HKEX Monthly Market Highlights

Highlights

- Securities Market

The average daily turnover in September 2026 was $201.9 billion.
The average daily turnover for the first nine months of 2026 was $272.9 billion, an increase of 6 per cent when compared with $256.4 billion for the same period last year.
The average daily turnover of CBBCs for the first nine months of 2026 was $12.3 billion, an increase of 22 per cent when compared with $10.1 billion for the same period last year.
The average daily turnover of ETFs for the first nine months of 2026 was $38.2 billion, an increase of 12 per cent when compared with $34.2 billion for the same period last year.
The average daily turnover of L&I Products for the first nine months of 2026 was $9.8 billion, an increase of 172 per cent when compared with $3.6 billion for the same period last year.
There were 118* newly listed companies for the first nine months of 2026, an increase of 71 per cent when compared with 69** for the same period last year.
Funds raised through IPOs# for the first nine months of 2026 was $388.0 billion, an increase of 106 per cent when compared with $188.3 billion for the same period last year.
Total funds raised for the first nine months of 2026 was $724.0 billion, an increase of 60 per cent when compared with $452.4 billion for the same period last year.
There were 36 newly listed debt securities in September 2026, raising a total of HK$98.4 billion equivalent.
Total debt issuance volume for the first nine months of 2026 was HK$729.4 billion equivalent, with 210 debt securities newly listed.

- Derivatives Market

The average daily volume of futures and options for the first nine months of 2026 was 1,719,917 contracts, an increase of 2 per cent when compared with the 1,681,869 contracts for the same period last year.
The average daily volume of equity index futures for the first nine months of 2026 was 601,267 contracts, an increase of 7 per cent when compared with the 564,228 contracts for the same period last year.
The average daily volume of equity index options for the first nine months of 2026 was 132,327 contracts, an increase of 18 per cent when compared with the 111,845 contracts for the same period last year.
The average daily volume of Stock Options for the first nine months of 2026 was 899,056 contracts, an increase of 1 per cent when compared with the 886,323 contracts for the same period last year.
On 25 September 2026, the volume of Weekly Hang Seng China Enterprises Index Options reached a record high of 24,552 contracts.
On 25 September 2026, the volume of Weekly Hang Seng TECH Index Options reached a record high of 16,036 contracts.

* Includes 2 listings from GEM to Main Board
** 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

	Sep 2026	Sep 2025	End 2025
No. of listed companies	2,772	2,655	2,686
Total market capitalisation ($Bil.)	45,480.4	49,853.5	47,392.5
No. of newly listed companies *	12	10	119
No. of listed securities	17,144	16,659	16,969
No. of SPAC shares	-	1	0
No. of equity warrants (excluding SPAC warrants)	6	4	5
No. of SPAC warrants	-	1	0
No. of derivatives warrants	6,830	6,392	7,012
No. of inline warrants	-	-	-
No. of CBBCs	5,933	6,015	5,673
No. of unit trusts	284	236	240
No. of debt securities	1,317	1,354	1,351

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

Number of Newly Listed Securities (Main Board and GEM)

	Sep 2026	Sep 2025	2025
Derivatives warrants	754	1,232	10,266
CBBCs	2,003	3,020	31,444
Unit trusts	22	7	48
Debt securities	36	33	329

Securities Market Turnover (Main Board and GEM)

	Sep 2026	Aug 2026	% Change
Monthly turnover ($Mil.) *	4,442,170	5,320,507	-16.5%
Average daily turnover by value ($Mil.) *	201,917	253,357	-20.3%
No. of trading days	22	21	-

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

Stock Connect Summary

	Sep 2026	Aug 2026	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	256,436	300,026	-14.5%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	84,445	107,256	-21.3%
No. of Northbound trading days	21	21	-
No. of Southbound trading days	21	21	-

Turnover by Type of Securities (Main Board and GEM)

