Market Turnover
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HKEX Monthly Market Highlights

Highlights

- Securities Market

  • Market capitalisation was $44.9 trillion at the end of July 2025, an increase of 44 per cent from $31.1 trillion for the same period last year.
  • The average daily turnover in July 2025 was $262.9 billion, an increase of 167 per cent from $98.6 billion for the same period last year.
  • The average daily turnover for the first seven months of 2025 was $243.7 billion, an increase of 124 per cent when compared with $108.6 billion for the same period last year.
  • The average daily turnover of derivative warrants for the first seven months of 2025 was $7.5 billion, an increase of 63 per cent when compared with $4.6 billion for the same period last year.
  • The average daily turnover of CBBCs for the first seven months of 2025 was $9.6 billion, an increase of 75 per cent when compared with $5.5 billion for the same period last year.
  • The average daily turnover of ETFs for the first seven months of 2025 was $33.3 billion, an increase of 180 per cent when compared with $11.9 billion for the same period last year.
  • The average daily turnover of L&I Products for the first seven months of 2025 was $3.9 billion, an increase of 70 per cent when compared with $2.3 billion for the same period last year.
  • There were 53* newly listed companies for the first seven months of 2025, an increase of 33 per cent when compared with 40 for the same period last year.
  • Funds raised through IPOs# for the first seven months of 2025 was $127.9 billion, an increase of 611 per cent when compared with $18.0 billion for the same period last year.
  • Total funds raised for the first seven months of 2025 was $331.8 billion, an increase of 297 per cent when compared with $83.5 billion for the same period last year.

- Derivatives Market

  • The average daily volume of futures and options for the first seven months of 2025 was 1,671,497 contracts, an increase of 11 per cent when compared with the 1,499,137 contracts for the same period last year.
  • The average daily volume of Stock Options for the first seven months of 2025 was 864,892 contracts, an increase of 27 per cent when compared with the 680,980 contracts for the same period last year.
  • The average daily volume of Stock Futures for the first seven months of 2025 was 8,631 contracts, an increase of 8 per cent when compared with the 8,017 contracts for the same period last year.
  • The average daily volume of RMB Currency Futures for the first seven months of 2025 was 112,429 contracts, an increase of 36 per cent when compared with the 82,833 contracts for the same period last year.

*  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

 

Jul 2025

Jul 2024

End 2024

No. of listed companies

2,651

2,624

2,631

Total market capitalisation ($Bil.)

44,883.2

31,132.7

35,319.5

No. of newly listed companies *

9

10

71

No. of listed securities

15,506

13,330

13,248

No. of SPAC shares

1

5

4

No. of equity warrants (excluding SPAC warrants)

4

1

2

No. of SPAC warrants

1

5

4

No. of derivatives warrants

5,804

4,896

4,669

No. of inline warrants

-

-

-

No. of CBBCs

5,420

4,019

4,219

No. of unit trusts

227

202

206

No. of debt securities

1,396

1,579

1,513

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

 

Number of Newly Listed Securities (Main Board and GEM) 

 

Jul 2025

Jul 2024

2024

Derivatives warrants

850

597

6,836

CBBCs

2,271

1,736

24,808

Unit trusts

3

6

36

Debt securities

34

33

348

 

Securities Market Turnover (Main Board and GEM) 

 

Jul 2025

Jun 2025

% Change

Monthly turnover ($Mil.) *

5,784,305

4,834,014

19.7%

Average daily turnover by value ($Mil.) *

262,923

230,191

14.2%

No. of trading days

22

21

-

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

 

Stock Connect Summary 

 

Jul 2025

Jun 2025

% Change

Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)

202,428

148,521

36.3%

Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)

144,420

120,837

19.5%

No. of Northbound trading days

22

20

-

No. of Southbound trading days

22

20

-

 

Turnover by Type of Securities (Main Board and GEM) 

 

Jul 2025

($Mil)

Jun 2025

($Mil)

% Change

Equities

4,703,574.73

(81.3%)

3,884,809.71

(80.4%)

21.1%

Derivative warrants

140,576.08

(2.4%)

158,950.16

(3.3%)

-11.6%

CBBCs

204,060.23

(3.5%)

178,278.44

(3.7%)

14.5%

Unit Trusts

(include ETFs)

729,569.20

(12.6%)

601,954.70

(12.5%)

21.2%

( ) % 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) 

 

Jul 2025

($Mil)

Jun 2025

($Mil)

% Change

Equities

213,798.85

184,990.94

15.6%

Derivative warrants

6,389.82

7,569.06

-15.6%

CBBCs

9,275.47

8,489.45

9.3%

Unit trusts

(include ETFs)

33,162.24

28,664.51

15.7%

Others

296.59

477.19

-37.8%

Total

262,922.97

230,191.14

14.2%

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 Jul 2025 was $37,469 million (0.6% of the securities market total turnover).

