HKEX in 2025: Year in Review

Hong Kong Exchanges and Clearing Limited (HKEX) marked a year of momentum, progress and transformation in 2025, driven by major reforms in the equities market, strategic investment to build a vibrant fixed-income and currencies (FIC) ecosystem in Hong Kong, expansion into adjacent business areas, and stronger connections with international markets.HKEX reinforced its role as a global superconnector, cementing its position as the world’s leading venue for IPOs and setting new trading records, underscoring the dynamism and resilience of Hong Kong’s financial markets. This year also marked HKEX’s 25th anniversary, celebrated with citywide initiatives such as the HKEX Gong Tour and The Community Chest HKEX Gong Run.Tech Trends Accelerate Hong Kong’s Market MomentumHong Kong ranked as the world’s top IPO venue in 2025, with record-setting average daily trading volumes and fundraising levels rising sharply from a year earlier. For the cash market, average daily turnover (ADT) in the first 11 months of 2025 reached HK$230.7 billion, an increase of 43 per cent year-on-year. As at 19 December, HKEX IPOs raised a total of HK$274.6 billion from 106 new listings*, with four companies in the world's top 10 IPOs of 2025. Companies listed on HKEX raised US$66 billion in follow-on offerings, highlighting the vibrancy and depth of Hong Kong’s capital markets.Global capital flowed back to Hong Kong in 2025, driven by the “DeepSeek moment,” innovative technology initiatives and sweeping market reforms. Since the implementation of Chapter 18A and 18C of the Exchange’s Listing Rules, 88 biotech and specialist technology companies have listed on HKEX, reflecting robust investor interest in cutting-edge sectors.In May, HKEX and the Securities and Futures Commission (SFC) launched the Technology Enterprises Channel (TECH), a dedicated platform facilitating listing applications for specialist technology and biotech firms. This strategic move empowers innovative companies to access capital more efficiently and accelerates their growth within Hong Kong's dynamic financial ecosystem.In November, HKEX introduced the Hang Seng Biotech Index Futures, offering investors a risk management tool for one of Hong Kong’s fastest-growing and most dynamic sectors, complementing HKEX’s existing suite of biotech-related offerings and flagship equity index derivatives.Building on these strategic developments, HKEX expanded its index portfolio with the launch of the HKEX Tech 100 Index – the Group’s first equity index focused exclusively on Hong Kong’s technology sector. The index tracks 100 prominent large and mid-cap companies spanning six innovative industries, demonstrating HKEX’s ongoing commitment to building a thriving, innovation-centric capital market.Expanding Global Reach and Strategic PartnershipsHKEX continued to strengthen its international connectivity in 2025 by actively expanding its IPO pipeline to attract issuers from diverse regions, welcoming listings from markets including Kazakhstan, Singapore, Thailand, and the United Arab Emirates.The addition of the Stock Exchange of Thailand as a Recognised Stock Exchange, together with the signing of an MOU with the Abu Dhabi Securities Exchange, further emphasised HKEX’s commitment to fostering a vibrant, interconnected marketplace for issuers. Meanwhile, the opening of a Riyadh office and the announcement of a Dubai-based commodities pricing subsidiary reflect HKEX’s strategic intent to strengthen its regional presence and expand its commodities operations in the Gulf region.Fuelled by innovation from the Chinese Mainland, Hong Kong’s markets attracted robust participation from international investors during the year, with strong engagement from Asian, European, Middle Eastern, and North American funds in IPOs and follow-on offerings. This sustained global investor interest demonstrates broad confidence in Hong Kong’s capital markets and accentuates HKEX’s expanding role as a strategic platform for capital raising and investment opportunities beyond IPOs.Enhancing Market Vibrancy and LiquidityHKEX's derivatives market also had a record year, with average daily volumes (ADV) of futures and options reaching a record 1.69 million contracts as at 30 November, up 8 per cent year-on-year. Notably, stock options were among the most actively traded products, with ADV of 895,548 contracts, up 23 per cent from the same period a year earlier.The Exchange Traded Products (ETPs) market, including ETFs and leveraged and inverse products (L&I Products), has gone from strength to strength, with ADT doubling year-on-year to HK$37.6 billion as at the end of November. During the year, HKEX welcomed Asia’s first Single Stock L&Is, further enhancing product diversity and liquidity. A total of 48 new ETPs were launched during 2025, underscoring the diversity of HKEX’s product ecosystem.To further enhance the liquidity and vibrancy of Hong Kong’s markets, HKEX implemented Phase 1 of its minimum spread reduction in August, lowering overall transaction costs and enabling a more efficient price discovery process. In addition, HKEX published a discussion paper exploring ways to accelerate settlement in the Hong Kong cash market and updated its stock settlement fee structure by removing