Hong Kong, March 1, 2026, 14:21 HKT — Market’s done for the day.
- HKEX finished Friday’s session at HK$419.00, gaining 0.87%.
- IPOs have come roaring back after the holidays, injecting fresh momentum into the listings tape.
- Beijing’s “Two Sessions” meetings are drawing traders’ attention, with Friday’s U.S. jobs report also in focus as they look for direction on risk appetite.
Hong Kong Exchanges and Clearing (0388.HK) starts the week with investors zeroing in on a single question: will the IPO pipeline keep humming after the Lunar New Year break?
This is important: the bourse operator’s revenue depends on trading and clearing fees, as well as listing charges. When activity picks up, the impact shows up in the numbers quickly.
The stock often moves as a proxy for demand in China-related assets, which make up a significant chunk of turnover and fundraising in Hong Kong. Volumes can swing sharply on policy news from Beijing or shifts in global rates sentiment.
HKEX closed at HK$419.00 on Feb. 27, gaining 0.87% for the session. The stock moved between HK$415.00 and HK$421.40, while 5.89 million shares were traded, Investing.com data showed.
Deals drove the action this week. On Friday, four companies filed for Hong Kong listings, targeting up to HK$4.9 billion ($626 million) in total. Shenzhen Zhaowei Machinery & Electronics headed that group, with trading set for March 9-10, filings show. “As more supply comes to market, investors will increasingly become more selective, focusing on quality deals,” said Art Karoonyavanich, DBS managing director and global head of equity capital markets. Reuters
Despite HKEX logging a record profit of HK$17.8 billion for 2025 and a 30% surge in revenue to HK$29.2 billion, CEO Bonnie Chan kept her outlook measured, according to finews.asia. Chan said there remains “cause for optimism in capital markets” heading into 2026, but signaled she expects volatility ahead. The exchange highlighted an IPO pipeline topping 400 active applications. finews.asia
Late this week, brokers circled back to the same activity narrative. HSBC Global Research bumped up its HKEX target to HK$520 (from HK$510) while sticking with Buy, citing a full-year EPS estimate of HK$14.05 and what it described as unexpectedly firm cost discipline. In the same note, HSBC shaved its 2026 average daily turnover call for Hong Kong equities to HK$252 billion — that’s the daily traded value.
Bank of America Securities is sticking with its Buy rating and a HK$520 target. The firm sees next year’s net profit landing around HK$17.8 billion—which it described as broadly in line—and flagged a jump in average daily turnover to HK$250 billion, up 89% from a year earlier. IPO fundraising also leapt 225% to about HK$287 billion. Still, analysts cautioned, a strong showing this year will make for tougher comparisons in 2026.
Macro events are stacked just after the deal lineup. According to China Daily Asia, the annual CPPCC session — that’s the political advisory gathering held in tandem with the legislature — kicks off in Beijing on March 4. Delegates are expected to review a draft of the 15th Five-Year Plan (2026-2030), along with other agenda items.
China’s National People’s Congress is set to open March 5, with lawmakers poised to take up the government work report, budgets, and policy plans, according to NPC Observer. The session, the site noted, is expected to wrap up March 11.
On Friday, traders will be watching for the next key data point: the U.S. Employment Situation report for February, set to hit at 8:30 a.m. ET on March 6, according to the Bureau of Labor Statistics’ release calendar.
Still, that structure can just as easily work against HKEX. Tepid demand for fresh listings, a misstep from Beijing policymakers, or an abrupt change in global rate outlooks might sap risk appetite and pull trading volumes lower — and that’s what drives those trading fees.
Next up: early-week turnover numbers out of Hong Kong, followed by IPO pricing details. First trades for those listings are slated for March 9-10.
