Market Turnover
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HKEX Monthly Market Highlights

Highlights

- Securities Market

  • Market capitalisation was $40.9 trillion at the end of May 2025, an increase of 5 per cent from $38.8 trillion at the end of April 2025, and an increase of 24 per cent from $32.9 trillion for the same period last year.
  • The average daily turnover in May 2025 was $210.3 billion, an increase of 50 per cent from $139.8 billion for the same period last year.
  • The average daily turnover for the first five months of 2025 was $242.3 billion, an increase of 120 per cent when compared with $110.2 billion for the same period last year.
  • The average daily turnover of derivative warrants for the first five months of 2025 was $7.8 billion, an increase of 66 per cent when compared with $4.7 billion for the same period last year.
  • The average daily turnover of CBBCs for the first five months of 2025 was $9.9 billion, an increase of 87 per cent when compared with $5.3 billion for the same period last year.
  • The average daily turnover of ETFs for the first five months of 2025 was $35.5 billion, an increase of 198 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 five months of 2025 was $4.5 billion, an increase of 80 per cent when compared with $2.5 billion for the same period last year.
  • There were 29* newly listed companies for the first five months of 2025, an increase of 38 per cent when compared with 21 for the same period last year.
  • Funds raised through IPOs# for the first five months of 2025 was $77.7 billion, an increase of 709 per cent when compared with $9.6 billion for the same period last year.
  • Total funds raised for the first five months of 2025 was $235.1 billion, an increase of 383 per cent when compared with $48.7 billion for the same period last year.

- Derivatives Market

  • The average daily volume of futures and options for the first five months of 2025 was 1,765,657 contracts, an increase of 13 per cent when compared with the 1,562,317 contracts for the same period last year.
  • The average daily volume of equity index futures for the first five months of 2025 was 622,753 contracts, an increase of 3 per cent when compared with the 607,034 contracts for the same period last year.
  • The average daily volume of Stock Options for the first five months of 2025 was 897,710 contracts, an increase of 26 per cent when compared with the 709,926 contracts for the same period last year.
  • The average daily volume of Stock Futures for the first five months of 2025 was 9,889 contracts, an increase of 15 per cent when compared with the 8,612 contracts for the same period last year.
  • The average daily volume of RMB Currency Futures for the first five months of 2025 was 114,001 contracts, an increase of 43 per cent when compared with the 79,808 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

 

May 2025

May 2024

End 2024

No. of listed companies

2,633

2,610

2,631

Total market capitalisation ($Bil.)

40,932.8

32,894.0

35,319.5

No. of newly listed companies *

10

6

71

No. of listed securities

15,144

13,635

13,248

No. of SPAC shares

2

5

4

No. of equity warrants (excluding SPAC warrants)

4

1

2

No. of SPAC warrants

2

5

4

No. of derivatives warrants

5,532

5,312

4,669

No. of inline warrants

-

-

-

No. of CBBCs

5,317

3,909

4,219

No. of unit trusts

226

200

206

No. of debt securities

1,427

1,593

1,513

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

 

Number of Newly Listed Securities (Main Board and GEM) 

 

May 2025

May 2024

2024

Derivatives warrants

579

768

6,836

CBBCs

2,138

2,406

24,808

Unit trusts

5

2

36

Debt securities

23

18

348

 

Securities Market Turnover (Main Board and GEM) 

 

May 2025

Apr 2025

% Change

Monthly turnover ($Mil.) *

4,206,679

5,219,899

-19.4%

Average daily turnover by value ($Mil.) *

210,334

274,732

-23.4%

No. of trading days

20

19

-

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

 

Stock Connect Summary 

 

May 2025

Apr 2025

% Change

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

138,788

168,230

-17.5%

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

94,480

120,349

-21.5%

No. of Northbound trading days

19

19

-

No. of Southbound trading days

19

19

-

 

Turnover by Type of Securities (Main Board and GEM) 

 

May 2025

($Mil)

Apr 2025

($Mil)

% Change

Equities

3,203,817.33

(76.2%)

3,882,618.07

(74.4%)

-17.5%

Derivative warrants

163,546.42

(3.9%)

162,956.00

(3.1%)

0.4%

CBBCs

194,636.52

(4.6%)

