HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $45.9 trillion at the end of March 2026, an increase of 15 per cent from $40.0 trillion for the same period last year.
The average daily turnover in March 2026 was $304.0 billion, an increase of 8 per cent from $280.2 billion for the same period last year.
The average daily turnover for the first three months of 2026 was $276.7 billion, an increase of 14 per cent when compared with $242.7 billion for the same period last year.
The average daily turnover of derivative warrants for the first three months of 2026 was $7.5 billion, an increase of 1 per cent when compared with $7.4 billion for the same period last year.
The average daily turnover of CBBCs for the first three months of 2026 was $13.9 billion, an increase of 40 per cent when compared with $9.9 billion for the same period last year.
The average daily turnover of ETFs for the first three months of 2026 was $40.2 billion, an increase of 15 per cent when compared with $35.0 billion for the same period last year.
The average daily turnover of L&I Products for the first three months of 2026 was $4.9 billion, an increase of 11 per cent when compared with $4.4 billion for the same period last year.
There were 40 newly listed companies for the first three months of 2026, an increase of 135 per cent when compared with 17* for the same period last year.
Funds raised through IPOs# for the first three months of 2026 was $109.9 billion, an increase of 488 per cent when compared with $18.7 billion for the same period last year.
Total funds raised for the first three months of 2026 was $150.2 billion.

- Derivatives Market

The average daily volume of futures and options for the first three months of 2026 was 1,828,560 contracts.
The average daily volume of Stock Options for the first three months of 2026 was 943,511 contracts.
On 27 March 2026, the volume of Hang Seng Biotech Index Futures reached a record high of 1,239 contracts.

* Includes 1 listing from GEM to Main Board and 1 de-SPAC transaction
# Includes fund raised by initial offering by way of subscription, sales and placing

Listed Securities (Main Board and GEM)

Month-end figures

	Mar 2026	Mar 2025	End 2025
No. of listed companies	2,707	2,627	2,686
Total market capitalisation ($Bil.)	45,941.2	39,952.7	47,392.5
No. of newly listed companies *	16	7	119
No. of listed securities	17,523	15,060	16,969
No. of SPAC shares	-	3	0
No. of equity warrants (excluding SPAC warrants)	6	3	5
No. of SPAC warrants	-	3	0
No. of derivatives warrants	7,652	5,387	7,012
No. of inline warrants	-	-	-
No. of CBBCs	5,572	5,355	5,673
No. of unit trusts	253	222	240
No. of debt securities	1,331	1,460	1,351

* Includes the number of transfer of listings from GEM to Main Board

Number of Newly Listed Securities (Main Board and GEM)

	Mar 2026	Mar 2025	2025
Derivatives warrants	1,201	806	10,266
CBBCs	3,391	3,979	31,444
Unit trusts	9	14	48
Debt securities	14	38	329

Securities Market Turnover (Main Board and GEM)

	Mar 2026	Feb 2026	% Change
Monthly turnover ($Mil.) *	6,687,056	4,195,067	59.4%
Average daily turnover by value ($Mil.) *	303,957	246,769	23.2%
No. of trading days	22	17	-

* Turnover value for securities traded in non-Hong Kong dollar currency have been included

Stock Connect Summary

	Mar 2026	Feb 2026	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	301,573	302,735	-0.4%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	135,334	104,102	30.0%
No. of Northbound trading days	22	14	-
No. of Southbound trading days	22	14	-

Turnover by Type of Securities (Main Board and GEM)

	Mar 2026 ($Mil)	Feb 2026 ($Mil)	% Change
Equities	4,965,180.70 (74.3%)	3,174,981.45 (75.7%)	56.4%
Derivative warrants	155,360.42 (2.3%)	130,289.98 (3.1%)	19.2%
CBBCs	316,462.37 (4.7%)	221,326.35 (5.3%)	43.0%
Unit Trusts (include ETFs)	1,239,029.58 (18.5%)	665,631.08 (15.9%)	86.1%

Mar 2026

($Mil)

Feb 2026

($Mil)

% Change

Equities

4,965,180.70

(74.3%)

3,174,981.45

(75.7%)

56.4%

Derivative warrants

155,360.42

(2.3%)

130,289.98

(3.1%)

19.2%

CBBCs

316,462.37

(4.7%)

