HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $40.0 trillion at the end of March 2025, an increase of 2 per cent from $39.1 trillion at the end of February 2025, and an increase of 32 per cent from $30.3 trillion for the same period last year.
The average daily turnover in March 2025 was $280.2 billion, an increase of 152 per cent from $111.2 billion for the same period last year.
The average daily turnover for the first three months of 2025 was $242.7 billion, an increase of 144 per cent when compared with $99.4 billion for the same period last year.
The average daily turnover of derivative warrants for the first three months of 2025 was $7.4 billion, an increase of 51 per cent when compared with $4.9 billion for the same period last year.
The average daily turnover of CBBCs for the first three months of 2025 was $9.9 billion, an increase of 83 per cent when compared with $5.4 billion for the same period last year.
The average daily turnover of ETFs for the first three months of 2025 was $35.0 billion, an increase of 224 per cent when compared with $10.8 billion for the same period last year.
The average daily turnover of L&I Products for the first three months of 2025 was $4.4 billion, an increase of 76 per cent when compared with $2.5 billion for the same period last year.
There were 17* newly listed companies for the first three months of 2025, an increase of 42 per cent when compared with 12 for the same period last year.
Funds raised through IPOs# for the first three months of 2025 was $17.7 billion, an increase of 269 per cent when compared with $4.8 billion for the same period last year.
Total funds raised for the first three months of 2025 was $107.1 billion, an increase of 251 per cent when compared with $30.5 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first three months of 2025 was 1,866,001 contracts, an increase of 24 per cent when compared with the 1,500,494 contracts for the same period last year.
The average daily volume of equity index futures for the first three months of 2025 was 641,350 contracts, an increase of 4 per cent when compared with the 619,463 contracts for the same period last year.
The average daily volume of Stock Options for the first three months of 2025 was 964,803 contracts, an increase of 50 per cent when compared with the 645,126 contracts for the same period last year.
The average daily volume of Stock Futures for the first three months of 2025 was 11,490 contracts, an increase of 44 per cent when compared with the 7,984 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first three months of 2025 was 117,752 contracts, an increase of 54 per cent when compared with the 76,307 contracts for the same period last year.
On 10 March 2025, the volume of MSCI Malaysia Net Total Return (USD) Index Futures reached a record high of 5,202 contracts.

* Includes any transfers of listing from GEM to Main Board
# Includes fund raised by initial offering by way of subscription, sales and placing

Listed Securities (Main Board and GEM)

Month-end figures

	Mar 2025	Mar 2024	End 2024
No. of listed companies	2,627	2,611	2,631
Total market capitalisation ($Bil.)	39,952.7	30,288.9	35,319.5
No. of newly listed companies *	7	7	71
No. of listed securities	15,060	12,933	13,248
No. of SPAC shares	3	5	4
No. of equity warrants (excluding SPAC warrants)	3	2	2
No. of SPAC warrants	3	5	4
No. of derivatives warrants	5,387	4,685	4,669
No. of inline warrants	-	-	-
No. of CBBCs	5,355	3,826	4,219
No. of unit trusts	222	191	206
No. of debt securities	1,460	1,608	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Mar 2025	Mar 2024	2024
Derivatives warrants	806	494	6,836
CBBCs	3,979	1,584	24,808
Unit trusts	14	2	36
Debt securities	38	32	348

Securities Market Turnover (Main Board and GEM)

	Mar 2025	Feb 2025	% Change
Monthly turnover ($Mil.) *	5,885,152	5,946,048	-1.0%
Average daily turnover by value ($Mil.) *	280,245	297,302	-5.7%
No. of trading days	21	20	-

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

Stock Connect Summary

	Mar 2025	Feb 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	187,868	217,412	-13.6%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	120,257	145,776	-17.5%
No. of Northbound trading days	21	18	-
No. of Southbound trading days	21	18	-

Turnover by Type of Securities (Main Board and GEM)

	Mar 2025 ($Mil)	Feb 2025 ($Mil)	% Change
Equities	4,439,754.41 (75.4%)	4,622,321.54 (77.7%)	-3.9%
Derivative warrants	209,280.20 (3.6%)	151,168.61 (2.5%)	38.4%
CBBCs	246,226.69 (4.2%)	213,718.55 (3.6%)	15.2%
Unit Trusts (include ETFs)	978,518.66 (16.6%)	950,528.53 (16.0%)	2.9%

Mar 2025

($Mil)

Feb 2025

($Mil)

% Change

Equities

4,439,754.41

(75.4%)

4,622,321.54

(77.7%)

-3.9%

Derivative warrants

209,280.20

(3.6%)

151,168.61

(2.5%)

38.4%

CBBCs

246,226.69

(4.2%)

213,718.55

(3.6%)

15.2%

Unit Trusts

(include ETFs)

978,518.66

(16.6%)

950,528.53

(16.0%)

2.9%

( ) % 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)

	Mar 2025 ($Mil)	Feb 2025 ($Mil)	% Change
Equities	211,416.88	231,116.08	-8.5%
Derivative warrants	9,965.72	7,558.43	31.8%
CBBCs	11,725.08	10,685.93	9.7%
Unit trusts (include ETFs)	46,596.13	47,526.43	-2.0%
Others	541.51	415.54	30.3%
Total	280,245.32	297,302.40	-5.7%

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 Mar 2025 was $44,249 million (0.8% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Mar 2025	Mar 2024	End 2024
No. of H shares	370	340	364
No. of Non-H share Mainland enterprises	1,114	1,110	1,114
Market capitalisation (% of market total)	81.4%	77.5%	79.8%
Turnover value (% of equity turnover)	90.6%	85.8%	87.7%

