HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $46.6 trillion at the end of August 2025, an increase of 47 per cent from $31.8 trillion for the same period last year.
The average daily turnover in August 2025 was $279.1 billion, an increase of 192 per cent from $95.5 billion for the same period last year.
The average daily turnover for the first eight months of 2025 was $248.3 billion, an increase of 132 per cent when compared with $106.8 billion for the same period last year.
The average daily turnover of derivative warrants for the first eight months of 2025 was $7.5 billion, an increase of 60 per cent when compared with $4.7 billion for the same period last year.
The average daily turnover of CBBCs for the first eight months of 2025 was $9.6 billion, an increase of 71 per cent when compared with $5.6 billion for the same period last year.
The average daily turnover of ETFs for the first eight months of 2025 was $33.7 billion, an increase of 183 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 eight months of 2025 was $3.7 billion, an increase of 61 per cent when compared with $2.3 billion for the same period last year.
There were 59* newly listed companies for the first eight months of 2025, an increase of 37 per cent when compared with 43 for the same period last year.
Funds raised through IPOs# for the first eight months of 2025 was $134.5 billion, an increase of 579 per cent when compared with $19.8 billion for the same period last year.
Total funds raised for the first eight months of 2025 was $368.8 billion, an increase of 322 per cent when compared with $87.3 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first eight months of 2025 was 1,660,900 contracts, an increase of 13 per cent when compared with the 1,473,911 contracts for the same period last year.
The average daily volume of Stock Options for the first eight months of 2025 was 863,627 contracts, an increase of 29 per cent when compared with the 670,560 contracts for the same period last year.
The average daily volume of Stock Futures for the first eight months of 2025 was 8,550 contracts, an increase of 10 per cent when compared with the 7,806 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first eight months of 2025 was 112,121 contracts, an increase of 30 per cent when compared with the 86,010 contracts for the same period last year.
On 12 August 2025, the volume of RMB Currency Futures - USD/CNH Futures reached a record high of 372,095 contracts.
On 29 August 2025, the volume of Weekly Stock Options reached a record high of 237,061 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

	Aug 2025	Aug 2024	End 2024
No. of listed companies	2,652	2,621	2,631
Total market capitalisation ($Bil.)	46,587.4	31,770.1	35,319.5
No. of newly listed companies *	6	3	71
No. of listed securities	15,863	13,560	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	6,093	5,079	4,669
No. of inline warrants	-	-	-
No. of CBBCs	5,497	4,053	4,219
No. of unit trusts	229	202	206
No. of debt securities	1,384	1,595	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Aug 2025	Aug 2024	2024
Derivatives warrants	941	537	6,836
CBBCs	2,386	1,706	24,808
Unit trusts	3	0	36
Debt securities	33	41	348

Securities Market Turnover (Main Board and GEM)

	Aug 2025	Jul 2025	% Change
Monthly turnover ($Mil.) *	5,861,067	5,784,305	1.3%
Average daily turnover by value ($Mil.) *	279,098	262,923	6.2%
No. of trading days	21	22	-

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

Stock Connect Summary

	Aug 2025	Jul 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	294,227	202,428	45.3%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	155,150	144,420	7.4%
No. of Northbound trading days	21	22	-
No. of Southbound trading days	21	22	-

Turnover by Type of Securities (Main Board and GEM)

	Aug 2025 ($Mil)	Jul 2025 ($Mil)	% Change
Equities	4,662,610.75 (79.6%)	4,703,574.73 (81.3%)	-0.9%
Derivative warrants	154,757.62 (2.6%)	140,576.08 (2.4%)	10.1%
CBBCs	213,491.48 (3.6%)	204,060.23 (3.5%)	4.6%
Unit Trusts (include ETFs)	824,222.24 (14.1%)	729,569.20 (12.6%)	13.0%

Aug 2025

($Mil)

Jul 2025

($Mil)

% Change

Equities

4,662,610.75

(79.6%)

4,703,574.73

(81.3%)

-0.9%

Derivative warrants

154,757.62

(2.6%)

140,576.08

(2.4%)

10.1%

CBBCs

213,491.48

(3.6%)

204,060.23

(3.5%)

4.6%

Unit Trusts

(include ETFs)

824,222.24

(14.1%)

729,569.20

(12.6%)

13.0%

( ) % 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)

	Aug 2025 ($Mil)	Jul 2025 ($Mil)	% Change
Equities	222,029.08	213,798.85	3.8%
Derivative warrants	7,369.41	6,389.82	15.3%
CBBCs	10,166.26	9,275.47	9.6%
Unit trusts (include ETFs)	39,248.68	33,162.24	18.4%
Others	284.99	296.59	-3.9%
Total	279,098.42	262,922.97	6.2%

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 Aug 2025 was $39,914 million (0.7% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Aug 2025	Aug 2024	End 2024
No. of H shares	396	348	364
No. of Non-H share Mainland enterprises	1,117	1,117	1,114
Market capitalisation (% of market total)	81.0%	78.4%	79.8%
Turnover value (% of equity turnover)	91.1%	85.3%	87.7%

