HKEX Posts 89% Trading Surge and 68% Listing Growth in 2025

2 articles · Updated · Morningstar · Sep 29

Trading volume at HKEX rose 89% in 2025 and listings climbed 68%, extending the exchange’s postpandemic recovery despite volatility in Hong Kong.
International investors’ renewed interest in China is driving the gains, supporting HKEX’s core revenue streams of trading fees and IPO activity.
Stock Connect is adding incremental fee income that should largely flow to profit because the business is capital-light and needs little new infrastructure beyond existing collateral facilities.
HKEX’s outlook still hinges on global demand for mainland Chinese companies, even as China’s influence over Hong Kong has grown and the city has seen human and financial capital outflows.