In 2025, the capital inflow of Hong Kong stocks through the Mainland-Hong Kong Stock Connect will reach 1.4 trillion Hong Kong dollars, with the average daily trading volume increasing by 151% year-on-year.

On March 19, the Securities and Futures Commission of Hong Kong released its Quarterly Report, which showed that in 2025, the inflow of funds through the Stock Connect reached 1.4 trillion Hong Kong dollars, a 74% increase year-on-year. The daily average turnover increased by 151% to 121.1 billion Hong Kong dollars, and the percentage of total market turnover in Hong Kong increased from 18.3% in 2024 to 24.2%. Since its launch in 2014, the net inflow of funds through the Stock Connect has totaled over 5.1 trillion Hong Kong dollars as of the end of December 2025. The Securities and Futures Commission of Hong Kong stated that the capital market in Hong Kong ended the year 2025 strongly, with listing and digital asset markets showing new breakthroughs under strategic innovation measures. In terms of initial public offerings, Hong Kong ranked first globally in 2025, with a total fundraising amount exceeding 280 billion Hong Kong dollars. It is worth noting that since the launch of the new Science and Technology Enterprises (STEs) Line in May 2025, a total of 119 applications have been received from non-profitable biotech companies and specialized technology companies by December, bringing new growth momentum. Among these, 73 applications were from non-profitable biotech companies and 46 applications were from specialized technology companies. In the last quarter alone, ten companies from these two industries went public for the first time, raising over 9 billion Hong Kong dollars, an 800% increase year-on-year. To strengthen its position as a reputable fundraising center and review listing applications, the Securities and Futures Commission of Hong Kong issued a circular to the sponsors of initial public offerings in January 2026 focusing on missing information and improper behavior. The Commission is currently reviewing the documents submitted by sponsors in response to the circular and will conduct thematic inspections on sponsors in the short term. In the digital asset sector, Hong Kong's emerging ecosystem continued to flourish. The Commission recognized the tokenized retail currency market funds since their launch in 2025, with the total managed assets reaching 86.6 billion Hong Kong dollars by December, a 14% quarterly increase. Additionally, since the introduction of the first batch of Asia's virtual asset exchange-traded funds (ETFs) in 2024, a total of 11 such ETFs have been listed in Hong Kong, with a total market value increasing by 142% to over 5.4 billion Hong Kong dollars. Benefiting from the rapid expansion of the ETF sector, including leveraged and inverse products, the assets and wealth management market continued to grow in 2025. By December 2025, the total market value of ETFs and leveraged and inverse products approved by the Commission had surged by 33.7% to 6.187 trillion Hong Kong dollars. In the last quarter alone, these products recorded a net inflow of 9.2 billion Hong Kong dollars, accounting for 14% of the market turnover in Hong Kong. The net inflow of funds set up in Hong Kong registered funds soared by 118.5% to 3.567 trillion Hong Kong dollars in 2025. By December, the managed assets of these funds skyrocketed by 38.3% to 2.28 trillion Hong Kong dollars, while the total number of funds increased by 9.1% to 1,041. In 2025, the Securities and Futures Commission of Hong Kong received 9,637 license applications, including 9,338 individuals and 299 institutions, representing a 17% increase compared to 2024. In the quarter, the Commission received 2,488 license applications, a 27% increase year-on-year. Ms. Leung Fung-yee, CEO of the Securities and Futures Commission of Hong Kong, said, "2025 was a year for Hong Kong to achieve high-quality development as a leading international financial center; various strategic innovations have driven strong fundraising activities, accelerated development of the digital ecosystem, and flourishing asset management industry. Looking ahead, the Commission will continue to promote responsible innovation, enhance resilience, and strengthen investor confidence, paving the way for the future development of the Hong Kong market."