HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $49.9 trillion at the end of February 2026, an increase of 28 per cent from $39.1 trillion for the same period last year.
The average daily turnover in February 2026 was $246.8 billion.
The average daily turnover for the first two months of 2026 was $260.9 billion, an increase of 17 per cent when compared with $222.5 billion for the same period last year.
The average daily turnover of derivative warrants for the first two months of 2026 was $7.7 billion, an increase of 28 per cent when compared with $6.0 billion for the same period last year.
The average daily turnover of CBBCs for the first two months of 2026 was $13.7 billion, an increase of 54 per cent when compared with $8.9 billion for the same period last year.
The average daily turnover of ETFs for the first two months of 2026 was $35.2 billion, an increase of 11 per cent when compared with $31.7 billion for the same period last year.
There were 24 newly listed companies for the first two months of 2026, an increase of 140 per cent when compared with 10 for the same period last year.
Funds raised through IPOs# for the first two months of 2026 was $89.2 billion, an increase of 1015 per cent when compared with $8.0 billion for the same period last year.
Total funds raised for the first two months of 2026 was $123.4 billion, an increase of 331 per cent when compared with $28.6 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first two months of 2026 was 1,718,637 contracts.
The average daily volume of equity index options for the first two months of 2026 was 150,570 contracts, an increase of 12 per cent when compared with the 134,064 contracts for the same period last year.
On 4 February 2026, the volume of Hang Seng TECH Index Futures Options reached a record high of 208,378 contracts.

# Includes fund raised by initial offering by way of subscription, sales and placing

Listed Securities (Main Board and GEM)

Month-end figures

	Feb 2026	Feb 2025	End 2025
No. of listed companies	2,700	2,632	2,686
Total market capitalisation ($Bil.)	49,876.1	39,113.1	47,392.5
No. of newly listed companies *	11	2	119
No. of listed securities	17,938	14,174	16,969
No. of SPAC shares	-	4	0
No. of equity warrants (excluding SPAC warrants)	5	2	5
No. of SPAC warrants	-	4	0
No. of derivatives warrants	7,646	5,187	7,012
No. of inline warrants	-	-	-
No. of CBBCs	5,992	4,658	5,673
No. of unit trusts	247	209	240
No. of debt securities	1,346	1,478	1,351

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

Number of Newly Listed Securities (Main Board and GEM)

	Feb 2026	Feb 2025	2025
Derivatives warrants	924	816	10,266
CBBCs	2,688	3,052	31,444
Unit trusts	1	2	48
Debt securities	29	14	329

Securities Market Turnover (Main Board and GEM)

	Feb 2026	Jan 2026	% Change
Monthly turnover ($Mil.) *	4,195,067	5,718,137	-26.6%
Average daily turnover by value ($Mil.) *	246,769	272,292	-9.4%
No. of trading days	17	21	-

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

Stock Connect Summary

	Feb 2026	Jan 2026	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	302,735	363,960	-16.8%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	104,102	121,254	-14.1%
No. of Northbound trading days	14	20	-
No. of Southbound trading days	14	20	-

Turnover by Type of Securities (Main Board and GEM)

	Feb 2026 ($Mil)	Jan 2026 ($Mil)	% Change
Equities	3,174,981.45 (75.7%)	4,418,345.46 (77.3%)	-28.1%
Derivative warrants	130,289.98 (3.1%)	163,686.69 (2.9%)	-20.4%
CBBCs	221,326.35 (5.3%)	298,338.23 (5.2%)	-25.8%
Unit Trusts (include ETFs)	665,631.08 (15.9%)	829,843.23 (14.5%)	-19.8%

Feb 2026

($Mil)

Jan 2026

($Mil)

% Change

Equities

3,174,981.45

(75.7%)

4,418,345.46

(77.3%)

-28.1%

Derivative warrants

130,289.98

(3.1%)

163,686.69

(2.9%)

-20.4%

CBBCs

221,326.35

(5.3%)

298,338.23

(5.2%)

-25.8%

Unit Trusts

(include ETFs)

665,631.08

(15.9%)

829,843.23

(14.5%)

-19.8%

( ) % 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)

	Feb 2026 ($Mil)	Jan 2026 ($Mil)	% Change
Equities	186,763.61	210,397.40	-11.2%
Derivative warrants	7,664.12	7,794.60	-1.7%
CBBCs	13,019.20	14,206.58	-8.4%
Unit trusts (include ETFs)	39,154.77	39,516.34	-0.9%
Others	166.96	377.29	-55.7%
Total	246,768.66	272,292.22	-9.4%

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 Feb 2026 was $41,414 million (1.0% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Feb 2026	Feb 2025	End 2025
No. of H shares	452	368	433
No. of Non-H share Mainland enterprises	1,119	1,115	1,119
Market capitalisation (% of market total)	77.7%	80.8%	79.3%
Turnover value (% of equity turnover)	89.0%	92.0%	90.9%

Index Performance

Month-end figures

	Feb 2026	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	36920.75	-7.7%	6.7%
S&P/HKEX GEM Index	20.89	2.8%	20.0%
Hang Seng Index	26630.54	-2.8%	16.1%
Hang Seng China Enterprises Index	8859.49	-4.9%	5.3%
Hang Seng China-Affiliated Corporations Index*	4439.65	1.6%	16.8%
CES China 120 Index ^	6732.91	-6.0%	3.6%
CES China HK Mainland Index +	6687.95	-6.6%	3.0%

