HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $47.4 trillion at the end of December 2025, an increase of 34 per cent from $35.3 trillion for the same period last year.
The average daily turnover in December 2025 was $186.0 billion, an increase of 31 per cent from $142.0 billion for the same period last year.
The average daily turnover in 2025 was $249.8 billion, an increase of 90 per cent when compared with $131.8 billion in 2024.
The average daily turnover of derivative warrants in 2025 was $7.7 billion, an increase of 48 per cent when compared with $5.2 billion in 2024.
The average daily turnover of CBBCs in 2025 was $10.5 billion, an increase of 59 per cent when compared with $6.6 billion in 2024.
The average daily turnover of ETFs in 2025 was $33.3 billion, an increase of 108 per cent when compared with $16.0 billion in 2024.
The average daily turnover of L&I Products in 2025 was $3.4 billion, an increase of 17 per cent when compared with $2.9 billion in 2024.
There were 119* newly listed companies in 2025, an increase of 68 per cent when compared with 71** in 2024.
Funds raised through IPOs# in 2025 was $285.8 billion, an increase of 225 per cent when compared with $88.0 billion in 2024.
Total funds raised in 2025 was $644.4 billion, an increase of 235 per cent when compared with $192.2 billion in 2024.

- Derivatives Market

The average daily volume of futures and options in 2025 was 1,662,751 contracts, an increase of 7 per cent when compared with the 1,550,593 contracts in 2024.
The average daily volume of Stock Options in 2025 was 879,831 contracts, an increase of 22 per cent when compared with the 720,297 contracts in 2024.
The average daily volume of RMB Currency Futures in 2025 was 103,626 contracts, an increase of 9 per cent when compared with the 95,368 contracts in 2024.

* Includes 2 listing from GEM to Main Board and 2 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

	Dec 2025	Dec 2024	End 2024
No. of listed companies	2,686	2,631	2,631
Total market capitalisation ($Bil.)	47,392.5	35,319.5	35,319.5
No. of newly listed companies *	26	10	71
No. of listed securities	16,969	13,248	13,248
No. of SPAC shares	0	4	4
No. of equity warrants (excluding SPAC warrants)	5	2	2
No. of SPAC warrants	0	4	4
No. of derivatives warrants	7,012	4,669	4,669
No. of inline warrants	-	-	-
No. of CBBCs	5,673	4,219	4,219
No. of unit trusts	240	206	206
No. of debt securities	1,351	1,513	1,513

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

Number of Newly Listed Securities (Main Board and GEM)

	Dec 2025	Dec 2024	2024
Derivatives warrants	928	439	6,836
CBBCs	1,921	1,711	24,808
Unit trusts	3	1	36
Debt securities	17	21	348

Securities Market Turnover (Main Board and GEM)

	Dec 2025	Nov 2025	% Change
Monthly turnover ($Mil.) *	3,906,234	4,613,209	-15.3%
Average daily turnover by value ($Mil.) *	186,011	230,660	-19.4%
No. of trading days	21	20	-

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

Stock Connect Summary

	Dec 2025	Nov 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	207,443	221,242	-6.2%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	83,610	97,918	-14.6%
No. of Northbound trading days	21	20	-
No. of Southbound trading days	21	20	-

Turnover by Type of Securities (Main Board and GEM)

	Dec 2025 ($Mil)	Nov 2025 ($Mil)	% Change
Equities	3,020,712.50 (77.3%)	3,487,962.58 (75.6%)	-13.4%
Derivative warrants	109,485.42 (2.8%)	162,733.54 (3.5%)	-32.7%
CBBCs	203,310.18 (5.2%)	255,158.54 (5.5%)	-20.3%
Unit Trusts (include ETFs)	566,034.31 (14.5%)	700,436.79 (15.2%)	-19.2%

Dec 2025

($Mil)

Nov 2025

($Mil)

% Change

Equities

3,020,712.50

(77.3%)

3,487,962.58

(75.6%)

-13.4%

Derivative warrants

109,485.42

(2.8%)

162,733.54

(3.5%)

-32.7%

CBBCs

203,310.18

(5.2%)

255,158.54

(5.5%)

-20.3%

Unit Trusts

(include ETFs)

566,034.31

(14.5%)

700,436.79

(15.2%)

-19.2%

( ) % 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)

	Dec 2025 ($Mil)	Nov 2025 ($Mil)	% Change
Equities	143,843.45	174,398.13	-17.5%
Derivative warrants	5,213.59	8,136.68	-35.9%
CBBCs	9,681.44	12,757.93	-24.1%
Unit trusts (include ETFs)	26,954.01	35,021.84	-23.0%
Others	318.64	345.87	-7.9%
Total	186,011.14	230,660.44	-19.4%

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 Dec 2025 was $33,291 million (0.9% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Dec 2025	Dec 2024	End 2024
No. of H shares	433	364	364
No. of Non-H share Mainland enterprises	1,119	1,114	1,114
Market capitalisation (% of market total)	79.3%	79.8%	79.8%
Turnover value (% of equity turnover)	90.6%	90.8%	87.7%