Index Performance

Month-end figures

	Mar 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	35021.18	1.2%	46.4%
S&P/HKEX GEM Index	17.11	-1.7%	2.3%
Hang Seng Index	23119.58	0.8%	39.8%
Hang Seng China Enterprises Index	8516.55	1.2%	46.6%
Hang Seng China-Affiliated Corporations Index*	3810.81	0.2%	11.7%
CES China 120 Index ^	6559.82	0.9%	29.9%
CES China HK Mainland Index +	6567.75	1.1%	45.7%

* - 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)*
	Mar 2025	Feb 2025	% Change
Total Futures	796,496	917,689	-13.2%
Hang Seng Index Futures	146,505	169,666	-13.7%
Mini Hang Seng Index Futures	133,797	138,451	-3.4%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	163,294	198,894	-17.9%
Mini-Hang Seng China Enterprises Index Futures	13,016	14,685	-11.4%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	10	70	-85.7%
HSCEI Dividend Point Index Futures	602	946	-36.4%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	188,924	222,671	-15.2%
MSCI AC Asia ex Japan NTR Index Futures	1,749	504	247.0%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	15,237	15,240	0.0%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	3,514	194	1711.3%
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	23	19	21.1%
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	0	-
MSCI Hong Kong Net Total Return (USD) Index Futures	277	68	307.4%
MSCI India (USD) Index Futures	3,722	4,158	-10.5%
MSCI India Net Total Return (USD) Index Futures	45	17	164.7%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	907	19	4673.7%
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	250	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	39	0	-
MSCI Philippines Net Total Return (USD) Index Futures	13	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	4,431	4,210	5.2%
MSCI Taiwan 25/50 (USD) Index Futures	9	11	-18.2%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	273	10	2630.0%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	845	4	21025.0%
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	11,177	16,757	-33.3%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	106,646	129,873	-17.9%
RMB Currency Futures - Mini USD/CNH Futures	1,170	1,181	-0.9%
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	0	-
INR Currency Futures - INR/USD Futures	9	41	-78.0%
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	1,067,194	1,345,112	-20.7%
Hang Seng Index Options	18,444	21,735	-15.1%
Mini Hang Seng Index Options	14,884	17,718	-16.0%
Weekly Hang Seng Index Options	15,774	18,965	-16.8%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	2,206	4,364	-49.5%
Hang Seng China Enterprises Index Options	18,017	25,837	-30.3%
Mini-Hang Seng China Enterprises Index Options	2,482	3,717	-33.2%
Weekly Hang Seng China Enterprises Index Options	2,048	2,594	-21.0%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	40,002	53,889	-25.8%
Hang Seng TECH Index Options	6,360	5,499	15.7%
Weekly Hang Seng TECH Index Options	1,143	1,361	-16.0%
Hang Seng TECH Index Futures Options	2,735	6,854	-60.1%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	943,096	1,182,570	-20.3%
RMB Currency Options - USD/CNH Options	3	9	-66.7%
Total Futures and Options	1,863,690	2,262,801	-17.6%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Mar 2025 and Feb 2025 are 21 days (without holiday trading day) and 20 days (without holiday trading day) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Mar 2025	Feb 2025	% Change
Average daily number of exchange trades settled by CCASS	3,889,570	4,062,012	-4.25%
Average daily number of settlement instructions (“SIs”) settled by CCASS	131,475	125,059	5.13%
Average daily number of investor SIs (“ISIs”) settled by CCASS	201	203	-0.99%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.92	99.93	N/A
Average daily value of SIs settled by CCASS ($ Mil)	464,467.00	373,940.23	24.21%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.64 64.35	75.22 64.17	N/A N/A
DCASS Statistics (derivatives market)	Mar 2025	Feb 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	724,376	735,627	-1.5%
– Stock Futures	33,256	37,730	-11.9%
– Interest Rates Futures	65	100	-35.0%
– RMB Currency Futures	39,833	43,446	-8.3%
– INR Currency Futures	1	13	-92.3%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,180,938	1,588,367	-25.7%
– Stock Options	13,599,998	15,771,973	-13.8%
– RMB Currency Options	448	482	-7.1%

Year-to-date Statistics

Securities Market	Mar 2025 YTD	Mar 2024 YTD	% Change
No. of newly listed companies #	17	12	41.7%
Average daily turnover by value ($Mil.) ^	242,736	99,356	144.3%
Average share traded per trading day (Mil. Shares)	296,867	187,505	58.3%
Average no. of trades per trading day	3,435,844	1,927,327	78.3%
Fund raised by IPOs ($Mil.)*	17,680	4,797	268.5%
Total funds raised (including IPOs) ($Mil.)**	107,054	30,452	251.5%
Derivatives Market	Mar 2025 YTD	Mar 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	641,350	619,463	3.5%
– Stock Futures	11,490	7,984	43.9%
– Interest Rates Futures	0	0	-
– RMB Currency Futures	117,752	76,307	54.3%
– INR Currency Futures	24	1,525	-98.4%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	130,576	150,085	-13.0%
– Stock Options	964,803	645,126	49.6%
– RMB Currency Options	6	4	50.0%
Clearing & Settlement	Mar 2025 YTD	Mar 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	3,435,905	2,103,478	63.34%
Average daily number of settlement instructions (SIs) settled by CCASS	118,715	101,732	16.69%
Average daily number of investor SIs (ISIs) settled by CCASS	181	122	48.36%

# 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 Mar 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	2024/10/08	620,652,311,319
2	2024/09/30	505,919,660,550
3	2024/09/27	445,803,810,579
4	2024/10/02	434,202,623,180
5	2024/10/09	427,128,350,282
6	2025/02/27	406,532,365,157
7	2025/02/28	406,359,041,173
8	2025/02/17	400,348,838,864
9	2025/02/21	393,677,967,461
10	2025/03/07	383,248,060,116

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 Mar 2025