What Drove Hong Kong’s Markets in 2025?

Jan 16, 2026

2025 was a year of exceptional momentum for Hong Kong’s financial markets, HKEX data shows, with record-breaking performance across primary and secondary markets reflecting the city’s status as Asia’s leading international finance centre.

A new generation of innovative companies went public in Hong Kong to fuel growth, while investors from around the world leveraged HKEX’s comprehensive range of products to manage risk and capture opportunities.

And the numbers reflect this surge in activity. From cash equities to futures and options, market year-end data points to a fundraising and product ecosystem that is deeper, more active and more diverse than a year ago. Here are a selection of facts and figures that capture the year that was – and what 2026 may hold in store.

Cash market turnover reaches new high

Hong Kong cash market average daily turnover (ADT) rose 89.5% year-on-year in 2025 to HK$249.8 billion, driven by global investors returning for diversification opportunities and exposure to exciting companies driving China’s shift to innovation-led growth.

cash market ADT HKEX 2021 2025

Hong Kong returns as world’s leading IPO fundraising venue

IPOs in Hong Kong raised HK$285.8 billion from 119 new listings in 2025, with three of those ranking in the top 10 IPOs globally for the year. Issuers in innovative sectors from new energy to AI set the strong pace, with new economy companies accounting for more than two-thirds of listings in Hong Kong in 2025.

Companies listed on HKEX raised US$66 billion in follow-on offerings, up 136% compared with US$27.9 billion in 2024, according to Dealogic, highlighting the vibrancy and depth of Hong Kong’s capital markets.

A record year for Asia’s risk management hub

HKEX's derivatives market also had a record year, with 1.66 million contracts traded daily on average during the year. This 7% year-on-year increase is in part a reflection of recent product launches, including the Hang Seng Biotech Index Futures, which expanded the tools available to investors.

derivatives ADV HKEX 2023 2025

Stock options are among most actively traded products

Stock options average daily volume (ADV) grew 22% from a year earlier to 879,831 in 2025, compared with 720,297 in 2024 and 612,282 in 2023. HKEX has expanded its stock options product ecosystem in recent years, launching weekly single-stock options and new stock option classes, to cater to the increasingly sophisticated needs of investors, including the growing class of ‘protail’ investors in the region.

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RMB Currency Futures thrive as RMB internationalises

Amid rising deposits and cross-border settlement, Hong Kong’s role as the world’s top RMB hub strengthened in 2025. Against this backdrop, and wider foreign exchange volatility, RMB Currency Futures volumes thrived in 2025 with ADV rising to 103,626 contracts – up 8.7% from 2024 and nearly 160% more than the ADV recorded in 2023. As the RMB rises in influence, market participants can find a deep RMB product ecosystem at HKEX that includes currency futures, bonds, real estate investment trusts (REITs), equities and exchange-traded funds (ETFs).

ETF turnover accelerates

ETFs recorded HK$33 billion in ADT in 2025, up 108% from 2024. This growth was buoyed by a range of advances on the product side, including covered call and virtual asset ETFs, as well as Hong Kong’s first cross‑listing of an ETF tracking the Nasdaq 100 index. In 2025, Hong Kong overtook Korea and Japan to become the world’s third largest exchange traded products market by turnover.

L&I products see steady expansion

ADT of Leveraged & Inverse (L&I) products at HKEX reached HK$3.4 billion in 2025,17% higher than 2024, supported by the launch of Asia’s first Single Stock L&I products in March 2025 and continued investor appetite for short-term tactical trading and volatility strategies.

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A vibrant year for CBBC and warrant products

Driven by stronger cash-equity liquidity, active retail participation in the market and HKEX’s expansion of underlyings and tenors, Callable Bull/Bear Contracts (CBBCs) and warrants had a strong year in 2025. The ADT of CBBCs rose 59% year-on-year to HK$10.5 billion in 2025, and grew in number over the year by 34%. 2025 also saw the launch of more derivative warrants, which increased in number by 50% year-on-year, including the launch of Asia’s first USD-denominated US stock derivative warrants.

More trades handled than ever

HKEX’s clearing service CCASS handled an average of 3.8 million trades per day in 2025, up 67% compared with 2.3 million in 2024, as trading surged. 2025 saw five of the top 10 trading days on record, with a new daily turnover record of HK$621 billion set on 7 April – all testament to the resilience and vibrancy of Hong Kong’s markets and HKEX's continued investment in its infrastructure.

In sum, 2025 was a year of momentum for Hong Kong’s markets. Trading records abounded, while a series of product and market-structure initiatives continued to enhance the diversity, vibrancy and attractiveness of our markets.

With a robust IPO pipeline, and with further market enhancements and new additions to HKEX’s product ecosystem on the way, the prospects for 2026 already look strong.

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