 

Mainland Enterprises (Main Board and GEM) 

Month-end figures

 

Jul 2025

Jul 2024

End 2024

No. of H shares

393

346

364

No. of Non-H share Mainland enterprises

1,118

1,120

1,114

Market capitalisation (% of market total)

80.7%

78.3%

79.8%

Turnover value (% of equity turnover)

89.9%

87.0%

87.7%

 

Index Performance 

Month-end figures

 

Jul 2025

% Change
over 1 Month

% Change
over 12 Months

S&P/HKEX LargeCap Index

36425.95

1.9%

42.2%

S&P/HKEX GEM Index

18.62

9.7%

25.0%

Hang Seng Index

24773.33

2.9%

42.8%

Hang Seng China Enterprises Index

8882.95

2.4%

45.5%

Hang Seng China-Affiliated Corporations Index*

4249.70

4.9%

19.0%

CES China 120 Index ^

6676.41

2.8%

30.1%

CES China HK Mainland Index +

6712.55

2.0%

44.3%

* - 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)*

Jul

2025

Jun

2025

% Change

Total Futures

572,065

572,522

-0.1%

Hang Seng Index Futures

112,986

106,677

5.9%

Mini Hang Seng Index Futures

76,338

69,277

10.2%

HSI (Gross Total Return Index) Futures

0

0

-

HSI (Net Total Return Index) Futures

0

0

-

Hang Seng China Enterprises Index Futures

126,180

129,114

-2.3%

Mini-Hang Seng China Enterprises Index Futures

7,314

6,986

4.7%

HSCEI (Gross Total Return Index) Futures

0

0

-

HSCEI (Net Total Return Index) Futures

0

0

-

HSI Dividend Point Index Futures

36

10

260.0%

HSCEI Dividend Point Index Futures

511

95

437.9%

HSI Volatility Index Futures

0

0

-

Hang Seng TECH Index Futures

131,609

114,515

14.9%

MSCI AC Asia ex Japan NTR Index Futures

316

1,791

-82.4%

MSCI Australia Net Total Return (USD) Index Futures

0

0

-

MSCI China A 50 Connect (USD) Index Futures

8,919

9,261

-3.7%

MSCI China (USD) Index Futures

0

0

-

MSCI China Net Total Return (USD) Index Futures

56

2,221

-97.5%

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

28

43

-34.9%

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

10

12

-16.7%

MSCI Hong Kong Net Total Return (USD) Index Futures

34

295

-88.5%

MSCI India (USD) Index Futures

37

102

-63.7%

MSCI India Net Total Return (USD) Index Futures

13

71

-81.7%

MSCI Indonesia (USD) Index Futures

0

0

-

MSCI Indonesia Net Total Return (USD) Index Futures

7

601

-98.8%

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

0

5

-100.0%

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

4,097

4,177

-1.9%

MSCI Taiwan 25/50 (USD) Index Futures

25

19

31.6%

MSCI Taiwan 25/50 Net Total Return (USD) Index Futures

0

0

-

MSCI Taiwan Net Total Return (USD) Index Futures

5

131

-96.2%

MSCI Thailand (USD) Index Futures

0

0

-

MSCI Thailand Net Total Return (USD) Index Futures

8

867

-99.1%

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

6,234

5,215

19.5%

3-Month HIBOR Futures

3

8

-62.5%

1-Month HIBOR Futures

4

4

0.0%

RMB Currency Futures - USD/CNH Futures

96,889

120,334

-19.5%

RMB Currency Futures - Mini USD/CNH Futures

396

671

-41.0%

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

1

4

-75.0%

INR Currency Futures - INR/USD Futures

9

16

-43.8%

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

941,788

820,124

14.8%

Hang Seng Index Options

12,209

13,705

-10.9%

Mini Hang Seng Index Options

12,402

11,659

6.4%

Weekly Hang Seng Index Options

14,818

10,646

39.2%

Flexible Hang Seng Index Options

0

0

-

Hang Seng Index Futures Options

1,835

1,728

6.2%

Hang Seng China Enterprises Index Options

15,912

12,742

24.9%

Mini-Hang Seng China Enterprises Index Options

2,901

2,136

35.8%

Weekly Hang Seng China Enterprises Index Options

1,722

1,685

2.2%

Flexible Hang Seng China Enterprises Index Options

0

0

-

Hang Seng China Enterprises Index Futures Options

26,641

31,202

-14.6%

Hang Seng TECH Index Options

2,852

2,099

35.9%

Weekly Hang Seng TECH Index Options

768

432

77.8%

Hang Seng TECH Index Futures Options

2,483

