HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $39.1 trillion at the end of February 2025, an increase of 10 per cent from $35.4 trillion at the end of January 2025, and an increase of 30 per cent from $30.1 trillion for the same period last year.
The average daily turnover in February 2025 was $297.3 billion, an increase of 107 per cent when compared with $143.8 billion in January 2025, and an increase of 230 per cent from $90.0 billion for the same period last year.
The average daily turnover for the first two months of 2025 was $222.5 billion, an increase of 138 per cent when compared with $93.6 billion for the same period last year.
The average daily turnover of derivative warrants for the first two months of 2025 was $6.0 billion, an increase of 13 per cent when compared with $5.3 billion for the same period last year.
The average daily turnover of CBBCs for the first two months of 2025 was $8.9 billion, an increase of 56 per cent when compared with $5.7 billion for the same period last year.
The average daily turnover of ETFs for the first two months of 2025 was $31.7 billion, an increase of 217 per cent when compared with $10.0 billion for the same period last year.
The average daily turnover of L&I Products for the first two months of 2025 was $4.1 billion, an increase of 64 per cent when compared with $2.5 billion for the same period last year.
There were 10* newly listed companies for the first two months of 2025, an increase of 100 per cent when compared with 5 for the same period last year.
Funds raised through IPOs# for the first two months of 2025 was $7.8 billion, an increase of 255 per cent when compared with $2.2 billion for the same period last year.
Total funds raised for the first two months of 2025 was $24.9 billion, an increase of 14 per cent when compared with $21.8 billion for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first two months of 2025 was 1,867,100 contracts, an increase of 23 per cent when compared with the 1,516,428 contracts for the same period last year.
The average daily volume of Stock Options for the first two months of 2025 was 976,491 contracts, an increase of 51 per cent when compared with the 646,263 contracts for the same period last year.
The average daily volume of Stock Futures for the first two months of 2025 was 11,658 contracts, an increase of 55 per cent when compared with the 7,525 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first two months of 2025 was 122,719 contracts, an increase of 65 per cent when compared with the 74,569 contracts for the same period last year.
On 24 February 2025, the volume of Hang Seng TECH Index Futures reached a record high of 469,133 contracts.
On 13 February 2025, the volume of Weekly Hang Seng Index Options reached a record high of 42,280 contracts.
On 7 February 2025, the volume of Hang Seng TECH Index Futures Options reached a record high of 24,820 contracts.

* Includes any transfers of listing from GEM to Main Board
# Includes fund raised by initial offering by way of subscription, sales and placing

Listed Securities (Main Board and GEM)

Month-end figures

	Feb 2025	Feb 2024	End 2024
No. of listed companies	2,632	2,609	2,631
Total market capitalisation ($Bil.)	39,113.1	30,097.2	35,319.5
No. of newly listed companies *	2	0	71
No. of listed securities	14,174	13,215	13,248
No. of SPAC shares	4	5	4
No. of equity warrants (excluding SPAC warrants)	2	2	2
No. of SPAC warrants	4	5	4
No. of derivatives warrants	5,187	4,955	4,669
No. of inline warrants	-	-	-
No. of CBBCs	4,658	3,832	4,219
No. of unit trusts	209	191	206
No. of debt securities	1,478	1,616	1,513

* Includes the number of transfer of listings from GEM to Main Board

Number of Newly Listed Securities (Main Board and GEM)

	Feb 2025	Feb 2024	2024
Derivatives warrants	816	355	6,836
CBBCs	3,052	1,659	24,808
Unit trusts	2	3	36
Debt securities	14	21	348

Securities Market Turnover (Main Board and GEM)

	Feb 2025	Jan 2025	% Change
Monthly turnover ($Mil.) *	5,946,048	2,732,934	117.6%
Average daily turnover by value ($Mil.) *	297,302	143,839	106.7%
No. of trading days	20	19	-

* Turnover value for securities traded in non-Hong Kong dollar currency have been included

Stock Connect Summary

	Feb 2025	Jan 2025	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	217,412	168,638	28.9%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	145,776	61,812	135.8%
No. of Northbound trading days	18	18	-
No. of Southbound trading days	18	18	-

Turnover by Type of Securities (Main Board and GEM)

	Feb 2025 ($Mil)	Jan 2025 ($Mil)	% Change
Equities	4,622,321.54 (77.7%)	2,048,812.65 (75.0%)	125.6%
Derivative warrants	151,168.61 (2.5%)	84,392.27 (3.1%)	79.1%
CBBCs	213,718.55 (3.6%)	134,421.15 (4.9%)	59.0%
Unit Trusts (include ETFs)	950,528.53 (16.0%)	457,120.32 (16.7%)	107.9%

