hkex fact book 2018 · mar ke t p e r f orman ce in 2018 market performance in 2018 2017 2018...

HKEX Fact Book 2018

Contents of HKEX Fact Book 2018

● Market Performance in 2018

● Major events of the Hong Kong securities and derivatives market 2018

● Market highlights

● Securities market – Main Board– market indices– listing statistics– market capitalisation– trading statistics and analysis– short selling– listed companies– equity warrants– derivative warrants– callable bull/bear contracts– debt securities– unit trusts and mutual funds– trading only stock– RMB securities products– Shanghai-Hong Kong Stock Connect– Shenzhen-Hong Kong Stock Connect– historical section– world stock markets

● Securities market – GEM– market indices– listing statistics– market capitalisation– trading statistics and analysis– listed companies– warrants

● Derivatives market– equity index products– interest rate products– equity products– commodity products– currency products– historical section

● LME Commodities market

● Clearing statistics

● Exchange participants

● Clearing participants/Members

● Hong Kong stock market and derivatives markets historical events

● Appendices

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market performance in 2018

2017 2018 Change (%)

Stock market

No. of listed companies 2,118 2,315 9.30

Main Board 1,794 1,926 7.36

GEM 324 389 20.06

No. of listed securities 12,803 13,290 3.80

Main Board 12,478 12,900 3.38

GEM 325 390 20.00

No. of new listed companies (1) 174 218 25.29

Main Board 94 143 52.13

Transfer of listing from GEM 13 10 (23.08)

GEM 80 75 (6.25)

Total market capitalisation (HK$mil) 33,998,836.61 29,909,421.59 (12.03)

Main Board 33,717,995.17 29,723,238.27 (11.85)

GEM 280,841.44 186,183.32 (33.71)

Total turnover value (HK$mil) (2) 21,709,160.48 26,422,762.07 21.71

Average daily 88,248.62 107,409.60 21.71

Main Board 87,642.68 106,891.36 21.96

GEM 605.94 518.24 (14.47)

Highest 172,500.80 (30/11) 284,101.95 (23/03)

Lowest 49,493.99 (02/02) 47,279.01 (28/12)

Equity funds raised (HK$bil) 581.39 544.13 (6.41)

IPO 128.54 288.01 124.07

Main Board 122.60 282.95 130.79

GEM 5.94 5.06 (14.78)

Post-IPO 452.85 256.13 (43.44)

Main Board 444.80 250.27 (43.73)

GEM 8.05 5.86 (27.19)

mainland Enterprises

No. of Mainland enterprises 1,051 1,146 9.04

Main Board 956 1,042 9.00

H shares 228 243 6.58

Red chips 153 159 3.92

Mainland private enterprises 575 640 11.30

GEM 95 104 9.47

H shares 24 24 0.00

Red chips 6 5 (16.67)

Mainland private enterprises 65 75 15.38

No. of new listed H-shares (1) 13 16 23.08

Main Board 11 16 45.45

Transfer of listing from GEM 0 0 –

GEM 2 0 (100.00)

Market capitalisation (HK$mil) (% of market total) 22,522,059.94 (66.24%) 20,193,124.67 (67.51%) (10.34)

Main Board 22,423,619.04 (66.50%) 20,150,482.55 (67.79%) (10.14)

H shares 6,758,944.23 5,937,289.44 (12.16)

Red chips 5,726,457.33 5,374,871.03 (6.14)

Mainland private enterprises 9,938,217.48 8,838,322.09 (11.07)

GEM 98,440.90 (35.05%) 42,642.12 (22.90%) (56.68)

H shares 8,926.84 4,717.05 (47.16)

Red chips 12,398.68 2,349.70 (81.05)

Mainland private enterprises 77,115.39 35,575.38 (53.87)

Total turnover value (HK$mil) (% of equity turnover) 12,328,783.72 (76.09%) 15,480,453.14 (79.55%) 25.56

HKEX Fact Book 2018 1

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2017 2018 Change (%)

Stock price indices

Hang Seng Index (31 July 1964 = 100) 29919.15 25845.70 (13.61)

HSI – Finance 40829.50 35808.22 (12.30)

HSI – Utilities 55654.73 57792.61 3.84

HSI – Properties 40088.36 37143.40 (7.35)

HSI – Commerce & Industry 18156.20 14656.68 (19.27)

Hang Seng China Enterprises Index (3 January 2000 = 2000) 11709.30 10124.75 (13.53)

Hang Seng China-Affiliated Corporations Index

(3 January 2000 = 2000) 4426.25 4169.04 (5.81)

S&P/HKEX LargeCap Index (28 February 2003 = 10000) 38884.61 33622.78 (13.53)

S&P/HKEX GEM Index (28 February 2003 = 1000) 263.81 146.01 (44.65)

Equity warrants

No. of newly issued 4 1 (75.00)

Main Board 4 1 (75.00)

GEM 0 0 –

Total premium of newly issued equity warrants (HK$mil) 0.00 0.00 –

Main Board 0.00 0.00 –

GEM 0.00 0.00 –

No. of equity warrants 8 3 (62.50)

Main Board 7 2 (71.43)

GEM 1 1 0.00

Total turnover value (HK$mil) 197.11 21.92 (88.88)

Main Board 196.28 21.83 (88.88)

GEM 0.84 0.09 (89.27)

Debt securities

No. of debt securities 1,047 1,195 14.14

RMB bonds 84 76 (9.52)

Total turnover value (HK$mil) 60,496.31 48,393.92 (20.01)

No. of newly listed debt securities 316 303 (4.11)

RMB bonds 8 15 87.50

Total fund raised (HK$bil) 1,190.67 1,053.83 (11.49)

Aggregated principal amount of new listed RMB bonds (RMB bil) 18.00 19.11 6.17

iBond turnover value (HK$mil) (% of debt securities) 6,072.26 (10.04%) 4,233.66 (8.75%) (30.28)

Unit trusts and mutual funds

No. of listed units trusts and mutual funds 145 149 2.76

ETFs 106 115 8.49

L&I Products 27 22 (18.52)

REITs 11 11 0.00

Total turnover value (HK$mil) (% of Main Board total) 1,249,163.57 (5.79%) 1,209,932.94 (4.60%) (3.14)

ETFs 1,065,380.88 987,251.32 (7.33)

L&I Products 94,095.00 109,851.98 16.75

REITs 89,410.35 112,576.01 25.91

Average daily turnover value (HK$mil) 5,077.90 4,918.43 (3.14)

ETFs 4,330.82 4,013.22 (7.33)

L&I Products 382.50 446.55 16.75

REITs 363.46 457.63 25.91

No. of new listed unit trusts and mutual funds 22 15 (31.82)

ETFs 3 15 400.00

Multiple-counter ETFs 0 9 –

Trading value in RMB

% of total multiple-counter ETFs 1.12 1.33

Trading value of A-share ETFs (HK$bil) (% of ETFs) 360.37 (33.83%) 430.04 (43.56%) 19.33


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Structured products

Derivatives warrants (DWs)

No. of listed DWs 6,094 6,763 10.98

No. of new listed DWs 7,989 11,794 47.63

Total notional value of new listed DWs (HK$bil) 156.96 252.96 61.16

Total turnover value (HK$mil) (% of Main Board total) 3,007,655.35 (13.95%) 3,866,143.16 (14.70%) 28.54

Callable bull/bear contracts (CBBCs)

No. of listed CBBCs 3,374 2,847 (15.62)

No. of new listed CBBCs 13,235 26,678 101.57

Total notional value of new listed CBBCs (HK$bil) 433.47 856.40 97.57

Total turnover value (HK$mil) (% of Main Board total) 1,189,171.77 (5.52%) 1,837,313.96 (6.99%) 54.50

rmB-traded securities products

No. of RMB-traded securities 129 131 1.55

Equities 2 2 0.00

Debt securities 84 76 (9.52)

DWs 0 0 –

ETFs 42 52 23.81

REITs 1 1 0.00

No. of multiple-counter securities 42 52 23.81

Equities 1 1 0.00

ETFs 41 51 24.39

Total turnover value (RMB mil) 11,660.07 11,822.43 1.39

Equities (% of total) 51.95 (0.45%) 245.95 (2.08%) 373.47

DWs (% of total) 0.00 (0.00%) 0.00 (0.00%) –

ETFs (% of total) 6,290.62 (53.95%) 8,091.59 (68.44%) 28.63

REITs (% of total) 2,751.78 (23.60%) 2,867.85 (24.26%) 4.22

Debt securities (% of total) 2,565.73 (22.00%) 617.04 (5.22%) (75.95)

trading-only market

No. of ETFs 0 0 –

No. of NASDAQ stocks 6 6 0.00

Total turnover value (HK$mil) 0.58 4.81 727.99

Shanghai-Hong Kong Stock Connect

Southbound trading

Number of eligible stocks 311 323

Total trading value (HK$mil) 1,724,405.37 1,822,098.37 5.67

Average daily 7,497.41 8,170.84 8.98

Northbound trading


Both buy and sell 576 577

Sell only 215 280

Margin trading 383 355

Total trading value (RMB mil) 1,314,621.81 2,662,308.21 102.52

Average daily 5,594.14 11,625.80 107.82

Shenzhen-Hong Kong Stock Connect

Southbound trading


Total trading value (HK$mil) 535,300.39 1,011,556.40 88.97

Average daily 2,327.39 4,536.13 94.90

Northbound trading

Number of eligible stocks 1,028 1,132

Both buy and sell 944 859

Sell only 84 273

Margin trading 393 373

Total trading value (RMB mil) 950,705.18 2,011,528.51 111.58

Average daily 4,045.55 8,783.97 117.13


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Derivatives market

No. of stock futures classes (as at the year end) 72 78 8.33

No. of stock options classes (as at the year end) 86 96 11.63

Total contract volume 214,845,348 296,183,076 37.86

Average daily 869,819 1,203,996 38.42

All futures products 77,060,327 128,847,222 67.20

All options products 137,785,021 167,335,854 21.45

Top three contract volume contributor in futures market

HSI Futures

Contract volume (% of futures total) 31,486,965 (40.86%) 57,668,346 (44.76%) 83.15

Open Interest 144,659 133,924 (7.42)

Hang Seng China Enterprises Index Futures


Open Interest 233,591 428,692 83.52

Mini-HSI Futures


Open Interest 9,863 12,587 27.62

Key index options products

Hang Seng China Enterprises Index Options

Contract volume (% of options total) 19,777,920 (14.35%) 24,258,084 (14.50%) 22.65

Open Interest 1,982,347 2,309,038 16.48

HSI Options


Open Interest 344,084 279,856 (18.67)

Mini-HSI Options


Open Interest 9,108 18,777 106.16

Commodity market

LME futures and options contract volume (mil lots) 157.4 185.0 17.53

In value (US$tril) 12.7 15.7 23.62

Tonnes of material (bil) 3.5 4.1 17.14

Average daily 624,480 730,498 16.98

Notes:(1) Figures includes the number of companies for transfer of listing from GEM.(2) Turnover values have been adjusted for late reported and rejected sales.


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major Events of the Hong Kong Securities and Derivatives markets 2018

month Event

January On 22 January, HKEX revised the strike interval tables of Hang Seng index (HSI) Options, Hang Seng China Enterprises Index (HSCEI) Options, Mini-HSI Options and Mini-HSCEI Options, providing more choices of strike prices for trading that could facilitate investors’ options risk management.

