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Stock Connect 2025 Review
HKEX Insight
HKEX Insight
Mar 9, 2026

 

 

Key Takeaways
#1
Average daily turnover (ADT) on both Northbound and Southbound Stock Connect reached new highs in 2025.
#2
Northbound Stock Connect ADT rose 42% YoY to RMB212.4 billion in 2025.
#3
Southbound Stock Connect ADT reached HK$121.1 billion in 2025 – more than double the HK$48.2 billion recorded in 2024.
#4
ETF turnover accelerated, with Southbound and Northbound ETF ADT reaching HK$3.9 billion and RMB3.4 billion, up 61.7% and 72.1% YoY, respectively.
#5
By end-December 2025, Southbound included 564 stocks and 23 ETFs; Northbound offered 3,265 eligible A‑shares and 365 ETFs.

Stock Connect trading reached new highs in 2025 and saw expanded use by international and Chinese Mainland investors, demonstrating its key role as a two-way capital channel connecting China and the world, and the world with China.


Northbound Stock Connect: Global investors’ A-share gateway
Northbound Stock Connect ADT reached RMB212.4 billion in 2025, up 42% year‑on‑year, reflecting sustained international participation in the A-share market.

Northbound inflows concentrated in A-share sectors linked to growth themes, including new energy, technology, semiconductors, consumer, and healthcare.

 

Northbound Stock Connect ADT (RMBbn), 2014-2025

Year ADT (RMBbn)
2025  212.4
2024
 150.1
2023 108.3
2022
 100.4
2021
 120.1
2020 91.3
2019 41.7
2018 20.4
2017 9.6
2016 4.8
 2015  6.4
 2014  5.6

Source: HKEX, February 2026


Southbound Stock Connect trading increasingly influential in Hong Kong’s markets
Southbound Stock Connect ADT reached a record HK$121.1 billion in 2025, compared with HK$48.2 billion in 2024. Southbound activity concentrated in technology and internet names, as well as semiconductor, biotech, and new consumption sectors during 2025.

 

Southbound Stock Connect ADT (HK$bn), 2014-2025

Year ADT (HK$bn)
2025  121.1
2024
 48.2
2023 31.1
2022
 31.7
2021
 41.7
2020 24.4
2019 10.8
2018 12.7
2017 9.8
2016 4.1
 2015  3.4
 2014  0.9

Source: HKEX, February 2026

Southbound turnover accounted for 23.0% of Hong Kong cash equities turnover at the end of Q4 2025, compared with 20.9% at the end of Q4 2024.

 

Southbound share rose from 20.9% in Q4 2024 to 23% in Q4 2025

ETF trading gathered pace

In 2025, Southbound ETF ADT reached HK$3.9 billion, a 61.7% increase year‑on‑year, reflecting broader use of passive and thematic exposures within Southbound portfolios. 

Northbound ETF ADT rose to RMB3.4 billion in 2025 as usage scaled with new ETFs added in 2025. As of end-January 2026, 365 ETFs are eligible for Northbound. 

 


Northbound and Southbound ETF ADT both rose in 2025
Four facts about eligible Stock Connect securities and ETFs (as of end-Jan 2026)
  • 564 Hong Kong-listed stocks are eligible for Southbound Stock Connect
  • 23 ETFs are eligible for Southbound Stock Connect
  • 1,539 stocks and 220 ETFs are eligible for Shanghai-Hong Kong Northbound Stock Connect
  • 1,726 stocks and 145 ETFs are eligible for Shenzhen-Hong Kong Northbound Stock Connect

 

Product innovation increasingly targets Connect trading, with benchmarks and ETFs emerging that are designed specifically around Stock Connect eligibility. The HKEX Tech 100 Index launched in late 2025 is one such example.

Tracking 100 large‑ and mid‑cap Hong Kong‑listed technology companies eligible for Southbound Stock Connect, the product was developed to respond to demand for broader Hong Kong technology benchmarks and includes a fast‑entry mechanism for newly eligible stocks, helping ensure timely representation of emerging technology leaders and supporting the continued expansion of ETFs and thematic investment opportunities via Connect.

The outlook for Stock Connect in 2026
Stock Connect saw Northbound ADT of RMB 302.7 billion in February 2026, up 39.2% year-on-year, compared with February 2025. Southbound ADT saw weaker activity, with ADT compared with February 2025 falling 28.6% to HK$104.1 billion.

Since the inception of Connect in 2014, the programme has expanded from stocks to bonds to ETFs and interest rate swaps.

By enhancing market access, expanding product coverage, and strengthening risk‑management capabilities, Connect has supported cross-border capital flows and established itself as a two-way capital channel connecting China and the world, and the world with China.

HKEX continues to work with stakeholders on potential enhancements, such as the inclusion of REITs and the addition of RMB counters in Southbound trading, to further develop the Connect programme and strengthen Hong Kong’s position as a leading international financial centre.

FAQs

#1 What is Stock Connect? 

#2 When did Stock Connect start?

#3 What is the impact of Southbound Stock Connect?

#4 What is the difference between Northbound and Southbound Stock Connect?

#5 What can investors buy and sell through Southbound Stock Connect?


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