HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $35.3 trillion at the end of December 2024, an increase of 4 per cent from $34.0 trillion at the end of November 2024, and an increase of 14 per cent from $31.0 trillion for the same period last year.
The average daily turnover in December 2024 was $142.0 billion, an increase of 44 per cent from $98.6 billion for the same period last year.
The average daily turnover in 2024 was $131.8 billion, an increase of 26 per cent when compared with $105.0 billion in 2023.
The average daily turnover of CBBCs in 2024 was $6.6 billion, an increase of 8 per cent when compared with $6.1 billion in 2023.
The average daily turnover of ETFs in 2024 was $16.0 billion, an increase of 36 per cent when compared with $11.8 billion in 2023.
The average daily turnover of L&I Products in 2024 was $2.9 billion, an increase of 32 per cent when compared with $2.2 billion in 2023.
The average daily turnover of Debt Securities in 2024 was $540 million, an increase of 20 per cent when compared with $450 million in 2023.
Funds raised through IPOs# in 2024 was $87.5 billion, an increase of 89 per cent when compared with $46.3 billion in 2023.
Total funds raised in 2024 was $190.3 billion, an increase of 22 per cent when compared with $156.0 billion in 2023.

- Derivatives Market

The average daily volume of futures and options in 2024 was 1,550,593 contracts, an increase of 15 per cent when compared with the 1,353,839 contracts in 2023.
The average daily volume of equity index futures in 2024 was 581,651 contracts, an increase of 4 per cent when compared with the 557,324 contracts in 2023.
The average daily volume of equity index options in 2024 was 143,441 contracts, an increase of 5 per cent when compared with the 136,922 contracts 2023.
The average daily volume of Stock Options in 2024 was 720,297 contracts, an increase of 18 per cent when compared with the 612,182 contracts in 2023.
The average daily volume of Stock Futures in 2024 was 8,401 contracts, an increase of 28 per cent when compared with the 6,556 contracts in 2023.
The average daily volume of RMB Currency Futures in 2024 was 95,368 contracts, an increase of 139 per cent when compared with the 39,886 contracts in 2023.
On 12 December 2024, the volume of RMB Currency Futures - USD/CNH Futures reached a record high of 272,575 contracts.

# Includes fund raised by initial offering by way of subscription, sales and placing

Listed Securities (Main Board and GEM)

Month-end figures

	Dec 2024	Dec 2023	End 2023
No. of listed companies	2,631	2,609	2,609
Total market capitalisation ($Bil.)	35,319.5	31,039.1	31,039.1
No. of newly listed companies *	10	14	73
No. of listed securities	13,248	12,810	12,810
No. of SPAC shares	4	5	5
No. of equity warrants (excluding SPAC warrants)	2	2	2
No. of SPAC warrants	4	5	5
No. of derivatives warrants	4,669	4,801	4,801
No. of inline warrants	-	-	-
No. of CBBCs	4,219	3,578	3,578
No. of unit trusts	206	186	186
No. of debt securities	1,513	1,624	1,624

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

Number of Newly Listed Securities (Main Board and GEM)

	Dec 2024	Dec 2023	2023
Derivatives warrants	439	755	7,967
CBBCs	1,711	1,980	22,851
Unit trusts	1	0	16
Debt securities	21	26	222

Securities Market Turnover (Main Board and GEM)

	Dec 2024	Nov 2024	% Change
Monthly turnover ($Mil.) *	2,839,152	3,391,291	-16.3%
Average daily turnover by value ($Mil.) *	141,958	161,490	-12.1%
No. of trading days	20	21	-

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

Stock Connect Summary

	Dec 2024	Nov 2024	% Change
Total Northbound average daily turnover by value (RMB Mil) (For ETF and Stocks)	190,552	237,943	-19.9%
Total Southbound average daily turnover by value ($ Mil) (For ETF and Stocks)	66,076	70,718	-6.6%
No. of Northbound trading days	20	21	-
No. of Southbound trading days	20	21	-

Turnover by Type of Securities (Main Board and GEM)

	Dec 2024 ($Mil)	Nov 2024 ($Mil)	% Change
Equities	2,176,906.89 (76.7%)	2,511,836.54 (74.1%)	-13.3%
Derivative warrants	94,273.49 (3.3%)	147,136.32 (4.3%)	-35.9%
CBBCs	125,390.48 (4.4%)	172,387.33 (5.1%)	-27.3%
Unit Trusts (include ETFs)	434,487.45 (15.3%)	551,222.76 (16.3%)	-21.2%

( ) % 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)

	Dec 2024 ($Mil)	Nov 2024 ($Mil)	% Change
Equities	108,845.34	119,611.26	-9.0%
Derivative warrants	4,713.67	7,006.49	-32.7%
CBBCs	6,269.52	8,208.92	-23.6%
Unit trusts (include ETFs)	21,724.37	26,248.70	-17.2%
Others	404.68	414.66	-2.4%
Total	141,957.60	161,490.04	-12.1%

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 Dec 2024 was $23,557 million (0.8% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Dec 2024	Dec 2023	End 2023
No. of H shares	364	339	339
No. of Non-H share Mainland enterprises	1,114	1,108	1,108
Market capitalisation (% of market total)	79.8%	76.5%	76.5%
Turnover value (% of equity turnover)	90.8%	86.5%	87.1%

Index Performance

Month-end figures

	Dec 2024	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	29813.98	3.0%	22.0%
S&P/HKEX GEM Index	18.43	2.1%	-15.6%
Hang Seng Index	20059.95	3.3%	17.7%
Hang Seng China Enterprises Index	7289.89	4.9%	26.4%
Hang Seng China-Affiliated Corporations Index*	3780.97	6.8%	12.8%
CES China 120 Index ^	6044.57	3.4%	23.1%
CES China HK Mainland Index +	5597.52	4.2%	23.5%