both the minimum and maximum fee limits.Looking ahead, HKEX remains steadfast in its commitment to delivering ongoing market enhancements to create a self-reinforcing flywheel in which new products drive trading activity and broaden the product ecosystem - so that liquidity begets liquidity.Upcoming initiatives include proposals to standardise board lots for securities trading with eight options, the launch of the Uncertificated Securities Market, and other key reforms. Together, these efforts will ensure Hong Kong’s capital markets remain dynamic and well-positioned to meet the evolving needs of all stakeholders.Building the Path ForwardAs HKEX advances its strategy for future growth, fostering an innovative and resilient financial ecosystem remains a top priority. Building on the success of creating one of the world’s most comprehensive cash markets in Hong Kong, HKEX is now focused on developing a robust FIC ecosystem.In line with its vision for a diversified, multi-asset product suite, HKEX agreed to acquire a 20 per cent stake in the holding company of CMU OmniClear Limited, deepening its strategic partnership with the Hong Kong Monetary Authority. This investment, following an MOU signed in March, will strengthen Hong Kong’s position as a global hub for bond fundraising, risk management and offshore RMB business - laying the foundation for a vibrant FIC marketplace that mirrors the depth and liquidity of the equities market.The approval of Hong Kong as an official warehouse location by the London Metal Exchange (LME) marked a significant milestone for the LME’s global network and reach, and for Hong Kong itself. By December, Hong Kong’s network of LME-approved warehouses had expanded to 13 facilities, highlighting the city’s ambition to become a global commodities trading hub.The LME also reported another strong year, with ADV for the year to 30 November registering a 6 per cent increase year-on-year. The LME, which launched its new trading platform, LMEselect v10, in March, also published a roadmap to modernise its options market with the aim of increasing liquidity and transparency. The LME intends to introduce auto expiry for options early in the second half of 2026 with electronic options planned for the end of the year.Community Outreach and SustainabilityAs a purpose-driven company, HKEX has an important and unique role as a corporate, regulator and market operator in fostering positive change for society. In December, it hosted The Community Chest HKEX Gong Run, bringing together over 400 officials, business leaders and market participants from across the financial sector and beyond, raising HK$9.7 million for charity.Marking its fifth anniversary, the HKEX Foundation is doubling its commitment from HK$25 million to nearly HK$50 million for a three-year flagship charity programme focusing on supporting caregivers. This underscores HKEX’s commitment to advancing our community for the prosperity of all.In the wake of the tragic Wang Fuk Court fire in Tai Po, the HKEX Foundation committed to a HK$10 million donation to the HKSAR Government’s relief fund, in addition to matching all employee donations, helping affected residents meet essential and temporary resettlement needs.HKEX is also committed to sustainability and the environment, and it has recently launched Carbon Credits: A Buyer’s Guide – a practical resource to demystify the carbon credits landscape and empower corporates and investors to make informed decisions aligned with their sustainability goals. This initiative reflects HKEX’s broader commitment to supporting the transition to a low‑carbon economy by enhancing transparency, building market confidence, and fostering greater participation in voluntary carbon markets. HKEX Chief Executive Officer, Bonnie Y Chan, said: “2025 has been a year of momentum - global investors returned with conviction, and innovation from the Chinese Mainland and across Asia kept our markets vibrant. Liquidity deepened, pipelines strengthened, and bold ideas found capital. At HKEX, we are committed to building on this momentum. To that end, we are proactively expanding our product ecosystem to create a marketplace where investors can find what they need: cash equities and ETFs, dynamic derivatives, and an increasingly robust fixed-income and currencies offering, alongside solutions that help manage risk and unlock returns. “This year also marked strategic progress as we worked to secure HKEX’s future as a global platform to raise capital. We made a strategic investment in CMU OmniClear, advanced plans for our permanent headquarters, and launched consultations to further enhance market efficiency and vibrancy. Listing reforms and our TECH Channel are bringing breakthrough companies to Hong Kong, while Connect continues to deliver unprecedented connectivity between the Chinese Mainland and international capital. As we look to 2026, we will keep building a future‑ready ecosystem - more products, more access, more choice - powered by technology and partnerships.