Hong Kong Stock Exchange
The main gateway between international capital and mainland Chinese companies. HKEX lists both Hong Kong domestic companies and a large population of mainland issuers, and operates the Stock Connect programmes that let investors trade Shanghai and Shenzhen shares through Hong Kong and vice versa. It permits weighted voting-rights structures, which brought a wave of technology listings from 2018 onwards.
- Location
- Exchange Square, Central, Hong Kong
- Trading currency
- Hong Kong dollar (HKD)
- Trading hours
- 09:30 to 12:00 and 13:00 to 16:00, Monday to Friday
- Trading days
- Monday to Friday, excluding Hong Kong public holidays
- Time zone
- Hong Kong Time (UTC+8, no daylight saving)
- Market capitalisation
- Approximately USD 4.5 trillion (2025)
- Listed companies
- Approximately 2,600 across the Main Board and GEM (2025)
- Settlement
- T+2 through CCASS, operated by Hong Kong Securities Clearing Company.
Top performing companies today
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What trades here
Major indices
- Hang Seng Index
- Hang Seng China Enterprises Index
- Hang Seng TECH
Major listed companies
- Tencent
- Alibaba Group
- HSBC
- AIA Group
- Meituan
- China Construction Bank
Major sectors
- Technology and internet
- Financials and insurance
- Property
- Consumer discretionary
How the market works
Market structure
An electronic order book with a Main Board and GEM for smaller issuers. HKEX is the gateway between international capital and mainland companies: it lists H shares and red chips alongside domestic issuers, and operates the Stock Connect programmes in both directions.
Trading mechanisms
A pre-opening auction from 09:00, morning session 09:30 to 12:00, afternoon session 13:00 to 16:00, and a closing auction. There are no daily price limits on equities, but a volatility control mechanism applies cooling-off periods to designated securities.
Listing requirements
The Main Board offers three tests — a profit test requiring HK$80 million of aggregate profit over three years, a market-capitalisation-and-revenue test, and a market-cap/revenue/cash-flow test — with a minimum market capitalisation of HK$500 million, a 25% public float and at least 300 shareholders. Chapter 18A and 18C allow pre-revenue biotech and specialist technology listings.
Settlement
T+2 through CCASS, operated by Hong Kong Securities Clearing Company.
Regulatory authority
Securities and Futures Commission (SFC).
How to invest in this market
What it takes to open an account and deal on HKEX, separated by where you live — the two answers are rarely the same, and on some markets they are not even the same process.
Domestic investors
Residents of Hong Kong SAR, China
Hong Kong residents open an account with an SFC-licensed broker or a bank. There is no capital gains tax and no dividend withholding, which is a significant part of the market's appeal.
- A securities account with a corporation licensed by the SFC for Type 1 (dealing in securities) activity.
- Hong Kong identity card and proof of address.
- Board lots vary by security and can be large — check the lot size before assuming a small order is possible.
- Tax: no capital gains tax and no withholding on dividends. Stamp duty of 0.1% is payable by each side of a transaction.
Foreign investors
Open to foreign investors
Fully open, and the standard way for an international investor to hold large Chinese technology and financial companies under a common-law legal system.
- A broker with HKEX access — widely available internationally.
- Passport and proof of address.
- Tax: Hong Kong does not withhold tax on dividends and does not tax capital gains. Dividends from mainland-incorporated H-share issuers are, however, subject to mainland withholding before they reach you.
- Stamp duty of 0.1% per side applies to all investors.
Foreign ownership limits
No general limit imposed by Hong Kong. Underlying mainland companies may carry their own sectoral restrictions.
Currency considerations
Quoted in Hong Kong dollars, pegged to the US dollar in a 7.75–7.85 band, which removes most currency risk for a dollar-based investor. Some lines are also available in renminbi.
Regulated routes to an account
Licensed intermediaries and official exchange platforms, listed to show the regulated routes into this market. This is not a recommendation and not an exhaustive list — check any firm against the regulator’s register before opening an account.
Verify before you act
Why this market matters
Why investors follow it
It is the most accessible way for international investors to own large Chinese technology and financial companies under a common-law legal framework. The Hang Seng is also a sensitive barometer of policy sentiment towards China.
Interesting facts
- The Hong Kong dollar is pegged to the US dollar within a narrow band, so local monetary policy largely follows the United States.
- Stock Connect allows two-way trading between Hong Kong and the mainland exchanges without a separate quota licence.
- Its 2018 rule change permitting dual-class share structures was made explicitly to compete for technology listings.
Official sources