* - 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)*
	Dec 2024	Nov 2024	% Change
Total Futures	591,971	654,353	-9.5%
Hang Seng Index Futures	107,197	126,814	-15.5%
Mini Hang Seng Index Futures	72,879	85,112	-14.4%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	143,256	163,312	-12.3%
Mini-Hang Seng China Enterprises Index Futures	8,230	9,728	-15.4%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	0	10	-100.0%
HSCEI Dividend Point Index Futures	25	383	-93.5%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	98,983	117,160	-15.5%
MSCI AC Asia ex Japan NTR Index Futures	1,402	321	336.8%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	11,603	13,907	-16.6%
MSCI China (USD) Index Futures	0	0	-
MSCI China Net Total Return (USD) Index Futures	1,360	173	686.1%
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	489	23	2026.1%
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	3	0	-
MSCI Hong Kong Net Total Return (USD) Index Futures	279	28	896.4%
MSCI India (USD) Index Futures	4,356	4,408	-1.2%
MSCI India Net Total Return (USD) Index Futures	72	83	-13.3%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	1,012	144	602.8%
MSCI Japan Net Total Return (USD) Index Futures	5	0	-
MSCI Malaysia (USD) Index Futures	0	0	-
MSCI Malaysia Net Total Return (USD) Index Futures	187	1	18600.0%
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	75	0	-
MSCI Philippines Net Total Return (USD) Index Futures	1	6	-83.3%
MSCI Singapore Free (SGD) Index Futures	0	1	-100.0%
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	3,452	4,721	-26.9%
MSCI Taiwan 25/50 (USD) Index Futures	5	12	-58.3%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	114	23	395.7%
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	1,519	357	325.5%
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	5,780	6,270	-7.8%
3-Month HIBOR Futures	1	2	-50.0%
1-Month HIBOR Futures	0	0	-
RMB Currency Futures - USD/CNH Futures	127,154	117,673	8.1%
RMB Currency Futures - Mini USD/CNH Futures	1,479	2,169	-31.8%
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	3	0	-
INR Currency Futures - INR/USD Futures	1,050	1,512	-30.6%
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	724,620	808,689	-10.4%
Hang Seng Index Options	11,837	13,614	-13.1%
Mini Hang Seng Index Options	10,692	12,660	-15.5%
Weekly Hang Seng Index Options	11,802	13,473	-12.4%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	3,984	3,919	1.7%
Hang Seng China Enterprises Index Options	18,567	27,259	-31.9%
Mini-Hang Seng China Enterprises Index Options	2,393	3,409	-29.8%
Weekly Hang Seng China Enterprises Index Options	1,651	1,842	-10.4%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	32,191	45,226	-28.8%
Hang Seng TECH Index Options	1,226	1,437	-14.7%
Weekly Hang Seng TECH Index Options	413	434	-4.8%
Hang Seng TECH Index Futures Options	1,462	2,721	-46.3%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	628,388	682,675	-8.0%
RMB Currency Options - USD/CNH Options	14	20	-30.0%
Total Futures and Options	1,316,591	1,463,042	-10.0%

* Total average daily volume is the sum of the respective average volume of the individual products
Note:
- Number of trading days for Dec 2024 and Nov 2024 are 22 days (with 2 holiday trading days) and 21 days (without holiday trading day) respectively
- For list of holiday trading products, please see link here.

Clearing and Settlement

CCASS Statistics (securities market)	Dec 2024	Nov 2024	% Change
Average daily number of exchange trades settled by CCASS	2,334,875	2,594,723	-10.01%
Average daily number of settlement instructions (“SIs”) settled by CCASS	89,321	100,772	-11.36%
Average daily number of investor SIs (“ISIs”) settled by CCASS	123	120	2.38%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.93	99.89	N/A
Average daily value of SIs settled by CCASS ($ Mil)	243,207.25	277,776.68	-12.45%
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.05 63.77	74.96 63.79	N/A N/A
DCASS Statistics (derivatives market)	Dec 2024	Nov 2024	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	648,287	821,802	-21.1%
– Stock Futures	24,693	29,456	-16.2%
– Interest Rates Futures	100	90	11.1%
– RMB Currency Futures	37,537	32,111	16.9%
– INR Currency Futures	153	301	-49.2%
– Gold Futures	0	0	-
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	1,139,868	2,095,770	-45.6%
– Stock Options	10,935,536	14,596,112	-25.1%
– RMB Currency Options	371	523	-29.1%

Year-to-date Statistics

Securities Market	Dec 2024 YTD	Dec 2023 YTD	% Change
No. of newly listed companies #	71	73	-2.7%
Average daily turnover by value ($Mil.) ^	131,825	105,012	25.5%
Average share traded per trading day (Mil. Shares)	219,713	199,851	9.9%
Average no. of trades per trading day	2,255,822	1,893,932	19.1%
Fund raised by IPOs ($Mil.)*	87,478	46,321	88.9%
Total funds raised (including IPOs) ($Mil.)**	190,319	155,975	22.0%
Derivatives Market	Dec 2024 YTD	Dec 2023 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	581,651	557,324	4.4%
– Stock Futures	8,401	6,556	28.1%
– Interest Rates Futures	1	2	-50.0%
– RMB Currency Futures	95,368	39,886	139.1%
– INR Currency Futures	1,427	953	49.7%
– Gold Futures	0	1	-100.0%