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 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]

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]

Core Insights - The Hong Kong ETP market is experiencing significant growth, becoming the third largest globally by trading volume as of September 2025, with a year-on-year asset management growth of 34.1% to HKD 653.5 billion [1] Group 1: Market Performance - The average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion by September 2025, a 146% increase year-on-year, surpassing both South Korea and Japan [1] - The turnover rate of the Hong Kong ETP market is the highest globally, achieving a rate of 14.7 by September 2025, up from 10.2 in 2024 [2] Group 2: Product Innovation - The launch of Asia's first individual stock leveraged and inverse products in March 2025 has catered to retail investor demand, particularly for stocks like NVIDIA and Tesla [3] - The average daily trading volume for all leveraged and inverse products in Hong Kong reached HKD 3.6 billion by September 2025, a 51% increase year-on-year [3] - The introduction of covered call ETFs has gained popularity, with total assets reaching HKD 8.6 billion, a more than 32-fold increase year-on-year [3][4] Group 3: Cross-Border Trading - The average daily trading volume for ETFs through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [5] - A total of 290 ETFs are eligible for trading through the Stock Connect, indicating a growing cross-border trading environment [6] Group 4: Sector Focus - The technology-themed ETFs saw a total asset management of HKD 120.1 billion, a 102% increase year-on-year, with an average daily trading volume of HKD 7.4 billion [7] - Three biotechnology-themed ETFs launched in 2025 have attracted net cash inflows of HKD 1.3 billion [7] Group 5: Global Connectivity - The listing of ETFs tracking the Nasdaq 100 index in February 2025 has enhanced investment opportunities for local investors in major U.S. companies [8] - A memorandum of understanding signed with the Abu Dhabi Securities Exchange in September 2025 aims to strengthen financial market connections between Hong Kong and the UAE [8] Group 6: Active ETFs - Active ETFs have gained traction, with inflows reaching USD 183 billion in the first half of 2025, leading to a total of 31 active ETFs listed in Hong Kong by September 2025, up from 26 at the end of 2024 [9] - The total market value of active ETFs in Hong Kong reached HKD 23.7 billion, a 143% increase year-on-year [9]

Core Insights - The Hong Kong ETP market is experiencing significant growth in 2025, becoming the third-largest globally, surpassing South Korea and Japan, with an asset management scale of HKD 653.5 billion, reflecting a year-on-year increase of 34.1% [2] Group 1: Market Performance - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a year-on-year increase of 146%, making it the third-highest globally [3] - The turnover rate of the Hong Kong ETP market is the highest in the world, achieving a turnover ratio of 14.7, up from 10.2 in 2024 [4] Group 2: Product Innovation - The launch of the first individual stock leveraged and inverse products in Asia in March 2025 has attracted retail investors, with an average daily trading volume of HKD 3.6 billion for these products, a 51% increase year-on-year [5] - The introduction of covered call ETFs has gained popularity, with total assets reaching HKD 8.6 billion, a year-on-year increase of over 32 times, and average daily trading volume rising nearly 77 times to HKD 132.2 million [5][6] Group 3: Cross-Border Trading - The average daily trading volume of ETFs through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [7] - The number of eligible ETFs for trading through Stock Connect has reached 290, indicating a growing trend in cross-border ETF trading [7][8] Group 4: Sector Focus - The technology-themed ETFs have seen a total asset management scale of HKD 120.1 billion, a year-on-year increase of 102%, with average daily trading volume of HKD 7.4 billion, up 247% [9] - The biotechnology ETFs have also shown growth, with total assets reaching HKD 3.4 billion, a 123% increase year-on-year [9] Group 5: Global Connectivity - The listing of ETFs tracking the Nasdaq 100 index and the first Saudi Islamic bond ETF in Hong Kong has enhanced investment opportunities and strengthened financial ties with the Middle East [10] Group 6: Active ETFs - Active ETFs have gained traction, with inflows reaching USD 183 billion in the first half of 2025, and the number of active ETFs in Hong Kong has increased to 31, with a total market value of HKD 23.7 billion, a 143% year-on-year growth [11]

