HKEX Reports HK$283 Billion Average Daily Turnover in H1; IPO Funds Raised Surge 92% YoY
Claire Weston
Hong Kong Exchanges reported first-half 2026 average daily turnover of HK$283 billion, up 17.8% year-on-year, while IPO proceeds reached HK$210.2 billion — the second-highest for any first half on record — as tech-stock inflows, record Stock Connect volumes, and a surge in listings fired up both cash and derivatives markets.
Why did cash-market activity jump so sharply?
First-half ADT hit HK$283 billion, up 17.8% year-on-year. June alone reached HK$319.1 billion, a 38.6% rise.
This means → the rally was not a one-off spike but an accelerating trend — Q2 ADT of HK$289.5 billion set an all-time quarterly record.
HKEX attributed the surge to three drivers: tech and AI stocks pulling in capital, record Stock Connect turnover, and a steady stream of new listings. In plain terms = money chased the AI theme into Hong Kong, the cross-border pipes widened, and fresh IPO supply kept adding fuel.
How hot did the IPO market get?
A total of 87 companies listed in the first half, raising HK$210.2 billion — up 92.1% year-on-year and the second-highest first-half tally ever.
For comparison, the same period last year saw just 44 listings raising HK$109.4 billion — roughly half on both counts.
Post-IPO equity refinancing and related deals added another HK$296 billion. In June's second half alone, 20 new listings hit the market. This reflects a simultaneous rebound in confidence among both issuers and investors.
Where did Stock Connect money flow?
Northbound: Shanghai and Shenzhen Connect ADT reached RMB 345.3 billion, up 101.6% — more than double the 2025 full-year average of RMB 212.4 billion.
Southbound: Hong Kong Stock Connect ADT hit HK$123.1 billion, up 10.9%, breaking the 2025 full-year record.
Cross-border ETFs grew even faster: southbound ETF ADT reached HK$6.1 billion (+61%), northbound ETF ADT hit RMB 4.9 billion (+84%). This means → passive money is using ETFs to accelerate cross-border allocation. Stock Connect has evolved from a single-stock channel into an asset-allocation channel.
What changed inside the ETF market itself?
First-half ETF ADT reached HK$48.4 billion, up 32% from the 2025 full-year level.
The number of listed ETF products rose from 214 at end-June 2025 to 250 at end-June 2026.
In plain terms = more products, higher turnover — ETFs are shifting from a niche tool to one of the mainstream on-ramps into Hong Kong's equity ecosystem.
Did the derivatives market keep pace?
First-half ADT reached 1.81 million contracts, up from 1.70 million a year earlier. Equity options averaged 942,162 contracts per day.
Hang Seng Tech Index futures averaged 205,089 contracts daily (vs. 161,444), and hit a single-day record of 523,692 contracts on May 26.
HKEX launched 17 new weekly equity options in June, bringing the total to 33. Weekly contracts already account for 20% of all equity-option volume. This means → demand for short-cycle hedging tools is surging as institutions manage volatility with finer-grained instruments.
What is the key variable to watch in the second half?
HKEX flagged the simultaneous expansion of cash and derivatives markets as the core variable for whether revenue momentum can be sustained.
In plain terms = the first-half numbers are impressive, but HKEX's revenue model is heavily volume-dependent — if AI enthusiasm cools or Stock Connect flows pull back, the headline figures can reverse quickly.
This reflects a deeper question: is the current volume surge a structural shift or a cyclical peak? The answer will emerge from the monthly data in the second half.
Content is for reference only, not financial advice.