Stock Connect (Southbound) Averaged HK$123.1 Billion in Daily Turnover in H1, Up 11% YoY
Claire Weston
Southbound Stock Connect averaged HK$123.1 billion in daily turnover in H1 2026, up 11% year-on-year and surpassing the full-year 2025 record; southbound flows now account for roughly 22% of Hong Kong's cash-equity turnover, making mainland investors a structural liquidity pillar.
What does HK$123.1 billion a day actually mean?
Southbound average daily turnover hit HK$123.1 billion in H1 2026, topping the full-year 2025 record and rising 11% year-on-year.
This means → growth is not a low-base rebound. 2025 was already a record, and flows are still accelerating.
Southbound trading now accounts for about 22% of Hong Kong's total cash-market turnover. In plain terms = for every five dollars changing hands in Hong Kong equities, more than one comes from mainland investors.
The eligible stock list is expanding — where?
A net ~50 new securities were added to the southbound eligible list in H1, spanning AI, semiconductors, autonomous driving, robotics, advanced manufacturing, and innovative pharma.
This means → the Stock Connect "shelf" is tilting toward the new economy, giving mainland investors significantly more cross-border access to tech and innovation names.
This reflects a deliberate push by regulators on both sides to channel flows toward growth sectors, not just traditional blue chips.
Why is ETF growth far outpacing the rest?
Southbound ETF average daily turnover reached HK$6.1 billion in H1, up 61% year-on-year — nearly six times the growth rate of overall southbound trading.
Tech and cross-market ETFs drew the most attention. Seven "60/40"-style multi-asset ETFs — funds that blend equities and bonds to spread risk — are now on the southbound eligible list.
In plain terms = the way mainland money buys Hong Kong is changing — from picking individual stocks to buying thematic baskets. The shift toward index-based, theme-driven allocation is a structural change worth tracking.
Content is for reference only, not financial advice.