NEW YORK, January 1, 2026, 08:33 ET — Market closed
- HKEX (0388.HK) last closed down 0.24% at HK$407.60 on Dec. 31.
- A late-December wave of Chinese IPO launches kept the listings outlook in focus heading into 2026.
- Investors are watching early-January debuts and HKEX’s Feb. 26 annual results for signs the rebound has legs.
Shares of Hong Kong Exchanges and Clearing Ltd (0388.HK) slipped 0.24% to HK$407.60 on Wednesday, as investors weighed a year-end rush of Chinese IPO launches and broader China-linked risk appetite. Hong Kong markets are shut on Jan. 1 for the New Year holiday and reopen on Jan. 2. 1
For HKEX, the operator of the city’s stock exchange, activity is the product. More IPOs and higher turnover — the total value of shares traded — generally translate into higher fee income, while quieter markets tend to crimp revenue.
That linkage is back in focus after a late-December burst of Hong Kong flotation activity from Chinese AI and semiconductor firms. Chinese AI firm MiniMax is targeting up to HK$4.19 billion ($539 million) ahead of a Jan. 9 debut, and Hong Kong raised $36.5 billion from 114 listings in 2025, more than triple 2024 levels, LSEG data show. “The wave of IPO approvals does suggest a shift in accelerating AI startup development through capital market access,” said Lian Jye Su, chief analyst at tech research firm Omdia. 2
Six Chinese companies debuted in Hong Kong on Tuesday after raising about HK$6.99 billion ($900 million), with most trading above their offer prices, Reuters reported. The pipeline also includes three more deals slated to list on Jan. 8, according to the report. 3
Macro signals out of China also landed as investors headed into the holiday break. China’s official manufacturing Purchasing Managers’ Index (PMI) — a survey gauge of factory conditions where readings above 50 indicate expansion — rose to 50.1 in December from 49.2 in November, returning to growth territory, Reuters reported. 4
At a New Year gathering with senior officials, Chinese President Xi Jinping said China was on track to meet its 2025 growth target of around 5% and promised more proactive macroeconomic policies in 2026, Reuters reported. The remarks fed into bets that policymakers will lean against weakness in domestic demand and the property downturn. 5
In Hong Kong, the Hang Seng Index ended Wednesday down 0.87% at 25,630.54, keeping a lid on risk-taking into the final hours of the year. 6
HKEX shares have risen about 42% over the past 52 weeks, but they remain below a 52-week high of HK$466, according to Yahoo Finance data. The stock’s 50-day moving average — the average closing price over the last 50 sessions — sits around HK$416.77. 7
On Wednesday, the shares traded between HK$405.80 and HK$409.80, with about 1.55 million shares changing hands, Yahoo Finance data show. Thin year-end volumes can magnify small swings, particularly in financial stocks tied to market activity. 8
Investors are now testing whether Hong Kong’s reopening in listings is a durable trend or a year-end sprint. They are also watching flows through Stock Connect, the cross-border trading link that allows mainland and Hong Kong investors to buy eligible shares in each other’s markets.
Before the next session, traders will look for a quick rebound in cash-market turnover after the holiday and for signs that new listings can clear at the top of indicated ranges. A steady first week would help HKEX, whose earnings are geared to market activity more than direction.
HKEX’s next major catalyst is its 2025 annual results, due for board approval on Feb. 26, when directors will also consider a dividend, a filing showed. 9
In that report, investors will focus on whether the listing rebound is flowing through to fee income and whether management flags any changes in the pace of new applications. Expenses and any commentary on technology and regulatory costs will matter alongside the dividend decision.
