New Listings on HKEX Raised $83 Billion in 2024

Fundraising volumes rose sharply on the Hong Kong Exchanges and Clearing Limited (HKEX) as it had a fruitful year in 2024 with 66 new listings (IPOs) raising $83 billion in 2024 including the city’s biggest IPO since 2021.

HKEX, which is ranked among the top four exchanges globally, also introduced a host of initiatives during the year, further enhancing the Group’s offerings and strengthening Hong Kong’s role as a leading international financial centre.

These included plans to open an office in Riyadh, as well as adding Abu Dhabi and Dubai to the list of recognised stock exchanges, bolstering capital market connectivity between Asia and the Middle East. The Group also saw the successful implementation of Severe Weather Trading arrangements, reflecting HKEX’s commitment to continuously elevating its market competitiveness.

The improved macro conditions that fuelled market enthusiasm was highlighted by the new daily trading records across all of HKEX’s markets in the third and fourth quarters, with the cash equities market hitting a record $620 billion in turnover on 8 October 2024.

The market capitalisation of HKEX between January 1 and November 29 in 2024 stood at around $4.38 trillion and the number of companies registered have gone up from 2609 at the end of 2023 to 2,624 during the above said period.

HKEX’s derivatives market also had a very solid year, with average daily volumes (ADV) of futures and options reaching 1.57 million contracts as at 30 November, up 16% from a year earlier. Among new derivatives products launched during the period, HKEX introduced weekly Hang Seng TECH Index Options and weekly options for 10 single stocks, enhancing its dynamic options ecosystem and catering to the growing demand for shorter-dated options.

ETFs Gain Ground

The Exchange Traded Products (ETPs) market, including ETFs and leveraged and inverse products, has gone from strength to strength, with average daily turnover reaching $18.7 billion as at the end of November, an increase of around 34% from a year earlier.

During the year, HKEX welcomed Hong Kong’s first-ever listings of Covered Call ETFs and Asia’s first Spot Virtual Asset ETFs, further enhancing product diversity and liquidity, contributing to the 36 new ETFs launched during the period.

Furthermore, HKEX unveiled plans to digitise and automate the in-kind creation and redemption process for ETPs, a move that will increase market efficiency and support the continued growth of secondary market activity for ETPs.

HKEX also announced plans to introduce new post trade services and features on its integrated cash market platform, the Orion Cash Platform (OCP), as well as plans to develop the Orion Derivatives Platform (ODP), an in-house platform that will differentiate the Group’s derivatives offerings.

HKEX CEO Bonnie Y Chan, said that 2024 has been a year of significant progress and delivery as they positioned HKEX and their markets for a sustainable and vibrant future.

“During the year, HKEX has completed or announced various important strategic initiatives that will bring long-term positive impact to other markets, including reforms, new products, strategic partnerships, and programmes to advance HKEX’s future-ready capabilities,” he added.

Sustainability

HKEX launched sustainability function to ensure that ESG considerations are incorporated into all aspects of HKEX’s operations, policies, and culture.

The HKEX Foundation donated $11.06 million in 2024, bringing the total number of projects supported by the Foundation to nearly 120 since its launch. The Foundation also supported 74 students under its University Scholarship Programme since its launch.