SFC 2025-26 annual report says Hong Kong capital markets recorded broad-based
growth across investment funds, digital assets and equities. Through March, IPO
fundraising rose 272% YoY to HK$379 billion, while post-listing (follow-on)
fundraising increased 18% YoY to HK$259 billion. Reforms have improved
secondary-market liquidity and efficiency: average daily turnover jumped 54% to
HK$258 billion, and after the first-phase minimum tick-size cut affected stocks'
bid-ask spreads narrowed 38% and order execution times shortened 26%.
