Data from the Hong Kong Exchanges and Clearing Limited (HKEX) reveals that trading activity in the Shanghai-Shenzhen-Hong Kong Stock Connect reached new heights in the first half of 2026, fueled by record turnover, an expanded product eligibility list, and strong investor participation.
Northbound trading, which allows overseas investors to access mainland Chinese A-shares, saw its average daily turnover surge to RMB 345.3 billion in H1 2026. This figure represents a more than two-fold increase from the RMB 171.3 billion recorded in the same period last year and is also 62.6% higher than the full-year average for 2025. Reflecting equally robust activity, southbound trading, which enables mainland investors to buy Hong Kong-listed shares, achieved an average daily turnover of HK$123.1 billion in the first half, already surpassing the full-year record of HK$121.1 billion set in 2025.
The trading boom has been particularly pronounced in sectors such as technology, advanced manufacturing, and other innovation-driven industries. On the northbound channel, shares related to A-share growth industries and the hard-tech supply chain, including semiconductors and advanced manufacturing, were especially active, with several such stocks appearing among the top ten most-traded northbound securities. The primary drivers of southbound turnover have been technology and innovation-linked sectors, notably AI and semiconductor companies listed in Hong Kong in recent years. These firms have quickly become key targets for mainland capital, demonstrating how the city's evolving tech ecosystem is generating fresh investment opportunities for Chinese investors and reinforcing Hong Kong's critical role as a bridge linking innovative enterprises with international capital.
As of the end of June 2026, the number of eligible A-shares for northbound trading expanded to 3,503, up from 3,258 at the end of 2025. The newly added stocks are predominantly from Shanghai's STAR Market and Shenzhen's ChiNext Board, spanning sectors such as technology hardware, biotech, the new-energy vehicle supply chain, and advanced materials. During the same period, the southbound programme also widened its scope, adding 47 Hong Kong-listed stocks and eight ETFs.
The ETF universe has grown more diverse, with the number of eligible northbound ETFs increasing to 365 as of June 30, 2026, broadening the range of industries, themes, and indices available to international investors. In H1 2026, the average daily turnover of northbound ETFs reached RMB 4.8 billion, a 44.1% increase from 2025. Meanwhile, the average daily turnover of southbound ETFs hit HK$6.2 billion by the end of June 2026, representing 6.1% of the average daily trading value on the Hong Kong ETP market.
Following a periodic eligibility review in May 2026, the number of eligible southbound ETFs rose from 23 at the end of 2025 to 31. New products include "60/40" ETFs, which primarily invest in Hong Kong equities while allowing up to a 40% allocation to international markets. By the end of June 2026, seven such ETFs qualified for the Stock Connect, covering investment themes such as US and Korean tech, artificial intelligence, and global income strategies.
In summary, the first half of 2026 saw a host of new records set for the Stock Connect, underpinned by robust investor participation, a wider range of eligible products, and the increasing popularity and scale of ETF investments. The HKEX said it will continue to collaborate with partners and stakeholders to advance the development of the connectivity ecosystem, creating more opportunities for investors and issuers, and further deepening capital links between mainland China, Hong Kong, and global markets.