HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $48.1 trillion at the end of October 2025, an increase of 37 per cent from $35.2 trillion for the same period last year.
The average daily turnover in October 2025 was $274.9 billion, an increase of 8 per cent from $255.0 billion for the same period last year.
The average daily turnover for the first ten months of 2025 was $258.2 billion, an increase of 102 per cent when compared with $127.8 billion for the same period last year.
The average daily turnover of derivative warrants for the first ten months of 2025 was $8.0 billion, an increase of 60 per cent when compared with $5.0 billion for the same period last year.
The average daily turnover of CBBCs for the first ten months of 2025 was $10.4 billion, an increase of 60 per cent when compared with $6.5 billion for the same period last year.
The average daily turnover of ETFs for the first ten months of 2025 was $34.3 billion, an increase of 127 per cent when compared with $15.1 billion for the same period last year.
The average daily turnover of L&I Products for the first ten months of 2025 was $3.6 billion, an increase of 24 per cent when compared with $2.9 billion for the same period last year.
There were 81* newly listed companies for the first ten months of 2025, an increase of 50 per cent when compared with 54** for the same period last year.
Funds raised through IPOs# for the first ten months of 2025 was $216.0 billion, an increase of 209 per cent when compared with $70.0 billion for the same period last year.
Total funds raised for the first ten months of 2025 was $507.0 billion, an increase of 228 per cent when compared with $154.8 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first ten months of 2025 was 1,696,752 contracts, an increase of 7 per cent when compared with the 1,582,570 contracts for the same period last year.
The average daily volume of equity index futures for the first ten months of 2025 was 568,701 contracts.
The average daily volume of equity index options for the first ten months of 2025 was 115,461 contracts.
The average daily volume of Stock Options for the first ten months of 2025 was 896,891 contracts, an increase of 22 per cent when compared with the 733,117 contracts for the same period last year.
The average daily volume of Stock Futures for the first ten months of 2025 was 8,538 contracts.
The average daily volume of RMB Currency Futures for the first ten months of 2025 was 107,126 contracts, an increase of 20 per cent when compared with the 89,600 contracts for the same period last year.
On 2 October 2025, the volume of Weekly Stock Options reached a record high of 312,545 contracts.
On 27 October 2025, the volume of Hang Seng TECH Index Futures Options reached a record high of 64,982 contracts.

* Includes 1 listing from GEM to Main Board and 1 de-SPAC transaction
** Includes 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

	Oct 2025	Oct 2024	End 2024
No. of listed companies	2,662	2,623	2,631
Total market capitalisation ($Bil.)	48,136.3	35,182.0	35,319.5
No. of newly listed companies *	12	9	71
No. of listed securities	17,016	14,257	13,248
No. of SPAC shares	1	4	4
No. of equity warrants (excluding SPAC warrants)	4	1	2
No. of SPAC warrants	1	4	4
No. of derivatives warrants	6,715	5,347	4,669
No. of inline warrants	-	-	-
No. of CBBCs	6,047	4,507	4,219
No. of unit trusts	240	206	206
No. of debt securities	1,345	1,565	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Oct 2025	Oct 2024	2024
Derivatives warrants	1,157	997	6,836
CBBCs	3,116	4,218	24,808
Unit trusts	5	1	36
Debt securities	21	31	348

Securities Market Turnover (Main Board and GEM)

	Oct 2025	Sep 2025	% Change
Monthly turnover ($Mil.) *	5,498,345	6,967,739	-21.1%
Average daily turnover by value ($Mil.) *	274,917	316,715	-13.2%
No. of trading days	20	22	-

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

Stock Connect Summary

	Oct 2025	Sep 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	274,453	310,476	-11.6%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	144,427	157,929	-8.5%
No. of Northbound trading days	16	22	-
No. of Southbound trading days	16	22	-

Turnover by Type of Securities (Main Board and GEM)

	Oct 2025 ($Mil)	Sep 2025 ($Mil)	% Change
Equities	4,219,450.22 (76.7%)	5,564,231.24 (79.9%)	-24.2%
Derivative warrants	209,703.30 (3.8%)	195,521.36 (2.8%)	7.3%
CBBCs	271,503.37 (4.9%)	290,018.82 (4.2%)	-6.4%
Unit Trusts (include ETFs)	788,565.39 (14.3%)	911,486.13 (13.1%)	-13.5%

( ) % 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)

	Oct 2025 ($Mil)	Sep 2025 ($Mil)	% Change
Equities	210,972.51	252,919.60	-16.6%
Derivative warrants	10,485.17	8,887.33	18.0%
CBBCs	13,575.17	13,182.67	3.0%
Unit trusts (include ETFs)	39,428.27	41,431.19	-4.8%
Others	456.14	294.60	54.8%
Total	274,917.26	316,715.40	-13.2%

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 Oct 2025 was $39,380 million (0.7% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Oct 2025	Oct 2024	End 2024
No. of H shares	411	353	364
No. of Non-H share Mainland enterprises	1,114	1,116	1,114
Market capitalisation (% of market total)	80.5%	79.5%	79.8%
Turnover value (% of equity turnover)	90.3%	89.2%	87.7%

