicate that Hong Kong's secondary market possesses both resilience and innovative momentum, continuing to attract international capital and providing diverse investment tools for investors [3]

Core Insights - The Hong Kong market achieved record highs in the first half of 2025, with significant increases in trading volumes and market capitalization [1][5]. Group 1: Market Trading Volume - The average daily trading amount on the Hong Kong Stock Exchange reached HKD 240.2 billion, a 118% increase from HKD 110.4 billion in the same period last year, marking the highest level since 2010 [3]. - The average daily trading amount for the Stock Connect program under the Shanghai-Hong Kong Stock Connect was HKD 110.96 billion, reflecting a 195% year-on-year growth [3]. Group 2: Market Capitalization - As of June 30, 2025, the market capitalization of Hong Kong reached HKD 42.7 trillion, up 33% from HKD 32.1 trillion a year earlier [5]. - The first half of 2025 is characterized as a breakthrough period for the Hong Kong capital market, showcasing resilience and innovative momentum [5]. Group 3: Growth in Specific Product Categories - The daily trading amount of ETFs surged to HKD 33.8 billion, with a year-on-year increase of 184%, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [9]. - The daily trading amount of leveraged and inverse products increased by 75% year-on-year [9]. - The average daily trading volume of futures and options rose to approximately 1.7003 million contracts, an 11% increase from about 1.5327 million contracts in the same period last year [9]. - The daily trading volume of RMB currency futures reached approximately 115,200 contracts, reflecting a 43% year-on-year growth, indicating the growing role of RMB-denominated instruments [9].

Group 1 - The average daily trading volume in Hong Kong's stock market reached 240.2 billion HKD in the first half of 2025, marking a 118% increase from 110.4 billion HKD in the same period last year, the highest since 2010 [2][6] - The market capitalization of Hong Kong reached 42.7 trillion HKD by the end of June 2025, up 33% from 32.1 trillion HKD a year earlier, indicating a robust capital market [6] - The average daily trading volume of the Hong Kong Stock Connect under the Shanghai and Shenzhen Stock Connect mechanisms was 110.96 billion HKD, reflecting a 195% increase year-on-year [5] Group 2 - The daily trading volume of ETFs surged to 33.8 billion HKD, with a year-on-year increase of 184%, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [7] - The daily trading volume of leveraged and inverse products increased by 75% year-on-year, highlighting Hong Kong's position as a leading diversified ecosystem for such products in Asia [7] - The daily trading volume of RMB currency futures rose to approximately 115,200 contracts, a 43% increase year-on-year, showcasing the growing role of RMB-denominated instruments in the active RMB product ecosystem [9]

Core Viewpoint - The Hong Kong market has shown remarkable growth in the first half of 2025, with significant increases in trading volume and market capitalization, indicating strong resilience and innovation in attracting international capital [2]. Group 1: Market Performance - The average daily trading volume on the Hong Kong Stock Exchange reached HKD 240.2 billion, a 118% increase from HKD 110.4 billion in the same period last year, marking the highest level since 2010 [4]. - The average daily trading volume under the Stock Connect mechanism for Hong Kong stocks was HKD 110.96 billion, reflecting a 195% year-on-year growth [6]. Group 2: Market Capitalization - As of the end of June 2025, the market capitalization of Hong Kong reached HKD 42.7 trillion, up 33% from HKD 32.1 trillion a year earlier, highlighting a breakthrough period for the capital market [8]. Group 3: Product Segmentation - The daily trading volume of ETFs surged to HKD 33.8 billion, with a year-on-year increase of 184%, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [12]. - Leveraged and inverse products saw a 75% increase in daily trading volume, while the average daily trading volume of futures and options rose to approximately 1.7003 million contracts, an 11% increase from about 1.5327 million contracts last year [12]. - The daily trading volume of RMB currency futures increased to approximately 115,200 contracts, reflecting a 43% year-on-year growth, indicating the growing role of RMB-denominated instruments in the active RMB product ecosystem [12].

Core Insights - The Hong Kong market experienced significant growth in the first half of 2025, with average daily trading volume reaching 240.2 billion HKD, a 118% increase from 110.4 billion HKD in the same period last year, marking the highest level since 2010 [3] - The market capitalization of Hong Kong increased to 42.7 trillion HKD by the end of June 2025, up 33% from 32.1 trillion HKD a year earlier, indicating a robust capital market [8] - The trading volume of ETFs surged to 33.8 billion HKD daily, reflecting a 184% year-on-year increase, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [11] Trading Volume Highlights - The average daily trading volume under the Stock Connect mechanism reached 110.96 billion HKD, a 195% increase compared to the previous year [6] - The derivatives market also showed growth, with average daily trading volume for futures and options rising to approximately 1.7003 million contracts, an 11% increase from about 1.5327 million contracts last year [11] - The daily trading volume of RMB currency futures increased to approximately 115,200 contracts, reflecting a 43% year-on-year growth, highlighting the active role of RMB-denominated instruments [13] Product Category Performance - The Hong Kong market has established itself as a leading diversified ecosystem for leveraged and inverse products, with the launch of Asia's first individual stock leveraged and inverse products this year [10] - The trading volume of leveraged and inverse products saw a year-on-year increase of 75%, indicating strong investor interest in these financial instruments [11]

Core Insights - The Hong Kong Stock Exchange (HKEX) reported a significant recovery in the market during the first half of 2025, with an average daily trading volume of HKD 240.2 billion, representing a year-on-year increase of 118% [1] Trading Performance - The average daily trading amount reached HKD 240.2 billion, with half of the top ten trading days in HKEX's history occurring in this period [1] - The trading volume for Exchange-Traded Funds (ETFs) surged to HKD 33.8 billion per day, marking a substantial year-on-year growth of 184% due to the expansion of the ETF mutual access program and the continuous launch of new ETF products [1] - Leveraged and inverse products also saw a notable increase, with daily trading volume rising by 75% year-on-year [1]

