HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $48.0 trillion at the end of November 2025, an increase of 41 per cent from $34.0 trillion for the same period last year.
The average daily turnover in November 2025 was $230.7 billion, an increase of 43 per cent from $161.5 billion for the same period last year.
The average daily turnover for the first eleven months of 2025 was $255.8 billion, an increase of 95 per cent when compared with $130.9 billion for the same period last year.
The average daily turnover of derivative warrants for the first eleven months of 2025 was $8.0 billion, an increase of 54 per cent when compared with $5.2 billion for the same period last year.
The average daily turnover of CBBCs for the first eleven months of 2025 was $10.6 billion, an increase of 58 per cent when compared with $6.7 billion for the same period last year.
The average daily turnover of ETFs for the first eleven months of 2025 was $34.1 billion, an increase of 116 per cent when compared with $15.8 billion for the same period last year.
The average daily turnover of L&I Products for the first eleven months of 2025 was $3.5 billion, an increase of 21 per cent when compared with $2.9 billion for the same period last year.
There were 93* newly listed companies for the first eleven months of 2025, an increase of 52 per cent when compared with 61** for the same period last year.
Funds raised through IPOs# for the first eleven months of 2025 was $259.4 billion, an increase of 228 per cent when compared with $79.1 billion for the same period last year.
Total funds raised for the first eleven months of 2025 was $575.0 billion, an increase of 240 per cent when compared with $169.0 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first eleven months of 2025 was 1,692,878 contracts, an increase of 8 per cent when compared with the 1,571,189 contracts for the same period last year.
The average daily volume of Stock Options for the first eleven months of 2025 was 895,548 contracts, an increase of 23 per cent when compared with the 728,430 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first eleven months of 2025 was 106,121 contracts, an increase of 15 per cent when compared with the 92,280 contracts for the same period last year.
On 25 November 2025, the volume of Hang Seng TECH Index Futures Options reached a record high of 80,803 contracts.

* Includes 2 listing from GEM to Main Board and 1 de-SPAC transaction
** Includes 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

	Nov 2025	Nov 2024	End 2024
No. of listed companies	2,664	2,624	2,631
Total market capitalisation ($Bil.)	47,997.9	34,031.6	35,319.5
No. of newly listed companies *	12	7	71
No. of listed securities	17,247	13,808	13,248
No. of SPAC shares	1	4	4
No. of equity warrants (excluding SPAC warrants)	4	1	2
No. of SPAC warrants	1	4	4
No. of derivatives warrants	7,125	5,201	4,669
No. of inline warrants	-	-	-
No. of CBBCs	5,853	4,225	4,219
No. of unit trusts	243	207	206
No. of debt securities	1,355	1,542	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Nov 2025	Nov 2024	2024
Derivatives warrants	943	385	6,836
CBBCs	2,723	2,058	24,808
Unit trusts	3	4	36
Debt securities	44	32	348

Securities Market Turnover (Main Board and GEM)

	Nov 2025	Oct 2025	% Change
Monthly turnover ($Mil.) *	4,613,209	5,498,345	-16.1%
Average daily turnover by value ($Mil.) *	230,660	274,917	-16.1%
No. of trading days	20	20	-

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

Stock Connect Summary

	Nov 2025	Oct 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	221,242	274,453	-19.4%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	97,918	144,427	-32.2%
No. of Northbound trading days	20	16	-
No. of Southbound trading days	20	16	-

Turnover by Type of Securities (Main Board and GEM)

	Nov 2025 ($Mil)	Oct 2025 ($Mil)	% Change
Equities	3,487,962.58 (75.6%)	4,219,450.22 (76.7%)	-17.3%
Derivative warrants	162,733.54 (3.5%)	209,703.30 (3.8%)	-22.4%
CBBCs	255,158.54 (5.5%)	271,503.37 (4.9%)	-6.0%
Unit Trusts (include ETFs)	700,436.79 (15.2%)	788,565.39 (14.3%)	-11.2%

Nov 2025

($Mil)

Oct 2025

($Mil)

% Change

Equities

3,487,962.58

(75.6%)

4,219,450.22

(76.7%)

-17.3%

Derivative warrants

162,733.54

(3.5%)

209,703.30

(3.8%)

-22.4%

CBBCs

255,158.54

(5.5%)

271,503.37

(4.9%)

-6.0%

Unit Trusts

(include ETFs)

700,436.79

(15.2%)

788,565.39

(14.3%)

-11.2%

( ) % 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)

	Nov 2025 ($Mil)	Oct 2025 ($Mil)	% Change
Equities	174,398.13	210,972.51	-17.3%
Derivative warrants	8,136.68	10,485.17	-22.4%
CBBCs	12,757.93	13,575.17	-6.0%
Unit trusts (include ETFs)	35,021.84	39,428.27	-11.2%
Others	345.87	456.14	-24.2%
Total	230,660.44	274,917.26	-16.1%

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 Nov 2025 was $37,822 million (0.8% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Nov 2025	Nov 2024	End 2024
No. of H shares	414	358	364
No. of Non-H share Mainland enterprises	1,117	1,114	1,114
Market capitalisation (% of market total)	80.0%	79.3%	79.8%
Turnover value (% of equity turnover)	91.0%	90.5%	87.7%