221,326.35

(5.3%)

43.0%

Unit Trusts

(include ETFs)

1,239,029.58

(18.5%)

665,631.08

(15.9%)

86.1%

( ) % of market total
Turnover value for securities traded in non-Hong Kong dollar currency have been included

Average Daily Turnover by Type of Securities (Main Board and GEM)

	Mar 2026 ($Mil)	Feb 2026 ($Mil)	% Change
Equities	225,690.03	186,763.61	20.8%
Derivative warrants	7,061.84	7,664.12	-7.9%
CBBCs	14,384.65	13,019.20	10.5%
Unit trusts (include ETFs)	56,319.53	39,154.77	43.8%
Others	501.04	166.96	200.1%
Total	303,957.09	246,768.66	23.2%

Turnover value for securities traded in non-Hong Kong dollar currency have been included

ATS Transactions

The total turnover of automated trading services’ (ATS) transactions for Mar 2026 was $47,326 million (0.7% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Mar 2026	Mar 2025	End 2025
No. of H shares	466	370	433
No. of Non-H share Mainland enterprises	1,116	1,114	1,119
Market capitalisation (% of market total)	78.5%	81.4%	79.3%
Turnover value (% of equity turnover)	89.4%	90.6%	90.9%

Index Performance

Month-end figures

	Mar 2026	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	34940.36	-5.4%	-0.2%
S&P/HKEX GEM Index	19.13	-8.4%	11.8%
Hang Seng Index	24788.14	-6.9%	7.2%
Hang Seng China Enterprises Index	8374.30	-5.5%	-1.7%
Hang Seng China-Affiliated Corporations Index*	4120.06	-7.2%	8.1%
CES China 120 Index ^	6457.76	-4.1%	-1.6%
CES China HK Mainland Index +	6367.99	-4.8%	-3.0%

* - tracks Red chips
^ - tracks 80 Mainland-listed companies and 40 Hong Kong-listed Mainland enterprises
+ - tracks 40 Hong Kong-listed Mainland enterprises

