HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $49.9 trillion at the end of September 2025, an increase of 35 per cent from $36.9 trillion for the same period last year.
The average daily turnover in September 2025 was $316.7 billion, and an increase of 87 per cent from $169.2 billion for the same period last year.
The average daily turnover for the first nine months of 2025 was $256.4 billion, an increase of 126 per cent when compared with $113.3 billion for the same period last year.
The average daily turnover of derivative warrants for the first nine 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 nine months of 2025 was $10.1 billion, an increase of 74 per cent when compared with $5.8 billion for the same period last year.
The average daily turnover of ETFs for the first nine months of 2025 was $34.2 billion, an increase of 163 per cent when compared with $13.0 billion for the same period last year.
The average daily turnover of L&I Products for the first nine months of 2025 was $3.6 billion, an increase of 50 per cent when compared with $2.4 billion for the same period last year.
There were 69* newly listed companies for the first nine months of 2025, an increase of 53 per cent when compared with 45 for the same period last year.
Funds raised through IPOs# for the first nine months of 2025 was $182.9 billion, an increase of 229 per cent when compared with $55.6 billion for the same period last year.
Total funds raised for the first nine months of 2025 was $444.0 billion, an increase of 252 per cent when compared with $126.1 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an increase of 11 per cent when compared with the 1,515,613 contracts for the same period last year.
The average daily volume of Stock Options for the first nine months of 2025 was 886,323 contracts, an increase of 27 per cent when compared with the 698,817 contracts for the same period last year.
The average daily volume of Stock Futures for the first nine months of 2025 was 8,616 contracts, an increase of 7 per cent when compared with the 8,026 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first nine months of 2025 was 110,818 contracts, an increase of 25 per cent when compared with the 88,355 contracts for the same period last year.
On 17 September 2025, the volume of Weekly Stock Options reached a record high of 277,589 contracts.

* 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 2025	Sep 2024	End 2024
No. of listed companies	2,655	2,621	2,631
Total market capitalisation ($Bil.)	49,853.5	36,921.6	35,319.5
No. of newly listed companies *	10	2	71
No. of listed securities	16,659	12,564	13,248
No. of SPAC shares	1	5	4
No. of equity warrants (excluding SPAC warrants)	4	1	2
No. of SPAC warrants	1	5	4
No. of derivatives warrants	6,392	4,816	4,669
No. of inline warrants	-	-	-
No. of CBBCs	6,015	3,327	4,219
No. of unit trusts	236	206	206
No. of debt securities	1,354	1,584	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Sep 2025	Sep 2024	2024
Derivatives warrants	1,232	477	6,836
CBBCs	3,020	1,823	24,808
Unit trusts	7	4	36
Debt securities	33	37	348

Securities Market Turnover (Main Board and GEM)

	Sep 2025	Aug 2025	% Change
Monthly turnover ($Mil.) *	6,967,739	5,861,067	18.9%
Average daily turnover by value ($Mil.) *	316,715	279,098	13.5%
No. of trading days	22	21	-

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

Stock Connect Summary

	Sep 2025	Aug 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	310,476	294,227	5.5%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	157,929	155,150	1.8%
No. of Northbound trading days	22	21	-
No. of Southbound trading days	22	21	-

Turnover by Type of Securities (Main Board and GEM)

	Sep 2025 ($Mil)	Aug 2025 ($Mil)	% Change
Equities	5,564,231.24 (79.9%)	4,662,610.75 (79.6%)	19.3%
Derivative warrants	195,521.36 (2.8%)	154,757.62 (2.6%)	26.3%
CBBCs	290,018.82 (4.2%)	213,491.48 (3.6%)	35.8%
Unit Trusts (include ETFs)	911,486.13 (13.1%)	824,222.24 (14.1%)	10.6%

( ) % 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 2025 ($Mil)	Aug 2025 ($Mil)	% Change
Equities	252,919.60	222,029.08	13.9%
Derivative warrants	8,887.33	7,369.41	20.6%
CBBCs	13,182.67	10,166.26	29.7%
Unit trusts (include ETFs)	41,431.19	39,248.68	5.6%
Others	294.60	284.99	3.4%
Total	316,715.40	279,098.42	13.5%

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 Sep 2025 was $49,275 million (0.7% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Sep 2025	Sep 2024	End 2024
No. of H shares	401	350	364
No. of Non-H share Mainland enterprises	1,117	1,116	1,114
Market capitalisation (% of market total)	81.0%	79.7%	79.8%
Turnover value (% of equity turnover)	91.7%	87.3%	87.7%

Index Performance

Month-end figures

	Sep 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	40936.09	11.4%	27.3%
S&P/HKEX GEM Index	20.71	7.4%	34.2%
Hang Seng Index	26855.56	7.1%	27.1%
Hang Seng China Enterprises Index	9555.33	6.8%	27.2%
Hang Seng China-Affiliated Corporations Index*	4041.56	-5.4%	0.0%
CES China 120 Index ^	7493.33	7.4%	20.3%
CES China HK Mainland Index +	7392.15	9.5%	25.8%