186,304.40

(3.6%)

4.5%

Unit Trusts

(include ETFs)

639,186.98

(15.2%)

978,724.20

(18.7%)

-34.7%

( ) % 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) 

 

May 2025

($Mil)

Apr 2025

($Mil)

% Change

Equities

160,190.87

204,348.32

-21.6%

Derivative warrants

8,177.32

8,576.63

-4.7%

CBBCs

9,731.83

9,805.49

-0.8%

Unit trusts

(include ETFs)

31,959.35

51,511.80

-38.0%

Others

274.60

489.29

-43.9%

Total

210,333.96

274,731.53

-23.4%

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 May 2025 was $36,952 million (0.9% of the securities market total turnover).

 

Mainland Enterprises (Main Board and GEM) 

Month-end figures

 

May 2025

May 2024

End 2024

No. of H shares

377

341

364

No. of Non-H share Mainland enterprises

1,114

1,113

1,114

Market capitalisation (% of market total)

80.9%

78.4%

79.8%

Turnover value (% of equity turnover)

89.9%

86.7%

87.7%

 

Index Performance 

Month-end figures

 

May 2025

% Change
over 1 Month

% Change
over 12 Months

S&P/HKEX LargeCap Index

34816.40

5.4%

32.7%

S&P/HKEX GEM Index

17.04

4.6%

2.1%

Hang Seng Index

23289.77

5.3%

28.8%

Hang Seng China Enterprises Index

8432.02

4.4%

31.9%

Hang Seng China-Affiliated Corporations Index*

3973.89

5.4%

2.7%

CES China 120 Index ^

6410.13

1.9%

20.2%

CES China HK Mainland Index +

6426.02

3.8%

32.2%

* - 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)*

May

2025

Apr

2025

% Change

Total Futures

586,395

841,067

-30.3%

Hang Seng Index Futures

110,434

150,056

-26.4%

Mini Hang Seng Index Futures

76,831

133,756

-42.6%

HSI (Gross Total Return Index) Futures

0

0

-

HSI (Net Total Return Index) Futures

0

0

-

Hang Seng China Enterprises Index Futures

134,199

194,167

-30.9%

Mini-Hang Seng China Enterprises Index Futures

8,065

13,488

-40.2%

HSCEI (Gross Total Return Index) Futures

0

0

-

HSCEI (Net Total Return Index) Futures

0

0

-

HSI Dividend Point Index Futures

10

11

-9.1%

HSCEI Dividend Point Index Futures

332

111

199.1%

HSI Volatility Index Futures

0

0

-

Hang Seng TECH Index Futures

134,000

207,666

-35.5%

MSCI AC Asia ex Japan NTR Index Futures

329

575

-42.8%

MSCI Australia Net Total Return (USD) Index Futures

0

0

-

MSCI China A 50 Connect (USD) Index Futures

9,368

11,609

-19.3%

MSCI China (USD) Index Futures

0

0

-

MSCI China Net Total Return (USD) Index Futures

222

76

192.1%

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

36

39

-7.7%

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

54

31

74.2%

MSCI Hong Kong Net Total Return (USD) Index Futures

70

74

-5.4%

MSCI India (USD) Index Futures

117

180

-35.0%

MSCI India Net Total Return (USD) Index Futures

19

16

18.8%

MSCI Indonesia (USD) Index Futures

0

0

-

MSCI Indonesia Net Total Return (USD) Index Futures

20

16

25.0%

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

7

3

133.3%

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

4,414

4,652

-5.1%

MSCI Taiwan 25/50 (USD) Index Futures

15

13

15.4%

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

0

0

-

MSCI Taiwan Net Total Return (USD) Index Futures

16

4

300.0%

MSCI Thailand (USD) Index Futures

0

0

-

MSCI Thailand Net Total Return (USD) Index Futures

5

11

-54.5%

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

5,841

9,093

-35.8%

3-Month HIBOR Futures

9

2

350.0%

1-Month HIBOR Futures

9

0

-

RMB Currency Futures - USD/CNH Futures

100,165

113,224

-11.5%

RMB Currency Futures - Mini USD/CNH Futures

1,717

2,152

-20.2%

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

2

-100.0%

INR Currency Futures - INR/USD Futures

91

40

127.5%

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

804,591

1,003,325

-19.8%

Hang Seng Index Options

11,976

16,067

-25.5%

