Stock Connect Northbound Average Daily Turnover Hits Record 345.3 Billion Yuan, Doubling Year-over-Year
nashnova research
Northbound Stock Connect averaged RMB 345.3 billion in daily turnover in H1 2026, more than doubling year-on-year; southbound also set a record, with tech and semiconductors dominating flows in both directions.
Northbound turnover doubled — how big is the jump?
H1 2026 northbound average daily turnover hit RMB 345.3 billion, up from RMB 171.3 billion in H1 2025 — a rise of more than 100%.
Even against the 2025 full-year average of RMB 212.4 billion, the figure is 62.6% higher — a fresh all-time record.
This means → offshore appetite for A-shares didn't creep higher; it jumped to an entirely new level within six months.
How did southbound flows perform?
Southbound average daily turnover reached HKD 123.1 billion, surpassing the 2025 full-year peak of HKD 121.1 billion — also a record.
In plain terms = mainland investors' demand for Hong Kong stocks took just half a year to punch through last year's ceiling.
Both directions hitting records simultaneously shows the Stock Connect pipeline is being used more intensely from each side.
Where is the money going?
On the northbound side, semiconductors and advanced manufacturing were the most actively traded sectors; several related names ranked among the top-ten most active stocks.
Southbound capital chased the same theme — AI and semiconductor companies, especially recent Hong Kong-listed tech names.
This reflects a rare "tech consensus" across both markets: whether heading north or south, capital is betting on the same industrial chain.
Is the product shelf getting wider?
By end-June 2026, eligible northbound A-shares rose from 3,258 to 3,503, with additions concentrated on the STAR Market and ChiNext.
Southbound added 47 Hong Kong-listed stocks and 8 ETFs; eligible southbound ETFs grew from 23 to 31.
Among the new products are "60/40" ETFs — funds that can allocate up to 40% to international markets — with 7 now qualifying for Stock Connect.
This means → regulators on both sides keep widening the pipeline, giving investors a noticeably broader set of targets than a year ago.
How fast is the ETF channel growing?
Eligible northbound ETFs reached 365, with average daily turnover of RMB 4.8 billion, up 44.1% year-on-year.
Southbound ETF daily turnover hit HKD 6.2 billion, accounting for 6.1% of Hong Kong's total ETP market turnover.
In plain terms = ETFs are shifting from a sideshow in Stock Connect to a standalone funding channel — growing even faster than the single-stock route.
What to watch in H2?
HKEX stated it will continue to expand the Connect ecosystem with its partners.
The key test: whether northbound turnover can sustain its doubling pace in the second half.
This reflects the real question the market is asking — not "is there growth?" but "is this pace a one-off pulse or a durable trend?"
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