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%

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