February On 5 February, HKEX introduced its new securities trading system for the Hong Kong market, the Orion Trading Platform-Securities Market (OTP-C), replacing the AMS/3.8 system, an upgraded version of the AMS/3 system rolled out in 2000. OTP-C has a rich set of functionalities to satisfy existing market needs and support new business requirements in the future.

On 5 February, HKEX introduced four new stock futures contracts namely AIA Group Ltd., AAC Technologies Holdings Inc., Country Garden Holdings Co. Ltd. and Sunny Optical Technology (Group) Co. Ltd.

On 5 February, HKEX introduced five new stock options classes namely China Evergrande Group, Country Garden Holdings Co. Ltd., Guangzhou Automobile Group Co. Ltd., Sunac China Holdings Ltd. and Sunny Optical Technology (Group) Co. Ltd.

On 14 February, HKEX announced an incentive programme for stock futures that would take effect on 1 March 2018. The scheme included a six-month trading fee waiver and incentives for market makers providing continuous quotes.

On 20 February, HKEX held an opening ceremony for the HKEX Connect Hall, a dynamic multi-functional area featuring over 30,000 square feet for events such as exhibitions, conferences, and ceremonies.

On 23 February, the SFC gazetted two Notices — the Securities and Futures (OTC Derivative Products) Notice and the Securities and Futures (Stock Markets, Futures Markets and Clearing Houses) (Amendment) Notice 2018, which would take effect from 27 April 2018. Each has the effect of narrowing the range of transactions that need to be reported or cleared under Hong Kong’s mandatory reporting and clearing obligations for OTC derivative transactions.

On 23 February, the SEHK published a Consultation Paper on a Listing Regime for Companies from Emerging and Innovative Sectors to seek market views on the proposed expansion of the Hong Kong listing regime, to facilitate listings of companies from emerging and innovative sectors with a view to enhance Hong Kong’s competitiveness as a listing platform.

March On 5 March, HKEX introduced long-dated contract months for its HSI and HSCEI Futures and Options, with maturities up to 5.5 years, to give investors more choices.

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On 9 March, the SFC and the SEHK signed an addendum (Addendum) to the Memorandum of Understanding (MOU) Governing Listing Matters dated 28 January 2003. The Addendum reflects amendments to the MOU as a result of the joint consultation on listing regulation by the SFC and the SEHK concluded in September 2017. Pursuant to the Addendum, a new Listing Policy Panel was established as an advisory, consultative and steering body to initiate and centralise discussions on listing policy with broader regulatory or market implications. The Addendum also reflects that the role of the SFC as a statutory regulator has evolved to have a more direct presence in more serious listing matters while the SEHK is the primary front-line regulator and remains the contact point for all listing applications save in respect of concerns raised by the SFC under the Securities and Futures (Stock Market Listing) Rules.

On 27 March, the HKMA and the SFC issued a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong, including a proposal to mandate the use of the Legal Entity Identifier (LEI) for the reporting obligation. In addition, as the second phase of the OTC derivatives clearing regime, the regulators proposed to expand the clearing obligation to specified standardised interest rate swaps denominated in Australian Dollars. The consultation paper also set out proposed factors for determining which products would be appropriate for a platform trading obligation, i.e. the obligation to trade specified OTC derivative products on a designated trading platform according to related rules, in Hong Kong.

April On 9 April, HKEX introduced futures on Tracker Fund of Hong Kong and Hang Seng China Enterprises Index ETF.

On 11 April, the SFC and the CSRC agreed to increase the daily quotas under both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. With effect from 1 May 2018, the daily quota for each of the northbound trading links under the Stock Connect programme increased to RMB52 billion from formerly RMB13 billion and the daily quota for each of the southbound trading links increased to RMB42 billion from formerly RMB10.5 billion.

On 24 April, the SEHK published Consultation Conclusions on a Listing Regime for Companies from Emerging and Innovative Sectors and added three new chapters in the Main Board Listing Rules which took effect on 30 April 2018.

On 27 April, the SFC announced amendments to the Codes on Takeovers and Mergers and Share Buy-backs (the Codes) to bring them in line with the new listing regime for companies from emerging and innovative sectors. The new listing regime provides a concessionary route to secondary listing for Grandfathered Greater China Issuers. Under the amendments, the Codes would not apply to these secondary-listed companies unless and until the bulk of trading has moved to Hong Kong and the company is treated as having a dual-primary listing in Hong Kong under the Listing Rules.

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On 27 April, the SFC launched a two-month consultation on proposed enhancements to the Investor Compensation Regime. Key proposals include: (1) increasing the compensation limit from HK$150,000 to HK$500,000 per investor per default and covering northbound trading under Mainland-Hong Kong Stock Connect; (2) raising the trigger levels for suspending and reinstating the Investor Compensation Fund levies from HK$1.4 billion to HK$3 billion and from HK$1 billion to HK$2 billion respectively (this will not affect the levy suspension currently in place); and (3) empowering the SFC to make interim compensation payments in exceptional circumstances where delays may raise or increase systemic concerns.

On 30 April, OTC Clear commenced clearing of US dollar-Hong Kong dollar Cross Currency Swaps (USD-HKD CCS) and extended the clearable tenor of both HKD Interest Rates Swaps (IRS) and HKD Basis Swaps from 10 years to 15 years. In addition, OTC Clear is the only central counterparty, or CCP, that accepts both HKD IRS and HKD Basis Swaps with tenors of up to 15 years for clearing. OTC Clear also added Deliverable FX (foreign exchange) Forward and FX Swap clearing services for trades denominated in USD/CNH and USD/HKD.

May On 4 May, the SEHK published Consultation Conclusions on Capital Raisings by Listed Issuers. Following strong support from market stakeholders, the SEHK implemented the proposals with minor modifications which aimed at restricting abusive practices relating to capital raisings by listed issuers and protecting the interests of minority shareholders. The Listing Rule amendments became effective on 3 July 2018.

On 4 May, the SEHK announced that it has assembled a panel of experienced participants in the biotech industry to form a Biotech Advisory Panel to assist in the review of listing applications from biotech firms applying under the new regime.

On 7 May, HKEX announced the approval by the HKSAR Chief Executive of the appointment of Mrs Laura M Cha, as the Chairman of the Board of Directors of HKEX, effective on 4 May 2018.

On 10 May, the HKMA announced details of the Pilot Bond Grant Scheme (PBGS), including the eligibility criteria, as promulgated in the 2018-19 Budget, and progress of other bond market-related initiatives. The commencement date of the PBGS would be the date of the completion of legislative process for the 2018-19 Budget. The PBGS will be valid for a period of three years.

On 14 May, HKEX included its three most actively traded equity index options — HSI Options, HSCEI Options and Mini-HSI Options — in the after-hours trading (T+1 Session) of its derivatives (futures and options) market. These are the first options to be available for T+1 Session.

On 14 May, a new arrangement was introduced by HKSCC which would allow China Connect Clearing Participants (CCCPs) to provide USD or HKD, in addition to RMB, as collateral for the early release of A shares on Stock Connect on the trade day to alleviate RMB funding pressure on CCCPs.

On 15-18 May, HKEX hosted the 6th LME Asia Week in Hong Kong, with more than 2,000 metals professionals and media attended. Six events were hosted throughout the week in addition to the traditional Chairman’s Cocktail, LME Asia Metals Seminar and LME Asia Dinner.

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On 18 May, the SEHK published the report entitled “Analysis of Environment, Social and Governance Practice Disclosure in 2016/2017” on the findings of the first review of the Environmental, Social and Governance (ESG) reports of 400 randomly selected issuers on the level of compliance with the ESG Guide.

On 18 May, the SFC released consultation conclusions on proposed amendments to the Securities and Futures (Professional Investor) Rules to standardise the rules for prescribing professional investors. The amended rules came into effect on 13 July 2018.

On 25 May, the SEHK published Consultation Conclusions on Delisting and Other Rule Amendments and a guidance letter on long suspension and delisting. Based on the comments received, the SEHK implemented the proposals with minor modifications to establish a framework to facilitate timely delisting of issuers that no longer meet the continuing listing criteria and provide certainty to the market on the delisting process. The Listing Rule amendments became effective on 1 August 2018.

June On 1 June, HKEX announced that it has become a Partner of the United Nations (UN) Sustainable Stock Exchanges (SSE) Initiative, committing to further promote sustainable and transparent capital markets.

Beginning June 2018, China A shares were included in the MSCI All Country World Index (ACWI) and the MSCI Emerging Markets Index.

On 11 June, HKEX introduced MSCI All Country (AC) Asia ex Japan Net Total Return Index (MSCI AxJ) Futures, its first regional stock index futures covering two developed markets (Hong Kong and Singapore) and nine emerging markets (Mainland China, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Taiwan and Thailand). The introduction of the MSCI AxJ Futures contract aimed to meet the trading and hedging needs of investors who have exposure to large and mid-cap companies in developed and emerging Asian markets (ex-Japan) in a cost effective manner.

On 12 June, HKEX organised the 5th annual RMB FIC Conference. Twenty-seven leading financial organisations supported the event, which included 5 panels, 4 workshops, 44 speakers and was attended by more than 800 people.

From day trading session on 19 June 2018, HKEX offered the sixth calendar quarter month contract and 19 additional calendar spreads for its USD/CNH Futures (US dollar/Offshore RMB Futures).

On 19 June, the SFC launched a two-month consultation on proposals to impose margin requirements for non-centrally cleared over-the-counter (OTC) derivatives. Under the proposals, a licensed corporation which is a contracting party to a non-centrally cleared OTC derivative transaction entered into with an authorised institution, a licensed corporation or another defined entity would be required to exchange margin with the counterparty if the notional amount of their outstanding non-centrally cleared OTC derivatives exceeds specified thresholds. The consultation also specified the instruments which would be subject to the proposed margin requirements and the assets eligible as margin.

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On 27 June, the HKMA and the SFC issued conclusions to a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong. Based on market feedback, the mandatory use of Legal Entity Identifiers (LEIs) in trade reporting will only apply to the identification of entities that are on a reporting entity’s side of a transaction. This requirement would apply to the reporting of new transactions and daily valuation information beginning 1 April 2019. The proposals for Phase 2 Clearing will be implemented with some fine tuning. The clearing obligation will be expanded to include specified standardised interest rate swaps denominated in Australian Dollars and the list of Financial Services Providers will be revised.

On 29 June, the SEHK published a Consultation Paper on Backdoor Listing, Continuing Listing Criteria and Other Rule amendments and a guidance letter on listed issuer’s suitability for continued listing. The consultation paper sought market views on proposed Listing Rule changes to address concerns over backdoor listings and “shell” activities.

July On 3 July, HKEX introduced seven new stock futures contracts namely Anhui Conch Cement Co. Ltd., China Pacific Insurance (Group) Co., Ltd., China Overseas Land & Investment Ltd., Galaxy Entertainment Group Ltd., Geely Automobile Holdings Ltd, Link Real Estate Investment Trust and Sands China Ltd.

On 3 July, HKEX introduced the enhancements in its stock futures to facilitate further growth in the market by reducing barriers to further product adoption. The enhancements included: (1) Settlement fee for all stock futures contracts reduced from HK$10 per contract to HK$2 per contract and introduced a new trading fee structure to reduce transaction costs; (2) revised the Final Settlement Price (FSP) methodology to reduce the difference between the FSP of the futures contract and the underlying stock price at expiration; (3) introduced a Liquidity Provider program covering 10 selected stock futures contracts; (4) revised the Proprietary Trader Program for stock futures and (5) if trading of the underlying stock has been suspended for three months or more, or has been approved for privatisation, trading of the stock futures contract may be discontinued.

