Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the HKEX Technology 100 Index, which tracks the performance of the 100 largest technology companies listed on the exchange, highlighting its role in promoting emerging industries [1] Group 1: Index Performance - As of January 5, 2026, the HKEX Technology 100 Index increased by 2.05%, with most of the top ten weighted stocks showing positive performance [1] - Notable gainers include Meituan-W up 7.31%, Kuaishou-W up 5.62%, Alibaba-W up 5.32%, and Tencent Holdings up 2.29% [1] - Other stocks such as BeiGene and Xiaomi Group saw smaller increases, while SMIC and Innovent Biologics experienced slight declines [1] Group 2: Index Composition and Purpose - The index encompasses six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] - The index constituents are eligible for southbound trading, providing investors with a comprehensive investment tool to capitalize on opportunities in technology and emerging sectors [1] - The collaboration with E Fund Management for the index's authorization further emphasizes the strategic importance of the index in the Hong Kong market [1]

Group 1 - The Taiwan Affairs Office has announced the punishment of three individuals associated with "Taiwan independence," including Liu Shih-fang and Cheng Ying-yao, marking a total of 14 "stubborn" figures and 12 accomplices identified so far [1][2] - The actions taken against these individuals are intended to serve as a strong deterrent against the "Taiwan independence" forces that threaten national unity and cross-strait relations [1][3] - The current situation in the Taiwan Strait is described as complex and severe, primarily due to the Democratic Progressive Party's (DPP) persistent stance on "Taiwan independence" and its refusal to acknowledge the "1992 Consensus" [3] Group 2 - Liu Shih-fang has been accused of inciting national division and has escalated her criminal behavior, leading to her classification as a "stubborn" figure [1][2] - Cheng Ying-yao has been criticized for promoting the "one country on each side" theory and opposing cross-strait educational exchanges, being labeled as a key proponent of "Taiwan independence" ideology in education [2] - Chen Shu-yi, a prosecutor, has been implicated in fabricating charges against individuals supporting cross-strait exchanges, contributing to a climate of "green terror" under the DPP's governance [2]

Core Insights - The Hong Kong Stock Exchange Technology 100 Index (HKEXT100) has risen by 1.14% as of January 5, 2026, with most of the top ten weighted stocks showing positive performance [1] - The index tracks the performance of the 100 largest technology companies listed on the Hong Kong Stock Exchange, covering six major innovative themes [1] - The launch of the HKEXT100 index highlights the key role of the Hong Kong market in promoting the development of emerging industries [1] Stock Performance - Kuaishou-W increased by 10.87% - Innovent Biologics rose by 6.15% - BeiGene gained 5.47% - WuXi Biologics went up by 3.69% - Alibaba-W saw an increase of 2.48% - SMIC rose by 2.33% - Tencent Holdings increased by 0.48% - Meituan-W decreased by 0.10% - BYD Company fell by 1.87% - Xiaomi Group-W dropped by 2.33% [1] Index Features - The HKEXT100 index includes companies involved in artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] - All constituent stocks meet the qualifications for southbound trading, providing investors with an effective and comprehensive investment tool [1] - The index aims to help investors seize opportunities in technology and emerging sectors [1]

Core Viewpoint - The Hong Kong capital market is showing signs of recovery, with significant increases in IPO fundraising and trading activity, indicating a positive outlook for the future [1][3]. Group 1: Market Trends - The Hong Kong stock market indices are steadily rising, with IPO fundraising reaching a global peak, totaling 274.6 billion HKD as of December 19, 2023, with 106 companies listed this year [3][5]. - The average daily trading volume of exchange-traded funds (ETFs) has increased by 116% compared to the previous year, reflecting heightened market activity [6]. Group 2: Policy and Regulatory Environment - The People's Bank of China is deepening financial market connectivity between the mainland and Hong Kong, supporting the offshore RMB market and enhancing cross-border financial services [2]. - The China Securities Regulatory Commission has introduced five measures to enhance cooperation with Hong Kong's capital market, including expanding the range of eligible products for the Stock Connect program [3]. Group 3: Sectoral Developments - The launch of the Hang Seng Biotechnology Index futures provides a risk hedging tool for the biotech sector, improving the financing environment for biotech companies [3]. - The introduction of a dedicated listing channel for technology and biotech companies has made it easier for these firms to go public, contributing to a 52% increase in new listings compared to the previous year [5]. Group 4: Future Outlook - The capital market is undergoing structural upgrades, shifting from traditional sectors to a focus on new economy enterprises, which is expected to attract more global capital [5][6]. - The Hong Kong government aims to leverage its institutional advantages to solidify its status as an international financial center, as stated in the Chief Executive's policy address [6].