“On behalf of HKEX, I would like to thank our market participants, stakeholders, regulators and colleagues for a year that reminds us of what Hong Kong does best: connect ideas with capital. We look forward to a year of expanded opportunities and deeper collaboration across our markets.”Here is a look back at some of the year’s highlights: Corporate and Strategic Highlights HKEX marked its 25th anniversary with a citywide celebration, featuring the first-ever HKEX Gong Tour HKEX announced plans to establish permanent headquarters at Hong Kong’s Exchange Square Following the signing of an MOU, HKEX made a strategic investment in CMU OmniClear Holdings to accelerate the development of Hong Kong’s FIC ecosystem Launched the HKEX Tech 100 Index, the Group’s first Hong Kong equity index that underscores its ongoing investment in building the vibrancy of the region’s capital market ecosystem Opened HKEX’s Riyadh office, enhancing the Group’s presence in the Middle East and supporting connectivity between Asia and the Gulf region Announced Commodity Pricing and Analysis Limited (CPAL), a new HKEX subsidiary based in Dubai that demonstrates the Group’s ambitions in expanding its commodities business in the Middle East Added the Stock Exchange of Thailand as a Recognised Stock Exchange and signed an MOU with the Abu Dhabi Securities Exchange Hosted the World Economic Forum’s first-ever financial services event in Hong Kong Listing and IPOs Hong Kong ranked as the top global IPO venue by funds raised, hosting four of the world’s top 10 IPOs of 2025 Launched TECH Channel to facilitate new listing applications from prospective Specialist Technology Companies and Biotech Companies Made reforms to IPO Price Discovery and Ongoing Public Float Requirements Launched Consultation on Enhancements to Structured Products Listing Framework Launched Paperless Listing Reforms New Corporate Governance Code requirements took effect Connect Programmes Enhanced Northbound Swap Connect to allow trades in interest rate swap contracts with a maximum tenor of 30 years Addition of 1-year Loan Prime Rate (LPR 1Y) into the floating reference rate options under Northbound Swap Connect OTC Clear completed the industry-first CCP-led USD/CNH Cross-Currency Swap multilateral compression and began accepting China Government Bonds (CGBs) and Policy Bank Bonds held by international investors through Bond Connect as margin collateral for all OTC derivative transactions Product Innovations Launched Hang Seng Biotech Index Futures, enhancing investor access to a dynamic sector and offering a robust hedging instrument Welcomed listing of Asia’s first Single Stock L&I Products in Hong Kong and first USD-denominated US stock derivative warrants Introduction of new weekly expiries for five single stock option classes Market Microstructure Implemented Phase 1 of reduction of minimum spreads, lowering overall transaction costs and supporting a more efficient price discovery process Introduced order routing service on the Integrated Fund Platform, marking an important step in connecting key participants in the fund distribution lifecycle and enhancing the efficiency of Hong Kong's fund management industry Enhanced margin collateral arrangements at HKEX’s securities and derivatives clearing houses, and at OTC Clear Published a discussion paper on accelerated settlement for the Hong Kong cash equities market Enhanced stock settlement fee structure, removing minimum and maximum fee components, and adjusted the ad valorem rate to 0.42 bps (0.0042%) for each trade Sustainability HKEX’s greenhouse gas emissions reduction targets were approved by Science Based Targets initiative (SBTi) Purchased sustainable aviation fuel (SAF) certificates to decarbonise business air travel Recipient of the Most Sustainable Organisations Award – Commendation of Best Corporate Governance and ESG Awards 2025 Signed an MOU with Guangzhou Emissions Exchange, Shenzhen Green Exchange, and Macao International Carbon Emission Exchange to cooperate in accelerating the carbon markets and green finance ecosystem development across the Greater Bay Area Co-hosted the inaugural International Carbon Markets Summit, in partnership with the SFC, and hosted the Climate Finance Forum to drive industry conversations on climate finance and carbon markets Published “Carbon Credits: A Buyer’s Guide” to support companies selecting carbon credits for their sustainability objectives Corporate Responsibility HKEX Foundation donated HK$89.4 million in 2025, bringing the total number of projects supported by the Foundation to over 150 since launch HKEX Foundation announced the launch of its flagship Caregiver Support Programme to foster a supportive and inclusive environment for caregivers through community support, institutional engagement, and cultural inclusion HKEX employees contributed over 2,300 volunteer hours to support various community causes during 2025 LME Launched its new trading platform, LMEselect v10,in March Announced its roadmap for the development of sustainable metal premium pricing for LME-approved brands Introduced the first changes from its Enhancing Liquidity programme (trade-at-settlement contracts) with revised tick sizes following in January 2026 and block trade thresholds and crossing rules later in H1 2026. Introduced a Carbon Border Adjustment Mechanism emissions reporting requirement for all aluminium–listed brands Note:* As at 19 December, including transfers from GEM to Main Board

HKEX in 2025: Year in Review

Інші новини компанії