HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $38.8 trillion at the end of April 2025, an increase of 21 per cent from $32.1 trillion for the same period last year.
The average daily turnover in April 2025 was $274.7 billion, an increase of 145 per cent from $112.3 billion for the same period last year.
The average daily turnover for the first four months of 2025 was $250.4 billion, an increase of 144 per cent when compared with $102.5 billion for the same period last year.
The average daily turnover of derivative warrants for the first four months of 2025 was $7.7 billion, an increase of 64 per cent when compared with $4.7 billion for the same period last year.
The average daily turnover of CBBCs for the first four months of 2025 was $9.9 billion, an increase of 90 per cent when compared with $5.2 billion for the same period last year.
The average daily turnover of ETFs for the first four months of 2025 was $37.3 billion, an increase of 236 per cent when compared with $11.1 billion for the same period last year.
The average daily turnover of L&I Products for the first four months of 2025 was $4.9 billion, an increase of 96 per cent when compared with $2.5 billion for the same period last year.
There were 19* newly listed companies for the first four months of 2025, an increase of 27 per cent when compared with 15 for the same period last year.
Funds raised through IPOs# for the first four months of 2025 was $21.3 billion, an increase of 170 per cent when compared with $7.9 billion for the same period last year.
Total funds raised for the first four months of 2025 was $171.0 billion, an increase of 335 per cent when compared with $39.3 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first four months of 2025 was 1,860,616 contracts, an increase of 23 per cent when compared with the 1,515,951 contracts for the same period last year.
The average daily volume of equity index futures for the first four months of 2025 was 659,293 contracts, an increase of 8 per cent when compared with the 612,077 contracts for the same period last year.
The average daily volume of Stock Options for the first four months of 2025 was 943,225 contracts, an increase of 41 per cent when compared with the 668,134 contracts for the same period last year.
The average daily volume of Stock Futures for the first four months of 2025 was 10,914 contracts, an increase of 30 per cent when compared with the 8,409 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first four months of 2025 was 117,137 contracts, an increase of 51 per cent when compared with the 77,611 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

	Apr 2025	Apr 2024	End 2024
No. of listed companies	2,626	2,606	2,631
Total market capitalisation ($Bil.)	38,844.1	32,089.0	35,319.5
No. of newly listed companies *	2	3	71
No. of listed securities	14,848	12,759	13,248
No. of SPAC shares	2	5	4
No. of equity warrants (excluding SPAC warrants)	4	2	2
No. of SPAC warrants	2	5	4
No. of derivatives warrants	5,456	4,876	4,669
No. of inline warrants	-	-	-
No. of CBBCs	5,095	3,467	4,219
No. of unit trusts	223	198	206
No. of debt securities	1,439	1,600	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Apr 2025	Apr 2024	2024
Derivatives warrants	858	599	6,836
CBBCs	3,159	1,764	24,808
Unit trusts	1	7	36
Debt securities	22	17	348

Securities Market Turnover (Main Board and GEM)

	Apr 2025	Mar 2025	% Change
Monthly turnover ($Mil.) *	5,219,899	5,885,152	-11.3%
Average daily turnover by value ($Mil.) *	274,732	280,245	-2.0%
No. of trading days	19	21	-

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

Stock Connect Summary

	Apr 2025	Mar 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	168,230	187,868	-10.5%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	120,349	120,257	0.1%
No. of Northbound trading days	19	21	-
No. of Southbound trading days	19	21	-

Turnover by Type of Securities (Main Board and GEM)

	Apr 2025 ($Mil)	Mar 2025 ($Mil)	% Change
Equities	3,882,618.07 (74.4%)	4,439,754.41 (75.4%)	-12.5%
Derivative warrants	162,956.00 (3.1%)	209,280.20 (3.6%)	-22.1%
CBBCs	186,304.40 (3.6%)	246,226.69 (4.2%)	-24.3%
Unit Trusts (include ETFs)	978,724.20 (18.7%)	978,518.66 (16.6%)	0.0%

( ) % 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)

	Apr 2025 ($Mil)	Mar 2025 ($Mil)	% Change
Equities	204,348.32	211,416.88	-3.3%
Derivative warrants	8,576.63	9,965.72	-13.9%
CBBCs	9,805.49	11,725.08	-16.4%
Unit trusts (include ETFs)	51,511.80	46,596.13	10.5%
Others	489.29	541.51	-9.6%
Total	274,731.53	280,245.32	-2.0%

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 Apr 2025 was $36,840 million (0.7% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Apr 2025	Apr 2024	End 2024
No. of H shares	371	340	364
No. of Non-H share Mainland enterprises	1,114	1,109	1,114
Market capitalisation (% of market total)	81.1%	78.3%	79.8%
Turnover value (% of equity turnover)	90.9%	85.6%	87.7%

Index Performance

Month-end figures

	Apr 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	33029.70	-5.7%	28.0%
S&P/HKEX GEM Index	16.29	-4.8%	-2.0%
Hang Seng Index	22119.41	-4.3%	24.5%
Hang Seng China Enterprises Index	8076.26	-5.2%	28.7%
Hang Seng China-Affiliated Corporations Index*	3770.44	-1.1%	2.0%
CES China 120 Index ^	6292.81	-4.1%	18.3%
CES China HK Mainland Index +	6192.45	-5.7%	28.2%

