Hong Kong’s stock market has revived in trading activity and fundraising, but that does not mean every stock or the Hang Seng Index rose. Cash-market turnover surged in 2025 and remained high in the first half of 2026, while IPOs brought in substantial capital. Yet the Hang Seng Index ended Q2 2026 below its end-March level. The clearest answer is that Hong Kong’s markets became busier and more active in raising capital; an across-the-board recovery is not established.
What does “market revival” mean in Hong Kong?
It depends on the measure. Trading turnover indicates how much stock changed hands; IPO proceeds measure capital raised by newly listed companies; an index tracks the value of a selected group of shares. These figures can move in different directions. Hong Kong’s recent revival is strongest in turnover and fundraising, not a guarantee of broad gains for investors.
That distinction matters because a busier market can still include falling share prices, uneven performance between companies, or a weaker index over a particular period. The available figures establish activity and capital-raising strength, but not that every listed company benefited.
How strong was the rebound in 2025?
Hong Kong Exchanges and Clearing Limited (HKEX) reported that average daily cash-market turnover reached HK$249.8 billion in 2025, up 89.5% from 2024. That is a measure of trading activity—not a return earned by investors. The government separately reported that the Hang Seng Index rose 28% over the full year, a distinct measure of index performance. HKEX’s 2025 market figures and the Hong Kong Government’s 2026–27 Budget retrospective cover these separate indicators.
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IPO and follow-on fundraising
HKEX said 119 new listings raised HK$285.8 billion in 2025, and that new-economy companies accounted for more than two-thirds of listings. It also reported US$66 billion in follow-on offerings, up from US$27.9 billion in 2024; that comparison cites Dealogic. IPO proceeds and follow-on offerings show companies’ ability to raise equity capital, rather than how existing shareholders’ holdings performed.
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The government’s full-year 2025 retrospective also reported real growth of 12% in goods exports, 6.3% in services exports, 1.7% in private consumption, and 4.3% in overall investment expenditure. Those indicators give context for the market’s 2025 performance, but they are not stock-market returns and do not prove that economic growth caused the rise in trading or fundraising.
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Did the momentum continue in 2026?
Yes, in the activity and fundraising measures reported by HKEX. For the six months through June 30, 2026, average daily cash-market turnover was HK$283.0 billion, up 17.8% year over year. Eighty-seven IPOs raised HK$210.2 billion, compared with HK$109.4 billion from 44 IPOs in the first half of 2025. These are half-year totals and should not be treated as full-year outcomes. HKEX’s H1 2026 update reports the figures.
Cross-border activity and exchange-traded products
HKEX reported H1 average daily southbound Stock Connect turnover of HK$123.1 billion, up 10.9% year over year. Northbound average daily turnover was RMB345.3 billion, up 101.6%. These are measures of activity through the two Stock Connect channels, not a complete reading of foreign investor sentiment or a direct measure of net inflows.
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Exchange-traded products (ETPs) also saw higher activity: HKEX said their average daily turnover reached HK$48.4 billion, up 31.8%, with 250 ETP products at end-June compared with 214 a year earlier. HKEX described interest in technology and AI-related stocks and highlighted technology, gold and cross-market ETFs. Product variety and turnover alone do not establish that an ETP offers suitable exposure or will perform well.
Why are investors and companies returning?
HKEX attributes the stronger market to factors including global investors’ interest in diversification and China’s innovation-led growth, new-economy issuers, product expansion, equity-market reforms, and stronger international connections. It also points to investment in fixed-income and currency markets. These are the exchange’s explanations, not independently quantified estimates of what caused the increase.
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In its July 16, 2026 update, HKEX characterized the trend this way: “Hong Kong’s markets extended their strong 2025 momentum into H1 2026, with robust trading activity across equities, derivatives and cross-border channels.” This describes the exchange’s view of activity; it does not settle whether the rally will continue or how widely gains were shared.
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The Hang Seng Index fell during Q2 2026
The Hong Kong Government reported that the Hang Seng Index closed Q2 2026 lower than at the end of March, even as turnover rose and IPO activity remained vibrant. Its August 14, 2026 release said the index had fluctuated and average daily turnover in Q2 was more than 20% higher year over year. A stronger trading market, in other words, did not prevent the headline index from ending the quarter down.
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Economic growth remained positive but slowed from Q1
Real GDP grew 4.3% year over year in Q2 2026, after 5.9% in Q1, according to the government. It said Q2 expansion was underpinned by buoyant external trade and resilient domestic demand. The release also reported advances in residential property trading and prices. These economy-wide indicators provide context, but neither GDP nor property activity is a substitute for stock-market performance.
The government’s account is a useful counterweight to HKEX’s activity-focused reporting: it confirms vibrant turnover and IPO fundraising while documenting a lower quarter-end index level. The evidence supports an active market, not uninterrupted index appreciation.
How should investors interpret the revival?
- For trading activity: turnover rose sharply in 2025 and remained high in H1 2026.
- For companies seeking capital: IPO fundraising was substantial in both periods, with H1 2026 proceeds already exceeding the comparable first-half 2025 total.
- For broad stock performance: the evidence is mixed. The Hang Seng Index gained over full-year 2025 but ended Q2 2026 below its end-March level.
- For future returns: the reported figures do not establish that momentum will persist, that all listed shares benefited, or that Hong Kong equities are undervalued.
For a reader asking whether the stock market has recovered, the most precise answer is: Hong Kong’s market activity and fundraising have rebounded strongly, but the evidence does not support calling the recovery broad or uninterrupted.
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