Hong Kong Stock Exchange: Total new stock financing amount reaching HK$274.6 billion by 2025.

On December 22, the Hong Kong Stock Exchange released a review of 2025. In 2025, the amount of financing in the Hong Kong IPO market ranked first in the world, with a significant increase compared to the previous year, and average daily trading volume reached a historical high. In the spot market, the average daily trading volume in the first 11 months of 2025 reached HK$230.7 billion, an increase of 43% compared to the same period last year. As of December 19, a total of 106 companies were listed on HKEX, with total financing amounting to HK$274.6 billion, four of which made it to the top ten new listings globally in 2025. Companies listed on HKEX raised a total of US$66 billion in financing through secondary offerings. With the emergence of the "DeepSeek moment" and multiple technological innovations in mainland China, coupled with various market reforms in Hong Kong, international capital has noticeably flowed back to Hong Kong. Since the implementation of Chapters 18A and 18C of the "Listing Rules", 88 biotechnology and special technology companies have been listed on HKEX, reflecting investors' strong interest in cutting-edge fields. In May of this year, HKEX and the Securities and Futures Commission jointly launched the "Tech Connect" program, facilitating the listing of special technology companies and biotechnology companies. This strategic initiative allows innovative enterprises to more effectively raise funds and accelerate their development through the vibrant Hong Kong financial market. In November of this year, HKEX launched Hang Seng Biotechnology Index Futures, focusing on the fastest-growing and most dynamic sectors, providing risk management tools for investors, and complementing HKEX's existing biotechnology-related products and flagship stock index derivative products. Building on these strategic developments, HKEX launched the HKEX Tech 100 Index to further expand its index business. This index is the group's first stock index focusing on the Hong Kong technology industry, tracking 100 well-known large and mid-cap companies. These companies cover six major areas of innovation, showcasing HKEX's continued commitment to establishing a vibrant, innovation-led capital market. Expanding global influence and establishing strategic partnerships In 2025, HKEX continued to strengthen international connections, including actively expanding the sources of listed companies, attracting issuers from different regions to list in Hong Kong. This year, HKEX welcomed issuers from Kazakhstan, Singapore, Thailand, and the UAE to list in Hong Kong. HKEX added the Stock Exchange of Thailand as a recognized stock exchange this year, and signed a memorandum of cooperation with the Abu Dhabi Securities Exchange, further demonstrating HKEX's commitment to creating a vibrant, interconnected market for issuers. Meanwhile, HKEX opened an office in Riyadh and established a commodities pricing subsidiary in Dubai, highlighting the group's efforts to expand its international influence and commodity business in the Middle East. Driven by the innovation wave in mainland China, the Hong Kong market has successfully attracted many international investors to actively participate, with new listings and secondary offerings receiving strong demand from funds in Asia, Europe, the Middle East, and North America. The continued interest of global investors not only reflects their confidence in the Hong Kong capital market but also underscores that HKEX's role is not just a new listing financing center, but a strategic platform that provides a comprehensive range of investment opportunities. Enhancing market activity and liquidity The derivatives market of HKEX also achieved outstanding results this year. As of November 30th, the average daily trading volume of futures and options contracts reached a record high of 1.69 million contracts, an 8% increase year-on-year. Stock options are the most actively traded product, with an average daily trading volume of 895,548 contracts, a 23% increase from the same period last year. The Exchange-Traded Products (ETP) market (including ETFs and leveraged and inverse products) has been growing rapidly, with an average daily trading value of HK$37.6 billion as of the end of November, doubling from the same period last year. This year, HKEX welcomed the first batch of stock leveraged and inverse products in Asia, further enriching product diversity and enhancing market liquidity. In 2025, a total of 48 new ETPs were listed, fully reflecting the richness and diversity of the HKEX product ecosystem. To further enhance market liquidity and activity in Hong Kong, HKEX implemented the first stage of lowering the minimum tick size in August this year, reducing overall trading costs and improving price discovery efficiency. In addition, HKEX issued discussion papers to explore how to shorten the settlement cycle of the Hong Kong stock market and optimize the fee structure for securities market share trading, abolishing the minimum and maximum fee limits. Looking ahead, HKEX will continue to optimize the market and stimulate market trading through the introduction of new products and the enrichment of the