On 3 July, BondConnect, the joint venture between HKEX and Mainland CFETS celebrated one year anniversary.

On 9 July, Xiaomi Corporation became the first company with weighted voting rights (WVR) structure to list in Hong Kong. HKEX introduced stock futures and stock options on its listing day.

On 9 July, HKEX revised the Liquidity Provider Program and Proprietary Trader Program for stock futures that expanded to 25 stock futures.

On 13 July, the SEHK published a guide on listing new structured products to provide guidance to issuers on obtaining approval to list new structured products on the SEHK and to facilitate a more efficient introduction of new products to give investors more product choices.

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On 13 July, SFC released consultation conclusions on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs. The amended Codes apply with immediate effect. Gaining general support from respondents, the majority of the proposals were adopted with some modifications. Measures introduced to enhance investor protection included empowering the Takeovers Panel to require compensation be paid to shareholders who have suffered as a result of a breach of the Codes as well as increasing the threshold for independent shareholder approval of a whitewash waiver to 75 per cent.

On 13 July, amendments to the Securities and Futures (Professional Investor) Rules came into operation. The categories of professional investors were expanded to include holding companies which wholly own another corporation which is itself a qualified professional investor.

On 16 July, HKEX introduced five new stock option classes namely Air China Ltd., CSPC Pharmaceutical Group Ltd., China Vanke Co. Ltd., Postal Savings Bank of China Co. Ltd. and Sinopharm Group Co. Ltd.

On 17 July, the SEHK reached a consensus with the Shanghai Stock Exchange and the Shenzhen Stock Exchange on adjusting the inclusion arrangements for eligible securities for Stock Connect’s Southbound trading. The agreement consisted of three points: (1) The three exchanges shared the objective of enhancing and improving Stock Connect, with the intention to continue to grow and develop the scheme in a stable manner; (2) As Mainland investors were not yet familiar with WVR companies, an initial Special Stability Trading Period (SSTP) would be required for Hong Kong-listed WVR companies before their inclusion in Southbound trading; (3) Setting up a joint working group to formulate the specific programmes and supplementary rules for the inclusion of WVR companies in Stock Connect trading as soon as possible.

On 18 July, CSOP Hong Kong Dollar Money Market ETF was the first Hong Kong dollar money market exchange traded fund (ETF) listed in Hong Kong.

On 27 July, the SEHK published Consultation Conclusions on Review of the Corporate Governance Code and Related Listing Rules along with “Guidance for Boards and Directors”. New measures were implemented to (i) strengthen the transparency and accountability of the board and/or nomination committee and election of directors, including Independent Non-Executive Directors (INEDs); (ii) improve transparency of INEDs’ relationships with issuers; (iii) enhance criteria for assessing independence of potential INED candidates; (iv) promote board diversity, including gender diversity; and (v) require greater dividend policy transparency. The new measures took effect on 1 January 2019 through amendments to Corporate Governance Code and related Listing Rules.

On 27 July, HKEX announced that the extension of trading fee waiver for stock futures market to 31 December 2018.

On 30 July, HKEX announced that the US Commodities Futures Trading Commission (CFTC) certified that effective 27 July 2018, HKEX’s MSCI AxJ Futures contract had met certain requirements of the US Commodity Exchange Act. This means that intermediaries may offer or sell the contract to customers in the US without any further regulatory action from the CFTC.

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August On 8 August, HKEX introduced stock futures and stock options on China Tower Corporation Ltd on its listing day.

On 10 August, the SEHK published a Consultation Paper on Review Structure in relation to Listing Committee Decisions to seek public feedback on proposed changes to the review structure for Listing Committee decisions. The proposals aimed to enhance governance within the SEHK’s structure for reviewing Listing Committee decisions and promote transparency, accountability and consistency in decision-making.

On 17 August, the SEHK published Consultation Conclusions on Proposed Exemption for Aircraft Leasing Activities. The Listing Rules were amended to exempt qualified aircraft leasing activities from the notifiable transaction rules. The amendments took effect on 15 October 2018.

On 17 August, the SFC launched a two-month consultation on proposed guidelines to clarify, codify and standardise the risk management practices for securities margin financing (SMF). The proposed guidelines provide qualitative guidance as well as quantitative benchmarks for margin lending policies and key risk controls to prevent SMF brokers from expanding margin loans beyond their financial capability.

Starting from 24 August, Delivery versus Payment (DvP) settlement was fully implemented in Bond Connect. This increases settlement efficiency and reduces settlement risks, affording greater convenience to international investors investing though Bond Connect.

On 24 August, the SFC announced that it had reached an agreement with the CSRC to implement an investor identification regime for Northbound trading under Mainland-Hong Kong Stock Connect. The investor identification regime would facilitate more effective monitoring and surveillance by the CSRC and Mainland stock exchanges to safeguard market integrity.

On 24 August, HKEX announced the launch details of the investor identification model for Northbound trading (NB Investor ID Model) through its mutual stock market access programme with the exchanges in Shanghai and Shenzhen (Stock Connect). Under the NB Investor ID Model, Exchange Participants (EPs) that offer Northbound trading services are required to assign a unique number in a standard format, known as the Broker-to-Client Assigned Number (BCAN), to each of their Northbound trading clients and provide Client Identification Data (CID) to HKEX, which will forward the information to Mainland exchanges. BCANs and CID – the two main components of the NB Investor Model – are for regulators’ market surveillance only.

On 27 August, the Financial Supervisory Commission of the Taiwan Securities and Futures Bureau (TSFB) approved the inclusion of HKEX’s US dollar (USD) Gold Futures (GDU) contract in its list of offshore exchanges and contracts for which FCMs have trading authorisation. This means Futures Commission Merchants (FCMs), intermediaries licensed by the TSFB, can offer trading of HKEX’s GDU to investors in Taiwan. The GDU contract is the first HKEX commodities contract to receive regulatory approval in Taiwan.

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September On 14 September, HKEX announced that it has become a Strategic Partner Associate of the World Economic Forum (WEF), the international organisation for public-private cooperation which is committed to improving the state of the world.

On 19 September, HKEX celebrated the sixth anniversary of the launch of its flagship product, USD/CNH Futures. The USD/CNH Futures recorded a trading volume of one million contracts in early August for the first time since the launch and traded 1,755,130 contracts for the year.

On 20 September, HKEX introduced stock futures and stock options on Meituan Dianping on its listing day.

On 26 September, the NB Investor ID Model was successfully rolled out.

On 28 September, the SEHK published a Consultation Paper on Proposal relating to Listed Issuers with Disclaimer or Adverse Audit Opinion on Financial Statements to seek feedback on a proposed suspension requirement for listed issuers with disclaimer or adverse audit opinion on their financial statements. This formed part of the SEHK’s holistic review of the continuing listing obligations of issuers to address market concerns and maintain the quality and reputation of the Hong Kong market.

October On 8 October, HKEX hosted the China Reception during LME Week in London to provide more opportunities for the industry to share information and exchange ideas. The reception welcomed more than 300 metals market participants from over 190 firms, including metals producers, traders and financial firms.

On 19 October, Qianhai Mercantile Exchange (QME), the HKEX’s commodity spot trading platform in Shenzhen Qianhai in the Mainland, formally commenced business. The first product to trade on the exchange was alumina. The first transaction of 3,000 tonnes of alumina was made between Chalco Trade, a unit of state-run Aluminum Corporation of China, and Xiamen Xiangyu, at a price of RMB3,030.

On 24 October, LME received the preliminary approval from Cyberspace Administration of China for distributing financial information in Mainland China.

On 29 October, HKEX announced that it had enhanced its HKEXnews website to provide a better user experience, as well as to align it more closely with HKEX’s corporate and market websites. The HKEXnews website provides access to regulatory filings and disclosures of listed companies in Hong Kong.

November On 5 November, HKEX introduced the following Total Return Index (TRI) Futures contracts to meet the trading and risk management needs of investors who need tools to replicate the return of HSI/HSCEI on a total return basis: HSI (Gross TRI) Futures; HSI (Net TRI) Futures; HSCEI (Gross TRI) Futures and HSCEI (Net TRI) Futures.

On 8 November, HKEX announced the incentive programme for equity derivatives products for the period from 2 January 2019 to 31 December 2019.

majo

r EvEntS 2018

month Event


On 9 November, the People’s Bank of China issued for the first time Renminbi (RMB) bills worth RMB20 billion in Hong Kong through the Central Moneymarkets Unit of the Hong Kong Monetary Authority, for which tender was held on 7 November 2018. The issue was a two-tranche issue consisting of 3-month bills and 1-year bills in the same amount of RMB10 billion.

December On 3 December, HKEX added Mini-Hang Seng China Enterprises Index (HSCEI) Options to its after-hours trading (AHT) starting from the evening of 3 December 2018. The addition completed the rollout of HKEX’s eight major stock index products ― Hang Seng Index (HSI) futures and options, Mini-HSI futures and options, HSCEI futures and options and Mini-HSCEI futures and options ― in AHT.

On 3 December, Hang Seng Indexes launched the HSCEI Volatility Index (VHSCEI), which reflects the 30-calendar-day expected volatility of the HSCEI. The VHSCEI is calculated and disseminated in real time at 15-second intervals.

On 6 December, the SFC released consultation conclusions on proposals to proposed amendments to the Code on Unit Trusts and Mutual Funds (UT Code). Related amendments to the UT Code was gazetted on 14 December 2018 and became effective on 1 January 2019.

On 7 December, Ping An Nasdaq 5HANDL ETF became the first multi-asset exchange-traded fund (ETF) listed in Hong Kong.

On 9 December, the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the SEHK jointly announced that they had reached a consensus on the detailed arrangement for the inclusion of companies with WVR in Southbound trading of Stock Connect. Relevant rules would be formulated by the three exchanges and expected to be implemented in mid-2019.

On 12 December, the SFC released consultation conclusions on proposals to enhance the over-the-counter (OTC) derivatives regime and to address conduct risks posed by dealing with group affiliates and other connected persons. The proposals would be implemented, under which risk mitigation requirements, segregation, portability and disclosure requirements, and conduct requirements will be applied to licenced corporations involved in certain specified activities. Related amendments to the Code of Conduct was gazetted on 14 December 2018. The risk mitigation requirements would become effective on 1 September 2019. Other requirements will take effect in due course.

On 14 December, the SFC and the CSRC signed an agreement to enhance the exchange of information under the Mainland-Hong Kong Stock Connect. The enhancements were part of arrangements for the implementation of the investor identification regime for both Northbound and Southbound trading under Stock Connect, which would help enhance market surveillance and combat cross-boundary market misconduct under Stock Connect.

On 18 December, the SEHK introduced the first e-training for directors of companies listed on the SEHK to understand the new corporate governance requirements that took effect on 1 January 2019.