Derivatives Market Turnover

	Average Daily Volume (Contracts)*
	Mar 2026	Feb 2026	% Change
Total Futures	827,223	683,544	21.0%
Hang Seng Index Futures	152,935	129,456	18.1%
Mini Hang Seng Index Futures	130,933	96,252	36.0%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	180,828	152,995	18.2%
Mini-Hang Seng China Enterprises Index Futures	11,942	9,062	31.8%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	5	0	-
HSCEI Dividend Point Index Futures	318	24	1225.0%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	224,300	192,247	16.7%
Hang Seng Biotech Index Futures	537	315	70.5%
MSCI AC Asia ex Japan NTR Index Futures	576	149	286.6%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	12,739	11,578	10.0%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	933	76	1127.6%
MSCI EM Asia ex China Net Total Return (USD) Index Futures	0	0	-
MSCI EM Asia ex Korea Net Total Return (USD) Index Futures	0	0	-
MSCI EM Asia Net Total Return (USD) Index Futures	67	19	252.6%
MSCI EM EMEA Net Total Return (USD) Index Futures	0	0	-
MSCI EM ex China Net Total Return (USD) Index Futures	0	0	-
MSCI EM ex Korea Net Total Return (USD) Index Futures	0	0	-
MSCI EM LatAm Net Total Return (USD) Index Futures	0	0	-
MSCI Emerging Markets (USD) Index Futures	0	0	-
MSCI Emerging Markets Net Total Return (USD) Index Futures	96	36	166.7%
MSCI Hong Kong Net Total Return (USD) Index Futures	40	29	37.9%
MSCI India (USD) Index Futures	43	46	-6.5%
MSCI India Net Total Return (USD) Index Futures	44	4	1000.0%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	127	11	1054.5%
MSCI Japan Net Total Return (USD) Index Futures	0	0	-
MSCI Malaysia (USD) Index Futures	0	0	-
MSCI Malaysia Net Total Return (USD) Index Futures	3	3	0.0%
MSCI New Zealand Net Total Return (USD) Index Futures	0	0	-
MSCI Pacific ex Japan Net Total Return (USD) Index Futures	0	0	-
MSCI Pacific Net Total Return (USD) Index Futures	0	0	-
MSCI Philippines (USD) Index Futures	0	0	-
MSCI Philippines Net Total Return (USD) Index Futures	0	0	-
MSCI Singapore Free (SGD) Index Futures	0	0	-
MSCI Singapore Free Net Total Return (USD) Index Futures	0	0	-
MSCI Singapore Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan (USD) Index Futures	5,504	4,449	23.7%
MSCI Taiwan 25/50 (USD) Index Futures	15	6	150.0%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	230	12	1816.7%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	12	11	9.1%
MSCI Vietnam (USD) Index Futures	0	0	-
MSCI Vietnam Net Total Return (USD) Index Futures	0	0	-
CES China 120 Index Futures	0	0	-
Hang Seng Mainland Banks Index Futures	0	0	-
Stock Futures	9,689	8,168	18.6%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	94,580	78,210	20.9%
RMB Currency Futures - Mini USD/CNH Futures	727	386	88.3%
RMB Currency Futures - EUR/CNH Futures	0	0	-
RMB Currency Futures - JPY/CNH Futures	0	0	-
RMB Currency Futures - AUD/CNH Futures	0	0	-
RMB Currency Futures - CNH/USD Futures	0	0	-
INR Currency Futures - INR/USD Futures	0	0	-
INR Currency Futures - INR/CNH Futures	0	0	-
USD Gold Futures	0	0	-
CNH Gold Futures	0	0	-
USD Silver Futures	0	0	-
CNH Silver Futures	0	0	-
Iron Ore Futures – Monthly Contracts	0	0	-
Iron Ore Futures – Quarterly Contracts	0	0	-
CNH London Aluminium Mini Futures	0	0	-
CNH London Zinc Mini Futures	0	0	-
CNH London Copper Mini Futures	0	0	-
CNH London Lead Mini Futures	0	0	-
CNH London Nickel Mini Futures	0	0	-
CNH London Tin Mini Futures	0	0	-
USD London Aluminium Mini Futures	0	0	-
USD London Zinc Mini Futures	0	0	-
USD London Copper Mini Futures	0	0	-
USD London Lead Mini Futures	0	0	-
USD London Nickel Mini Futures	0	0	-
USD London Tin Mini Futures	0	0	-
Total Options	1,192,139	1,050,341	13.5%
Hang Seng Index Options	20,471	18,662	9.7%
Mini Hang Seng Index Options	19,782	17,611	12.3%
Weekly Hang Seng Index Options	18,811	15,994	17.6%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	4,870	3,218	51.3%
Hang Seng China Enterprises Index Options	30,187	23,509	28.4%
Mini-Hang Seng China Enterprises Index Options	4,246	3,466	22.5%
Weekly Hang Seng China Enterprises Index Options	3,884	3,212	20.9%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	36,341	30,799	18.0%
Hang Seng TECH Index Options	11,274	9,792	15.1%
Weekly Hang Seng TECH Index Options	2,377	1,642	44.8%
Hang Seng TECH Index Futures Options	18,612	27,003	-31.1%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	1,021,282	895,431	14.1%
RMB Currency Options - USD/CNH Options	2	2	0.0%
Total Futures and Options	2,019,362	1,733,885	16.5%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Mar 2026 and Feb 2026 are 22 days (without holiday trading day) and 20 days (with 3 holiday trading days) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Mar 2026	Feb 2026	% Change
Average daily number of exchange trades settled by CCASS	4,561,136	3,963,549	15.08%
Average daily number of settlement instructions (“SIs”) settled by CCASS	146,079	151,370	-3.50%
Average daily number of investor SIs (“ISIs”) settled by CCASS	148	163	-8.82%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.89	99.88	N/A
Average daily value of SIs settled by CCASS ($ Mil)	495,964.06	468,657.50	5.83%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	76.70 64.87	76.67 64.77	N/A N/A
DCASS Statistics (derivatives market)	Mar 2026	Feb 2026	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	666,153	684,385	-2.7%
– Stock Futures	36,266	37,971	-4.5%
– Interest Rates Futures	15	60	-75.0%
– RMB Currency Futures	36,367	32,006	13.6%
– INR Currency Futures	0	0	-
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,565,515	1,782,806	-12.2%
– Stock Options	15,311,460	17,182,833	-10.9%
– RMB Currency Options	303	370	-18.1%