Feb 2025

($Mil)

Jan 2025

($Mil)

% Change

Equities

4,622,321.54

(77.7%)

2,048,812.65

(75.0%)

125.6%

Derivative warrants

151,168.61

(2.5%)

84,392.27

(3.1%)

79.1%

CBBCs

213,718.55

(3.6%)

134,421.15

(4.9%)

59.0%

Unit Trusts

(include ETFs)

950,528.53

(16.0%)

457,120.32

(16.7%)

107.9%

( ) % of market total
Turnover value for securities traded in non-Hong Kong dollar currency have been included

Average Daily Turnover by Type of Securities (Main Board and GEM)

	Feb 2025 ($Mil)	Jan 2025 ($Mil)	% Change
Equities	231,116.08	107,832.24	114.3%
Derivative warrants	7,558.43	4,441.70	70.2%
CBBCs	10,685.93	7,074.80	51.0%
Unit trusts (include ETFs)	47,526.43	24,058.96	97.5%
Others	415.54	430.95	-3.6%
Total	297,302.40	143,838.65	106.7%

Turnover value for securities traded in non-Hong Kong dollar currency have been included

ATS Transactions

The total turnover of automated trading services’ (ATS) transactions for Feb 2025 was $41,348 million (0.7% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Feb 2025	Feb 2024	End 2024
No. of H shares	368	339	364
No. of Non-H share Mainland enterprises	1,115	1,109	1,114
Market capitalisation (% of market total)	80.8%	76.8%	79.8%
Turnover value (% of equity turnover)	92.0%	85.0%	87.7%

Index Performance

Month-end figures

	Feb 2025	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	34608.59	14.6%	44.6%
S&P/HKEX GEM Index	17.41	-0.2%	-3.0%
Hang Seng Index	22941.32	13.4%	38.9%
Hang Seng China Enterprises Index	8417.43	14.0%	48.2%
Hang Seng China-Affiliated Corporations Index*	3802.29	5.5%	11.9%
CES China 120 Index ^	6501.04	9.3%	30.8%
CES China HK Mainland Index +	6493.91	13.6%	46.3%

* - tracks Red chips
^ - tracks 80 Mainland-listed companies and 40 Hong Kong-listed Mainland enterprises
+ - tracks 40 Hong Kong-listed Mainland enterprises

