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Eight Insights into What's Driving Hong Kong's Markets
HKEX Insight
HKEX Insight
Jul 28, 2025

A standout performance in the first half of 2025 underscored the vibrancy and depth of Hong Kong’s markets and showcased the city’s role as a global financial hub.

Amid the record-breaking activity, a handful of facts and figures on HKEX’s secondary markets stand out. From rising turnover to a surge in derivatives volumes, this article highlights eight of these key data points from the first half of 2025.

+118% YoY – market turnover tops HK$240 billion

The Stock Exchange recorded an average daily turnover (ADT) of HK$240.2 billion in H1 2025, a period that includes five of HKEX’s top trading days by turnover ever. This increase led to an 118% jump in turnover when compared with HK$110.4 billion for the same period last year.

 

H1 ADT HKEX 2010 2025


+184% YoY – ETF daily turnover accelerates to HK$33.8 billion
Exchange Traded Funds (ETFs) notched a sizeable rise in ADT, reaching HK$33.8 billion in H1 2025 – an increase of 184% from HK$11.9 billion over the same period last year. The jump in turnover follows a flurry of innovations over the past 12 months, from the widening of the ETF Connect mutual market access programme to more ETF product launches.

+75% YoY – daily turnover increases for L&I Products
The ADT of Leveraged and Inverse (L&I) Products climbed to HK$4.2 billion in H1 2025, up 75% from HK$2.4 billion over the same period last year. Hong Kong offers one of the most diverse ecosystems for these products in Asia, and it hosted the region’s first listings of Single Stock L&I Products earlier this year.

Hong Kong has the right platforms, the right products and the right partnerships, making it very attractive to investors

Greg Yu, Head of Markets, HKEX

 

HK$9.6 billion (ADT) – CBBCs gain traction with turnover up 78% YoY
Callable Bull/Bear Contracts (CBBCs), which track the performance of a wide range of underlying assets, recorded HK$9.6 billion in ADT in H1 2025, up 78% from HK$5.4 billion in the first half of 2024.

1.7 million contracts – daily derivatives volumes rise 11% YoY

The derivatives market saw the average daily volume of futures and options rise to 1,700,322 contracts in H1 2025, up 11% from 1,532,608 contracts over the same period last year.

 

H1 derivatives market volume HKEX 2019 2025

+195% YoY – Southbound Stock Connect daily turnover tops HK$110 billion
ADT from the Southbound channel of the mutual market access programme Stock Connect reached HK$110.96 billion in H1 2025, a 195% increase compared with the same period in 2024.


+43% YoY – RMB futures volume expands with over 115k contracts
RMB Currency Futures’ daily volume climbed to 115,150 contracts in H1 2025, a 43% increase year-on-year that underscores the role of RMB-denominated instruments in the increasingly vibrant RMB product ecosystem.

HK$42.7 trillion – market capitalisation increases 33% YoY

At the end of June 2025, Hong Kong’s market capitalisation reached HK$42.7 trillion, a 33% rise from HK$32.1 trillion a year earlier.

 

The first half of 2025 has been a breakout period for Hong Kong’s capital markets. With strong turnover and expanding derivatives activity, the data points to a secondary market that is not only resilient but also evolving – embracing innovation, attracting international capital and offering an increasingly diverse range of instruments for investors.

Delve into the latest monthly market highlights here.

Learn about the biggest tech advances driven by Hong Kong-listed companies here.


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HKEXVoice

Listen to Johnson Chui, HKEX Head of Global Issuer Services, talk about recent IPO trends and the emergence of innovative, exciting issuers in the latest edition of HKEXVoice podcast.


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