Index Performance

Month-end figures

	Dec 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	37780.94	-2.1%	26.7%
S&P/HKEX GEM Index	19.28	-2.6%	4.6%
Hang Seng Index	25630.54	-0.9%	27.8%
Hang Seng China Enterprises Index	8913.68	-2.4%	22.3%
Hang Seng China-Affiliated Corporations Index*	4015.50	-4.2%	6.2%
CES China 120 Index ^	7059.98	-1.4%	16.8%
CES China HK Mainland Index +	6857.85	-1.9%	22.5%

* - 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)*
	Dec 2025	Nov 2025	% Change
Total Futures	517,350	637,127	-18.8%
Hang Seng Index Futures	97,261	121,970	-20.3%
Mini Hang Seng Index Futures	70,688	93,564	-24.4%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	112,091	130,656	-14.2%
Mini-Hang Seng China Enterprises Index Futures	7,070	9,516	-25.7%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	0	4	-100.0%
HSCEI Dividend Point Index Futures	124	616	-79.9%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	128,135	160,521	-20.2%
Hang Seng Biotech Index Futures #	210	112	87.5%
MSCI AC Asia ex Japan NTR Index Futures	1,122	307	265.5%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	11,701	10,651	9.9%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	783	110	611.8%
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	7	6	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	18	36	-50.0%
MSCI Hong Kong Net Total Return (USD) Index Futures	38	21	81.0%
MSCI India (USD) Index Futures	14	20	-30.0%
MSCI India Net Total Return (USD) Index Futures	35	18	94.4%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	62	4	1450.0%
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	0	3	-100.0%
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	3,453	4,811	-28.2%
MSCI Taiwan 25/50 (USD) Index Futures	8	11	-27.3%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	163	24	579.2%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	207	10	1970.0%
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	6,252	8,906	-29.8%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	77,550	94,949	-18.3%
RMB Currency Futures - Mini USD/CNH Futures	355	281	26.3%
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	3	0	-
INR Currency Futures - INR/USD Futures	0	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	822,671	1,014,130	-18.9%
Hang Seng Index Options	12,660	16,920	-25.2%
Mini Hang Seng Index Options	11,463	15,790	-27.4%
Weekly Hang Seng Index Options	13,307	15,375	-13.5%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	2,675	3,435	-22.1%
Hang Seng China Enterprises Index Options	20,660	18,658	10.7%
Mini-Hang Seng China Enterprises Index Options	5,325	4,817	10.5%
Weekly Hang Seng China Enterprises Index Options	2,552	2,588	-1.4%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	22,084	29,922	-26.2%
Hang Seng TECH Index Options	6,603	7,334	-10.0%
Weekly Hang Seng TECH Index Options	1,005	1,298	-22.6%
Hang Seng TECH Index Futures Options	12,900	16,205	-20.4%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	711,435	881,787	-19.3%
RMB Currency Options - USD/CNH Options	2	1	100.0%
Total Futures and Options	1,340,021	1,651,257	-18.8%

# Trading commenced on 28 November 2025
* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Dec 2025 and Nov 2025 are 23 days (with 2 holiday trading days) 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)	Dec 2025	Nov 2025	% Change
Average daily number of exchange trades settled by CCASS	3,064,250	3,620,341	-15.36%
Average daily number of settlement instructions (“SIs”) settled by CCASS	119,885	131,564	-8.88%
Average daily number of investor SIs (“ISIs”) settled by CCASS	112	136	-17.94%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.89	99.91	N/A
Average daily value of SIs settled by CCASS ($ Mil)	381,200.56	431,402.86	-11.64%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	76.44 65.50	76.32 65.48	N/A N/A
DCASS Statistics (derivatives market)	Dec 2025	Nov 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	603,557	700,220	-13.8%
– Stock Futures	28,295	37,827	-25.2%
– Interest Rates Futures	60	80	-25.0%
– RMB Currency Futures	33,652	35,392	-4.9%
– INR Currency Futures	2	0	-
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,272,623	1,862,189	-31.7%
– Stock Options	14,255,795	18,654,915	-23.6%
– RMB Currency Options	309	326	-5.2%

Year-to-date Statistics

Securities Market	Dec 2025 YTD	Dec 2024 YTD	% Change
No. of newly listed companies #	119	71	67.6%
Average daily turnover by value ($Mil.) ^	249,820	131,825	89.5%
Average share traded per trading day (Mil. Shares)	307,464	219,713	39.9%
Average no. of trades per trading day	3,766,382	2,255,822	67.0%
Fund raised by IPOs ($Mil.)*	285,843	87,975	224.9%
Total funds raised (including IPOs) ($Mil.)**	644,431	192,224	235.3%
Derivatives Market	Dec 2025 YTD	Dec 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	554,419	581,651	-4.7%
– Stock Futures	8,373	8,401	-0.3%
– Interest Rates Futures	5	1	400.0%
– RMB Currency Futures	103,626	95,368	8.7%
– INR Currency Futures	22	1,427	-98.5%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	116,471	143,441	-18.8%
– Stock Options	879,831	720,297	22.1%
– RMB Currency Options	4	7	-42.9%
Clearing & Settlement	Dec 2025 YTD	Dec 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	3,766,433	2,255,872	66.96%
Average daily number of settlement instructions (SIs) settled by CCASS	125,118	98,805	26.63%
Average daily number of investor SIs (ISIs) settled by CCASS	165	147	12.29%

# 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 Dec 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
Hang Seng TECH Index Futures Options	80,803	2025/11/25	473,795	2025/12/18

Updated 31 Dec 2025