HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $42.7 trillion at the end of June 2025, an increase of 33 per cent from $32.1 trillion for the same period last year.
The average daily turnover in June 2025 was $230.2 billion, an increase of 107 per cent from $111.2 billion for the same period last year.
The average daily turnover for the first six months of 2025 was $240.2 billion, an increase of 118 per cent when compared with $110.4 billion for the same period last year.
The average daily turnover of derivative warrants for the first six months of 2025 was $7.8 billion, an increase of 70 per cent when compared with $4.6 billion for the same period last year.
The average daily turnover of CBBCs for the first six months of 2025 was $9.6 billion, an increase of 78 per cent when compared with $5.4 billion for the same period last year.
The average daily turnover of ETFs for the first six months of 2025 was $33.8 billion, an increase of 184 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 six months of 2025 was $4.2 billion, an increase of 75 per cent when compared with $2.4 billion for the same period last year.
There were 44* newly listed companies for the first six months of 2025, an increase of 47 per cent when compared with 30 for the same period last year.
Funds raised through IPOs# for the first six months of 2025 was $107.1 billion, an increase of 699 per cent when compared with $13.4 billion for the same period last year.
Total funds raised for the first six months of 2025 was $280.8 billion, an increase of 322 per cent when compared with $66.5 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first six months of 2025 was 1,700,322 contracts, an increase of 11 per cent when compared with the 1,532,608 contracts for the same period last year.
The average daily volume of Stock Options for the first six months of 2025 was 868,128 contracts, an increase of 25 per cent when compared with the 695,757 contracts for the same period last year.
The average daily volume of Stock Futures for the first six months of 2025 was 9,071 contracts, an increase of 9 per cent when compared with the 8,306 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first six months of 2025 was 115,150 contracts, an increase of 43 per cent when compared with the 80,609 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

	Jun 2025	Jun 2024	End 2024
No. of listed companies	2,645	2,617	2,631
Total market capitalisation ($Bil.)	42,684.4	32,136.0	35,319.5
No. of newly listed companies *	15	9	71
No. of listed securities	14,994	13,346	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	5,548	4,919	4,669
No. of inline warrants	-	-	-
No. of CBBCs	5,168	4,009	4,219
No. of unit trusts	226	204	206
No. of debt securities	1,399	1,587	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Jun 2025	Jun 2024	2024
Derivatives warrants	769	415	6,836
CBBCs	1,991	1,504	24,808
Unit trusts	1	4	36
Debt securities	24	38	348

Securities Market Turnover (Main Board and GEM)

	Jun 2025	May 2025	% Change
Monthly turnover ($Mil.) *	4,834,014	4,206,679	14.9%
Average daily turnover by value ($Mil.) *	230,191	210,334	9.4%
No. of trading days	21	20	-

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

Stock Connect Summary

	Jun 2025	May 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	148,521	138,788	7.0%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	120,837	94,480	27.9%
No. of Northbound trading days	20	19	-
No. of Southbound trading days	20	19	-

Turnover by Type of Securities (Main Board and GEM)

	Jun 2025 ($Mil)	May 2025 ($Mil)	% Change
Equities	3,884,809.71 (80.4%)	3,203,817.33 (76.2%)	21.3%
Derivative warrants	158,950.16 (3.3%)	163,546.42 (3.9%)	-2.8%
CBBCs	178,278.44 (3.7%)	194,636.52 (4.6%)	-8.4%
Unit Trusts (include ETFs)	601,954.70 (12.5%)	639,186.98 (15.2%)	-5.8%

Jun 2025

($Mil)

May 2025

($Mil)

% Change

Equities

3,884,809.71

(80.4%)

3,203,817.33

(76.2%)

21.3%

Derivative warrants

158,950.16

(3.3%)

163,546.42

(3.9%)

-2.8%

CBBCs

178,278.44

(3.7%)

194,636.52

(4.6%)

-8.4%

Unit Trusts

(include ETFs)

601,954.70

(12.5%)

639,186.98

(15.2%)

-5.8%

( ) % 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)

	Jun 2025 ($Mil)	May 2025 ($Mil)	% Change
Equities	184,990.94	160,190.87	15.5%
Derivative warrants	7,569.06	8,177.32	-7.4%
CBBCs	8,489.45	9,731.83	-12.8%
Unit trusts (include ETFs)	28,664.51	31,959.35	-10.3%
Others	477.19	274.60	73.8%
Total	230,191.14	210,333.96	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 Jun 2025 was $35,460 million (0.7% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Jun 2025	Jun 2024	End 2024
No. of H shares	386	343	364
No. of Non-H share Mainland enterprises	1,118	1,117	1,114
Market capitalisation (% of market total)	80.9%	79.0%	79.8%
Turnover value (% of equity turnover)	90.9%	87.4%	87.7%

Index Performance

Month-end figures

	Jun 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	35734.06	2.6%	37.4%
S&P/HKEX GEM Index	16.97	-0.4%	5.3%
Hang Seng Index	24072.28	3.4%	35.9%
Hang Seng China Enterprises Index	8678.30	2.9%	37.1%
Hang Seng China-Affiliated Corporations Index*	4049.99	1.9%	4.7%
CES China 120 Index ^	6492.22	1.3%	24.2%
CES China HK Mainland Index +	6582.57	2.4%	37.1%

