HKEX Releases October Market Highlights: Average Daily Turnover Reaches HK$263.8 Billion in First 10 Months, Up 2% YoY
nashnova research
HKEX published its October market update on November 5. Year-to-date average daily turnover reached HK$263.8 billion, up just 2% — but IPO proceeds surged 84% and derivatives set multiple single-day records, signaling that Hong Kong's growth engine is shifting from cash equities to listings and derivatives.
Cash equities up only 2% — what does that tell us?
Year-to-date ADT hit HK$263.8 billion, versus HK$258.2 billion a year ago — a 2% increase.
October alone was weaker: ADT fell to HK$180.7 billion, dragging the full-year average lower.
This means → cash equity trading activity is essentially flat; the headline turnover has not kept pace with the IPO and derivatives surge.
Total market capitalisation stood at HK$42.4 trillion at end-October.
Why is the IPO market the standout story?
121 companies listed in the first ten months, up 49% from 81 in the same period last year.
IPO proceeds reached HK$403.9 billion, up 84% year-on-year.
Including all fundraising methods, total capital raised hit HK$753.8 billion, up 47%.
In plain terms = nearly half again as many companies went public, and each raised more on average — the two effects compounded to almost double the proceeds.
How wide is the gap between ETF and leveraged-product growth?
ETF ADT reached HK$37.1 billion, up 8% — moderate growth.
Callable bull/bear contracts (CBBCs) averaged HK$12.0 billion daily, up 15%.
Leveraged and inverse products averaged HK$9.5 billion daily, soaring 164%.
This means → demand for short-term leveraged instruments is surging, a sign that risk appetite is diverging: broad market turnover is steady, but capital betting on volatility has piled in.
Which derivatives records were broken?
Year-to-date futures and options ADV reached 1,705,381 contracts, up 1% — broadly stable.
Yet three single-day records fell in October: USD gold futures hit 30,132 contracts (Oct 16), weekly Hang Seng China Enterprises Index options hit 56,630 contracts (Oct 2), and weekly Hang Seng TECH Index options hit 20,002 contracts (Oct 30).
This reflects a growing "spike" pattern in derivatives — capital floods in around specific event windows for hedging and directional bets.
How is the debt securities market performing?
30 debt securities listed in October, raising HK$104.6 billion equivalent.
Year-to-date, 240 debt securities listed, raising a total of HK$834.0 billion equivalent.
In plain terms = the bond market is running at a steady pace, with no notable acceleration or slowdown.
What is still in play for the full-year numbers?
Whether IPO proceeds hold up over the final two months is the key test for full-year fundraising data.
If the November–December listing pipeline stays on track, full-year proceeds could reach a multi-year high.
This means → Hong Kong's 2026 market scorecard will likely show flat cash turnover; the variables that determine the final grade sit on the IPO and derivatives lines.
市场有风险，内容仅供研究参考，不构成投资建议。