Index Performance

Month-end figures

	Aug 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	36736.51	0.9%	37.2%
S&P/HKEX GEM Index	19.29	3.6%	30.8%
Hang Seng Index	25077.62	1.2%	39.4%
Hang Seng China Enterprises Index	8947.79	0.7%	41.3%
Hang Seng China-Affiliated Corporations Index*	4273.06	0.5%	18.0%
CES China 120 Index ^	6978.03	4.5%	35.7%
CES China HK Mainland Index +	6749.78	0.6%	39.7%

* - 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)*
	Aug 2025	Jul 2025	% Change
Total Futures	627,049	572,065	9.6%
Hang Seng Index Futures	123,388	112,986	9.2%
Mini Hang Seng Index Futures	73,778	76,338	-3.4%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	148,583	126,180	17.8%
Mini-Hang Seng China Enterprises Index Futures	6,907	7,314	-5.6%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	38	36	5.6%
HSCEI Dividend Point Index Futures	836	511	63.6%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	137,505	131,609	4.5%
MSCI AC Asia ex Japan NTR Index Futures	440	316	39.2%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	13,294	8,919	49.1%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	108	56	92.9%
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	24	28	-14.3%
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	3	10	-70.0%
MSCI Hong Kong Net Total Return (USD) Index Futures	83	34	144.1%
MSCI India (USD) Index Futures	28	37	-24.3%
MSCI India Net Total Return (USD) Index Futures	39	13	200.0%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	63	7	800.0%
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	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	3,962	4,097	-3.3%
MSCI Taiwan 25/50 (USD) Index Futures	11	25	-56.0%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	2	5	-60.0%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	13	8	62.5%
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	8,000	6,234	28.3%
3-Month HIBOR Futures	6	3	100.0%
1-Month HIBOR Futures	5	4	25.0%
RMB Currency Futures - USD/CNH Futures	109,470	96,889	13.0%
RMB Currency Futures - Mini USD/CNH Futures	437	396	10.4%
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	1	-100.0%
INR Currency Futures - INR/USD Futures	26	9	188.9%
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	961,945	941,788	2.1%
Hang Seng Index Options	12,658	12,209	3.7%
Mini Hang Seng Index Options	13,736	12,402	10.8%
Weekly Hang Seng Index Options	12,476	14,818	-15.8%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	2,776	1,835	51.3%
Hang Seng China Enterprises Index Options	16,097	15,912	1.2%
Mini-Hang Seng China Enterprises Index Options	3,653	2,901	25.9%
Weekly Hang Seng China Enterprises Index Options	1,851	1,722	7.5%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	33,750	26,641	26.7%
Hang Seng TECH Index Options	4,845	2,852	69.9%
Weekly Hang Seng TECH Index Options	597	768	-22.3%
Hang Seng TECH Index Futures Options	4,432	2,483	78.5%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	855,068	847,241	0.9%
RMB Currency Options - USD/CNH Options	6	4	50.0%
Total Futures and Options	1,588,994	1,513,853	5.0%

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

Clearing and Settlement

CCASS Statistics (securities market)	Aug 2025	Jul 2025	% Change
Average daily number of exchange trades settled by CCASS	4,370,412	4,187,660	4.36%
Average daily number of settlement instructions (“SIs”) settled by CCASS	128,202	124,264	3.17%
Average daily number of investor SIs (“ISIs”) settled by CCASS	178	175	1.71%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.93	99.93	N/A
Average daily value of SIs settled by CCASS ($ Mil)	388,220.58	352,827.65	10.03%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.52 65.94	75.42 65.67	N/A N/A
DCASS Statistics (derivatives market)	Aug 2025	Jul 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	754,331	723,949	4.2%
– Stock Futures	35,774	33,287	7.5%
– Interest Rates Futures	225	255	-11.8%
– RMB Currency Futures	36,642	35,869	2.2%
– INR Currency Futures	1	2	-50.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,374,170	1,210,577	13.5%
– Stock Options	17,090,869	15,589,858	9.6%
– RMB Currency Options	359	260	38.1%

Year-to-date Statistics

Securities Market	Aug 2025 YTD	Aug 2024 YTD	% Change
No. of newly listed companies #	59	43	37.2%
Average daily turnover by value ($Mil.) ^	248,283	106,835	132.4%
Average share traded per trading day (Mil. Shares)	289,930	196,951	47.2%
Average no. of trades per trading day	3,683,105	1,978,202	86.2%
Fund raised by IPOs ($Mil.)*	134,466	19,814	578.6%
Total funds raised (including IPOs) ($Mil.)**	368,813	87,304	322.4%
Derivatives Market	Aug 2025 YTD	Aug 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	564,603	566,021	-0.3%
– Stock Futures	8,550	7,806	9.5%
– Interest Rates Futures	7	1	600.0%
– RMB Currency Futures	112,121	86,010	30.4%
– INR Currency Futures	32	1,558	-97.9%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	111,956	141,951	-21.1%
– Stock Options	863,627	670,560	28.8%
– RMB Currency Options	4	4	0.0%
Clearing & Settlement	Aug 2025 YTD	Aug 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	3,683,159	1,979,224	86.09%
Average daily number of settlement instructions (SIs) settled by CCASS	121,305	95,980	26.39%
Average daily number of investor SIs (ISIs) settled by CCASS	351	136	158.09%

# 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 Aug 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	19,984,757	2025/08/27
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
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
Mini-Hang Seng China Enterprises Index Futures	76,471	2018/02/06	16,436	2014/12/11

Updated 31 Aug 2025