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

	Jul 2025	Jul 2024	End 2024

* 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

	Jul 2025	Jul 2024	2024

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	-

	Jul 2025	Jun 2025	% Change

* 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	-

	Jul 2025	Jun 2025	% Change

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%

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%

Jul 2025

($Mil)

Jun 2025

($Mil)

% Change

( ) % 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%

Jul 2025

($Mil)

Jun 2025

($Mil)

% Change

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%

	Jul 2025	Jul 2024	End 2024

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%

	Jul 2025	% Change over 1 Month	% Change over 12 Months

* - 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%

Average Daily Volume (Contracts)*

Jul

2025

Jun

2025

% Change

* 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%

CCASS Statistics (securities market)	Jul 2025	Jun 2025	% Change

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%

Securities Market

Jul 2025

YTD

Jul 2024

YTD

% Change

# 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

Rank	Date	Close

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

Rank	Date	Turnover ($)

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

Rank	Date	Market Capitalisation ($)

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

Product	Record High Daily Volume		Record High Open Interest

Updated 31 Jul 2025