Derivatives Market Turnover

	Average Daily Volume (Contracts)*
	Feb 2025	Jan 2025	% Change
Total Futures	917,689	588,439	56.0%
Hang Seng Index Futures	169,666	113,012	50.1%
Mini Hang Seng Index Futures	138,451	75,329	83.8%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	198,894	149,177	33.3%
Mini-Hang Seng China Enterprises Index Futures	14,685	8,051	82.4%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	70	21	233.3%
HSCEI Dividend Point Index Futures	946	187	405.9%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	222,671	101,156	120.1%
MSCI AC Asia ex Japan NTR Index Futures	504	206	144.7%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	15,240	10,869	40.2%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	194	70	177.1%
MSCI EM Asia ex China Net Total Return (USD) Index Futures	0	0	-
MSCI EM Asia ex Korea Net Total Return (USD) Index Futures	0	0	-
MSCI EM Asia Net Total Return (USD) Index Futures	19	18	5.6%
MSCI EM EMEA Net Total Return (USD) Index Futures	0	0	-
MSCI EM ex China Net Total Return (USD) Index Futures	0	0	-
MSCI EM ex Korea Net Total Return (USD) Index Futures	0	0	-
MSCI EM LatAm Net Total Return (USD) Index Futures	0	0	-
MSCI Emerging Markets (USD) Index Futures	0	0	-
MSCI Emerging Markets Net Total Return (USD) Index Futures	0	1	-100.0%
MSCI Hong Kong Net Total Return (USD) Index Futures	68	22	209.1%
MSCI India (USD) Index Futures	4,158	4,850	-14.3%
MSCI India Net Total Return (USD) Index Futures	17	23	-26.1%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	19	2	850.0%
MSCI Japan Net Total Return (USD) Index Futures	0	0	-
MSCI Malaysia (USD) Index Futures	0	0	-
MSCI Malaysia Net Total Return (USD) Index Futures	0	5	-100.0%
MSCI New Zealand Net Total Return (USD) Index Futures	0	0	-
MSCI Pacific ex Japan Net Total Return (USD) Index Futures	0	0	-
MSCI Pacific Net Total Return (USD) Index Futures	0	0	-
MSCI Philippines (USD) Index Futures	0	0	-
MSCI Philippines Net Total Return (USD) Index Futures	0	6	-100.0%
MSCI Singapore Free (SGD) Index Futures	0	0	-
MSCI Singapore Free Net Total Return (USD) Index Futures	0	0	-
MSCI Singapore Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan (USD) Index Futures	4,210	3,929	7.2%
MSCI Taiwan 25/50 (USD) Index Futures	11	11	0.0%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	10	30	-66.7%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	4	7	-42.9%
MSCI Vietnam (USD) Index Futures	0	0	-
MSCI Vietnam Net Total Return (USD) Index Futures	0	0	-
CES China 120 Index Futures	0	0	-
Hang Seng Mainland Banks Index Futures	0	0	-
Stock Futures	16,757	6,291	166.4%
3-Month HIBOR Futures	0	0	-
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	129,873	114,136	13.8%
RMB Currency Futures - Mini USD/CNH Futures	1,181	1,006	17.4%
RMB Currency Futures - EUR/CNH Futures	0	0	-
RMB Currency Futures - JPY/CNH Futures	0	0	-
RMB Currency Futures - AUD/CNH Futures	0	0	-
RMB Currency Futures - CNH/USD Futures	0	0	-
INR Currency Futures - INR/USD Futures	41	24	70.8%
INR Currency Futures - INR/CNH Futures	0	0	-
USD Gold Futures	0	0	-
CNH Gold Futures	0	0	-
USD Silver Futures	0	0	-
CNH Silver Futures	0	0	-
Iron Ore Futures – Monthly Contracts	0	0	-
Iron Ore Futures – Quarterly Contracts	0	0	-
CNH London Aluminium Mini Futures	0	0	-
CNH London Zinc Mini Futures	0	0	-
CNH London Copper Mini Futures	0	0	-
CNH London Lead Mini Futures	0	0	-
CNH London Nickel Mini Futures	0	0	-
CNH London Tin Mini Futures	0	0	-
USD London Aluminium Mini Futures	0	0	-
USD London Zinc Mini Futures	0	0	-
USD London Copper Mini Futures	0	0	-
USD London Lead Mini Futures	0	0	-
USD London Nickel Mini Futures	0	0	-
USD London Tin Mini Futures	0	0	-
Total Options	1,345,112	863,669	55.7%
Hang Seng Index Options	21,735	15,184	43.1%
Mini Hang Seng Index Options	17,718	12,315	43.9%
Weekly Hang Seng Index Options	18,965	13,806	37.4%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	4,364	4,889	-10.7%
Hang Seng China Enterprises Index Options	25,837	16,254	59.0%
Mini-Hang Seng China Enterprises Index Options	3,717	2,305	61.3%
Weekly Hang Seng China Enterprises Index Options	2,594	1,856	39.8%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	53,889	32,783	64.4%
Hang Seng TECH Index Options	5,499	2,171	153.3%
Weekly Hang Seng TECH Index Options	1,361	481	183.0%
Hang Seng TECH Index Futures Options	6,854	2,056	233.4%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	1,182,570	759,565	55.7%
RMB Currency Options - USD/CNH Options	9	4	125.0%
Total Futures and Options	2,262,801	1,452,108	55.8%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Feb 2025 and Jan 2025 are 20 days (without holiday trading day) and 22 days (with 3 holiday trading days) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Feb 2025	Jan 2025	% Change
Average daily number of exchange trades settled by CCASS	4,062,012	2,275,451	78.51%
Average daily number of settlement instructions (“SIs”) settled by CCASS	125,059	96,779	29.22%
Average daily number of investor SIs (“ISIs”) settled by CCASS	203	135	50.37%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.93	99.95	N/A
Average daily value of SIs settled by CCASS ($ Mil)	373,940.23	241,817.70	54.64%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.22 64.17	75.00 63.82	N/A N/A
DCASS Statistics (derivatives market)	Feb 2025	Jan 2025	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	735,627	633,221	16.2%
– Stock Futures	37,730	26,847	40.5%
– Interest Rates Futures	100	100	0.0%
– RMB Currency Futures	43,446	35,815	21.3%
– INR Currency Futures	13	10	30.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,588,367	1,239,462	28.1%
– Stock Options	15,771,973	12,066,383	30.7%
– RMB Currency Options	482	403	19.6%

