HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $50.8 trillion at the end of January 2026, an increase of 44 per cent from $35.4 trillion for the same period last year.
The average daily turnover in January 2026 was $272.3 billion, an increase of 89 per cent from $143.8 billion for the same period last year.
The average daily turnover of derivative warrants in January 2026 was $7.8 billion, an increase of 77 per cent when compared with $4.4 billion for the same period last year.
The average daily turnover of CBBCs in January 2026 was $14.2 billion, an increase of 100 per cent when compared with $7.1 billion for the same period last year.
The average daily turnover of ETFs in January 2026 was $35.9 billion, an increase of 69 per cent when compared with $21.2 billion for the same period last year.
The average daily turnover of L&I Products in January 2026 was $3.1 billion, an increase of 19 per cent when compared with $2.6 billion for the same period last year.
There were 13 newly listed companies in January 2026, an increase of 63 per cent when compared with 8 for the same period last year.
Funds raised through IPOs# in January 2026 was $39.3 billion, an increase of 555 per cent when compared with $6.0 billion for the same period last year.
Total funds raised in January 2026 was $53.1 billion, an increase of 318 per cent when compared with $12.7 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options in January 2026 was 1,706,438 contracts, an increase of 18 per cent when compared with 1,452,108 contracts for the same period last year.
The average daily volume of Stock Options in January 2026 was 900,960 contracts, an increase of 19 per cent when compared with 759,565 contracts for the same period last year.
On 29 January 2026, the volume of Hang Seng TECH Index Options reached a record high of 39,229 contracts.
On 28 January 2026, the volume of Hang Seng Biotech Index Futures reached a record high of 1,013 contracts.

# Includes fund raised by initial offering by way of subscription, sales and placing

Listed Securities (Main Board and GEM)

Month-end figures

	Jan 2026	Jan 2025	End 2025
No. of listed companies	2,694	2,633	2,686
Total market capitalisation ($Bil.)	50,765.8	35,350.8	47,392.5
No. of newly listed companies *	13	8	119
No. of listed securities	17,390	13,181	16,969
No. of SPAC shares	-	4	0
No. of equity warrants (excluding SPAC warrants)	5	2	5
No. of SPAC warrants	-	4	0
No. of derivatives warrants	7,418	4,692	7,012
No. of inline warrants	-	-	-
No. of CBBCs	5,690	4,147	5,673
No. of unit trusts	246	207	240
No. of debt securities	1,335	1,492	1,351

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

Number of Newly Listed Securities (Main Board and GEM)

	Jan 2026	Jan 2025	2025
Derivatives warrants	1,151	387	10,266
CBBCs	2,595	1,688	31,444
Unit trusts	6	1	48
Debt securities	17	26	329

Securities Market Turnover (Main Board and GEM)

	Jan 2026	Dec 2025	% Change
Monthly turnover ($Mil.) *	5,718,137	3,906,234	46.4%
Average daily turnover by value ($Mil.) *	272,292	186,011	46.4%
No. of trading days	21	21	-

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

Stock Connect Summary

	Jan 2026	Dec 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	363,960	207,443	75.5%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	121,254	83,610	45.0%
No. of Northbound trading days	20	21	-
No. of Southbound trading days	20	21	-

Turnover by Type of Securities (Main Board and GEM)

	Jan 2026 ($Mil)	Dec 2025 ($Mil)	% Change
Equities	4,418,345.46 (77.3%)	3,020,712.50 (77.3%)	46.3%
Derivative warrants	163,686.69 (2.9%)	109,485.42 (2.8%)	49.5%
CBBCs	298,338.23 (5.2%)	203,310.18 (5.2%)	46.7%
Unit Trusts (include ETFs)	829,843.23 (14.5%)	566,034.31 (14.5%)	46.6%

( ) % 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)

	Jan 2026 ($Mil)	Dec 2025 ($Mil)	% Change
Equities	210,397.40	143,843.45	46.3%
Derivative warrants	7,794.60	5,213.59	49.5%
CBBCs	14,206.58	9,681.44	46.7%
Unit trusts (include ETFs)	39,516.34	26,954.01	46.6%
Others	377.29	318.64	18.4%
Total	272,292.22	186,011.14	46.4%

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 Jan 2026 was $46,941 million (0.8% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Jan 2026	Jan 2025	End 2025
No. of H shares	444	368	433
No. of Non-H share Mainland enterprises	1,119	1,116	1,119
Market capitalisation (% of market total)	79.1%	79.9%	79.3%
Turnover value (% of equity turnover)	90.5%	91.5%	90.9%

Index Performance

Month-end figures

	Jan 2026	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	39992.53	5.9%	32.4%
S&P/HKEX GEM Index	20.33	5.4%	16.5%
Hang Seng Index	27387.11	6.9%	35.4%
Hang Seng China Enterprises Index	9317.09	4.5%	26.2%
Hang Seng China-Affiliated Corporations Index*	4368.45	8.8%	21.2%
CES China 120 Index ^	7163.95	1.5%	20.4%
CES China HK Mainland Index +	7160.19	4.4%	25.2%