3,414

-27.3%

MSCI Taiwan (USD) Index Options

0

0

-

Stock Options

847,241

728,675

16.3%

RMB Currency Options - USD/CNH Options

4

1

300.0%

Total Futures and Options

1,513,853

1,392,646

8.7%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Jul 2025 and Jun 2025 are 23 days (with 1 holiday trading day) and 21 days (without holiday trading day) respectively
- For list of holiday trading products, please see link here.

 

Clearing and Settlement

CCASS Statistics (securities market)

Jul 2025

Jun 2025

% Change

Average daily number of exchange trades settled by CCASS

4,187,660

3,571,388

17.26%

Average daily number of settlement instructions (“SIs”) settled by CCASS

124,264

123,134

0.92%

Average daily number of investor SIs (“ISIs”) settled by CCASS

175

166

5.50%

Average daily settlement efficiency of CNS stock positions on due day (T+2)

99.93

99.92

N/A

Average daily value of SIs settled by CCASS ($ Mil)

352,827.65

405,325.58

-12.95%

Shares deposited in the CCASS depository

– % of total issued shares

– % of the total market capitalisation

 

75.42

65.67

 

75.40

64.67

 

N/A

N/A

DCASS Statistics (derivatives market)

Jul 2025

Jun 2025

% Change

Month-end Open Interest (contracts)

 

 

 

– Equity Index Futures

723,949

646,160

12.0%

– Stock Futures

33,287

23,631

40.9%

– Interest Rates Futures

255

220

15.9%

– RMB Currency Futures

35,869

34,839

3.0%

– INR Currency Futures

2

1

100.0%

– Gold Futures

0

0

-

– Silver Futures

0

0

-

– Iron Ore Futures

0

0

-

– London Metal Mini Futures

0

0

-

– Equity Index Options

1,210,577

1,072,455

12.9%

– Stock Options

15,589,858

13,374,869

16.6%

– RMB Currency Options

260

241

7.9%

 

Year-to-date Statistics 

Securities Market

Jul 2025

YTD

Jul 2024

YTD

% Change

No. of newly listed companies #

53

40

32.5%

Average daily turnover by value ($Mil.) ^

243,726

108,573

124.5%

Average share traded per trading day (Mil. Shares)

289,177

193,116

49.7%

Average no. of trades per trading day

3,581,468

2,010,412

78.1%

Fund raised by IPOs ($Mil.)*

127,881

17,952

612.4%

Total funds raised (including IPOs) ($Mil.)**

331,819

83,509

297.3%

Derivatives Market

Jul 2025

YTD

Jul 2024

YTD

% Change

Average daily volume (contracts)

 

 

 

– Equity Index Futures

572,795

579,241

-1.1%

– Stock Futures

8,631

8,017

7.7%

– Interest Rates Futures

5

0

-

– RMB Currency Futures

112,429

82,833

35.7%

– INR Currency Futures

33

1,521

-97.8%

– Gold Futures

0

0

-

– Silver Futures

0

0

-

– Iron Ore Futures

0

0

-

– London Metal Mini Futures

0

0

-

– Equity Index Options

112,708

146,541

-23.1%

– Stock Options

864,892

680,980

27.0%

– RMB Currency Options

4

4

0.0%

Clearing & Settlement

Jul 2025

YTD

Jul 2024

YTD

% Change

Average daily number of exchange trades handled by CCASS

3,581,523

2,001,842

78.91%

Average daily number of settlement instructions (SIs) settled by CCASS

120,278

96,957

24.05%

Average daily number of investor SIs (ISIs) settled by CCASS

175

139

26.01%

# 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 Jul 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

2024/09/27

445,803,810,579

5

2024/10/02

434,202,623,180

6

2025/04/08

433,215,056,869

7

2024/10/09

427,128,350,282

8

2025/04/09

412,440,730,848

9

2025/02/27

406,532,365,157

10

2025/02/28

406,359,041,173

 

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

19,697,919

2025/03/27

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

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

Mini Hang Seng Index Futures

340,150

2024/10/09

35,820

2024/01/23

RMB Currency Futures - USD/CNH Futures

272,575

2024/12/12

46,711

2017/01/04

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

Mini-Hang Seng China Enterprises Index Futures

76,471

2018/02/06

16,436

2014/12/11

Updated 31 Jul 2025