Core Insights - 2025 marks a transformative year for Hong Kong Exchanges and Clearing Limited (HKEX), focusing on significant reforms in the stock market and strategic investments in fixed income and currency products, aiming to create a vibrant product ecosystem and expand into emerging business areas [1] Group 1: Market Performance and Innovations - In 2025, Hong Kong's IPO market ranked first globally, with a notable increase in financing, and the average daily trading volume reached a historical high of HKD 230.7 billion, up 43% year-on-year [2] - 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 IPOs of 2025 [2] - HKEX launched the Hang Seng Biotechnology Index Futures and the HKEX Technology 100 Index, focusing on the fastest-growing sectors and enhancing risk management tools for investors [3] Group 2: Global Influence and Strategic Partnerships - HKEX strengthened international ties by attracting issuers from Kazakhstan, Singapore, Thailand, and the UAE, and recognized the Thailand Stock Exchange as an approved exchange [4] - The establishment of an office in Riyadh and a commodity pricing subsidiary in Dubai highlights HKEX's strategy to expand its international influence and commodity business in the Middle East [4] Group 3: Market Liquidity and Activity - The derivatives market achieved record performance, with an average daily trading volume of 1.69 million contracts, an 8% increase year-on-year, and stock options being the most actively traded product [6] - The trading of Exchange Traded Products (ETPs) doubled year-on-year, with an average daily trading amount of HKD 37.6 billion, reflecting the growing diversity of products [6] - HKEX implemented measures to reduce trading costs and enhance market liquidity, including lowering minimum tick sizes and optimizing settlement fee structures [6][7] Group 4: Financial Ecosystem Development - HKEX is actively developing a fixed income and currency product ecosystem, investing in 20% of a clearing settlement company to strengthen its strategic partnership with the Hong Kong Monetary Authority [8] - HKEX became an approved delivery point for the London Metal Exchange (LME), with 13 recognized warehouses, marking a significant milestone in developing a global commodity trading center [8][9] Group 5: Community Contribution and Sustainability - HKEX organized a charity event that raised HKD 9.7 million, demonstrating its commitment to social welfare and community engagement [10] - The HKEX Charity Fund increased its donation for caregiver support from HKD 25 million to HKD 50 million, reflecting its dedication to community support [10] - HKEX released guidelines on carbon credits to assist businesses and investors in making informed decisions towards sustainable development [10]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has made significant reforms and strategic investments in 2025, enhancing its role as a global financial hub and attracting international investors back to the market [1]. Group 1: Technological Innovation Driving Market Development - In 2025, Hong Kong's new stock market financing ranked first globally, with a total financing amount of 274.6 billion HKD, reflecting a significant increase from the previous year [2]. - The average daily trading volume in the cash market reached a historical high of 230.7 billion HKD, up 43% year-on-year [2]. - The introduction of the "Tech Company Fast Track" has facilitated the listing of 88 biotech and specialized tech companies, showcasing strong investor interest in innovative sectors [2]. Group 2: Expanding Global Influence and Strategic Partnerships - HKEX has strengthened international connections by attracting issuers from regions such as Kazakhstan, Singapore, Thailand, and the UAE [5]. - The addition of the Stock Exchange of Thailand as a recognized exchange and the signing of a memorandum of cooperation with the Abu Dhabi Securities Exchange highlight HKEX's commitment to creating a vibrant and interconnected market [5]. - The establishment of an office in Riyadh and a commodity pricing subsidiary in Dubai underscores HKEX's strategic expansion in the Middle East [5]. Group 3: Enhancing Market Activity and Liquidity - The derivatives market achieved record performance, with an average daily trading volume of 1.69 million contracts, an 8% increase year-on-year [6]. - The trading of Exchange Traded Products (ETPs) doubled, with an average daily trading amount of 37.6 billion HKD [6]. - HKEX implemented measures to reduce trading costs and improve market efficiency, including lowering minimum tick sizes and optimizing settlement fee structures [6][7]. Group 4: Building an Innovative and Resilient Financial Ecosystem - HKEX is actively developing a fixed income and currency (FIC) product ecosystem, investing in 20% of Clearstream Holdings to strengthen its partnership with the Hong Kong Monetary Authority [9]. - The recognition of Hong Kong as a delivery point for the London Metal Exchange (LME) marks a significant milestone in developing a global commodity trading center [9]. - The LME has seen a 6% increase in average daily trading volume from January to November 2025, reflecting its strong performance [9]. Group 5: Community Contribution and Sustainable Development - HKEX has raised 9.7 million HKD through community events, demonstrating its commitment to social welfare [10]. - The charity fund increased its donation amount for caregiver support from 25 million HKD to 50 million HKD, reflecting a commitment to community engagement [10]. - HKEX has released guidelines to support low-carbon transitions, emphasizing its role in promoting sustainability and transparency in the market [10].

