Hong Kong capital markets wrap up 2024 on a high note: SFC Quarterly Report
A strong asset management sector and enhanced market connectivity amidst improving investor sentiment provided Hong Kong’s capital markets with a strong finish to 2024, according to the Securities and Futures Commission’s (SFC) Quarterly Report published today.
On the asset management front, the exchange-traded fund (ETFs) market made further headway last year, as the average daily turnover for ETFs surged 35% year-on-year to $18.9 billion (US$2.4 billion), accounting for 14% of total stock market turnover. They raked in net inflows of $22.8 billion (US$2.9 billion) for the year, while the number of ETFs increased 11% to 194.
In another sign of the sector’s vibrancy, net inflows into Hong Kong-domiciled funds soared 88% to $162.9 billion (US$ 20.9 billion), with their assets under management up by a robust 22% to $1.64 trillion (US$211.4 billion).
Meanwhile, the milestone cross-listing of two Hong Kong ETFs in Saudi Arabia in October has boosted regional market connectivity. The two ETFs, the largest in the Saudi market, had a combined market capitalisation of US$1.6 billion as of December.
Following the implementation of ETF Connect enhancements and the listings of several leading Mainland companies in Hong Kong since April 2024, connectivity with Mainland markets was further reinforced as enhancements to the Mainland-Hong Kong Mutual Recognition of Funds scheme strongly bolstered Hong Kong fund sales after taking effect in January 2025.
Stock Connect, marking a first decade of success, saw a 55% jump in average daily southbound trading to $48.2 billion in 2024, representing more than 18% of Hong Kong market turnover. Southbound net inflows also hit a 10-year high of $807.9 billion, with cumulative inflows nearing $3.7 trillion as of December.
"With the Mainland’s comprehensive support for its economy since last September, Hong Kong’s markets demonstrated time-tested resilience and enduring appeal to global investors through a challenging year of 2024," said Ms Julia Leung, the SFC’s Chief Executive Officer. “Building upon the progress, the SFC will remain committed to facilitating developments and fostering innovation for our markets while upholding their integrity and quality.”
In addition, licensing data continued its upward trend, with the total number of licensed corporations up 1.5% and the number of licence applications up 15% as of end-2024. For virtual assets (VA), the SFC granted licences to three more VA trading platforms in early 2025, bringing the total number to 10. To cement Hong Kong’s role as a global VA hub, the SFC has recently issued the “ASPIRe” roadmap clearly setting out 12 major initiatives.
To step up investor education and combat investment fraud, the SFC in December launched a fresh anti-scam publicity campaign titled “Don’t be Sucker” through a catchy rap song, a music video, a new Instagram account and advertisements on both online and traditional media. The music video recorded more than 78,000 views on the campaign’s dedicated YouTube channel in the first two months since launch. The campaign focuses on the common scam scenarios of online romance scams, impersonation and deceptive tips from financial influencers.
The SFC also continued to prudently manage its financial health, which is key to ensuring its sustainability as Hong Kong’s capital market regulator. It is pleased to report a modest surplus of $77 million for the last quarter, as Hong Kong’s stock market turnover rebounded upon the Mainland’s economic support measures
The quarterly report is available on the SFC website.
中文版本
證監會《季度報告》：2024年香港資本市場展現後勁
證券及期貨事務監察委員會（證監會）今天發表《季度報告》，指出香港資本市場受惠於 投資氣氛好轉，加上資產管理業表現強勁和市場聯繫進一步加強，因此2024年以強勢 作結。
在資產管理業方面，交易所買賣基金（exchange-traded fund，簡稱ETF）市場去年續創 佳績，平均每日成交額按年急升35%至189億元（24億美元），佔股市總成交額的14%。 ETF在年內錄得的淨資金流入為228億元（29億美元），而其數目亦增加11%至194隻。
此外，香港註冊成立的基金表現亦印證資產管理業發展向好，該等基金的淨資金流入 大增88%至1,629億元（209億美元），所管理的資產總值為16,400億元（2,114億美元）， 升幅高達22%。
與此同時，ETF市場發展達致新里程碑，兩隻香港ETF於10月首次在沙特阿拉伯跨境 上市，加強了與區內市場的聯繫。截至12月，兩隻ETF的市值合計接近16億美元，是沙 特市場中最大型的ETF。
自2024年4月起，隨著“ETF通”落實優化措施及數家內地龍頭企業相繼來港上市，香港 與內地市場之間的聯繫更趨緊密。內地與香港基金互認安排的優化措施亦在2025年1 月生效，大幅推動了香港基金的銷售額。
滬深港通則迎來了首個十年的輝煌成績。2024年港股通平均每日成交額飆升55%至 482億元，佔香港市場成交額超過18%。港股通淨資金流入亦創十年新高，達8,079億 元，而截至12月，累計淨資金流入已錄得近37,000億元。
證監會行政總裁梁鳳儀女士表示：“隨著內地自去年9月以來推出一系列措施支持經濟 發展，香港市場在富有挑戰的2024年成功克服考驗，展現出其一貫的韌力，並持續獲得國際投資者青睞。在此良好基礎上，證監會將繼續致力促進發展，推動市場創新，並 同時維持市場的廉潔穩健及質素。”
另外，牌照數據持續上升，截至2024年底，持牌機構總數及牌照申請宗數分別上升 1.5%和15%。虛擬資產方面，證監會於2025年初再向三個虛擬資產交易平台批出牌照 ，令此類持牌平台的總數增至十個；最近亦公布了“ASPIRe”路線圖，當中列出12項主 要措施，以鞏固香港作為國際虛擬資產中心的角色。
為加強投資者教育及打擊投資騙局，證監會於12月推出了全新的“咪做水魚”反詐騙宣 傳活動，並配合原創歌曲、音樂短片、Instagram專頁和網上及傳統媒體廣告。音樂短 片於推出後的首兩個月，便已在專設YouTube頻道上錄得超過78,000次的瀏覽量。該 活動的宣傳重點在於常見騙局，包括網戀投資騙局、偽冒名人陷阱，以及投資“教室”詐 騙。
作為香港資本市場的監管機構，證監會亦繼續審慎理財，確保其可持續發展。受惠於 內地挺經濟措施帶動香港股市成交額回升，證監會於上季錄得輕微盈餘7,700萬元。
《季度報告》已上載至證監會網站。