* - 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)*
	Feb 2026	Jan 2026	% Change
Total Futures	683,544	658,415	3.8%
Hang Seng Index Futures	129,456	126,309	2.5%
Mini Hang Seng Index Futures	96,252	88,143	9.2%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	152,995	148,099	3.3%
Mini-Hang Seng China Enterprises Index Futures	9,062	8,530	6.2%
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	24	283	-91.5%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	192,247	180,175	6.7%
Hang Seng Biotech Index Futures	315	428	-26.4%
MSCI AC Asia ex Japan NTR Index Futures	149	328	-54.6%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	11,578	16,018	-27.7%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	76	84	-9.5%
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	19	10	90.0%
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	36	20	80.0%
MSCI Hong Kong Net Total Return (USD) Index Futures	29	28	3.6%
MSCI India (USD) Index Futures	46	20	130.0%
MSCI India Net Total Return (USD) Index Futures	4	4	0.0%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	11	86	-87.2%
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	2	50.0%
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	4,449	4,540	-2.0%
MSCI Taiwan 25/50 (USD) Index Futures	6	11	-45.5%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	12	47	-74.5%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	11	8	37.5%
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	8,168	9,514	-14.1%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	78,210	75,354	3.8%
RMB Currency Futures - Mini USD/CNH Futures	386	374	3.2%
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	0	-
INR Currency Futures - INR/USD Futures	0	0	-
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	1,050,341	1,048,023	0.2%
Hang Seng Index Options	18,662	18,122	3.0%
Mini Hang Seng Index Options	17,611	17,927	-1.8%
Weekly Hang Seng Index Options	15,994	15,082	6.0%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	3,218	3,253	-1.1%
Hang Seng China Enterprises Index Options	23,509	26,459	-11.1%
Mini-Hang Seng China Enterprises Index Options	3,466	5,651	-38.7%
Weekly Hang Seng China Enterprises Index Options	3,212	2,881	11.5%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	30,799	28,355	8.6%
Hang Seng TECH Index Options	9,792	10,088	-2.9%
Weekly Hang Seng TECH Index Options	1,642	1,896	-13.4%
Hang Seng TECH Index Futures Options	27,003	17,346	55.7%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	895,431	900,960	-0.6%
RMB Currency Options - USD/CNH Options	2	3	-33.3%
Total Futures and Options	1,733,885	1,706,438	1.6%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Feb 2026 and Jan 2026 are 20 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)	Feb 2026	Jan 2026	% Change
Average daily number of exchange trades settled by CCASS	3,963,549	4,207,934	-5.81%
Average daily number of settlement instructions (“SIs”) settled by CCASS	151,370	139,797	8.28%
Average daily number of investor SIs (“ISIs”) settled by CCASS	163	137	18.98%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.88	99.91	N/A
Average daily value of SIs settled by CCASS ($ Mil)	468,657.50	435,104.84	7.71%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	76.67 64.77	76.77 65.60	N/A N/A
DCASS Statistics (derivatives market)	Feb 2026	Jan 2026	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	684,385	672,982	1.7%
– Stock Futures	37,971	38,437	-1.2%
– Interest Rates Futures	60	60	0.0%
– RMB Currency Futures	32,006	30,738	4.1%
– INR Currency Futures	0	0	-
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,782,806	1,691,862	5.4%
– Stock Options	17,182,833	16,228,819	5.9%
– RMB Currency Options	370	325	13.8%

Year-to-date Statistics

Securities Market	Feb 2026 YTD	Feb 2025 YTD	% Change
No. of newly listed companies #	24	10	140.0%
Average daily turnover by value ($Mil.) ^	260,874	222,538	17.2%
Average share traded per trading day (Mil. Shares)	375,564	273,117	37.5%
Average no. of trades per trading day	3,994,259	3,191,563	25.2%
Fund raised by IPOs ($Mil.)*	89,226	8,012	1013.6%
Total funds raised (including IPOs) ($Mil.)**	123,384	28,634	330.9%
Derivatives Market	Feb 2026 YTD	Feb 2025 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	583,539	622,129	-6.2%
– Stock Futures	8,912	11,658	-23.6%
– Interest Rates Futures	0	0	-
– RMB Currency Futures	77,127	122,719	-37.2%
– INR Currency Futures	0	32	-100.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	150,570	134,064	12.3%
– Stock Options	898,486	976,491	-8.0%
– RMB Currency Options	3	7	-57.1%
Clearing & Settlement	Feb 2026 YTD	Feb 2025 YTD	% Change
Average daily number of exchange trades handled by CCASS	4,102,254	4,062,012	0.99%
Average daily number of settlement instructions (SIs) settled by CCASS	144,802	125,059	15.79%
Average daily number of investor SIs (ISIs) settled by CCASS	148	203	-27.09%

# 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 28 Feb 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	2024/09/27	445,803,810,579
6	2024/10/02	434,202,623,180
7	2025/04/08	433,215,056,869
8	2024/10/09	427,128,350,282
9	2025/09/18	413,486,347,174
10	2025/04/09	412,440,730,848

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	21,829,910	2025/09/26
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	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 28 Feb 2026