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved the highest fundraising amount globally in the new stock market for 2025, with a total of 274.6 billion HKD raised by 106 companies listed as of December 19, reflecting a significant increase from the previous year [1] - The average daily trading volume in the cash market reached a historical high of 230.7 billion HKD, marking a 43% increase compared to the same period last year [1] - The introduction of various reforms and the emergence of technological innovations in mainland China have led to a noticeable return of international capital to Hong Kong [1][3] Group 1: Market Performance - In 2025, the average daily trading volume in the cash market for the first 11 months was 230.7 billion HKD, up 43% year-on-year [1] - The HKEX's derivatives market also saw record performance, with an average daily contract volume of 1.69 million, an 8% increase year-on-year [4] - The trading of Exchange-Traded Products (ETPs) doubled, with an average daily trading amount of 37.6 billion HKD by the end of November [4] Group 2: Strategic Developments - HKEX launched the Hang Seng Biotechnology Index Futures in November, providing risk management tools for investors [2] - The introduction of the HKEX Technology 100 Index aims to expand the index business by tracking 100 well-known large and mid-cap companies in the technology sector [2] - HKEX has strengthened international connections by welcoming issuers from Kazakhstan, Singapore, Thailand, and the UAE, and has signed a memorandum of cooperation with the Abu Dhabi Securities Exchange [3] Group 3: Future Outlook - HKEX plans to continue optimizing the market by introducing new products to enhance trading activity and diversify the product ecosystem [5] - Future initiatives include simplifying the number of shares per lot, implementing a paperless securities market, and other major reforms to maintain market vitality and competitiveness [5] - The exchange aims to build a robust financial ecosystem by developing the fixed income and currency (FIC) product ecosystem and has invested in a 20% stake in a clearing settlement company [6] Group 4: Community Contribution and Sustainability - HKEX has actively engaged in community contributions, raising 9.7 million HKD through charity events and increasing donations for caregiver support from 25 million HKD to 50 million HKD [7] - The exchange has also committed to sustainability efforts, recently releasing a guide on carbon credits to assist businesses and investors in making informed decisions [7] - HKEX's charitable foundation has contributed 10 million HKD to disaster relief efforts following a fire incident, demonstrating its commitment to social welfare [7] Group 5: Leadership Statements - The CEO of HKEX highlighted 2025 as a year of renewed interest from global investors, driven by innovation in mainland China and Asia [8] - The exchange aims to expand its product ecosystem and enhance market efficiency through strategic investments and reforms [8] - HKEX continues to serve as a bridge connecting mainland China with international capital markets, emphasizing its role as a comprehensive investment platform [8]

Core Insights - The Hong Kong IPO market has welcomed over 100 companies since 2025, raising more than HKD 270 billion, with over 300 applications currently being processed for 2026 [2][3] Group 1: Market Performance and Drivers - The primary drivers behind the Hong Kong market's performance include the global trend of diversified capital allocation and the shift in China's economic development model [3] - Global investors are increasingly seeking diversified growth and risk management opportunities, with Hong Kong being a key market for this trend [3] - The "DeepSeek moment" in January 2025 highlighted China's strength in advanced technology and its transition to a high-value, innovation-driven growth model [3] Group 2: Competitive Advantages and Future Strategies - The interconnectedness with the mainland market is a significant advantage for the Hong Kong Stock Exchange (HKEX) compared to other international exchanges [4] - HKEX aims to strengthen this advantage by optimizing connectivity with the mainland and promoting the internationalization of the RMB [4] - Over the next decade, HKEX plans to enhance regional cooperation and connect Asian markets with opportunities in China [4] Group 3: Strategic Focus Areas - The first strategic focus is to expand and enhance a diversified asset ecosystem, introducing products tailored for Asian clients, particularly retail and professional investors [5] - The second focus is on technological and operational advancements, including market consultations on settlement cycle reforms and the adoption of emerging technologies like AI [5][6] - The third focus is on developing emerging businesses such as data, analytics, indices, digital currencies, and tokenization, with plans to launch more index products to facilitate investment in Asian assets [6]

