v256.0 · stock markets · HK · verified 2026-04
Hong Kong stock markets + capital markets
Stock markets in Hong Kong — main exchanges, total market cap, major indices, listing requirements, trading hours, foreign-investor access, IPO market, dividend + capital-gains tax, regulator, custody + clearing.
Main exchanges
HKEX (Hong Kong Exchanges and Clearing Limited) — Main Board + GEM (Growth Enterprise Market) · 2,500+ listings · USD 4T+ market cap · World's top IPO market 2017-19 · Stock Connect to Mainland China · Bond Connect
Market cap + indices
| Total market cap | USD 4.5T+ (sometimes higher) · Asia's 3rd-largest after Tokyo + Shanghai · Significant Chinese-issuer overlap |
| Major indices | Hang Seng Index (HSI, 50 largest) · Hang Seng China Enterprises Index (HSCEI, 50 large H-shares) · Hang Seng Tech (30 large tech) · Hang Seng Composite · MSCI China (offshore — partially HK-listed) · GEM Index |
Listing + trading mechanics
| Listing requirements | Main Board: HKD 100M (USD 13M) IPO market cap minimum · HKD 25M+ aggregate profit (cumulative 3-yr) · 3-yr trading record · GEM Market: HKD 100M min, lighter requirements · 25% minimum public float · Sponsors required · WVR (Weighted Voting Rights) allowed since 2018 (Xiaomi-precedent) · SPAC framework Jan 2022 |
| Trading hours | 9:30 AM - 12:00 PM (morning) · 1:00 PM - 4:00 PM (afternoon) · 1-hour lunch break · Hong Kong time (CST) · Open Mon-Fri · Holidays per HKEX calendar (Lunar New Year, Easter, etc.) |
Foreign investor access
Fully open · Free capital flows · Direct brokerage account · 0% capital-gains tax for individuals · 0% dividend withholding for non-residents (Hong Kong doesn't levy) · Stamp Duty 0.1% × 2 (buyer + seller) on share transactions · Strong global investor presence
IPO market (2024)
HKD 80B (USD 10B) raised 2024 IPOs — recovering from 2022-23 lows · Major 2024: Geely Zeekr (May USD 22B), Midea Group (Sep USD 4B), Horizon Robotics (Oct USD 700M), Tongcheng Travel · 2025 pipeline includes SF Express secondary, Cainiao Network potential
Dividend + capital-gains tax
0% personal income tax on dividends + capital gains for HK residents · 0% withholding on dividends for non-residents · Stamp Duty 0.1% × 2 on share transactions · Profits Tax 16.5% for companies (8.25% first HKD 2M) · Among world's most tax-friendly equity jurisdictions
Regulator + custody/clearing
| Regulator | SFC (Securities and Futures Commission) primary regulator · HKMA (Hong Kong Monetary Authority) for banking + monetary · HKEX listing committee for IPO approvals · IRD (Inland Revenue Department) for tax |
| Custody + clearing | HKSCC (Hong Kong Securities Clearing Company, HKEX subsidiary) primary · CCASS for clearing + settlement · T+2 settlement · HKEX integrated post-trade · Major prime brokers + custodians: HSBC + Standard Chartered + Citi + DBS · Stock Connect for Mainland access |
Recent changes (2023-2026)
2024-25: Geely Zeekr IPO USD 22B largest of 2024 · Midea Group USD 4B Sep 2024 · GEM Market simplification 2024 (reduced disclosure) · National Security Law 2020+ ongoing effect on investor sentiment · Capital outflows + return uncertainty · Hong Kong-China-Saudi-MENA capital corridor strengthening · SPAC framework continuing
Source: official Hong Kong securities regulator · Last verified 2026-04
See also: Hong Kong country profile · stock markets atlas