HKEX Tang Jiacheng: Geopolitics and macroeconomic trends are becoming more complex, the role of exchange contacts is especially important.

Hong Kong Exchanges and Clearing Limited (00388) Chairman Laura Cha said that geopolitical and macroeconomic trends are becoming more complex, making the role of exchanges as connectors particularly important. She mentioned that the Hong Kong Exchange has established partnerships with many other exchanges in the region, especially with the Shenzhen Stock Exchange and the Shanghai Stock Exchange through mutual access, and believes that such cooperation will accelerate economic growth in the region, attract more global funds, and bring greater achievements to all markets and economies. Cha also described the current period as one of the most complex and challenging times in recent decades. At the same time, the economic status of Asia on the global stage has significantly improved, with higher levels of participation from both regional and global investors. Paul Chow, Head of Market Development at the Hong Kong Exchange, stated that by collaborating with exchanges in Asia and using dual listings to attract global investors to Hong Kong, liquidity can be guided back to the local market, thus enhancing industry valuations and connecting with global capital. Chow mentioned that the daily trading volume of Hong Kong stocks reached a record high of $32 billion in 2025, with a further 10% increase in the first quarter of this year. ETF trading volume also hit a record high, with the exchange traded products (ETP) market ranking third globally in terms of daily trading volume and first in turnover rate. The trading volume of structured products has been the highest globally for many years, with 1.7 million contracts traded daily in the derivatives market last year, reaching a new high. Stock option products cover short and long-term tools, meeting the needs of retail and institutional investors. He also mentioned that the Hong Kong Exchange recently launched two technology-themed indices, with 60% of the component stocks being Hong Kong-listed shares and 40% overseas-listed companies, providing mainland investors with diversified investment opportunities. He believes that discussions in the market about 24-hour trading, extended trading hours, tokenization, shortened settlement cycles, real-time settlement, T+1, etc., are all based on technological development. The Hong Kong Exchange has been continuously building its technological capabilities through its "Orion" brand, and has already extended the processing speed and low latency of spot stock trading to the commodity sector. In the coming years, the Orion derivative products platform will be launched, which is expected to further expand product choices and enhance connections with international participants.