	Sep 2026 ($Mil)	Aug 2026 ($Mil)	% Change
Equities	3,437,551.10 (77.4%)	4,062,244.36 (76.4%)	-15.4%
Derivative warrants	90,731.23 (2.0%)	99,380.70 (1.9%)	-8.7%
CBBCs	201,060.72 (4.5%)	212,072.05 (4.0%)	-5.2%
Unit Trusts (include ETFs)	707,308.98 (15.9%)	938,883.41 (17.6%)	-24.7%

( ) % 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)

	Sep 2026 ($Mil)	Aug 2026 ($Mil)	% Change
Equities	156,252.32	193,440.21	-19.2%
Derivative warrants	4,124.15	4,732.41	-12.9%
CBBCs	9,139.12	10,098.67	-9.5%
Unit trusts (include ETFs)	32,150.41	44,708.73	-28.1%
Others	250.82	377.47	-33.6%
Total	201,916.82	253,357.50	-20.3%

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

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Sep 2026	Sep 2025	End 2025
No. of H shares	536	401	433
No. of Non-H share Mainland enterprises	1,119	1,117	1,119
Market capitalisation (% of market total)	77.3%	81.0%	79.3%
Turnover value (% of equity turnover)	88.8%	91.7%	90.9%

Index Performance

Month-end figures

	Sep 2026	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	33039.84	-4.9%	-19.3%
S&P/HKEX GEM Index	20.53	-4.0%	-0.9%
Hang Seng Index	24613.27	-3.7%	-8.3%
Hang Seng China Enterprises Index	8220.08	-3.4%	-14.0%
Hang Seng China-Affiliated Corporations Index*	4070.11	-2.4%	0.7%
CES China 120 Index ^	6161.49	-4.7%	-17.8%
CES China HK Mainland Index +	6209.84	-3.9%	-16.0%

* - 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)*
	Sep 2026	Aug 2026	% Change
Total Futures	555,406	560,003	-0.8%
Hang Seng Index Futures	98,006	100,757	-2.7%
Mini Hang Seng Index Futures	67,595	71,922	-6.0%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	130,368	125,866	3.6%
Mini-Hang Seng China Enterprises Index Futures	6,503	6,731	-3.4%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	0	0	-
HSCEI Dividend Point Index Futures	45	0	-
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	147,506	154,986	-4.8%
Hang Seng Biotech Index Futures	279	423	-34.0%
MSCI AC Asia ex Japan NTR Index Futures	941	259	263.3%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	11,280	11,794	-4.4%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	603	164	267.7%
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	9	6	50.0%
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	0	0	-
MSCI Hong Kong Net Total Return (USD) Index Futures	50	33	51.5%
MSCI India (USD) Index Futures	12	15	-20.0%
MSCI India Net Total Return (USD) Index Futures	51	7	628.6%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	120	6	1900.0%
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	1	1	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	2,292	2,760	-17.0%
MSCI Taiwan 25/50 (USD) Index Futures	1	2	-50.0%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	170	1	16900.0%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	1	5	-80.0%
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	3,857	4,385	-12.0%
5-Year China Government Bond Futures #	1,638	1,727	-5.2%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	74,842	65,420	14.4%
RMB Currency Futures - Mini USD/CNH Futures	131	96	36.5%
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	0	-
INR Currency Futures - INR/USD Futures ##	0	0	-
INR Currency Futures - INR/CNH Futures	0	0	-
USD Gold Futures	9,105	12,637	-27.9%
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	932,718	870,882	7.1%
Hang Seng Index Options	12,862	12,980	-0.9%
Mini Hang Seng Index Options	9,919	9,953	-0.3%
Weekly Hang Seng Index Options	14,385	11,265	27.7%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	2,037	1,627	25.2%
Hang Seng China Enterprises Index Options	18,123	18,937	-4.3%
Mini-Hang Seng China Enterprises Index Options	1,999	2,117	-5.6%
Weekly Hang Seng China Enterprises Index Options	5,921	3,827	54.7%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	17,504	13,266	31.9%
Hang Seng TECH Index Options	5,372	5,271	1.9%
Weekly Hang Seng TECH Index Options	3,814	3,007	26.8%
Hang Seng TECH Index Futures Options	3,733	3,514	6.2%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	837,048	785,117	6.6%
RMB Currency Options - USD/CNH Options	1	1	0.0%
Total Futures and Options	1,488,124	1,430,885	4.0%

