HKEX: July Securities Market Cap at HK$46.8 Trillion, IPO Fundraising Up 154% YoY
Alina Collins
Hong Kong's securities market reached HK$46.8 trillion in total capitalisation at end-July, up 4% year-on-year; IPO fundraising hit HK$328.2 billion in the first seven months, surging 154% — the listing boom is now the core engine of Hong Kong's capital-market appeal.
How much did the market grow, and is trading picking up?
Total market capitalisation stood at HK$46.8 trillion at end-July, up 4% from HK$44.9 trillion a year earlier.
Average daily turnover in July was HK$307.2 billion, up 17% year-on-year; the seven-month average was HK$286.8 billion, up 18%.
This means → capitalisation grew modestly, but trading volume rose faster — more money is moving in and out, signalling higher market participation.
Why are IPOs the standout story?
A total of 104 companies listed in the first seven months, nearly double the 53 in the same period last year.
IPO fundraising reached HK$328.2 billion, up 154% year-on-year; total fundraising including secondary offerings hit HK$528 billion, up 57%.
In plain terms = it is not just more listings — each company is raising more on average. Large IPOs are returning to Hong Kong.
This reflects a recovery in global capital's confidence in Hong Kong as a fundraising platform.
How are structured products and ETFs doing?
Callable bull/bear contracts averaged HK$13.1 billion in daily turnover, up 36%; ETFs averaged HK$40.6 billion, up 22%.
Leveraged and inverse products averaged HK$10.5 billion, surging 169% year-on-year.
This means → the near-tripling in leveraged-product turnover shows short-term capital and hedging demand are expanding fast, pointing to rising volatility expectations.
Which derivatives records were broken?
Futures and options averaged about 1.80 million contracts per day in the first seven months, up 8%.
On July 24, USD-denominated gold futures set a single-day record of 18,029 contracts; on July 30, weekly Hang Seng Tech Index options hit a record 14,015 contracts.
This reflects simultaneous surges in gold safe-haven demand and tech-sector volatility trading — the derivatives market is getting deeper.
What to watch next?
On the debt side, 23 securities listed in July raising HK$103.5 billion equivalent; the seven-month total was 154 issues raising HK$581.3 billion equivalent.
Whether IPO fundraising can sustain the 154% growth rate in coming months will be the key test of Hong Kong's appeal as a listing venue.
In plain terms = the first-half numbers are impressive, but the real question is whether this momentum is a structural recovery or a short-term spike driven by a handful of mega-IPOs.
Content is for reference only, not financial advice.