Market Overview - The total market capitalization of the securities market reached HKD 42.7 trillion at the end of June 2025, a 33% increase from HKD 32.1 trillion in the same period last year [1] - The average daily trading amount in June 2025 was HKD 230.2 billion, up 107% from HKD 111.2 billion in June 2024 [1] - The average daily trading amount for the first six months of 2025 was HKD 240.2 billion, a rise of 118% compared to HKD 110.4 billion in the same period last year [1] Derivative Products - The average daily trading amount for derivative warrants in the first half of 2025 was HKD 7.8 billion, an increase of 70% from HKD 4.6 billion in the same period last year [3] - The average daily trading amount for bull and bear certificates in the first half of 2025 was HKD 9.6 billion, up 78% from HKD 5.4 billion year-on-year [3] Exchange-Traded Funds (ETFs) - The average daily trading amount for exchange-traded funds in the first half of 2025 was HKD 33.8 billion, a significant increase of 184% from HKD 11.9 billion in the same period last year [2] New Listings and Fundraising - There were 44 new listed companies in the first half of 2025, a 47% increase from 30 in the same period last year [3] - The total fundraising amount from initial public offerings (IPOs) in the first half of 2025 was HKD 107.1 billion, a staggering increase of 699% from HKD 13.4 billion year-on-year [3] - The total fundraising amount for the first half of 2025 reached HKD 280.8 billion, up 322% from HKD 66.5 billion in the same period last year [3] Futures and Options - The average daily trading volume for futures and options in the first half of 2025 was 1,700,322 contracts, an 11% increase from 1,532,608 contracts in the same period last year [4] - The average daily trading volume for stock options was 868,128 contracts, a 25% increase from 695,757 contracts year-on-year [5] - The average daily trading volume for stock futures was 9,071 contracts, a 9% increase from 8,306 contracts in the same period last year [6] - The average daily trading volume for RMB currency futures was 115,150 contracts, a 43% increase from 80,609 contracts year-on-year [7]

Group 1 - Hong Kong's stock market completed 42 IPOs in the first half of the year, raising over HKD 107 billion, a 22% increase compared to the entire previous year, making it the top global market for IPOs [1] - The Hang Seng Index rose 20% in the first half of the year, marking the largest increase in points historically for that period [1] - There has been a significant increase in IPO applications, with around 200 applications received, reflecting a growing interest from companies in the Middle East and Southeast Asia [1] Group 2 - The growth in Hong Kong's stock market is driven by innovation, particularly in technology stocks, which have also boosted trading in related derivative products [1] - Exchange Traded Products (ETPs) have become a key driver of liquidity in the market, with over 210 ETPs listed and a total asset management size nearing HKD 510 billion, a 30% increase since 2020 [2] - Daily trading volume for ETPs has increased fivefold, reaching approximately HKD 40 billion, with ETPs now accounting for about 17% of total market trading [2] Group 3 - The ETF market in Hong Kong has seen new developments, including cross-listing of overseas ETFs and the introduction of ETFs linked to digital assets, with the asset size of digital asset ETPs reaching HKD 4.7 billion, a 74% increase year-on-year [3] - The Hong Kong Stock Exchange is actively promoting various themed ETFs, including those focused on innovative technology and renewable energy, to attract investment and support economic development [3] - Efforts are being made to enhance the understanding of Hong Kong's financial market among overseas investors, particularly in South Korea, where interest in Hong Kong stocks has recently surged [3][4] Group 4 - Hong Kong's business environment is favorable for companies looking to expand in the Greater Bay Area and Southeast Asia, as indicated by various recent surveys [4] - The government plans to conduct more targeted promotional activities in the second half of the year to further enhance Hong Kong's market presence [5]

Core Viewpoint - Hong Kong's stock market has shown strong performance in the first half of 2023, leading the world in IPOs and attracting significant investment interest, particularly in technology stocks and Exchange Traded Products (ETPs) [1][2]. Group 1: IPO and Market Performance - In the first half of 2023, Hong Kong completed 42 IPOs, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year, making it the global leader in IPOs [1]. - The Hang Seng Index rose by 20% in the first half of the year, marking the largest increase in points historically for this period, surpassing 4000 points [1]. - There has been a rapid increase in IPO applications, with around 200 applications received, doubling from the beginning of the year, indicating a growing interest from companies, including those from the Middle East and Southeast Asia [1]. Group 2: ETP Market Growth - The ETP market in Hong Kong has seen significant growth, with over 210 ETP products listed and a total asset management scale nearing 510 billion HKD, which is a 30% increase since 2020 [2]. - Daily trading volume for ETPs has increased fivefold, reaching approximately 40 billion HKD, and the proportion of ETP trading in the overall market has risen from less than 5% five years ago to about 17% in the first five months of this year [2]. - ETPs, particularly ETFs, have been instrumental in enhancing market liquidity and providing innovative investment options, including leveraged and inverse products that track popular U.S. stocks [2]. Group 3: Innovation and Future Plans - Hong Kong is actively promoting the listing of more thematic ETFs, focusing on areas such as innovative technology, climate change, renewable energy, and biotechnology, to attract investment and support economic development [5]. - The introduction of cross-listing for overseas ETFs in Hong Kong aims to expand the investor base and increase trading volume, with significant interest from international investors, particularly from South Korea [3][5]. - The government plans to enhance promotional efforts for Hong Kong's financial market, emphasizing its advantages and growth opportunities to attract more foreign investment [5][6].