Index Performance

Month-end figures

	Oct 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	39022.34	-4.7%	28.2%
S&P/HKEX GEM Index	21.28	2.8%	16.0%
Hang Seng Index	25906.65	-3.5%	27.5%
Hang Seng China Enterprises Index	9168.58	-4.0%	26.2%
Hang Seng China-Affiliated Corporations Index*	4065.69	0.6%	8.0%
CES China 120 Index ^	7318.27	-2.3%	23.3%
CES China HK Mainland Index +	7046.43	-4.7%	25.5%

* - 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)*
	Oct 2025	Sep 2025	% Change
Total Futures	694,222	671,391	3.4%
Hang Seng Index Futures	138,217	130,543	5.9%
Mini Hang Seng Index Futures	106,150	89,098	19.1%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	157,835	141,410	11.6%
Mini-Hang Seng China Enterprises Index Futures	12,001	9,418	27.4%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	75	102	-26.5%
HSCEI Dividend Point Index Futures	303	184	64.7%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	179,510	166,671	7.7%
MSCI AC Asia ex Japan NTR Index Futures	205	1,537	-86.7%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	11,090	15,775	-29.7%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	277	1,117	-75.2%
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	31	20	55.0%
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	14	13	7.7%
MSCI Hong Kong Net Total Return (USD) Index Futures	145	292	-50.3%
MSCI India (USD) Index Futures	30	26	15.4%
MSCI India Net Total Return (USD) Index Futures	11	17	-35.3%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	6	470	-98.7%
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	1	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	4,481	4,412	1.6%
MSCI Taiwan 25/50 (USD) Index Futures	15	9	66.7%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	7	231	-97.0%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	12	309	-96.1%
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	7,822	9,102	-14.1%
3-Month HIBOR Futures	0	2	-100.0%
1-Month HIBOR Futures	0	1	-100.0%
RMB Currency Futures - USD/CNH Futures	75,523	100,165	-24.6%
RMB Currency Futures - Mini USD/CNH Futures	459	457	0.4%
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	2	6	-66.7%
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	1,143,560	1,165,496	-1.9%
Hang Seng Index Options	16,531	13,100	26.2%
Mini Hang Seng Index Options	17,125	13,817	23.9%
Weekly Hang Seng Index Options	19,053	16,198	17.6%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	4,262	3,420	24.6%
Hang Seng China Enterprises Index Options	23,234	14,397	61.4%
Mini-Hang Seng China Enterprises Index Options	5,867	3,749	56.5%
Weekly Hang Seng China Enterprises Index Options	3,212	2,394	34.2%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	33,527	28,442	17.9%
Hang Seng TECH Index Options	7,234	4,894	47.8%
Weekly Hang Seng TECH Index Options	1,509	1,309	15.3%
Hang Seng TECH Index Futures Options	17,355	9,296	86.7%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	994,648	1,054,478	-5.7%
RMB Currency Options - USD/CNH Options	3	2	50.0%
Total Futures and Options	1,837,782	1,836,887	0.0%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Oct 2025 and Sep 2025 are 23 days (with 3 holiday trading days) and 22 days (without holiday trading day) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Oct 2025	Sep 2025	% Change
Average daily number of exchange trades settled by CCASS	4,189,432	4,801,948	-12.76%
Average daily number of settlement instructions (“SIs”) settled by CCASS	138,529	139,662	-0.81%
Average daily number of investor SIs (“ISIs”) settled by CCASS	153	170	-10.00%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.90	99.90	N/A
Average daily value of SIs settled by CCASS ($ Mil)	413,856.79	503,950.92	-17.88%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	76.34 65.98	75.77 65.45	N/A N/A
DCASS Statistics (derivatives market)	Oct 2025	Sep 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	754,429	763,104	-1.1%
– Stock Futures	35,114	35,582	-1.3%
– Interest Rates Futures	80	95	-15.8%
– RMB Currency Futures	32,369	33,884	-4.5%
– INR Currency Futures	4	0	-
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,640,888	1,277,134	28.5%
– Stock Options	17,137,842	15,831,135	8.3%
– RMB Currency Options	314	246	27.6%

Year-to-date Statistics

Securities Market	Oct 2025 YTD	Oct 2024 YTD	% Change
No. of newly listed companies #	81	54	50.0%
Average daily turnover by value ($Mil.) ^	258,225	127,798	102.1%
Average share traded per trading day (Mil. Shares)	304,891	213,166	43.0%
Average no. of trades per trading day	3,852,566	2,213,403	74.1%
Fund raised by IPOs ($Mil.)*	215,977	70,046	208.3%
Total funds raised (including IPOs) ($Mil.)**	507,040	154,832	227.5%
Derivatives Market	Oct 2025 YTD	Oct 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	568,701	599,391	-5.1%
– Stock Futures	8,538	8,875	-3.8%
– Interest Rates Futures	5	1	400.0%
– RMB Currency Futures	107,126	89,600	19.6%
– INR Currency Futures	26	1,458	-98.2%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	115,461	150,123	-23.1%
– Stock Options	896,891	733,117	22.3%
– RMB Currency Options	4	5	-20.0%
Clearing & Settlement	Oct 2025 YTD	Oct 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	3,852,617	2,213,452	74.05%
Average daily number of settlement instructions (SIs) settled by CCASS	124,973	100,016	24.95%
Average daily number of investor SIs (ISIs) settled by CCASS	345	153	125.49%

# 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 Oct 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	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	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 31 Oct 2025