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Stock market highlights – main Board

Year

2016 2017 2018

listed securities (as at year end)

No. of listed companies 1,713 1,794 1,926

No. of listed securities 8,330 12,478 12,900

No. of new listed companies (1) 81 94 143

New listing companies 75 81 133

Transfer of listing from GEM 6 13 10

Total market capitalisation (HK$mil) 24,450,434.51 33,717,995.17 29,723,238.27

Equity funds raised (HK$mil) 471,171.95 567,401.46 533,216.29

trading

No. of trading days 245 246 246

Total turnover value (HK$mil) (2)

Annual 16,279,975.48 21,560,099.47 26,295,274.58

Average daily 66,448.88 87,642.68 106,891.36

Total turnover volume (mil. shs)

Annual 45,177,508.51 43,805,184.04 55,311,909.01

Average daily 184,397.99 178,069.85 224,845.16

Total number of trades (deals)

Annual 261,400,789 300,296,509 388,181,359

Average daily 1,066,942 1,220,718 1,577,973

Stock price indices

S&P/HKEX LargeCap Index (28 February 2003 = 10000)

High 30155.18 38939.55 43382.63

Low 22539.49 28044.77 31673.89

Year-end 27926.13 38884.61 33622.78

Hang Seng Index (31 July 1964 = 100)

High 24099.70 30003.49 33154.12

Low 18319.58 22134.47 24585.53

Year-end 22000.56 29919.15 25845.70

market ratios (3)

Average dividend yield (%) 3.24 2.79 3.34

Average P/E ratio (times) 10.53 16.34 10.45

Annual turnover velocity (%) 45.22 47.61 65.04

number of Exchange participants 592 654 673

Notes:(1) Figures includes the number of companies for transfer of listing from GEM.(2) Turnover values have been adjusted for late reported and rejected sales.(3) Calculations are based on year-end figures of all listed stocks.

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Stock market highlights – gEm

Year

2016 2017 2018


No. of listed companies 260 324 389

No. of listed securities 261 325 390

No. of new listed companies 45 80 75

Total market capitalisation (HK$mil) 310,871.86 280,841.44 186,183.32

Equity funds raised (HK$mil) 18,882.06 13,984.10 10,918.54

trading


Total turnover value (HK$mil) (1)

Annual 116,449.49 149,061.01 127,487.49

Average daily 475.30 605.94 518.24

Total turnover volume (mil. shs)

Annual 434,388.56 477,690.71 334,890.26

Average daily 1,773.01 1,941.83 1,361.34


Annual 3,449,127 4,785,031 4,629,493

Average daily 14,078 19,451 18,819

Stock price indices

S&P/HKEX GEM Index (28 February 2003 = 1000)

High 462.53 366.25 263.65

Low 340.88 254.65 140.05

Year-end 358.53 263.81 146.01

market ratios (2)

Average dividend yield (%) 0.25 0.38 0.45

Average P/E ratio (times) 71.31 36.65 28.16

Annual turnover velocity (%) 37.45 53.08 68.47

Notes:(1) Turnover values have been adjusted for late reported and rejected sales.(2) Calculations are based on year-end figures of GEM stocks.

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& gEm


Stock market highlights – main Board and gEm

Year

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018


No. of listed companies 1,319 1,413 1,496 1,547 1,643 1,752 1,866 1,973 2,118 2,315

No. of listed securities 6,616 7,900 6,723 6,903 8,522 9,060 9,015 8,591 12,803 13,290

No. of new listed companies (1) 73 113 101 64 110 122 138 126 174 218

New listing Companies 69 101 89 62 102 115 124 120 161 208

Transfer of listing from GEM 4 12 12 2 8 7 14 6 13 10

Total market capitalisation (HK$bil) 17,874.31 21,076.96 17,537.26 21,950.13 24,042.81 25,071.83 24,683.73 24,761.31 33,998.84 29,909.42

Equity funds raised (HK$bil) 642.12 858.72 490.39 305.36 378.86 942.72 1,115.64 490.05 581.39 544.13

Initial public offers 248.23 449.48 259.79 90.04 168.96 232.52 263.09 195.32 128.54 288.01

Secondary market 393.89 409.24 230.60 215.32 209.90 710.20 852.55 294.74 452.85 256.13

trading

No. of trading days 249 249 246 247 244 247 247 245 246 246

Total turnover value (HK$bil) (2)

Annual 15,515.25 17,210.08 17,154.07 13,301.05 15,264.63 17,155.73 26,090.62 16,396.42 21,709.16 26,422.76

Average daily 62.31 69.12 69.73 53.85 62.56 69.46 105.63 66.92 88.25 107.41

Total turnover volume (bil. shs)

Annual 24,793.87 34,991.18 39,907.28 33,967.55 34,439.74 34,286.67 53,693.91 45,611.90 44,282.87 55,646.80

Average daily 99.57 140.53 162.22 137.52 141.15 138.81 217.38 186.17 180.01 226.21


Annual 177,641,518 193,940,737 214,853,621 191,608,513 229,470,737 262,437,450 355,749,145 264,849,916 305,081,540 392,810,852

Average daily 713,420 778,878 873,389 775,743 940,454 1,062,500 1,440,280 1,081,020 1,240,169 1,596,792

Trading by products (HK$bil)

Equities 11,639.95 12,411.31 12,068.96 9,529.07 11,221.86 12,636.75 17,482.24 11,173.11 16,202.48 19,460.96

Equity warrants 0.52 1.81 0.93 0.08 0.08 3.06 3.98 0.35 0.20 0.02

Derivative warrants 1,654.89 2,692.46 2,629.89 1,646.44 1,783.31 2,044.51 4,504.08 2,727.00 3,007.66 3,866.14

CBBCs 1,676.06 1,455.40 1,852.14 1,533.15 1,269.23 1,229.96 1,836.85 1,371.57 1,189.17 1,837.31

ELIs – – – – – – – – – –

Debt securities 0.00 0.00 0.84 2.77 4.46 6.09 9.38 21.28 60.50 48.39

Unit trusts and mutual funds 543.81 649.09 601.32 589.54 985.69 1,235.36 2,254.09 1,103.11 1,249.16 1,209.93

ETFs 499.69 604.46 545.30 522.08 903.13 1,167.68 2,170.96 1,011.41 1,065.38 987.25

L&I Products – – – – – – – 0.51 94.09 109.85

REITs 43.08 43.89 55.52 67.15 82.36 67.42 82.03 91.09 89.41 112.58

Others 1.05 0.74 0.50 0.31 0.20 0.27 1.10 0.11 0.28 0.25

market ratios (3)

Average dividend yield (%) 2.32 2.30 3.30 2.80 2.98 3.42 3.42 3.21 2.77 3.32

Average P/E ratio (times) 18.19 16.72 9.71 10.52 11.28 10.94 9.99 10.64 16.42 10.50

Annual turnover velocity (%) 65.12 58.89 68.82 43.41 46.67 50.40 70.82 45.12 47.66 65.07

Notes:(1) Figures includes the number of companies for transfer of listing from GEM.(2) Turnover values have been adjusted for late reported and rejected sales.(3) Calculations are based on year-end figures of all listed stocks.

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market highlights – Derivatives market highlights

Year

2016 2017 2018

all futures and options products (excluding stock options)


Contract volume 114,568,558 109,006,169 168,903,975

Equity index products 113,768,466 107,930,810 165,867,271

Equity products 225,978 121,532 863,027

Bond Futures * – 8,539 –

Interest rates products 52 588 759

RMB Currency products 544,891 757,625 1,809,962

Gold Futures # – 166,135 351,706

Iron Ore Futures ^ – 18,230 9,517

London Metal Mini Futures 29,171 2,710 1,733

Average daily 463,840 441,321 686,602

Open interest at the year end 2,968,607 2,851,073 3,381,251

Equity index products 2,915,908 2,815,844 3,321,233

Equity products 5,365 5,555 20,476

Bond Futures * – – –

Interest rates products 40 470 272

RMB Currency products 47,241 28,331 37,909

Gold Futures # – 422 236

Iron Ore Futures ^ – 424 1,124

London Metal Mini Futures 53 27 1

* Trading in Bond Futures commenced on 10 Apr 2017 and suspended with effect from 08 Dec 2017# Trading in Gold Futures commenced on 10 Jul 2017^ Trading in Iron Ore Futures commenced on 13 Nov 2017

Stock options

No. of stock options classes at the year end 84 86 96

No. of stock options series at the year end 31,080 31,186 36,474

No. of newly introduced stock options classes 0 3 13


Contract volume

Annual total 73,582,114 105,839,179 127,279,101

Average daily 297,903 428,499 517,395

Premium (HK$mil)

Annual total 38,700 62,024 105,598

Average daily 157 251 429

Number of trades

Annual total 2,948,718 3,917,966 5,107,002

Average daily 11,938 15,862 20,760


Contracts exercised 7,465,188 9,615,449 11,859,388

Average premium per contract (HK$) 526 586 830

Average contract per trade (contracts) 25 27 25

No. of market makers 31 28 28

Put volume/call volume 0.99 0.80 0.98

Average daily contract volume/open interest 4.7% 5.2% 7.2%

all futures and options products

Contract volume 188,150,672 214,845,348 296,183,076



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D SEttlEm

Ent

market highlights – Clearing and Settlement

Year

2016 2017 2018

CCaSS Statistics

Average Daily Exchange Trades Handled by CCASS

– Number of trades 1,081,017 1,240,145 1,596,771

– Value of trades (HK$bil) 66.9 88.0 107.2

– Share quantity Involved (bil. shs) 186.2 180.0 226.2

Average Daily Settlement Instructions (“SIs”) Settled by CCASS

– Number of SIs 83,194 92,459 103,033

– Value of SIs (HK$bil) 181.9 220.5 266.2

– Share quantity involved (bil. shs) 46.8 48.0 50.3

Average Daily Investor SIs (“ISIs”) Settled by CCASS

– Number of ISIs 277 337 305

– Value of ISIs (HK$mil) 136.5 271.6 211.7

– Share quantity involved (mil. shs) 87.3 182.3 133.3

Average Daily Settlement Efficiency of CNS Stock Positions

on Due Day (T+2) (%) 99.91 99.91 99.90

Average Daily Settlement Efficiency of CNS Stock Positions

on the Day following the Due Day (T+3) (%) 99.99 99.99 99.99

Average Daily Buy-ins Executed on T+3

– Number of brokers involved 3 3 4

– Number of buy-ins 3 4 4

– Value of buy-ins (HK$mil) 2.3 2.0 4.3

Shares Deposited in the CCASS Depository

– Number of shares (bil. shs) 5,878.9 6,404.2 6,644.4

– Percentage of total issued shares of the admitted securities 74.27 75.30 76.15

– Value of shares (HK$bil) 15,381.5 21,768.7 18,815.1

– Percentage of the total market capitalisation of the admitted securities 56.60 58.70 58.78

DCaSS Statistics 2016 2017 2018

Open Interest as at the year end (contracts)

– Equity Index Futures 572,757 475,151 708,430

– Stock Futures 5,365 5,555 20,476

– 5-Year MOF T-Bond Futures ^ – – –

– Interest Rates Futures 40 470 272

– RMB Currency Futures 47,241 25,218 32,284

– Gold Futures + – 422 236

– Iron Ore Futures ^^ – 424 1,124

– London Metal Mini Futures 53 27 1

– Equity Index Options 2,343,151 2,340,693 2,612,803

– Stock Options 6,327,503 8,304,697 7,213,486

– RMB Currency Options # – 3,113 5,625

Cumulative Stock Options Exercised

– Share quantity involved (mil. shs) 7,984 9,184 10,683

– Value of shares (HK$bil) 129 205 282

^ Trading in 5-Year MOF T-Bond Futures commenced on 10 Apr 2017 and suspended with effect from 08 Dec 2017+ Trading in Gold Futures commenced on 10 Jul 2017^^ Trading in Iron Ore Futures commenced on 13 Nov 2017# Trading in RMB Currency Options commenced on 20 Mar 2017

main

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DiCES


S&p/HKEX largeCap index, weekly movement 1998-2018

Hang Seng index, monthly movement 1964-2018

0

200,000

400,000

600,000

800,000

1,000,000

HK$mil1,200,000

Index

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

1,130,501.36Weekly Turnover Value

1998 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20182017201620151999

19309.74(28/03/00)