* - 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 2025	Aug 2025	% Change
Total Futures	671,391	627,049	7.1%
Hang Seng Index Futures	130,543	123,388	5.8%
Mini Hang Seng Index Futures	89,098	73,778	20.8%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	141,410	148,583	-4.8%
Mini-Hang Seng China Enterprises Index Futures	9,418	6,907	36.4%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	102	38	168.4%
HSCEI Dividend Point Index Futures	184	836	-78.0%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	166,671	137,505	21.2%
MSCI AC Asia ex Japan NTR Index Futures	1,537	440	249.3%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	15,775	13,294	18.7%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	1,117	108	934.3%
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	20	24	-16.7%
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	13	3	333.3%
MSCI Hong Kong Net Total Return (USD) Index Futures	292	83	251.8%
MSCI India (USD) Index Futures	26	28	-7.1%
MSCI India Net Total Return (USD) Index Futures	17	39	-56.4%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	470	63	646.0%
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	2	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	4,412	3,962	11.4%
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	231	2	11450.0%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	309	13	2276.9%
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	9,102	8,000	13.8%
3-Month HIBOR Futures	2	6	-66.7%
1-Month HIBOR Futures	1	5	-80.0%
RMB Currency Futures - USD/CNH Futures	100,165	109,470	-8.5%
RMB Currency Futures - Mini USD/CNH Futures	457	437	4.6%
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	6	26	-76.9%
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	1,165,496	961,945	21.2%
Hang Seng Index Options	13,100	12,658	3.5%
Mini Hang Seng Index Options	13,817	13,736	0.6%
Weekly Hang Seng Index Options	16,198	12,476	29.8%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	3,420	2,776	23.2%
Hang Seng China Enterprises Index Options	14,397	16,097	-10.6%
Mini-Hang Seng China Enterprises Index Options	3,749	3,653	2.6%
Weekly Hang Seng China Enterprises Index Options	2,394	1,851	29.3%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	28,442	33,750	-15.7%
Hang Seng TECH Index Options	4,894	4,845	1.0%
Weekly Hang Seng TECH Index Options	1,309	597	119.3%
Hang Seng TECH Index Futures Options	9,296	4,432	109.7%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	1,054,478	855,068	23.3%
RMB Currency Options - USD/CNH Options	2	6	-66.7%
Total Futures and Options	1,836,887	1,588,994	15.6%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Sep 2025 and Aug 2025 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 2025	Aug 2025	% Change
Average daily number of exchange trades settled by CCASS	4,801,948	4,370,412	9.87%
Average daily number of settlement instructions (“SIs”) settled by CCASS	139,662	128,202	8.94%
Average daily number of investor SIs (“ISIs”) settled by CCASS	170	178	-4.62%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.90	99.93	N/A
Average daily value of SIs settled by CCASS ($ Mil)	503,950.92	388,220.58	29.81%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.77 65.45	75.52 65.94	N/A N/A
DCASS Statistics (derivatives market)	Sep 2025	Aug 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	763,104	754,331	1.2%
– Stock Futures	35,582	35,774	-0.5%
– Interest Rates Futures	95	225	-57.8%
– RMB Currency Futures	33,884	36,642	-7.5%
– INR Currency Futures	0	1	-100.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,277,134	1,374,170	-7.1%
– Stock Options	15,831,135	17,090,869	-7.4%
– RMB Currency Options	246	359	-31.5%

Year-to-date Statistics

Securities Market	Sep 2025 YTD	Sep 2024 YTD	% Change
No. of newly listed companies #	69	45	53.3%
Average daily turnover by value ($Mil.) ^	256,421	113,276	126.4%
Average share traded per trading day (Mil. Shares)	298,653	202,492	47.5%
Average no. of trades per trading day	3,816,152	2,039,970	87.1%
Fund raised by IPOs ($Mil.)*	182,918	55,581	229.1%
Total funds raised (including IPOs) ($Mil.)**	443,983	126,137	252.0%
Derivatives Market	Sep 2025 YTD	Sep 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	564,228	573,264	-1.6%
– Stock Futures	8,616	8,026	7.4%
– Interest Rates Futures	6	1	500.0%
– RMB Currency Futures	110,818	88,355	25.4%
– INR Currency Futures	29	1,499	-98.1%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	111,845	145,646	-23.2%
– Stock Options	886,323	698,817	26.8%
– RMB Currency Options	4	5	-20.0%
Clearing & Settlement	Sep 2025 YTD	Sep 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	3,816,204	2,051,167	86.05%
Average daily number of settlement instructions (SIs) settled by CCASS	123,500	96,572	27.88%
Average daily number of investor SIs (ISIs) settled by CCASS	350	141	147.98%

# 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 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	2025/09/18	413,486,347,174
9	2025/04/09	412,440,730,848
10	2025/02/27	406,532,365,157

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	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
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 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 Sep 2025