Hong Kong’s Markets: H1 2026 Update

Jul 16, 2026

Hong Kong’s markets extended their strong 2025 momentum into H1 2026, with robust trading activity across equities, derivatives and cross-border channels.

Key datapoints (end-June 2026):

June ADT: HK$319.1 billion (up 38.6% YoY)
H1 ADT: HK$283.0 billion (up 17.8% YoY)
IPO funds raised: HK$210.2 billion (up 92.1% YoY)
Southbound H1 ADT: HK$123.1 billion (up 10.9% YoY)
Northbound H1 ADT: RMB345.3 billion (up 101.6% YoY)
ETP H1 ADT: HK$48.4 billion (up 31.8% YoY)
Futures and options H1 ADV: 1.81 million contracts (up 6.4% YoY)
Stock options H1 ADV: 942,162 contracts (up 8.5% YoY)
Hang Seng TECH Index Futures record volume: 523,692 contracts (May 26, 2026)

Cash market trading sets record

Hong Kong’s cash market recorded ADT of HK$283.0 billion in H1 2026, up 17.8% compared with HK$240.2 billion in H1 2025 and more than double FY 2024.

Turnover was supported by strong investor interest in technology and AI-related stocks, record levels of Stock Connect activity and a healthy pipeline of new listings. ADT in Q2 2026 saw the highest quarterly number on record, registering HK$289.5 billion, compared with HK$276.7 billion in Q1 2026.

h1 adt e final

ETP trading reaches new high

ETP ADT came to HK$48.4 billion in H1 2026, up 32% YoY compared with FY 2025, as a broader range of products, including technology, gold and cross-market ETFs, continued to attract investor interest and trading activity.

Indeed, products such as the E Fund HKEX Tech 100, Hang Seng Gold, and US/Hong Kong cross-market ETFs, added to the opportunity set, taking the number of ETP products to 250 at the end of June 2026, compared with 214 at the same point in 2025.

Stock Connect trading extends record run

Chinese Mainland and international investors remained active through Stock Connect, with both Northbound and Southbound turnover reaching new levels.

Northbound ADT was RMB345.3 billion in H1 2026, significantly above the RMB212.4 billion recorded for FY 2025, while Southbound ADT reached HK$123.1 billion, slightly exceeding the record ADT of HK$121.1 billion recorded in FY 2025.

Trading of eligible ETFs in Stock Connect saw notable growth, with ADT for Southbound and Northbound ETFs reaching HK$6.1 billion and RMB4.9 billion, up 61% and 84%, respectively, compared with H1 2025.

Derivatives market builds on record 2025 activity

HKEX’s derivatives market extended its growth in H1 2026 as stronger cash-market activity was matched by deeper engagement with risk-management and trading tools. Derivative market ADV reached 1.81 million contracts in H1 2026, compared with 1.70 million contracts in H1 2025, while stock options ADV reached 942,162 contracts.

Seventeen new weekly stock options products were launched in June 2026, taking the total to 33. Initial momentum has been positive, with weekly volumes accounting for around 20% of total trading for the names in the universe. Engagement in options products around popular themes such as consumer, tech and autos has been strong since launch.

Continuing the tech theme, Hang Seng TECH Index Futures recording ADV of 205,089 contracts in H1 2026, compared with 161,444 in H1 2025. This product set a new trading record of 523,692 contracts on May 26, 2026.

Hong Kong’s second-highest H1 for ECM fundraising

H1 2026 saw the second-highest H1 IPO volume to date, as 87 listings raised a combined HK$210.2 billion¹ compared with HK$109.4 billion from 44 raises in H1 2025.

A diverse range of companies came to market in H1, with listings from across the AI value chain, a dual-listing by Indonesian mining company Merdeka, and 20 IPOs in the second half of June alone supporting fundraising momentum.

Post-IPO activity also remained buoyant, with HK$296.0 billion in follow-on issuance, which includes all types of equity follow-ons and equity-linked transactions.

Market momentum continues

In sum, H1 2026 saw a continuation of the strong market momentum recorded in 2025, with new trading highs recorded across the product ecosystem.

June activity was particularly strong, underpinned by a robust listing pipeline of innovative tech names and international companies, as well as ongoing enhancements to our product suite – all of which set a solid foundation heading into H2 2026.