product ecosystem, thus achieving a virtuous cycle of "liquidity creating liquidity". Future initiatives include simplifying the number of shares per board lot to eight choices, implementing a paperless securities market, and other major reform measures. These measures will ensure that the Hong Kong capital market remains vibrant and competitive, and can flexibly respond to the changing needs of different stakeholders. Planning for the future In advancing its future development strategy, it is crucial for HKEX to build an innovative and resilient financial ecosystem. Drawing on the success of the Hong Kong spot market, HKEX is actively promoting the development of the Fixed Income and Currency Products (FIC) ecosystem. To build a diversified asset product ecosystem, HKEX has invested in a 20% stake in Euroclear Holdings, deepening its strategic cooperation with the Hong Kong Monetary Authority. This strategic investment is based on a memorandum of cooperation signed by the two parties in March this year, aiming to strengthen Hong Kong's position as a global bond financing center, risk management center, and offshore renminbi business center, laying a foundation for building a vibrant fixed income and currency product market, comparable in depth and liquidity to the Hong Kong stock market. Hong Kong officially became a delivery point recognized by the London Metal Exchange (LME) this year, a significant milestone for LME's global network and coverage, as well as the development of Hong Kong's commodity market. By December this year, Hong Kong's LME-recognized delivery warehouses had increased to 13, reflecting Hong Kong's determination to develop into a global commodity trading center. LME also performed strongly this year, with an average daily trading volume increasing by 6% from the beginning of the year until November 30th. Following the launch of the new trading platform LMEselect v10 in March, LME also released a modernization plan for the options market aimed at enhancing liquidity and transparency. LME plans to introduce automatic expiration of options in the first half of 2026, with electronic options trading expected to be implemented by the end of the year. Community contributions and sustainable development As a company with a mission, HKEX plays an important and unique role in promoting positive reforms in the market and society, as both a corporation, a regulatory body, and a market operator. In December of this year, HKEX hosted the "HKEX Charity Gong Relay Race," attracting over 400 officials, business leaders, and market participants from the financial industry and other sectors, and raising a total of HK$9.7 million for charity. On the fifth anniversary of the HKEX Charity Fund, the three-year flagship charity program supporting caregivers has increased its donation amount from HK$25 million to HK$50 million, reflecting HKEX's commitment to working with the community to promote social welfare. Following the fire in Wang Fuk Estate in Tai Po, the HKEX Charity Fund donated HK$10 million to the Hong Kong SAR government's disaster relief fund, and matched all individual donations made by employees on a one-to-one basis to support the basic needs and temporary housing of affected residents. HKEX is also committed to promoting sustainable development and environmental protection, having recently released the "Carbon Credits: Buyer's Guide," providing practical information on the carbon credit market and assisting companies and investors in making informed decisions to advance towards sustainable development goals. This initiative reflects HKEX's determination to support the low-carbon transition by increasing transparency, building market confidence, and encouraging more companies to participate in voluntary carbon markets. CKEX Group CEO Charles Li said that 2025 was a year in which global investors returned to the Hong Kong market, and the innovative development in mainland China and Asia injected a continuous stream of vitality into the market. Market liquidity has continued to increase, the sound of IPO gongs is ringing one after another, and innovation is gaining favor among capital. HKEX will continue to work hard to expand the product ecosystem, build a more diverse market, and provide a variety of spot stocks, ETFs, derivatives, fixed income and currency products, and other risk management tools to meet the needs of different investors. Li added that this year, HKEX has made significant strategic progress, consolidating its foundation as an international financing platform. HKEX made a strategic investment in Euroclear Holdings, progressed with the plan to acquire the permanent headquarters of the group, and conducted multiple market consultations to further enhance market efficiency and vitality. A series of listing reforms and the "Tech Connect" initiative have attracted many innovative companies to list in Hong Kong, while the interconnection mechanism continues to act as a unique bridge connecting mainland China with international capital markets. Looking ahead to 2026, HKEX will continue to leverage technology, collaborate with partners, and build an ecosystem geared towards the future offering a more diverse range of products, easier ways to participate, and more choices for investors.