* - 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)*
	Apr 2025	Mar 2025	% Change
Total Futures	841,067	796,496	5.6%
Hang Seng Index Futures	150,056	146,505	2.4%
Mini Hang Seng Index Futures	133,756	133,797	0.0%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	194,167	163,294	18.9%
Mini-Hang Seng China Enterprises Index Futures	13,488	13,016	3.6%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	11	10	10.0%
HSCEI Dividend Point Index Futures	111	602	-81.6%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	207,666	188,924	9.9%
MSCI AC Asia ex Japan NTR Index Futures	575	1,749	-67.1%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	11,609	15,237	-23.8%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	76	3,514	-97.8%
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	39	23	69.6%
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	31	10	210.0%
MSCI Hong Kong Net Total Return (USD) Index Futures	74	277	-73.3%
MSCI India (USD) Index Futures	180	3,722	-95.2%
MSCI India Net Total Return (USD) Index Futures	16	45	-64.4%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	16	907	-98.2%
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	3	250	-98.8%
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	39	-100.0%
MSCI Philippines Net Total Return (USD) Index Futures	0	13	-100.0%
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	4,652	4,431	5.0%
MSCI Taiwan 25/50 (USD) Index Futures	13	9	44.4%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	4	273	-98.5%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	11	845	-98.7%
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	9,093	11,177	-18.6%
3-Month HIBOR Futures	2	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	113,224	106,646	6.2%
RMB Currency Futures - Mini USD/CNH Futures	2,152	1,170	83.9%
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	2	2	0.0%
INR Currency Futures - INR/USD Futures	40	9	344.4%
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	1,003,325	1,067,194	-6.0%
Hang Seng Index Options	16,067	18,444	-12.9%
Mini Hang Seng Index Options	14,989	14,884	0.7%
Weekly Hang Seng Index Options	15,400	15,774	-2.4%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	2,430	2,206	10.2%
Hang Seng China Enterprises Index Options	19,636	18,017	9.0%
Mini-Hang Seng China Enterprises Index Options	4,568	2,482	84.0%
Weekly Hang Seng China Enterprises Index Options	2,474	2,048	20.8%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	44,320	40,002	10.8%
Hang Seng TECH Index Options	4,119	6,360	-35.2%
Weekly Hang Seng TECH Index Options	840	1,143	-26.5%
Hang Seng TECH Index Futures Options	3,395	2,735	24.1%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	875,083	943,096	-7.2%
RMB Currency Options - USD/CNH Options	4	3	33.3%
Total Futures and Options	1,844,392	1,863,690	-1.0%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Apr 2025 and Mar 2025 are 22 days (with 3 holiday trading days) 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)	Apr 2025	Mar 2025	% Change
Average daily number of exchange trades settled by CCASS	3,862,132	3,889,570	-0.71%
Average daily number of settlement instructions (“SIs”) settled by CCASS	125,887	131,475	-4.25%
Average daily number of investor SIs (“ISIs”) settled by CCASS	163	201	-18.91%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.86	99.92	N/A
Average daily value of SIs settled by CCASS ($ Mil)	413,319.13	464,467.00	-11.01%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.54 64.53	75.64 64.35	N/A N/A
DCASS Statistics (derivatives market)	Apr 2025	Mar 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	643,665	724,376	-11.1%
– Stock Futures	33,816	33,256	1.7%
– Interest Rates Futures	105	65	61.5%
– RMB Currency Futures	34,496	39,833	-13.4%
– INR Currency Futures	5	1	400.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,401,945	1,180,938	18.7%
– Stock Options	13,818,184	13,599,998	1.6%
– RMB Currency Options	474	448	5.8%

Year-to-date Statistics

Securities Market	Apr 2025 YTD	Apr 2024 YTD	% Change
No. of newly listed companies #	19	15	26.7%
Average daily turnover by value ($Mil.) ^	250,431	102,549	144.2%
Average share traded per trading day (Mil. Shares)	291,658	183,526	58.9%
Average no. of trades per trading day	3,538,355	1,963,933	80.2%
Fund raised by IPOs ($Mil.)*	21,298	7,879	170.3%
Total funds raised (including IPOs) ($Mil.)**	170,992	39,250	335.6%
Derivatives Market	Apr 2025 YTD	Apr 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	659,293	612,077	7.7%
– Stock Futures	10,914	8,409	29.8%
– Interest Rates Futures	1	0	-
– RMB Currency Futures	117,137	77,611	50.9%
– INR Currency Futures	28	1,630	-98.3%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	130,013	148,086	-12.2%
– Stock Options	943,225	668,134	41.2%
– RMB Currency Options	5	4	25.0%
Clearing & Settlement	Apr 2025 YTD	Apr 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	4,658,914	2,076,466	124.37%
Average daily number of settlement instructions (SIs) settled by CCASS	120,462	98,792	21.93%
Average daily number of investor SIs (ISIs) settled by CCASS	177	151	17.22%

# 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 30 Apr 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 30 Apr 2025