The Hong Kong Stock Exchange (HKEX) remains a pivotal global financial marketplace, demonstrating significant activity and growth across its various segments. This overview provides a detailed breakdown of the key performance metrics for both the securities and derivatives markets as of May 2025, offering valuable insights for investors and market participants.
Securities Market Performance
The securities market showcased robust growth in key areas, reflecting strong investor confidence and market liquidity.
Market Capitalization and Trading Value
The total market capitalization reached HK$40.9328 trillion by the end of May 2025. This represents a notable 5% increase from the previous month (HK$38.8 trillion) and a substantial 24% surge compared to the same period last year (HK$32.894 trillion).
The average daily turnover (ADT) for May 2025 was HK$210.334 billion, marking a significant 50% year-on-year increase from HK$139.8 billion in May 2024.
Looking at the broader picture for the first five months of 2025:
- The ADT stood at HK$242.33 billion, a remarkable 120% increase from HK$110.221 billion in the same period last year.
- Turnover for Warrants averaged HK$7.8 billion daily, up 66%.
- Turnover for Callable Bull/Bear Contracts (CBBCs) averaged HK$9.9 billion daily, up 87%.
- Exchange Traded Funds (ETFs) saw an ADT of HK$35.5 billion, a massive 198% increase.
- Leveraged and Inverse Products averaged HK$4.5 billion in daily turnover, an 80% rise.
Listings and Capital Raising
Initial Public Offering (IPO) activity was notably vigorous in the first five months of the year.
- There were 29 new listings, a 38% increase from the 21 listings in the same period in 2024.
- Total capital raised through IPOs reached HK$77.668 billion, an extraordinary 709% increase from HK$9.596 billion a year prior.
- The total equity capital raised, including IPOs and secondary offerings, amounted to HK$235.11 billion, a 383% increase year-on-year.
Market Composition (As of May 2025)
| Metric | May 2025 | May 2024 | Dec 2024 |
|---|---|---|---|
| Number of Listed Companies | 2,633 | 2,610 | 2,631 |
| Number of Listed Securities | 15,144 | 13,635 | 13,248 |
| Warrants (Number) | 5,532 | 5,312 | 4,669 |
| CBBCs (Number) | 5,317 | 3,909 | 4,219 |
| Trusts / Funds (Number) | 226 | 200 | 206 |
Turnover Breakdown by Product (May 2025)
The market turnover was predominantly driven by equities, which accounted for 76.2% (HK$3,203.8 billion) of the total. ETFs followed at 15.2% (HK$639.2 billion), while CBBCs and Warrants contributed 4.6% and 3.9%, respectively.
Derivatives Market Activity
The derivatives market also displayed healthy growth, particularly in certain product categories.
Futures and Options Overview
For the first five months of 2025, the average daily volume for futures and options contracts reached 1,765,657, a 13% increase from the same period in 2024.
Key product performances included:
- Stock Index Futures: Average daily volume of 622,753 contracts, up 3%.
- Stock Options: Average daily volume of 897,710 contracts, up 26.5%.
- RMB Currency Futures: Average daily volume of 114,001 contracts, a significant 43% increase.
Notable Derivatives Performance (May 2025)
In May, the total futures and options volume averaged 1,390,986 contracts per day. The most actively traded contracts were:
- Hang Seng Index (HSI) Futures: 110,434 contracts/day.
- HSCEI Futures: 134,199 contracts/day.
- Hang Seng Tech Index Futures: 134,000 contracts/day.
- USD/RMB (HK) Futures: 100,165 contracts/day.
- Stock options remained the largest segment by volume, averaging 717,925 contracts per day.
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Stock Connect Program Performance
The cross-border trading links between Hong Kong and Mainland exchanges experienced high activity levels, though they saw a decrease from the previous month.
- Northbound Trading (Shanghai/Shenzhen-Hong Kong Connect): The average daily turnover for May was RMB138.788 billion, a decrease of 17.5% from April.
- Southbound Trading (Hong Kong Connect): The average daily turnover was HK$94.48 billion, down 21.5% from the previous month.
Frequently Asked Questions
What does the Hong Kong Stock Exchange market overview include?
The monthly overview provides a comprehensive snapshot of key market metrics, including total market capitalization, average daily turnover, performance of listed products (stocks, warrants, ETFs), derivatives trading volume, and data on the Stock Connect programs. It serves as a vital health check for the Hong Kong financial market.
Why did the IPO capital raising increase so dramatically in 2025?
The 709% surge in IPO fundraising for the first five months of 2025 compared to 2024 is typically driven by a combination of factors. These can include a cluster of large, high-profile listings, favorable market conditions that encourage companies to go public, and strong investor appetite for new equity, reflecting overall market confidence and liquidity.
How is the average daily turnover (ADT) calculated?
The Average Daily Turnover is calculated by taking the total trading value for a specific period (e.g., a month or year-to-date) and dividing it by the number of actual trading days in that period. This metric helps normalize trading activity and allows for a clearer comparison across different timeframes.
What are the most actively traded derivatives products on HKEX?
As of May 2025, the most actively traded derivatives are Stock Options, followed by key index futures like the Hang Seng China Enterprises Index (HSCEI) Futures, Hang Seng Tech Index Futures, and the benchmark Hang Seng Index (HSI) Futures. RMB Currency Futures also represent a significant and growing segment.
What is the significance of the Stock Connect programs?
The Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs are critical mechanisms for cross-boundary investment between Mainland China and international investors. The trading volume indicates the level of international interest in A-shares (Northbound) and Mainland investor interest in Hong Kong-listed securities (Southbound), making it a key indicator of capital flow.
Where can I find the latest and historical market data?
The HKEX website publishes detailed monthly market reports. For real-time data and deeper historical analysis, numerous financial data platforms and brokers provide specialized tools and feeds. 👉 View real-time market analysis tools