* - 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)*
	Jun 2025	May 2025	% Change
Total Futures	572,522	586,395	-2.4%
Hang Seng Index Futures	106,677	110,434	-3.4%
Mini Hang Seng Index Futures	69,277	76,831	-9.8%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	129,114	134,199	-3.8%
Mini-Hang Seng China Enterprises Index Futures	6,986	8,065	-13.4%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	10	10	0.0%
HSCEI Dividend Point Index Futures	95	332	-71.4%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	114,515	134,000	-14.5%
MSCI AC Asia ex Japan NTR Index Futures	1,791	329	444.4%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	9,261	9,368	-1.1%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	2,221	222	900.5%
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	43	36	19.4%
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	12	54	-77.8%
MSCI Hong Kong Net Total Return (USD) Index Futures	295	70	321.4%
MSCI India (USD) Index Futures	102	117	-12.8%
MSCI India Net Total Return (USD) Index Futures	71	19	273.7%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	601	20	2905.0%
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	5	7	-28.6%
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	4,177	4,414	-5.4%
MSCI Taiwan 25/50 (USD) Index Futures	19	15	26.7%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	131	16	718.8%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	867	5	17240.0%
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	5,215	5,841	-10.7%
3-Month HIBOR Futures	8	9	-11.1%
1-Month HIBOR Futures	4	9	-55.6%
RMB Currency Futures - USD/CNH Futures	120,334	100,165	20.1%
RMB Currency Futures - Mini USD/CNH Futures	671	1,717	-60.9%
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	4	0	-
INR Currency Futures - INR/USD Futures	16	91	-82.4%
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	820,124	804,591	1.9%
Hang Seng Index Options	13,705	11,976	14.4%
Mini Hang Seng Index Options	11,659	10,512	10.9%
Weekly Hang Seng Index Options	10,646	11,595	-8.2%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	1,728	1,241	39.2%
Hang Seng China Enterprises Index Options	12,742	13,063	-2.5%
Mini-Hang Seng China Enterprises Index Options	2,136	2,334	-8.5%
Weekly Hang Seng China Enterprises Index Options	1,685	1,869	-9.8%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	31,202	27,988	11.5%
Hang Seng TECH Index Options	2,099	2,060	1.9%
Weekly Hang Seng TECH Index Options	432	390	10.8%
Hang Seng TECH Index Futures Options	3,414	3,635	-6.1%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	728,675	717,925	1.5%
RMB Currency Options - USD/CNH Options	1	3	-66.7%
Total Futures and Options	1,392,646	1,390,986	0.1%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Jun 2025 and May 2025 are 21 days (without holiday trading day) and 22 days (with 2 holiday trading days) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Jun 2025	May 2025	% Change
Average daily number of exchange trades settled by CCASS	3,571,388	3,095,691	15.37%
Average daily number of settlement instructions (“SIs”) settled by CCASS	123,134	112,177	9.77%
Average daily number of investor SIs (“ISIs”) settled by CCASS	166	178	-6.74%
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)	405,325.58	350,020.83	15.80%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.40 64.67	75.74 64.83	N/A N/A
DCASS Statistics (derivatives market)	Jun 2025	May 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	646,160	673,179	-4.0%
– Stock Futures	23,631	25,232	-6.3%
– Interest Rates Futures	220	191	15.2%
– RMB Currency Futures	34,839	41,433	-15.9%
– INR Currency Futures	1	0	-
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,072,455	1,401,507	-23.5%
– Stock Options	13,374,869	14,590,716	-8.3%
– RMB Currency Options	241	510	-52.7%

Year-to-date Statistics

Securities Market	Jun 2025 YTD	Jun 2024 YTD	% Change
No. of newly listed companies #	44	30	46.7%
Average daily turnover by value ($Mil.) ^	240,206	110,382	117.6%
Average share traded per trading day (Mil. Shares)	290,089	188,486	53.9%
Average no. of trades per trading day	3,470,341	2,045,828	69.6%
Fund raised by IPOs ($Mil.)*	107,061	13,361	701.3%
Total funds raised (including IPOs) ($Mil.)**	280,830	66,475	322.5%
Derivatives Market	Jun 2025 YTD	Jun 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	591,888	595,290	-0.6%
– Stock Futures	9,071	8,306	9.2%
– Interest Rates Futures	5	0	-
– RMB Currency Futures	115,150	80,609	42.9%
– INR Currency Futures	37	1,541	-97.6%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	116,039	151,101	-23.2%
– Stock Options	868,128	695,757	24.8%
– RMB Currency Options	4	4	0.0%
Clearing & Settlement	Jun 2025 YTD	Jun 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	3,470,398	2,046,895	69.54%
Average daily number of settlement instructions (SIs) settled by CCASS	118,545	98,017	20.94%
Average daily number of investor SIs (ISIs) settled by CCASS	174	142	22.54%

# 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 Jun 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 30 Jun 2025