NEW YORK, January 3, 2026, 08:17 ET — Market closed
- Hong Kong Exchanges and Clearing (0388.HK) ended Friday up 2.01% at HK$415.80.
- AI-linked IPO headlines and a tech rally helped lift sentiment around listings and trading activity.
- Focus turns to mainland China’s market reopen and HKEX’s late-February results.
Shares of Hong Kong Exchanges and Clearing Ltd (0388.HK), the operator of the Hong Kong Stock Exchange, rose 2.01% on Friday to close at HK$415.80. The stock gained HK$8.20 on the day, after trading between HK$406.60 and HK$416.80, with 3.59 million shares changing hands.
HKEX often moves with expectations for trading activity and new listings because it earns fees when investors trade and when companies list. With Hong Kong kicking off 2026 in risk-on mode, investors leaned back into China tech themes that typically lift turnover.
That matters now because early-year trading conditions can set the tone for first-quarter fee income, especially after year-end holiday liquidity. A sustained pickup in IPO filings and deal execution would feed expectations that Hong Kong’s equity fundraising rebound carries into 2026.
Baidu said on Friday its AI chip unit Kunlunxin has confidentially filed a listing application with the Hong Kong stock exchange on Jan. 1, paving the way for a spin-off and separate listing. Hong Kong raised $36.5 billion from 114 new listings in 2025, its strongest year since 2021 and more than triple 2024’s haul, LSEG data cited by Reuters showed.
The broader tech bid was also fuelled by a fresh domestic AI narrative after DeepSeek published a paper this week outlining a cheaper way to develop AI, according to a Reuters market report. “Tech optimism continues,” said Wee Khoon Chong, APAC macro strategist at BNY, in the same report, which also said mainland China’s stock markets will resume trading on Monday, Jan. 5 after the New Year holiday. mint
Hong Kong’s benchmark Hang Seng Index closed up 2.76% on Friday at 26,338.47, while the Hang Seng Tech Index gained 4.00%, according to Xinhua.
HKEX also issued a corporate update on Friday, saying Rose Kay Lo Hei has joined its statutory Risk Management Committee, replacing Xing Guiwei.
For HKEX investors, the bigger swing factor remains market engagement. Trading, clearing and settlement, data and connectivity, and listing services all tend to benefit when risk appetite improves and activity broadens beyond a handful of names.
Friday’s close left the stock near the session high, underscoring how quickly sentiment can shift on IPO and tech headlines. The question for the next week is whether that momentum survives the return of mainland trading and fuller liquidity.
Before the next session, traders will be watching for follow-through once mainland China reopens, given its influence on regional risk appetite and cross-border positioning. Any reversal in the China tech bid could cool turnover expectations in Hong Kong.
HKEX’s financial calendar shows the company is due to announce final results on Feb. 26, a key checkpoint for guidance on trading volumes, investment income and dividends.
On the chart, HK$420 is the next obvious hurdle after Friday’s HK$416.80 intraday peak, while the HK$408–HK$410 area is the nearest support zone based on late-2025 closes and Friday’s opening range.