Core Insights - The article emphasizes two main driving forces behind the recent market performance: the trend of global capital diversification and the shift in China's economic development model [1][3]. Group 1: Global Capital Diversification - Global capital is increasingly seeking diversified growth and risk management opportunities due to ongoing macroeconomic uncertainties, leading to a shift in capital allocation patterns [1]. - Hong Kong has become a focal point for this trend, with the most active trading days in its stock market occurring after September 2024, indicating a growing interest from global investors [1]. - The Asian market, particularly Hong Kong, is experiencing a surge in IPOs, with over 100 companies listed since 2025, raising more than 270 billion HKD [2]. Group 2: China's Economic Transition - China's economic model is transitioning from traditional manufacturing to high-value, innovation-driven industries, attracting capital inflows [1]. - The "DeepSeek moment" in January 2025 highlighted China's strengths in frontier technology and its evolving growth model [1]. Group 3: Future of Hong Kong Market - The long-term outlook for the Asian market, including Hong Kong, is positive, with expectations of continued economic growth and development of financial markets [4]. - Hong Kong is positioned to become a core global financial market, leveraging its unique connectivity with mainland China's capital markets [6][7]. Group 4: Strategic Initiatives - The Hong Kong Stock Exchange (HKEX) aims to enhance its multi-asset ecosystem, focusing on products and tools that meet the evolving needs of global investors [8]. - There is a commitment to improving technology and operations to facilitate easier investment and risk management for both Asian and international investors [10]. - The development of emerging businesses, including data analytics, indices, and digital currencies, is a priority to support core operations and enhance market liquidity [11]. Group 5: Market Records and Future Plans - Despite macroeconomic volatility, the Hong Kong market has set multiple records in 2025, with HKEX launching new products and market structure reforms [12]. - The management team of HKEX plans to share updates on strategic initiatives through a series of short videos, emphasizing their commitment to enhancing connectivity in the global capital market [12].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a significant transformation as China's economic growth model shifts from traditional manufacturing to high-value, innovation-driven industries, with a strong emphasis on internationalization and attracting global capital [1][4][8]. Group 1: Market Performance and Trends - Since the beginning of 2025, the Hong Kong IPO market has welcomed over 100 new companies, raising more than 270 billion HKD, including the two largest IPOs globally this year [5]. - The HKEX is currently processing over 300 listing applications for 2026, indicating a robust pipeline for future growth [5]. - The trend of mainland companies going public in Hong Kong is increasingly internationalized, with half of these companies generating significant revenue from overseas [11]. Group 2: Economic and Investment Landscape - The global trend of diversifying capital allocation is a major driver for the HKEX, as investors seek opportunities in a multi-polar world, leading to increased activity in the Hong Kong market [4]. - Asia's contribution to global GDP has nearly doubled since 1990, and it accounts for about 40% of global foreign direct investment, highlighting the region's growing economic significance [6][7]. - The shift in China's economic development model is attracting capital inflows, further solidifying Hong Kong's role as a key international financial center [4][8]. Group 3: Strategic Focus Areas - The HKEX aims to enhance its multi-asset ecosystem by developing products and tools that cater to global investors' needs, particularly in the context of changing capital allocation patterns [10]. - Continued investment in technology and operational improvements is essential for connecting Asian investors with growth opportunities in China and vice versa [12]. - The development of emerging businesses, including data, analytics, indices, and digital currencies, is a strategic priority to support core operations and enhance market liquidity [13]. Group 4: Future Outlook - Despite macroeconomic volatility, the HKEX has set multiple records in 2025 and plans to continue its strategic initiatives into 2026 and beyond [14]. - The ongoing trends reshaping the global and Asian economic landscape present a unique opportunity for Hong Kong to reinforce its status as an international financial hub [14].