# Trading commenced on 3 August 2026
## Trading suspended from 29 September 2026
* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Sep 2026 and Aug 2026 are 22 days (without 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)	Sep 2026	Aug 2026	% Change
Average daily number of exchange trades settled by CCASS	3,671,541	4,045,567	-9.25%
Average daily number of settlement instructions (“SIs”) settled by CCASS	134,556	132,677	1.42%
Average daily number of investor SIs (“ISIs”) settled by CCASS	97	117	-17.09%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.91	99.93	N/A
Average daily value of SIs settled by CCASS ($ Mil)	450,571.90	446,366.92	0.94%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	76.50 64.72	76.64 65.28	N/A N/A
DCASS Statistics (derivatives market)	Sep 2026	Aug 2026	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	707,094	652,530	8.4%
– Stock Futures	20,467	21,390	-4.3%
– Bond Futures	3,536	2,582	36.9%
– Interest Rates Futures	0	5	-100.0%
– RMB Currency Futures	35,030	32,586	7.5%
– INR Currency Futures	0	0	-
– Gold Futures	1,558	1,210	28.8%
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,326,507	1,615,213	-17.9%
– Stock Options	16,447,297	18,347,816	-10.4%
– RMB Currency Options	126	213	-40.8%

Year-to-date Statistics

Securities Market	Sep 2026 YTD	Sep 2025 YTD	% Change
No. of newly listed companies #	118	69	71.0%
Average daily turnover by value ($Mil.) ^	272,850	256,421	6.4%
Average share traded per trading day (Mil. Shares)	333,838	298,653	11.8%
Average no. of trades per trading day	4,288,660	3,816,152	12.4%
Fund raised by IPOs ($Mil.)*	388,032	188,266	106.1%
Total funds raised (including IPOs) ($Mil.)**	723,956	452,399	60.0%
Derivatives Market	Sep 2026 YTD	Sep 2025 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	601,267	564,228	6.6%
– Stock Futures	7,237	8,616	-16.0%
– Bond Futures	1,681	-	-
– Interest Rates Futures	0	6	-100.0%
– RMB Currency Futures	74,838	110,818	-32.5%
– INR Currency Futures	0	29	-100.0%
– Gold Futures	3,510	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	132,327	111,845	18.3%
– Stock Options	899,056	886,323	1.4%
– RMB Currency Options	1	4	-75.0%
Clearing & Settlement	Sep 2026 YTD	Sep 2025 YTD	% Change
Average daily number of exchange trades handled by CCASS	4,312,137	3,816,204	13.00%
Average daily number of settlement instructions (SIs) settled by CCASS	141,800	123,500	14.82%
Average daily number of investor SIs (ISIs) settled by CCASS	128	350	-63.43%

# 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 Sep 2026

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	2025/10/13	490,739,712,231
5	2026/05/29	462,159,353,909
6	2024/09/27	445,803,810,579
7	2024/10/02	434,202,623,180
8	2025/04/08	433,215,056,869
9	2024/10/09	427,128,350,282
10	2025/09/18	413,486,347,174

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	22,367,999	2026/09/25
Hang Seng China Enterprises Index Futures	651,086	2023/04/25	758,877	2022/12/28
Hang Seng TECH Index Futures	523,692	2026/05/26	337,041	2026/01/27
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 TECH Index Futures Options	208,378	2026/02/04	575,029	2026/02/04
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

Updated 30 Sep 2026