Mini Hang Seng Index Options

10,512

14,989

-29.9%

Weekly Hang Seng Index Options

11,595

15,400

-24.7%

Flexible Hang Seng Index Options

0

0

-

Hang Seng Index Futures Options

1,241

2,430

-48.9%

Hang Seng China Enterprises Index Options

13,063

19,636

-33.5%

Mini-Hang Seng China Enterprises Index Options

2,334

4,568

-48.9%

Weekly Hang Seng China Enterprises Index Options

1,869

2,474

-24.5%

Flexible Hang Seng China Enterprises Index Options

0

0

-

Hang Seng China Enterprises Index Futures Options

27,988

44,320

-36.9%

Hang Seng TECH Index Options

2,060

4,119

-50.0%

Weekly Hang Seng TECH Index Options

390

840

-53.6%

Hang Seng TECH Index Futures Options

3,635

3,395

7.1%

MSCI Taiwan (USD) Index Options

0

0

-

Stock Options

717,925

875,083

-18.0%

RMB Currency Options - USD/CNH Options

3

4

-25.0%

Total Futures and Options

1,390,986

1,844,392

-24.6%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for May 2025 and Apr 2025 are 22 days (with 2 holiday trading days) and 22 days (with 3 holiday trading days) respectively
- For list of holiday trading products, please see link here.

 

Clearing and Settlement

CCASS Statistics (securities market)

May 2025

Apr 2025

% Change

Average daily number of exchange trades settled by CCASS

3,095,691

3,862,132

-19.85%

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

112,177

125,887

-10.89%

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

178

163

9.20%

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

99.93

99.86

N/A

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

350,020.83

413,319.13

-15.31%

Shares deposited in the CCASS depository

– % of total issued shares

– % of the total market capitalisation

 

75.74

64.83

 

75.54

64.53

 

N/A

N/A

DCASS Statistics (derivatives market)

May 2025

Apr 2025

% Change

Month-end Open Interest (contracts)

 

 

 

– Equity Index Futures

673,179

643,665

4.6%

– Stock Futures

25,232

33,816

-25.4%

– Interest Rates Futures

191

105

81.9%

– RMB Currency Futures

41,433

34,496

20.1%

– INR Currency Futures

0

5

-100.0%

– Gold Futures

0

0

-

– Silver Futures

0

0

-

– Iron Ore Futures

0

0

-

– London Metal Mini Futures

0

0

-

– Equity Index Options

1,401,507

1,401,945

0.0%

– Stock Options

14,590,716

13,818,184

5.6%

– RMB Currency Options

510

474

7.6%

 

Year-to-date Statistics 

Securities Market

May 2025

YTD

May 2024

YTD

% Change

No. of newly listed companies #

29

21

38.1%

Average daily turnover by value ($Mil.) ^

242,330

110,221

119.9%

Average share traded per trading day (Mil. Shares)

292,045

185,583

57.4%

Average no. of trades per trading day

3,448,919

2,055,895

67.8%

Fund raised by IPOs ($Mil.)*

77,668

9,596

709.4%

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

235,110

48,706

382.7%

Derivatives Market

May 2025

YTD

May 2024

YTD

% Change

Average daily volume (contracts)

 

 

 

– Equity Index Futures

622,753

607,034

2.6%

– Stock Futures

9,889

8,612

14.8%

– Interest Rates Futures

4

0

-

– RMB Currency Futures

114,001

79,808

42.8%

– INR Currency Futures

41

1,552

-97.4%

– Gold Futures

0

0

-

– Silver Futures

0

0

-

– Iron Ore Futures

0

0

-

– London Metal Mini Futures

0

0

-

– Equity Index Options

121,254

155,381

-22.0%

– Stock Options

897,710

709,926

26.5%

– RMB Currency Options

5

4

25.0%

Clearing & Settlement

May 2025

YTD

May 2024

YTD

% Change

Average daily number of exchange trades handled by CCASS

3,448,976

2,411,639

43.01%

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

118,771

105,437

12.65%

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

177

184

-3.80%

# 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 May 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 May 2025