6560.15(13/08/98)

13235.62(17/05/02)

9835.09(21/09/01)

12007.69(25/03/98)

9155.30(25/04/03)

17775.07(15/08/05)

38585.09(30/10/07)

17687.55(14/06/06)

15244.34(27/02/04)

11911.16(17/05/04)

13569.03(27/10/08)

26565.29(18/11/09)

29488.04(08/11/10)

19639.36(04/10/11)

27110.52(20/12/12)

34685.39(27/04/15)

23663.18(25/06/13) 22539.49

(12/02/16)

38939.55(22/11/17)

31673.89 (30/10/18)

21000

24000

27000

30000

33000

0

3000

6000

9000

12000

15000

18000

Index

64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 18171615

INDEX (31/07/1964 =100)

1774.96(09/03/73)

150.11(10/12/74)

1810.20(17/07/81)

1894.94(07/12/87)

3949.73(01/10/87)

12201.09(04/01/94)

16673.27(07/08/97)

6967.93(23/01/95)

6660.42(13/08/98)

18301.69(28/03/00)

8409.01(25/04/03)

31638.22(30/10/07)

11015.84(27/10/08)

24964.37(08/11/10)

16250.27(04/10/11)

18542.15(21/01/16)

28442.75(28/04/15)

33154.12(26/01/18)

main

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S&p/HKEX largeCap index, daily movement (2018)

40500

42000

43500

45000

30000

31500

33000

34500

36000

37500

39000

01/18 02/18 03/18 04/18 05/18 06/18 07/18 08/18 09/18 10/18 11/18 12/18

31673.89(30/10)

43382.63(26/01)

Index

10 MAVDaily Movement 50 MAV

S&p/HKEX largeCap index, daily closing (2018)28 February 2003 = 10000

Date jan Feb mar apr may jun jul aug Sep oct nov Dec

1 – 42689.08 40486.99 – – 39428.46 – 36835.26 – – 32822.79 – 2 39642.78 42551.16 39850.30 – 39918.92 – – 35989.44 – 35243.16 34245.89 – 3 39694.08 – – 39228.99 39380.55 – 36967.82 35987.33 35944.93 35157.15 – 35276.24 4 40023.35 – – 38338.96 38813.10 40065.68 36686.51 – 36291.94 34565.85 – 35413.42 5 40061.08 42065.02 38901.69 – – 40137.33 36597.78 – 35358.97 34471.99 33534.73 34790.36 6 – 39865.67 39775.11 38792.46 – 40337.51 36751.39 36238.37 34970.25 – 33746.99 33922.22 7 – 39610.85 39359.85 – 38870.53 40713.76 – 36701.13 34923.92 – 33774.93 33811.07 8 40096.92 39784.81 39966.70 – 39399.38 39980.59 – 36913.94 – 34028.21 33870.44 – 9 40298.21 38544.78 40323.90 39241.16 39564.21 – 37190.14 37256.99 – 33937.40 33012.19 – 10 40356.95 – – 39863.43 39988.98 – 37200.01 36933.29 34467.63 33944.80 – 33461.22 11 40341.11 – – 40166.60 40412.25 40156.71 36732.97 – 34240.84 32690.61 – 33474.64 12 40836.34 38484.04 41203.68 40053.47 – 40125.61 36915.68 – 34218.71 33444.82 32987.88 33978.50 13 – 39002.54 41286.05 40031.13 – 39676.59 36946.76 36411.79 35113.16 – 33170.18 34382.94 14 – 39939.31 41076.38 – 40924.29 39350.67 – 36223.00 35421.21 – 32997.81 33835.72 15 40828.34 40795.30 41235.94 – 40341.18 39182.79 – 35630.16 – 32972.27 33647.84 – 16 41614.54 – 41164.37 39361.60 40271.28 – 36985.19 35245.59 – 32968.04 33767.15 – 7 41788.72 – – 39060.03 40083.89 – 36574.44 35453.77 35016.79 – – 33823.84 18 42051.72 – – 39398.18 40208.40 – 36465.01 – 35196.89 32930.07 – 33488.76 19 42169.74 – 41210.77 39901.89 – 38099.23 36382.38 – 35561.14 33043.89 33957.64 33561.27 20 – 40407.15 41217.40 39550.48 – 38377.15 36682.29 35991.83 35662.50 – 33260.12 33268.78 21 – 41169.45 40968.21 – 40466.59 37887.80 – 36079.71 36266.56 – 33454.32 33564.06 22 42337.98 40452.96 40387.93 – – 37898.93 – 36383.30 – 33778.12 33613.10 – 23 43140.54 40847.46 39392.92 39344.11 39784.04 – 36744.77 36190.96 – 32689.76 33507.30 – 24 43153.99 – – 39806.62 39904.07 – 37268.35 36017.95 35743.54 32536.44 – 33362.47 25 42648.64 – – 39395.62 39619.41 37457.60 37577.81 – – 32129.81 – – 26 43382.63 41084.89 39760.34 38980.23 – 37350.66 37392.30 – 36157.41 31768.71 34105.99 – 27 – 40775.02 40058.48 39345.13 – 36723.34 37390.96 36777.38 36024.24 – 34118.46 33183.21 28 – 40143.06 39021.90 – 39863.73 36937.60 – 36910.03 36129.08 – 34615.59 33178.00 29 43201.48 – 39090.13 – 39424.12 37535.52 – 36972.28 – 31967.84 34307.72 – 30 42687.36 – – 40039.89 38874.37 – 37322.68 36620.53 – 31673.89 34369.54 – 31 43054.25 – – – 39383.53 – 37101.63 36203.45 – 32247.74 – 33622.78

High 43382.63 42689.08 41286.05 40166.60 40924.29 40713.76 37577.81 37256.99 36291.94 35243.16 34615.59 35413.42

low 39642.78 38484.04 38901.69 38338.96 38813.10 36723.34 36382.38 35245.59 34218.71 31673.89 32822.79 33178.00

avg 41518.67 40456.25 40273.29 39468.42 39785.56 38871.18 36946.52 36346.41 35405.77 33247.17 33676.75 33863.13

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Hang Seng index, daily movement (2018)

26000

27000

28000

29000

30000

31000

32000

33000

Index

25000

34000

2400005/18 06/18 07/18 08/18 09/18 10/18 11/18 12/18

10 MAV 50 MAV

01/18 02/18 03/18 04/18

Daily Movement

33154.12(26/01)

24585.53(30/10)

Hang Seng index, daily closing (2018)31 July 1964 = 100


1 – 32642.09 31044.25 – – 30492.91 – 28340.74 – – 25416.00 – 2 30515.31 32601.78 30583.45 – 30723.88 – – 27714.56 – 27126.38 26486.35 – 3 30560.95 – – 30180.10 30313.37 – 28545.57 27676.32 27712.54 27091.26 – 27182.04 4 30736.48 – – 29518.69 29926.50 30997.98 28241.67 – 27973.34 26623.87 – 27260.44 5 30814.64 32245.22 29886.39 – – 31093.45 28182.09 – 27243.85 26572.57 25934.39 26819.68 6 – 30595.42 30510.73 29844.94 – 31259.10 28315.62 27819.56 26974.82 – 26120.96 26156.38 7 – 30323.20 30196.92 – 29994.26 31512.63 – 28248.88 26973.47 – 26147.69 26063.76 8 30899.53 30451.27 30654.52 – 30402.81 30958.21 – 28359.14 – 26202.57 26227.72 – 9 31011.41 29507.42 30996.21 30229.58 30536.14 – 28688.50 28607.30 – 26172.91 25601.92 – 10 31073.72 – – 30728.74 30809.22 – 28682.25 28366.62 26613.42 26193.07 – 25752.38 11 31120.39 – – 30897.71 31122.06 31063.70 28311.69 – 26422.55 25266.37 – 25771.67 12 31412.54 29459.63 31594.33 30831.28 – 31103.06 28480.83 – 26345.04 25801.49 25633.18 26186.71 13 – 29839.53 31601.45 30808.38 – 30725.15 28525.44 27936.57 27014.49 – 25792.87 26524.35 14 – 30515.60 31435.01 – 31541.08 30440.17 – 27752.93 27286.41 – 25654.43 26094.79 15 31338.87 31115.43 31541.10 – 31152.03 30309.49 – 27323.59 – 25445.06 26103.34 – 16 31904.75 – 31501.97 30315.59 31110.20 – 28539.66 27100.06 – 25462.26 26183.53 – 17 31983.41 – – 30062.75 30942.15 – 28181.68 27213.41 26932.85 – – 26087.98 18 32121.94 – – 30284.25 31047.91 – 28117.42 – 27084.66 25454.55 – 25814.25 19 32254.89 – 31513.76 30708.44 – 29468.15 28010.86 – 27407.37 25561.40 26372.00 25865.39 20 – 30873.63 31549.93 30418.33 – 29696.17 28224.48 27598.02 27477.67 – 25840.34 25623.53 21 – 31431.89 31414.52 – 31234.35 29296.05 – 27752.79 27953.58 – 25971.47 25753.42 22 32393.41 30965.68 31071.05 – – 29338.70 – 27927.58 – 26153.15 26019.41 – 23 32930.70 31267.17 30309.29 30254.40 30665.64 – 28256.12 27790.46 – 25346.55 25927.68 – 24 32958.69 – – 30636.24 30760.41 – 28662.57 27671.87 27499.39 25249.78 – 25651.38 25 32654.45 – – 30328.15 30588.04 28961.39 28920.90 – – 24994.46 – – 26 33154.12 31498.60 30548.77 30007.68 – 28881.40 28781.14 – 27816.87 24717.63 26376.18 – 27 – 31268.66 30790.83 30280.67 – 28356.26 28804.28 28271.27 27715.67 – 26331.96 25478.88 28 – 30844.72 30022.53 – 30792.26 28497.32 – 28351.62 27788.52 – 26682.56 25504.20 29 32966.89 – 30093.38 – 30484.58 28955.11 – 28416.44 – 24812.04 26451.03 – 30 32607.29 – – 30808.45 30056.79 – 28733.13 28164.05 – 24585.53 26506.75 – 31 32887.27 – – – 30468.56 – 28583.01 27888.55 – 24979.69 – 25845.70

High 33154.12 32642.09 31601.45 30897.71 31541.08 31512.63 28920.90 28607.30 27973.34 27126.38 26682.56 27260.44

low 30515.31 29459.63 29886.39 29518.69 29926.50 28356.26 28010.86 27100.06 26345.04 24585.53 25416.00 25478.88

avg 31831.89 30969.27 30898.11 30376.02 30698.68 30070.32 28466.14 27925.75 27275.61 25705.36 26080.99 26075.63

Note: HSI is compiled by Hang Seng Indexes Company Limited

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HSi volatility index, daily movement (2018)Index

25

27

29

31

11

13

15

17

19

21

23

01/18 02/18 03/18 04/18 05/18 06/18 07/18 08/18 09/18 10/18 11/18 12/18


29.07(26/10)

13.06(12/01)

HSi volatility index, daily closing (2018) Date jan Feb mar apr may jun jul aug Sep oct nov Dec

