Recap of Hong Kong stock connect in 2025: Strong growth in trading volume, with average daily turnover significantly increasing to 121.1 billion Hong Kong dollars.

The "Hong Kong Stock Connect" WeChat official account released a review of the Hong Kong Stock Connect in 2025, stating that 2025 was a year of strong development for Chinese assets. Continuing the recovery trend that began in the second half of 2024, the overall trading volume of the Hong Kong stock market gradually increased in 2025; the trading volume of the Stock Connect also began to grow rapidly, with daily turnover increasing from HK$48.2 billion in 2024 to HK$121.1 billion in 2025, more than doubling. Mainland investors have become an important trading force in the Hong Kong cash market. In 2025, the proportion of Stock Connect trading volume in the Hong Kong cash market trading volume increased from 18.3% in 2024 to 24.2%. In addition to stocks, ETF trading under the Stock Connect also saw strong growth. The daily trading volume in 2025 reached HK$3.9 billion, a 62% increase from 2024. The Stock Connect covers core investment opportunities in the Hong Kong cash market By the end of 2025, 588 stocks had been included in the Stock Connect, accounting for 24.5% of the total number of stocks on the Hong Kong main board, with a market value share of 88%. The trading volume represented by these stocks accounted for 93% of the total trading volume on the Hong Kong main board market, basically covering the most core investment opportunities in the Hong Kong cash market. Through the mutual access mechanism, mainland investors are able to more easily position themselves in the Hong Kong market, helping to achieve diversified asset allocation. The proportion of sectors in the Stock Connect in 2025 also underwent significant changes. Basic materials, information technology, and healthcare saw significant increases, while non-essential consumption, telecommunications, and utilities decreased compared to 2024. The healthcare sector, led by biomedicine, saw an increase in the proportion of assets represented in the Stock Connect from 4.4% at the end of 2024 to 5.8% at the end of 2025. A total of 15 new assets were included in the Stock Connect, with a combined market value of nearly HK$190 billion. The materials-related industries also received widespread attention in 2025, with several important assets in the industry being included in the Stock Connect, resulting in a more than twofold increase in the total market value of the materials industry compared to 2024. The information technology sector was one of the industry sectors with the highest growth in total market value within the Stock Connect in 2025. Hot markets such as AI, Siasun Robot & Automation, and chips continued to emerge, further consolidating Hong Kong's position as a technology investment and financing center. ETFs in the Stock Connect continued to attract market attention In July 2022, ETF products were first included in the mutual access mechanism, and were expanded in July 2024. By the end of 2025, the number of ETFs included in the Stock Connect had increased to 23, further enriching investors' investment choices. Previously included ETFs in the Stock Connect mainly tracked more traditional Hong Kong market indices, such as the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, and Dividend Yield Index. This expansion not only increased the indices related to themes such as biotechnology, but also for the first time included indices with a higher proportion of foreign stocks. The investment scope expanded from Hong Kong to global, making it more convenient for Stock Connect investors to engage in international asset allocation. As of December 31, 2025 The Stock Connect has enormous growth potential Since the opening of the Shanghai-Hong Kong Stock Connect in 2014, after 11 years of optimization, the mutual access has evolved from a single stock trading channel to include ETFs, bonds (through Bond Connect), interest rate swaps (through Swap Connect), and many other asset categories. In 2025, HKEX continued to actively optimize market liquidity and trading mechanisms, such as adjusting the minimum price difference, to provide investors with more accurate possibilities for price changes, which would also have a positive impact on Stock Connect trading. This year, HKEX plans to continue the second stage implementation of the minimum price difference, as well as study other measures to further improve the market. Regulatory authorities in both places have expressed support for multiple reform measures, and as a key infrastructure operator in the Hong Kong financial market, HKEX will continue to work closely with mainland partners and market participants to enrich the product categories, expand the range of targets; continually optimize the trading mechanisms and supporting services of the Shanghai-Hong Kong Stock Connect; explore more measures to enhance investor participation and convenience; and continuously improve arrangements such as Bond Connect and Swap Connect.