HKEX Awards

In 2025, Stock Connect continued to play a central role in supporting cross border market connectivity.

• Stock Connect average daily turnover (ADT) set new records in 2025, with Northbound and Southbound ADT of RMB212.4 billion and $121.1 billion, respectively.
• Southbound Stock Connect volumes benefitted from Chinese Mainland capital seeking diversification. Southbound volumes accounted for 23% of the total trading volumes of the Hong Kong cash market in 2025.

Hong Kong’s ETP market continued to broaden and deepen in 2025, supported by active trading and product innovation.

• Average daily turnover (ADT) of ETPs, which include ETFs and Leveraged and Inverse (L&I) Products, reached a record high of $36.7 billion in 2025, up 94% year-over-year.
• We saw several market-first innovations such as the cross-listing of the world’s largest Nasdaq 100 ETF, Asia’s first Single Stock L&I Products, the world’s first L&I product offering exposure to a single Korean stock, Asia’s first Saudi Sukuk ETF, and Asia’s first spot Solana ETF.

HKEX’s equity derivatives market maintained strong momentum in 2025, reflecting continued investor interest across a diverse product suite.

• The average daily volume (ADV) of HKEX’s equity derivatives reached a record yearly high of more than 1.5 million contracts in 2025, up 7% from the previous year.
• Weekly Stock Options (WSOs) hit major milestones. Launched in November 2024 as Asia’s first WSOs, they traded over 27 million contracts by the end of 2025.
• Hang Seng Biotech Index (HSBIO) Futures launched in November 2025, offering investors a new tool to capture China’s biotech breakthroughs.

2025 saw continued progress in fixed income and currency derivatives, building on earlier developments to further support Hong Kong’s RMB ecosystem.

• USD/CNH futures traded 26.7 million contracts in 2025 – a record high.
• Swap Connect clearing volume reached a record total notional amount of US$1,474.4 billion on a two-sided basis in 2025, up 45% year-on-year.
• OTC Clear implemented a series of enhancements to strengthen market infrastructure, including the acceptance of China Government Bonds and Policy Bank Bonds through Bond Connect as eligible margin collateral for all derivatives transactions.