Year-to-date Statistics

Securities Market	Mar 2026 YTD	Mar 2025 YTD	% Change
No. of newly listed companies #	40	17	135.3%
Average daily turnover by value ($Mil.) ^	276,671	242,736	14.0%
Average share traded per trading day (Mil. Shares)	377,126	296,867	27.0%
Average no. of trades per trading day	4,202,098	3,435,844	22.3%
Fund raised by IPOs ($Mil.)*	109,926	18,654	489.3%
Total funds raised (including IPOs) ($Mil.)**	150,200	159,389	-5.8%
Derivatives Market	Mar 2026 YTD	Mar 2025 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	634,364	641,350	-1.1%
– Stock Futures	9,197	11,490	-20.0%
– Interest Rates Futures	0	0	-
– RMB Currency Futures	83,476	117,752	-29.1%
– INR Currency Futures	0	24	-100.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	158,009	130,576	21.0%
– Stock Options	943,511	964,803	-2.2%
– RMB Currency Options	3	6	-50.0%
Clearing & Settlement	Mar 2026 YTD	Mar 2025 YTD	% Change
Average daily number of exchange trades handled by CCASS	4,273,363	3,435,905	24.37%
Average daily number of settlement instructions (SIs) settled by CCASS	145,278	118,715	22.38%
Average daily number of investor SIs (ISIs) settled by CCASS	148	181	-18.07%

# Includes the number of transfer of listings from GEM to Main Board
^ Turnover value for traded in non-HKD currency securities have been included
* Includes fund raised by initial offering by way of subscription, sales and placing
** Provisional figures only

Historical Records

up to 31 Mar 2026

Top 10 Hang Seng Index Closes

Rank	Date	Close
1	2018/01/26	33154.12
2	2018/01/29	32966.89
3	2018/01/24	32958.69
4	2018/01/23	32930.70
5	2018/01/31	32887.27
6	2018/01/25	32654.45
7	2018/02/01	32642.09
8	2018/01/30	32607.29
9	2018/02/02	32601.78
10	2018/01/22	32393.41

Top 10 Daily Market Turnover

(Main Board and GEM)

Rank	Date	Turnover ($)
1	2025/04/07	621,004,299,400
2	2024/10/08	620,652,311,319
3	2024/09/30	505,919,660,550
4	2025/10/13	490,739,712,231
5	2024/09/27	445,803,810,579
6	2024/10/02	434,202,623,180
7	2025/04/08	433,215,056,869
8	2024/10/09	427,128,350,282
9	2025/09/18	413,486,347,174
10	2025/04/09	412,440,730,848

Top 10 Market Capitalisation

(Main Board and GEM)

Rank	Date	Market Capitalisation ($)
1	2021/02/17	58,672,185,510,043
2	2021/02/16	57,829,770,591,111
3	2021/02/19	57,502,986,918,920
4	2021/02/18	57,470,114,718,778
5	2021/02/11	56,844,960,338,845
6	2021/02/10	56,495,679,850,172
7	2021/02/22	56,276,247,080,503
8	2021/02/23	56,194,869,034,753
9	2021/02/09	55,171,603,385,082
10	2021/02/25	55,137,617,193,968

Record High for Top-10 Derivatives Market Products (Based on Contract Volume)

Product	Record High Daily Volume		Record High Open Interest
	Contracts	Date	Contracts	Date
Stock Options	2,433,968	2024/09/27	21,947,396	2026/03/27
Hang Seng China Enterprises Index Futures	651,086	2023/04/25	758,877	2022/12/28
Hang Seng TECH Index Futures	469,133	2025/02/24	337,041	2026/01/27
Hang Seng Index Futures	422,450	2018/10/26	206,082	2017/06/27
Hang Seng China Enterprises Index Options	389,483	2021/01/11	3,749,790	2018/11/28
RMB Currency Futures - USD/CNH Futures	372,095	2025/08/12	46,711	2017/01/04
Mini Hang Seng Index Futures	340,150	2024/10/09	35,820	2024/01/23
Hang Seng TECH Index Futures Options	208,378	2026/02/04	575,029	2026/02/04
Hang Seng Index Options	140,628	2021/01/11	594,941	2017/11/28
Hang Seng China Enterprises Index Futures Options	137,469	2024/10/09	1,230,141	2024/11/14

Updated 31 Mar 2026