Index Performance

Month-end figures

	Nov 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	38572.15	-1.2%	33.3%
S&P/HKEX GEM Index	19.79	-7.0%	9.6%
Hang Seng Index	25858.89	-0.2%	33.1%
Hang Seng China Enterprises Index	9130.18	-0.4%	31.4%
Hang Seng China-Affiliated Corporations Index*	4193.44	3.1%	18.4%
CES China 120 Index ^	7163.15	-2.1%	22.6%
CES China HK Mainland Index +	6992.66	-0.8%	30.1%

* - 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)*
	Nov 2025	Oct 2025	% Change
Total Futures	637,127	694,222	-8.2%
Hang Seng Index Futures	121,970	138,217	-11.8%
Mini Hang Seng Index Futures	93,564	106,150	-11.9%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	130,656	157,835	-17.2%
Mini-Hang Seng China Enterprises Index Futures	9,516	12,001	-20.7%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	4	75	-94.7%
HSCEI Dividend Point Index Futures	616	303	103.3%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	160,521	179,510	-10.6%
Hang Seng Biotech Index Futures #	112	-	-
MSCI AC Asia ex Japan NTR Index Futures	307	205	49.8%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	10,651	11,090	-4.0%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	110	277	-60.3%
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	6	31	-80.6%
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	36	14	157.1%
MSCI Hong Kong Net Total Return (USD) Index Futures	21	145	-85.5%
MSCI India (USD) Index Futures	20	30	-33.3%
MSCI India Net Total Return (USD) Index Futures	18	11	63.6%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	4	6	-33.3%
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	1	200.0%
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	4,811	4,481	7.4%
MSCI Taiwan 25/50 (USD) Index Futures	11	15	-26.7%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	24	7	242.9%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	10	12	-16.7%
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	8,906	7,822	13.9%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	94,949	75,523	25.7%
RMB Currency Futures - Mini USD/CNH Futures	281	459	-38.8%
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	2	-100.0%
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	1,014,130	1,143,560	-11.3%
Hang Seng Index Options	16,920	16,531	2.4%
Mini Hang Seng Index Options	15,790	17,125	-7.8%
Weekly Hang Seng Index Options	15,375	19,053	-19.3%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	3,435	4,262	-19.4%
Hang Seng China Enterprises Index Options	18,658	23,234	-19.7%
Mini-Hang Seng China Enterprises Index Options	4,817	5,867	-17.9%
Weekly Hang Seng China Enterprises Index Options	2,588	3,212	-19.4%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	29,922	33,527	-10.8%
Hang Seng TECH Index Options	7,334	7,234	1.4%
Weekly Hang Seng TECH Index Options	1,298	1,509	-14.0%
Hang Seng TECH Index Futures Options	16,205	17,355	-6.6%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	881,787	994,648	-11.3%
RMB Currency Options - USD/CNH Options	1	3	-66.7%
Total Futures and Options	1,651,257	1,837,782	-10.1%

# Trading commenced on 28 November 2025
* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Nov 2025 and Oct 2025 are 20 days (without holiday trading day) and 23 days (with 3 holiday trading days) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Nov 2025	Oct 2025	% Change
Average daily number of exchange trades settled by CCASS	3,620,341	4,189,432	-13.58%
Average daily number of settlement instructions (“SIs”) settled by CCASS	131,564	138,529	-5.03%
Average daily number of investor SIs (“ISIs”) settled by CCASS	136	153	-11.11%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.91	99.90	N/A
Average daily value of SIs settled by CCASS ($ Mil)	431,402.86	413,856.79	4.24%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	76.32 65.48	76.34 65.98	N/A N/A
DCASS Statistics (derivatives market)	Nov 2025	Oct 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	700,220	754,429	-7.2%
– Stock Futures	37,827	35,114	7.7%
– Interest Rates Futures	80	80	0.0%
– RMB Currency Futures	35,392	32,369	9.3%
– INR Currency Futures	0	4	-100.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,862,189	1,640,888	13.5%
– Stock Options	18,654,915	17,137,842	8.9%
– RMB Currency Options	326	314	3.8%

Year-to-date Statistics

Securities Market	Nov 2025 YTD	Nov 2024 YTD	% Change
No. of newly listed companies #	93	61	52.5%
Average daily turnover by value ($Mil.) ^	255,775	130,928	95.4%
Average share traded per trading day (Mil. Shares)	310,281	220,355	40.8%
Average no. of trades per trading day	3,831,918	2,248,831	70.4%
Fund raised by IPOs ($Mil.)*	259,433	79,072	228.1%
Total funds raised (including IPOs) ($Mil.)**	575,018	169,038	240.2%
Derivatives Market	Nov 2025 YTD	Nov 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	565,645	592,681	-4.6%
– Stock Futures	8,571	8,632	-0.7%
– Interest Rates Futures	5	1	400.0%
– RMB Currency Futures	106,121	92,280	15.0%
– INR Currency Futures	24	1,462	-98.4%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	116,960	147,697	-20.8%
– Stock Options	895,548	728,430	22.9%
– RMB Currency Options	4	6	-33.3%
Clearing & Settlement	Nov 2025 YTD	Nov 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	3,831,970	2,258,875	69.64%
Average daily number of settlement instructions (SIs) settled by CCASS	125,562	100,087	25.45%
Average daily number of investor SIs (ISIs) settled by CCASS	169	150	12.67%

# 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 30 Nov 2025

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	21,829,910	2025/09/26
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	328,335	2023/12/22
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 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
Hang Seng TECH Index Futures Options	80,803	2025/11/25	398,639	2025/11/28

Updated 30 Nov 2025