1 – 17.86 22.69 – – 17.62 – 18.47 – – 24.18 – 2 14.82 17.32 25.38 – 17.67 – – 21.49 – 20.14 24.94 – 3 14.16 – – 24.97 18.54 – 22.97 20.17 19.63 19.71 – 21.03 4 13.69 – – 25.90 19.06 16.94 23.91 – 18.73 20.72 – 19.95 5 13.39 18.93 25.93 – – 16.44 23.80 – 20.50 20.70 27.08 21.14 6 – 27.25 23.83 24.59 – 15.83 21.88 19.41 21.42 – 26.20 23.49 7 – 25.72 25.02 – 19.31 15.90 – 18.16 21.34 – 25.05 23.93 8 13.41 24.56 23.26 – 18.40 17.39 – 17.75 – 21.29 22.95 – 9 13.38 28.29 22.18 23.12 17.87 – 20.30 17.50 – 21.07 23.86 – 10 13.44 – – 22.31 17.33 – 19.10 18.37 22.07 20.89 – 24.14 11 13.71 – – 21.92 17.11 16.72 20.73 – 21.79 25.73 – 22.64 12 13.05 25.88 21.01 21.78 – 16.02 19.23 – 21.09 23.76 23.42 22.14 13 – 24.52 20.56 20.22 – 15.85 18.46 20.47 19.89 – 23.75 21.58 14 – 23.36 20.37 – 17.48 15.88 – 20.04 19.00 – 24.39 21.90 15 13.78 22.89 20.56 – 17.57 15.97 – 21.41 – 25.16 24.10 – 16 14.16 – 20.75 21.41 18.11 – 18.23 21.46 – 24.41 24.21 – 17 15.00 – – 20.29 17.54 – 19.42 20.49 19.66 – – 22.04 18 16.11 – – 18.67 17.19 – 18.95 – 20.05 24.27 – 23.02 19 15.97 – 20.44 17.56 – 19.73 19.14 – 19.38 23.68 23.89 22.83 20 – 24.12 21.14 17.91 – 17.86 18.46 19.81 18.62 – 25.13 22.99 21 – 22.27 21.74 – 17.11 19.13 – 18.83 19.11 – 24.80 23.68 22 16.23 24.56 22.73 – – 18.36 – 18.99 – 23.67 23.51 – 23 18.15 23.19 27.28 18.06 18.42 – 19.22 18.54 – 26.67 23.51 – 24 17.28 – – 17.43 17.53 – 18.10 17.98 19.75 26.31 – 24.89 25 17.60 – – 18.15 17.65 20.43 17.72 – – 27.81 – – 26 17.53 21.47 25.19 18.99 – 20.07 17.60 – 20.01 29.07 24.17 – 27 – 22.29 24.86 18.23 – 22.04 17.24 18.77 18.94 – 24.39 25.57 28 – 23.11 28.49 – 17.17 21.32 – 18.71 18.10 – 24.76 27.17 29 19.85 – 26.14 – 18.74 20.45 – 18.37 – 28.36 24.83 – 30 19.15 – – 17.47 20.04 – 18.39 19.10 – 27.85 24.14 – 31 18.26 – – – 18.20 – 18.29 19.53 – 25.87 – 25.03

High 19.85 28.29 28.49 25.90 20.04 22.04 23.91 21.49 22.07 29.07 27.08 27.17

low 13.05 17.32 20.37 17.43 17.11 15.83 17.24 17.50 18.10 19.71 22.95 19.95

avg 15.55 23.20 23.31 20.47 18.00 18.00 19.58 19.30 19.95 24.15 24.42 23.11

Note: VHSI is compiled by Hang Seng Indexes Company Limited

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Hang Seng China Enterprises index, daily movement (2018)

01/18 02/18 03/18 04/18 05/18 06/18 07/18 08/18 09/18 10/18 11/18 12/189500

9950

10400

10850

11300

11750

12200

12650

13100

13550

14000

9991.06(27/12)

13723.96(26/01)

Index


Hang Seng China Enterprises index, daily closing (2018)3 January 2000 = 2000


1 – 13434.14 12428.88 – – 12020.09 – 10973.04 – – 10279.32 – 2 12068.99 13538.66 12203.91 – 12193.59 – – 10733.19 – 10754.56 10687.77 – 3 12088.99 – – 12136.67 12018.86 – 10872.20 10693.79 10813.57 10786.17 – 10882.16 4 12203.55 – – 11857.41 11890.62 12249.58 10712.64 – 10890.63 10547.64 – 10907.54 5 12211.63 13479.83 11991.79 – – 12259.32 10608.06 – 10645.70 10530.32 10544.92 10756.95 6 – 12686.60 12311.54 11967.66 – 12283.58 10622.62 10701.96 10578.58 – 10632.64 10480.72 7 – 12433.29 12180.29 – 11966.41 12407.80 – 10866.10 10559.54 – 10641.48 10369.40 8 12235.19 12380.38 12334.83 – 12144.79 12165.79 – 10901.18 – 10393.29 10703.59 – 9 12255.68 11901.67 12431.20 12073.00 12185.44 – 10768.35 11019.93 – 10420.62 10431.46 – 10 12289.17 – – 12324.02 12233.96 – 10824.97 10943.08 10433.62 10442.71 – 10273.20 11 12295.52 – – 12324.68 12345.30 12172.03 10658.26 – 10333.16 10092.52 – 10245.01 12 12468.93 11900.31 12697.31 12288.86 – 12206.57 10752.86 – 10238.77 10299.09 10440.34 10417.16 13 – 12004.51 12746.78 12261.23 – 12035.63 10746.45 10766.51 10503.01 – 10478.71 10556.85 14 – 12260.99 12684.52 – 12544.55 11950.70 – 10744.31 10575.17 – 10405.16 10359.43 15 12470.42 12535.51 12719.84 – 12440.75 11870.18 – 10535.14 – 10144.34 10555.49 – 16 12787.28 – 12673.07 12008.13 12440.12 – 10704.26 10479.68 – 10198.33 10583.77 – 17 12868.78 – – 11900.48 12278.43 – 10591.72 10513.83 10462.09 – – 10351.81 18 13094.92 – – 11986.07 12355.13 – 10578.46 – 10556.98 10136.76 – 10230.52 19 13179.52 – 12660.46 12239.84 – 11492.77 10523.24 – 10741.69 10222.18 10631.66 10195.59 20 – 12396.87 12597.42 12054.23 – 11505.74 10682.64 10632.36 10792.59 – 10466.11 10090.75 21 – 12686.88 12521.55 – 12349.61 11364.66 – 10737.63 11027.13 – 10486.07 10100.95 22 13204.58 12528.64 12427.55 – – 11339.87 – 10850.17 – 10490.67 10446.43 – 23 13490.45 12735.06 12128.27 12000.16 12090.79 – 10731.36 10814.60 – 10234.90 10388.53 – 24 13620.93 – – 12244.88 12152.62 – 10973.92 10779.71 10827.52 10226.41 – 10062.94 25 13388.16 – – 12094.32 12047.75 11208.90 11074.16 – – 10176.56 – – 26 13723.96 12834.06 12197.70 11949.38 – 11118.89 11021.35 – 10985.60 10058.63 10521.53 – 27 – 12646.54 12301.55 12066.58 – 10879.17 11047.42 11049.13 10938.97 – 10515.30 9991.06 28 – 12382.08 12001.16 – 12115.17 10868.45 – 11097.59 11017.87 – 10634.71 9992.22 29 13659.59 – 11998.34 – 11959.08 11073.00 – 11083.06 – 10012.63 10584.93 – 30 13389.38 – – 12331.39 11769.16 – 11046.32 10967.61 – 9998.95 10621.74 – 31 13561.65 – – – 11978.30 – 11024.73 10875.58 – 10138.63 – 10124.75

High 13723.96 13538.66 12746.78 12331.39 12544.55 12407.80 11074.16 11097.59 11027.13 10786.17 10703.59 10907.54

low 12068.99 11900.31 11991.79 11857.41 11769.16 10868.45 10523.24 10479.68 10238.77 9998.95 10279.32 9991.06

avg 12843.51 12598.11 12392.28 12111.00 12166.69 11723.64 10788.86 10815.62 10680.12 10300.28 10530.98 10336.26

Note: HSCEI is compiled by Hang Seng Indexes Company Limited

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Hang Seng China-affiliated Corporations index, daily movement (2018)

3950

4050

4150

4250

4350

4450

4550

4650

4750

4850

4950

01/18 02/18 03/18 04/18 05/18 06/18 07/18 08/18 09/18 10/18 11/18 12/18

4024.38(30/10)

4895.19(24/01)

Index


Hang Seng China-affiliated Corporations index, daily closing (2018)3 January 2000 = 2000


1 – 4809.04 4508.44 – – 4632.42 – 4284.64 – – 4168.02 – 2 4496.19 4818.65 4455.64 – 4527.23 – – 4202.07 – 4352.10 4289.89 – 3 4511.10 – – 4420.17 4461.90 – 4308.87 4178.60 4290.00 4354.25 – 4391.20 4 4535.52 – – 4356.43 4429.40 4691.32 4240.75 – 4336.24 4286.88 – 4409.90 5 4560.14 4784.12 4355.69 – – 4712.49 4215.66 – 4239.50 4285.76 4207.81 4359.65 6 – 4544.69 4438.71 4411.15 – 4725.99 4230.00 4156.23 4231.25 – 4262.20 4278.47 7 – 4465.75 4390.86 – 4504.31 4743.75 – 4245.59 4267.30 – 4257.09 4283.81 8 4608.42 4459.94 4447.22 – 4546.10 4658.22 – 4238.93 – 4197.47 4288.24 – 9 4603.90 4322.34 4515.46 4465.08 4563.44 – 4317.06 4272.59 – 4241.38 4195.43 – 10 4612.04 – – 4533.32 4574.68 – 4322.40 4274.35 4215.51 4267.85 – 4210.11 11 4612.81 – – 4526.65 4609.25 4665.90 4272.50 – 4176.91 4126.93 – 4212.22 12 4658.24 4305.31 4563.54 4525.53 – 4724.25 4286.93 – 4144.48 4156.33 4205.97 4307.10 13 – 4354.53 4525.47 4491.36 – 4655.43 4311.91 4192.11 4248.42 – 4232.14 4379.71 14 – 4440.50 4503.11 – 4667.87 4595.57 – 4155.43 4310.20 – 4216.12 4314.07 15 4593.91 4519.56 4490.34 – 4642.88 4576.38 – 4043.30 – 4077.75 4273.33 – 16 4678.34 – 4499.28 4446.02 4675.55 – 4307.43 4024.89 – 4115.51 4310.75 – 17 4679.13 – – 4388.68 4629.35 – 4254.07 4036.68 4248.45 – – 4296.74 18 4707.23 – – 4387.30 4681.43 – 4255.06 – 4298.87 4115.68 – 4209.23 19 4745.79 – 4500.78 4487.15 – 4438.14 4208.30 – 4392.64 4137.20 4352.16 4202.19 20 – 4524.55 4516.91 4438.61 – 4464.78 4221.11 4126.90 4423.96 – 4278.60 4170.69 21 – 4587.30 4540.06 – 4708.61 4399.54 – 4209.34 4480.76 – 4266.16 4123.71 22 4799.06 4537.66 4516.06 – – 4418.22 – 4245.67 – 4244.67 4275.74 – 23 4854.65 4579.84 4418.11 4405.38 4632.06 – 4244.65 4211.29 – 4111.38 4261.35 – 24 4895.19 – – 4492.61 4633.05 – 4314.40 4219.02 4385.43 4096.20 – 4097.15 25 4877.16 – – 4457.74 4588.06 4366.96 4351.88 – – 4076.56 – – 26 4891.51 4606.76 4419.53 4423.78 – 4337.39 4325.93 – 4414.58 4055.21 4303.48 – 27 – 4576.93 4492.63 4465.10 – 4251.18 4343.92 4328.23 4408.42 – 4269.16 4086.18 28 – 4519.44 4395.70 – 4592.52 4255.15 – 4348.79 4448.84 – 4329.71 4114.33 29 4874.07 – 4408.61 – 4536.66 4376.51 – 4369.22 – 4046.29 4293.51 – 30 4816.86 – – 4540.64 4497.07 – 4328.05 4335.16 – 4024.38 4338.56 – 31 4819.21 – – – 4608.23 – 4320.53 4316.62 – 4097.93 – 4169.04