Year-to-date Statistics

Securities Market	Feb 2025 YTD	Feb 2024 YTD	% Change
No. of newly listed companies #	10	5	100.0%
Average daily turnover by value ($Mil.) ^	222,538	93,577	137.8%
Average share traded per trading day (Mil. Shares)	273,117	195,446	39.7%
Average no. of trades per trading day	3,191,563	1,841,976	73.3%
Fund raised by IPOs ($Mil.)*	7,795	2,177	258.1%
Total funds raised (including IPOs) ($Mil.)**	24,855	21,801	14.0%
Derivatives Market	Feb 2025 YTD	Feb 2024 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	622,129	627,661	-0.9%
– Stock Futures	11,658	7,525	54.9%
– Interest Rates Futures	0	0	-
– RMB Currency Futures	122,719	74,569	64.6%
– INR Currency Futures	32	1,604	-98.0%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	134,064	158,803	-15.6%
– Stock Options	976,491	646,263	51.1%
– RMB Currency Options	7	3	133.3%
Clearing & Settlement	Feb 2025 YTD	Feb 2024 YTD	% Change
Average daily number of exchange trades handled by CCASS	4,062,012	1,801,293	125.51%
Average daily number of settlement instructions (SIs) settled by CCASS	125,059	93,806	33.32%
Average daily number of investor SIs (ISIs) settled by CCASS	203	115	76.52%

# Includes the number of transfer of listings from GEM to Main Board
^ Turnover value for traded in non-HKD currency securities have been included
* Includes fund raised by initial offering by way of subscription, sales and placing
** Provisional figures only

Historical Records

up to 28 Feb 2025

Top 10 Hang Seng Index Closes

Rank	Date	Close
1	2018/01/26	33154.12
2	2018/01/29	32966.89
3	2018/01/24	32958.69
4	2018/01/23	32930.70
5	2018/01/31	32887.27
6	2018/01/25	32654.45
7	2018/02/01	32642.09
8	2018/01/30	32607.29
9	2018/02/02	32601.78
10	2018/01/22	32393.41

Top 10 Daily Market Turnover

(Main Board and GEM)

Rank	Date	Turnover ($)
1	2024/10/08	620,652,311,319
2	2024/09/30	505,919,660,550
3	2024/09/27	445,803,810,579
4	2024/10/02	434,202,623,180
5	2024/10/09	427,128,350,282
6	2025/02/27	406,532,365,157
7	2025/02/28	406,359,041,173
8	2025/02/17	400,348,838,864
9	2025/02/21	393,677,967,461
10	2025/02/13	379,537,556,802

Top 10 Market Capitalisation

(Main Board and GEM)

Rank	Date	Market Capitalisation ($)
1	2021/02/17	58,672,185,510,043
2	2021/02/16	57,829,770,591,111
3	2021/02/19	57,502,986,918,920
4	2021/02/18	57,470,114,718,778
5	2021/02/11	56,844,960,338,845
6	2021/02/10	56,495,679,850,172
7	2021/02/22	56,276,247,080,503
8	2021/02/23	56,194,869,034,753
9	2021/02/09	55,171,603,385,082
10	2021/02/25	55,137,617,193,968

Record High for Top-10 Derivatives Market Products (Based on Contract Volume)

Product	Record High Daily Volume		Record High Open Interest
	Contracts	Date	Contracts	Date
Stock Options	2,433,968	2024/09/27	18,189,959	2025/02/26
Hang Seng China Enterprises Index Futures	651,086	2023/04/25	758,877	2022/12/28
Hang Seng TECH Index Futures	469,133	2025/02/24	328,335	2023/12/22
Hang Seng Index Futures	422,450	2018/10/26	206,082	2017/06/27
Hang Seng China Enterprises Index Options	389,483	2021/01/11	3,749,790	2018/11/28
Mini Hang Seng Index Futures	340,150	2024/10/09	35,820	2024/01/23
RMB Currency Futures - USD/CNH Futures	272,575	2024/12/12	46,711	2017/01/04
Hang Seng Index Options	140,628	2021/01/11	594,941	2017/11/28
Hang Seng China Enterprises Index Futures Options	137,469	2024/10/09	1,230,141	2024/11/14
Mini-Hang Seng China Enterprises Index Futures	76,471	2018/02/06	16,436	2014/12/11

Updated 28 Feb 2025