Core Insights - The Hong Kong ETP market is experiencing significant growth, becoming the third-largest market globally by trading volume as of September 2025, surpassing South Korea and Japan [1][2] - The asset management scale has increased by 34.1% year-on-year, reaching HKD 653.5 billion [1] Group 1: Trading Volume and Turnover - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% year-on-year increase, making it the third-highest globally [2] - The turnover rate in the Hong Kong ETP market has risen to 14.7, establishing its leading position worldwide [2] Group 2: Product Innovation - The launch of the first individual stock leveraged and inverse products in Asia in March 2025 has catered to retail investors' needs, particularly for trading high-liquidity stocks like NVIDIA and Tesla [3] - The average daily trading volume for all leveraged and inverse products listed in Hong Kong reached HKD 3.6 billion, a 51% increase year-on-year [3] Group 3: Cross-Border Trading - The average daily trading volume for ETFs traded through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [5] - A total of 290 ETFs are eligible for trading through the Stock Connect, indicating a growing cross-border trading environment [5] Group 4: Sector Focus - The technology-themed ETFs have seen a total asset management scale of HKD 120.1 billion, a 102% increase year-on-year, with an average daily trading volume of HKD 7.4 billion [7] - The biotechnology ETFs have also gained traction, with a total asset management scale of HKD 3.4 billion, marking a 123% increase from the previous year [7] Group 5: Global Connectivity - The introduction of ETFs tracking the Nasdaq 100 index and the first Saudi Islamic bond ETF in Hong Kong has enhanced the market's global connectivity [8] - A memorandum of understanding signed between the Hong Kong Stock Exchange and the Abu Dhabi Securities Exchange aims to strengthen financial market ties [8] Group 6: Rise of Active ETFs - Active ETFs have gained prominence, with inflows reaching USD 183 billion in the first half of 2025, driven by strong market performance [9] - As of September 2025, there are 31 active ETFs listed in Hong Kong, with a total market value of approximately HKD 23.7 billion, a 143% increase from the previous year [9] Conclusion - The strong performance of the Hong Kong ETF market in 2025 is attributed to its robust growth and continuous development, positioning it as a leading global ETF market [10]

Core Insights - Hong Kong's ETF market ranks third globally in liquidity, with an average daily trading volume of HKD 37.8 billion from the beginning of the year to September 30, surpassing South Korea [1] - The asset management scale of the Hong Kong ETP market has increased by 32% year-on-year to HKD 653 billion, with the number of ETPs rising by 16% to 225 [1] - Three main factors contributing to the increase in average daily trading volume of ETFs include improved market structure, enhanced connectivity, and continuous innovation [1][2] Market Structure Improvements - The Hong Kong Stock Exchange (HKEX) has implemented various measures to enhance market efficiency and promote liquidity, including the introduction of market makers for ETFs and leveraged and inverse products during pre-opening and closing auction trading sessions [1] Connectivity Enhancements - HKEX has increased its connectivity with the Middle East and some ASEAN markets, which remains crucial for the growth of the Hong Kong ETF market [2] Continuous Innovation - HKEX has introduced various new products to the ETF market, such as covered call option ETFs and recently launched single stock leveraged and inverse products, aiming to meet customer demands and bring suitable products to market [2] ETP Market Growth - As of October 16, HKEX has welcomed 41 new ETPs in 2025, exceeding the previous year's record for ETP issuances [2] - The average daily trading volume of income-generating ETFs has increased to over HKD 200 million, with an asset management scale of approximately HKD 23.4 billion [2] - Currently, there are 29 leveraged and inverse products with a total market value of about HKD 28 billion, accounting for 4.3% of the overall ETP market, and their average daily trading volume is HKD 3.6 billion, representing 9.5% of the entire ETP market [2]

Core Insights - The Hong Kong stock market's total market capitalization reached HKD 49.9 trillion by the end of September, reflecting a year-on-year growth of 35% [1] - The average daily trading volume in September was HKD 316.7 billion, marking an 87% increase compared to the same month last year [3] - For the first nine months of the year, the average daily trading volume was HKD 256.4 billion, which represents a 126% year-on-year growth [1] Trading Activity - The average daily trading volume for Exchange-Traded Funds (ETFs) in the first nine months was HKD 34.2 billion, showing a significant year-on-year increase of 163% [3] - Leveraged and inverse products also saw a 50% year-on-year increase in average daily trading volume during the same period [3] - The average daily trading volume for derivative warrants increased by 64% year-on-year [3] Derivatives Market - In the derivatives market, the average daily trading volume for stock options exceeded 886,000 contracts in the first nine months, reflecting a 27% year-on-year growth [3] - The average daily trading volume for futures and options increased by 11% compared to the same period last year [3] - The average daily trading volume for Renminbi currency futures grew by 25% year-on-year, while stock futures saw a 7% increase [3]