High 4895.19 4818.65 4563.54 4540.64 4708.61 4743.75 4351.88 4369.22 4480.76 4354.25 4352.16 4409.90

low 4496.19 4305.31 4355.69 4356.43 4429.40 4251.18 4208.30 4024.89 4144.48 4024.38 4168.02 4086.18

avg 4701.39 4542.05 4471.53 4455.93 4586.17 4534.48 4284.83 4218.07 4313.78 4165.13 4267.06 4242.92

Note: HSCCI is compiled by Hang Seng Indexes Company Limited


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number of securities by type, 2014-2018Year

type 2014 2015 2016 2017 2018

Ordinary shares 1,549 1,645 1,714 1,795 1,927

Preference shares 6 8 10 16 17

Equity warrants 10 12 8 7 2

Derivative warrants 4,938 4,590 3,705 6,094 6,763

Equity linked instruments 0 0 0 0 0

Callable bull/bear contracts 1,579 1,630 1,844 3,374 2,847

Unit trusts/Mutual funds 134 145 157 145 149

– Exchange Traded Funds (ETFs) 122 133 133 106 115

– Leveraged and Inverse Products (L&I products) – – 12 27 22

– Real Estate Investment Trusts (REITs) 11 11 11 11 11

– Others 1 1 1 1 1

Debt securities 640 762 892 1,047 1,195

total 8,856 8,792 8,330 12,478 12,900

number of newly listed securities, 2014-2018Year

type 2014 2015 2016 2017 2018

Ordinary shares * 103 104 81 94 143

– Newly listed companies 96 90 75 81 133

– Transfer of listing from GEM 7 14 6 13 10




Equity link instruments 0 0 0 0 0


Unit trusts/Mutual funds 12 14 34 22 15




– Others 0 0 0 0 0

Debt securities 281 177 211 316 303

total 17,950 17,853 14,105 21,667 38,935

* Includes the number of companies for transfer of listing from GEM

number of delisted securities, 2014-2018Year

type 2014 2015 2016 2017 2018

Ordinary shares 6 8 12 13 11




Equity linked instruments 0 0 0 0 0


Unit trusts/mutual funds 7 3 22 34 11




– Others 1 0 0 0 0

Debt securities 44 55 81 161 155

total 17,423 17,917 14,567 17,519 38,513

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total market capitalisation by Hang Seng industry Classification SystemHK$mil

2018industry Classification * jan Feb mar apr may jun jul aug Sep oct nov Dec

Energy 1,260,238.45 1,179,832.19 1,166,957.13 1,264,889.05 1,296,822.17 1,270,071.96 1,260,633.52 1,309,350.44 1,420,349.58 1,236,689.61 1,224,584.63 1,104,391.73Materials 727,412.29 715,282.03 661,081.94 630,916.73 632,800.73 577,238.64 576,777.00 537,201.78 533,260.58 486,215.66 495,418.68 481,542.81Industrials 1,311,578.75 1,305,958.18 1,282,579.49 1,263,963.36 1,297,648.83 1,229,824.85 1,185,024.62 1,081,112.38 1,173,232.62 1,026,394.59 1,093,833.32 1,029,284.28Consumer Goods 4,098,172.33 4,055,037.06 4,019,029.26 4,027,726.39 4,303,198.73 3,986,153.13 3,776,278.15 3,777,845.41 3,668,333.56 3,214,367.93 3,365,968.41 3,163,753.44Consumer Services 2,453,304.58 2,382,006.37 2,317,295.69 2,373,809.46 2,532,698.95 2,364,877.50 2,357,029.70 2,259,543.48 2,258,142.06 2,027,958.61 2,193,192.95 2,189,390.33Telecommunications 2,283,095.79 2,036,197.73 1,996,983.17 2,115,509.36 1,977,908.54 1,942,361.77 1,966,777.36 2,057,008.96 2,146,326.39 2,027,573.61 2,157,937.85 2,098,329.50Utilities 1,692,268.91 1,663,380.71 1,721,104.68 1,714,411.65 1,767,443.18 1,698,185.17 1,774,743.74 1,700,823.61 1,668,924.76 1,592,036.30 1,670,322.61 1,684,409.69Financials 10,713,445.83 9,975,407.60 9,592,721.50 9,959,316.65 9,601,175.87 8,987,134.33 8,977,314.21 8,695,877.63 8,748,969.31 7,983,499.18 8,359,680.09 8,113,476.14Properties & Construction 5,754,801.89 5,308,762.92 5,412,347.06 5,503,650.65 5,468,950.78 5,069,623.44 5,112,251.50 4,993,293.80 4,624,797.71 4,212,262.60 4,639,539.05 4,603,544.21Information Technology 5,457,848.01 5,162,091.39 4,891,153.96 4,646,261.93 4,789,090.26 4,694,009.02 4,694,305.19 4,502,843.15 4,662,162.35 3,810,802.60 4,354,977.42 4,260,114.99Conglomerates 1,184,442.81 1,113,026.69 1,077,294.65 1,106,644.20 1,081,074.46 1,036,452.55 1,046,298.99 1,070,493.65 1,052,262.48 980,157.23 1,037,145.25 995,001.15

total 36,936,609.65 34,896,982.87 34,138,548.54 34,607,099.44 34,748,812.52 32,855,932.37 32,727,433.98 31,985,394.28 31,956,761.39 28,597,957.91 30,592,600.27 29,723,238.27

Note: Month-end figures.* Hang Seng Industry Classification System (HSICS) is provided by Hang Seng Indexes Company Limited

market capitalisation trends by Hang Seng industry Classification System, 2014-2018HK$mil

industry Classification * 2014 2015 2016 2017 2018

Energy 1,170,235.26 (4.70%) 863,905.93 (3.54%) 991,645.57 (4.06%) 1,126,395.36 (3.34%) 1,104,391.73 (3.72%)Materials 528,765.91 (2.12%) 430,567.63 (1.76%) 504,699.55 (2.06%) 670,690.26 (1.99%) 481,542.81 (1.62%)Industrials 1,053,163.18 (4.23%) 1,140,245.89 (4.67%) 879,441.65 (3.60%) 1,252,367.74 (3.71%) 1,029,284.28 (3.46%)Consumer Goods 2,753,058.96 (11.06%) 2,793,120.90 (11.44%) 2,744,318.81 (11.22%) 3,924,645.30 (11.64%) 3,163,753.44 (10.64%)Consumer Services 1,961,301.81 (7.88%) 1,527,830.15 (6.26%) 1,729,378.86 (7.07%) 2,255,873.90 (6.69%) 2,189,390.33 (7.37%)Telecommunications 2,331,548.30 (9.37%) 2,257,393.20 (9.24%) 2,124,893.20 (8.69%) 2,178,878.31 (6.46%) 2,098,329.50 (7.06%)Utilities 1,500,944.84 (6.03%) 1,459,610.16 (5.98%) 1,356,818.08 (5.55%) 1,647,343.55 (4.89%) 1,684,409.69 (5.67%)Financials 7,457,460.92 (29.96%) 7,180,570.15 (29.40%) 7,229,788.27 (29.57%) 9,549,225.13 (28.32%) 8,113,476.14 (27.30%)Properties & Construction 3,454,253.90 (13.88%) 3,519,996.21 (14.41%) 3,420,399.56 (13.99%) 5,099,505.48 (15.12%) 4,603,544.21 (15.49%)Information Technology 1,629,885.93 (6.55%) 2,101,788.22 (8.60%) 2,488,198.39 (10.18%) 4,912,952.91 (14.57%) 4,260,114.99 (14.33%)Conglomerates 1,051,800.01 (4.23%) 1,150,526.51 (4.71%) 980,852.56 (4.01%) 1,100,117.23 (3.26%) 995,001.15 (3.35%)

Equity total 24,892,419.04 (100.00%) 24,425,554.96 (100.00%) 24,450,434.51 (100.00%) 33,717,995.17 (100.00%) 29,723,238.27 (100.00%)

( ) % of equity market totalNote: Year-end figures* Hang Seng Industry Classification System (HSICS) is provided by Hang Seng Indexes Company Limited


market capitalisation, 1986-2018

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 20162015 201820172014201320122011201020092008

HK$bil

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,00022,00024,00026,00028,00030,00032,00034,000

419 420 580 605 650 949 1,3322,975 2,085 2,348

3,476 3,203 2,6624,728 4,795 3,885 3,559

5,478 6,6298,113

13,249

20,536 20,94221,872

29,723

33,718

23,909

17,45317,769

10,254

24,89224,42624,450

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50 leading companies in market capitalisationEnd of 2018

issued Closing market % of capital price capitalisation equityrank Code Company (shares) (HK$) (HK$mil) total