* - 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)*
	Jan 2026	Dec 2025	% Change
Total Futures	658,415	517,350	27.3%
Hang Seng Index Futures	126,309	97,261	29.9%
Mini Hang Seng Index Futures	88,143	70,688	24.7%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	148,099	112,091	32.1%
Mini-Hang Seng China Enterprises Index Futures	8,530	7,070	20.7%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	0	0	-
HSCEI Dividend Point Index Futures	283	124	128.2%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	180,175	128,135	40.6%
Hang Seng Biotech Index Futures	428	210	103.8%
MSCI AC Asia ex Japan NTR Index Futures	328	1,122	-70.8%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	16,018	11,701	36.9%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	84	783	-89.3%
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	10	7	42.9%
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	20	18	11.1%
MSCI Hong Kong Net Total Return (USD) Index Futures	28	38	-26.3%
MSCI India (USD) Index Futures	20	14	42.9%
MSCI India Net Total Return (USD) Index Futures	4	35	-88.6%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	86	62	38.7%
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	2	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	4,540	3,453	31.5%
MSCI Taiwan 25/50 (USD) Index Futures	11	8	37.5%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	47	163	-71.2%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	8	207	-96.1%
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	9,514	6,252	52.2%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	75,354	77,550	-2.8%
RMB Currency Futures - Mini USD/CNH Futures	374	355	5.4%
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	3	-100.0%
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	1,048,023	822,671	27.4%
Hang Seng Index Options	18,122	12,660	43.1%
Mini Hang Seng Index Options	17,927	11,463	56.4%
Weekly Hang Seng Index Options	15,082	13,307	13.3%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	3,253	2,675	21.6%
Hang Seng China Enterprises Index Options	26,459	20,660	28.1%
Mini-Hang Seng China Enterprises Index Options	5,651	5,325	6.1%
Weekly Hang Seng China Enterprises Index Options	2,881	2,552	12.9%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	28,355	22,084	28.4%
Hang Seng TECH Index Options	10,088	6,603	52.8%
Weekly Hang Seng TECH Index Options	1,896	1,005	88.7%
Hang Seng TECH Index Futures Options	17,346	12,900	34.5%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	900,960	711,435	26.6%
RMB Currency Options - USD/CNH Options	3	2	50.0%
Total Futures and Options	1,706,438	1,340,021	27.3%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Jan 2026 and Dec 2025 are 21 days (without holiday trading day) and 23 days (with 2 holiday trading days) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Jan 2026	Dec 2025	% Change
Average daily number of exchange trades settled by CCASS	4,207,934	3,064,250	37.32%
Average daily number of settlement instructions (“SIs”) settled by CCASS	139,797	119,885	16.61%
Average daily number of investor SIs (“ISIs”) settled by CCASS	137	112	22.32%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.91	99.89	N/A
Average daily value of SIs settled by CCASS ($ Mil)	435,104.84	381,200.56	14.14%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	76.77 65.60	76.44 65.50	N/A N/A
DCASS Statistics (derivatives market)	Jan 2026	Dec 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	672,982	603,557	11.5%
– Stock Futures	38,437	28,295	35.8%
– Interest Rates Futures	60	60	0.0%
– RMB Currency Futures	30,738	33,652	-8.7%
– INR Currency Futures	0	2	-100.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,691,862	1,272,623	32.9%
– Stock Options	16,228,819	14,255,795	13.8%
– RMB Currency Options	325	309	5.2%

Year-to-date Statistics

Securities Market	Jan 2026 YTD	Jan 2025 YTD	% Change
No. of newly listed companies #	13	8	62.5%
Average daily turnover by value ($Mil.) ^	272,292	143,839	89.3%
Average share traded per trading day (Mil. Shares)	385,119	232,006	66.0%
Average no. of trades per trading day	4,207,886	2,275,365	84.9%
Fund raised by IPOs ($Mil.)*	39,255	5,982	556.2%
Total funds raised (including IPOs) ($Mil.)**	53,084	12,683	318.6%
Derivatives Market	Jan 2026 YTD	Jan 2025 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	573,173	466,982	22.7%
– Stock Futures	9,514	6,291	51.2%
– Interest Rates Futures	0	0	-
– RMB Currency Futures	75,728	115,142	-34.2%
– 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	147,060	104,100	41.3%
– Stock Options	900,960	759,565	18.6%
– RMB Currency Options	3	4	-25.0%
Clearing & Settlement	Jan 2026 YTD	Jan 2025 YTD	% Change
Average daily number of exchange trades handled by CCASS	4,207,934	2,255,872	86.53%
Average daily number of settlement instructions (SIs) settled by CCASS	139,797	98,805	41.49%
Average daily number of investor SIs (ISIs) settled by CCASS	137	147	-6.80%

# 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 Jan 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	21,829,910	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	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 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	473,795	2025/12/18

Updated 31 Jan 2026