1 00700 Tencent Holdings Ltd. 9,520,262,541 314.000 2,989,362.44 10.06 2 00939 China Construction Bank Corporation – H Shares 240,417,319,880 6.460 1,553,095.89 5.23 3 00941 China Mobile Ltd. 20,475,482,897 75.350 1,542,827.64 5.19 4 00005 HSBC Holdings plc 20,360,258,164 64.800 1,319,344.73 4.44 5 01299 AIA Group Ltd. 12,077,063,781 65.000 785,009.15 2.64 6 00883 CNOOC Ltd. 44,647,455,984 12.100 540,234.22 1.82 7 02318 Ping An Insurance (Group) Co. of China, Ltd. – H Shares 7,447,576,912 69.150 514,999.94 1.73 8 01398 Industrial and Commercial Bank of China Ltd. – H Shares 86,794,044,550 5.590 485,178.71 1.63 9 02378 Prudential plc * 2,593,044,409 138.000 – 357,840.13 N.A. 10 00267 CITIC Ltd. 29,090,262,630 12.280 357,228.43 1.20 11 00011 Hang Seng Bank Ltd. 1,911,842,736 175.800 336,101.95 1.13 12 00016 Sun Hung Kai Properties Ltd. 2,897,159,274 111.600 323,322.97 1.09 13 02388 BOC Hong Kong (Holdings) Ltd. 10,572,780,266 29.100 307,667.91 1.04 14 03333 China Evergrande Group 13,112,448,900 23.450 307,486.93 1.03 15 00688 China Overseas Land & Investment Ltd. 10,956,201,535 26.900 294,721.82 0.99 16 01810 Xiaomi Corporation – W 22,577,616,830 12.920 291,702.81 0.98 17 00001 CK Hutchison Holdings Ltd. 3,856,240,500 75.200 289,989.29 0.98 18 00388 Hong Kong Exchanges and Clearing Ltd. 1,250,632,060 226.600 283,393.22 0.95 19 03988 Bank of China Ltd. – H Shares 83,622,276,395 3.380 282,643.29 0.95 20 01928 Sands China Ltd. 8,080,572,591 34.300 277,163.64 0.93 21 00762 China Unicom (Hong Kong) Ltd. 30,598,124,345 8.360 255,800.32 0.86 22 00066 MTR Corporation Ltd. 6,138,763,089 41.200 252,917.04 0.85 23 00003 Hong Kong and China Gas Co. Ltd., The 15,386,411,131 16.200 249,259.86 0.84 24 03690 Meituan Dianping – W 5,492,714,762 43.900 241,130.18 0.81 25 00945 Manulife Financial Corporation * 1,987,178,418 117.700 – 233,890.90 N.A. 26 00002 CLP Holdings Ltd. 2,526,450,570 88.500 223,590.88 0.75 27 00027 Galaxy Entertainment Group Ltd. 4,323,763,169 49.800 215,323.41 0.72 28 03328 Bank of Communications Co., Ltd. – H Shares 35,011,862,630 6.110 213,922.48 0.72 29 01113 CK Asset Holdings Ltd. 3,693,400,500 57.300 211,631.85 0.71 30 01109 China Resources Land Ltd. 6,930,939,579 30.100 208,621.28 0.70 31 02007 Country Garden Holdings Co. Ltd. 21,645,007,787 9.530 206,276.92 0.69 32 02888 Standard Chartered PLC 3,308,015,911 59.450 196,661.55 0.66 33 00012 Henderson Land Development Co. Ltd. 4,401,260,912 39.000 171,649.18 0.58 34 01972 Swire Properties Ltd. 5,850,000,000 27.500 160,875.00 0.54 35 01038 CK Infrastructure Holdings Ltd. 2,650,676,042 59.300 157,185.09 0.53 36 00386 China Petroleum & Chemical Corporation – H Shares 25,513,438,600 5.590 142,620.12 0.48 37 01997 Wharf Real Estate Investment Co. Ltd. 3,036,227,327 46.850 142,247.25 0.48 38 00384 China Gas Holdings Ltd. 5,071,468,372 27.900 141,493.97 0.48 39 00960 Longfor Group Holdings Ltd. 5,937,494,605 23.400 138,937.37 0.47 40 02313 Shenzhou International Group Holdings Ltd. 1,503,222,397 88.750 133,410.99 0.45 41 03968 China Merchants Bank Co., Ltd. – H Shares 4,590,901,172 28.700 131,758.86 0.44 42 00175 Geely Automobile Holdings Ltd. 8,981,612,540 13.800 123,946.25 0.42 43 02628 China Life Insurance Co. Ltd. – H Shares 7,441,175,000 16.640 123,821.15 0.42 44 00006 Power Assets Holdings Ltd. 2,134,261,654 54.500 116,317.26 0.39 45 00019 Swire Pacific Ltd. “A” 905,206,000 “A” 82.700 113,803.76 0.38 Swire Pacific Ltd. “B” 2,981,870,000 “B” 13.060 46 01918 Sunac China Holdings Ltd. 4,405,237,209 25.500 112,333.55 0.38 47 00017 New World Development Co. Ltd. 10,200,831,160 10.360 105,680.61 0.36 48 01288 Agricultural Bank of China Ltd. – H Shares 30,738,823,096 3.430 105,434.16 0.35 49 00857 PetroChina Co. Ltd. – H Shares 21,098,900,000 4.880 102,962.63 0.35 50 02020 ANTA Sports Products Ltd. 2,684,904,100 37.550 100,818.15 0.34

Total 17,881,906.08 60.16

Equity total 29,723,238.27 100.00

* Figures is not included in Total

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20 Stocks with largest price changes (increase)Closing price

(HK$)

rank Stock Code Stock name 2017 2018 % up

1 01660 ZHAOBANGJI PPT 0.485 10.080 1,978.35

2 00395 SMARTAC GP CH 0.115 0.900 682.61

3 01021 MIDAS HLDGS-S 0.890 3.000 237.08

4 00708 EVERG HEALTH 3.090 10.300 233.33

5 00758 MACROLINK CAP 0.239 0.790 230.54

6 01611 PANTRONICS HLDG 1.140 3.690 223.68

7 02225 KAKIKO GROUP 0.620 1.960 216.13

8 00496 KASEN 1.198 A 3.470 189.65

9 00863 BRANDINGCHINA 2.760 7.700 178.99

10 01383 SUNCITY GROUP 0.465 1.230 164.52

11 06816 PROSPER CONS 0.485 1.280 163.92

12 00456 NEW CITY DEV 0.350 0.900 157.14

13 01579 YIHAI INTL 7.510 19.140 154.86

14 00612 CHINA DYF 8.570 21.000 145.04

15 00585 IMAGI INT’L 0.670 1.580 135.82

16 02312 CH FIN LEASING 0.169 0.380 124.85

17 03998 BOSIDENG 0.665 A 1.480 122.56

18 00467 UNITEDENERGY GP 0.570 1.220 114.04

19 00743 ASIA CEMENT CH 2.740 5.490 100.36

20 02768 JIAYUAN INTL 7.260 14.480 99.45

Note: (A) Adjusted

20 Stocks with largest price changes (decrease)Closing prices

(HK$)

rank Stock Code Stock name 2017 2018 % down

1 01007 LONGHUI INTL 2.817 A 0.107 96.20

2 01369 WUZHOU INT’L 0.870 0.040 95.40

3 01630 KIN SHING HLDGS 4.070 0.239 94.13

4 00702 SINO OIL & GAS 1.400 A 0.095 93.21

5 01103 DASHENG AGR FIN 0.640 0.045 92.97

6 00279 FREEMAN FINTECH 5.200 A 0.370 92.88

7 01439 MOBILE INTERNET 2.060 0.190 90.78

8 00061 GREEN LEADER 0.385 0.042 89.09

9 02200 HOSA INT’L 2.640 0.290 89.02

10 00915 DAOHE GLOBAL 2.150 0.240 88.84

11 01166 SOLARTECH INT’L 0.660 0.080 87.88

12 00378 FDG KINETIC 0.750 0.096 87.20

13 01555 MIE HOLDINGS 0.560 0.074 86.79

14 00572 FUTURE WORLD FH 0.360 0.052 85.56

15 01706 SHUANG YUN HLDG 2.020 0.295 85.40

16 00633 CH ALL ACCESS 2.240 0.330 85.27

17 00729 FDG EVEHICLES 0.330 0.049 85.15

18 00988 SILKROAD LOG 0.355 0.053 85.07

19 01462 GOLD-FIN HLDG 2.680 0.425 84.14

20 00582 LANDING INTL 15.500 A 2.460 84.13

Note: (A) Adjusted


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trading value and volume, 2014-2018 value (HK$mil) volume (mil of shares) Deals

Year/month no. of trading days total average daily total average daily total average daily

2014 247 16,990,272.09 68,786.53 33,929,018.76 137,364.45 258,091,086 1,044,9032015 247 25,835,958.29 104,599.02 53,091,013.41 214,943.37 349,425,144 1,414,6772016 245 16,279,975.49 66,448.88 45,177,508.51 184,397.99 261,400,789 1,066,9422017 246 21,560,099.47 87,642.68 43,805,184.04 178,069.85 300,296,509 1,220,7182018 246 26,295,274.58 106,891.36 55,311,909.01 224,845.16 388,181,359 1,577,973

2018 Jan 22 3,525,010.54 160,227.75 6,081,072.64 276,412.39 40,955,123 1,861,597 Feb 18 2,593,490.69 144,082.82 4,216,189.13 234,232.73 32,041,805 1,780,100 Mar 21 2,750,878.38 130,994.21 5,001,918.76 238,186.61 36,085,073 1,718,337 Apr 19 2,048,320.21 107,806.33 4,389,297.04 231,015.63 30,883,081 1,625,425 May 21 2,178,027.93 103,715.62 3,949,525.40 188,072.64 33,758,003 1,607,524 Jun 20 2,143,089.07 107,154.45 3,797,889.90 189,894.50 32,713,862 1,635,693 Jul 21 1,871,498.48 89,118.98 4,066,447.44 193,640.35 30,465,662 1,450,746 Aug 23 2,161,363.38 93,972.32 4,595,122.50 199,787.93 34,807,618 1,513,375 Sep 19 1,731,303.60 91,121.24 4,099,562.36 215,766.44 27,762,784 1,461,199 Oct 21 1,983,892.56 94,471.07 5,524,694.29 263,080.68 32,543,850 1,549,707 Nov 22 1,948,730.41 88,578.65 6,087,694.95 276,713.41 32,731,771 1,487,808 Dec 19 1,359,669.31 71,561.54 3,502,494.60 184,341.82 23,432,727 1,233,301

Notes: Turnover value traded in non-HKD currency securities have been included start from 29 November 2010.

trading value and volume of depositary receipts, 2014-2018 no. of no. of listed no. of value (HK$thousand) volume (thousands of shares) Deals Year/month trading days companies issues total average daily total average daily total average daily

2014 247 3 4 450,589.20 1,824.25 16,073.36 65.07 9,211 372015 247 3 4 268,288.54 1,086.19 7,746.53 31.36 7,518 302016 245 2 2 119,050.48 485.92 4,478.40 18.28 4,510 182017 246 2 2 116,360.88 473.01 4,451.21 18.09 3,518 142018 246 1 1 108,307.21 440.27 3,092.55 12.57 3,424 14

2018 Jan 22 2 2 25,506.03 1,159.36 748.20 34.01 660 30 Feb 18 2 2 15,377.95 854.33 495.20 27.51 575 32 Mar 21 1 1 6,873.98 327.33 225.00 10.71 277 13 Apr 19 1 1 7,757.36 408.28 233.40 12.28 258 14 May 21 1 1 2,628.90 125.19 76.50 3.64 106 5 Jun 20 1 1 5,483.48 274.17 156.90 7.85 220 11 Jul 21 1 1 5,154.48 245.45 147.40 7.02 214 10 Aug 23 1 1 3,933.98 171.04 113.45 4.93 166 7 Sep 19 1 1 7,001.32 368.49 180.28 9.49 229 12 Oct 21 1 1 13,273.33 632.06 340.22 16.20 312 15 Nov 22 1 1 12,133.43 551.52 297.11 13.50 299 14 Dec 19 1 1 3,183.00 167.53 78.90 4.15 108 6

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trading value by type of securities, 2018 Debt Equities Warrants Eli CBBC Unit trusts securities iShare market total

month mil of shares HK$mil HK$mil HK$mil HK$mil HK$mil HK$mil HK$mil HK$mil

Jan 393,800.24 2,506,959.33 626,168.24 0.00 228,213.66 158,636.53 5,032.77 0.00 3,525,010.54Feb 252,808.70 1,902,670.47 377,085.22 0.00 169,909.02 141,091.89 2,734.09 0.00 2,593,490.69Mar 275,920.92 2,032,800.65 417,160.33 0.00 183,873.96 113,387.17 3,656.28 0.00 2,750,878.38Apr 213,767.07 1,502,708.54 302,831.77 0.00 147,020.05 91,660.72 4,099.14 0.00 2,048,320.21May 296,769.83 1,694,584.41 282,122.99 0.00 102,828.60 94,827.94 3,663.99 0.00 2,178,027.93Jun 253,858.16 1,696,631.27 213,481.74 0.00 116,195.36 113,327.45 3,453.25 0.00 2,143,089.07Jul 232,394.55 1,432,346.29 232,413.25 0.00 115,187.22 88,695.86 2,855.88 0.00 1,871,498.48Aug 241,035.33 1,642,818.06 301,088.24 0.00 129,397.13 82,442.81 5,617.15 0.00 2,161,363.38Sep 188,770.61 1,275,236.39 250,470.32 0.00 128,471.06 72,899.63 4,226.21 0.00 1,731,303.60Oct 192,198.26 1,373,5

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