HS#HSI RC28091

Hong Kong Stock Market Stamp Duty Boosts Government Revenue, 2026 Budget Forecast Shows Little Increase

Government Announces Budget Forecasting Surplus from 2026/27 Fiscal Year Onwards

Hong Kong Increases Stamp Duty on Residential Properties Over HKD 100 Million

Financial Secretary Paul Chan's Budget Speech Predicts HK Economic Growth

Hang Seng Index Futures Closed on February 25th

HSI Futures, HKC Futures, and H shares Index Futures Open Lower than Spot Prices

LJ Group Analyzes Hong Kong Private Housing Construction and Completion

HANG SENG Index Bull and Bear Warrant Ratio and Quantity Updates

Hang Seng Index Futures Night Session Down 0.75%

HSI Night Index Futures Quotation Up 43 Points

Futures Open Higher Than Spot Prices

Hang Seng Index Futures Open 1.52% Higher at 26,787.44

Significant Rise in Singapore Black Index and Overnight Futures

Hong Kong Monetary Authority's Assessment and Outlook of Hong Kong's Economy

Hang Seng Index Night Futures (February) Up 38 Points

HSI Futures Midday Decline Expands to 1%

Hong Kong Futures Open Up 0.05% at 26820 Points

HSI Ends Two-Day Losing Streak, Rises by Nearly 140 Points

HSI Futures Night Session Closed Up 1.04% at 26,778.91

HKMA Injects HKD 4.73 Billion in Liquidity

HKC INT'L RTS

TIANBAO ENERGY

SUMMI

HANG YICK RTS

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CHERISH SUN

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Since the beginning of 2026, the Hong Kong stock IPO market has been hot, with over 20 companies completing their listings, raising a total of more than HKD 8 billion, which is 10 times that of the same period last year. As of February 25, 24 companies have completed IPOs this year, a year-on-year increase of 166.67%, with a total financing amount of HKD 89.226 billion, a year-on-year increase of 1013.59%. AI companies such as BIREN TECH and KNOWLEDGE ATLAS have each raised over HKD 5 billion, with first-day gains exceeding 50%

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BIREN TECH

KNOWLEDGE ATLAS

Hang Seng Index

The Hong Kong stock IPO market is booming. Industry insiders: The financing scale of Hong Kong stock IPOs has experienced explosive growth

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Hong Kong plans to withdraw HK$150 billion from its currency peg defence fund for the first time in 40 years to finance the development of a technology hub. This withdrawal, pending approval, will support infrastructure projects in the Northern Metropolis. The Exchange Fund, which ensures the stability of the Hong Kong dollar against the US dollar, reported a record gain of HK$331 billion last year. The Hong Kong Monetary Authority assures that the transfer will not affect the fund's ability to maintain currency stability.

Businesstimes News

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Hong Kong to tap peg defence fund for first time in 40 years

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Schonfeld Strategic Advisors is launching a second equities unit, Triwood Asset Management, focusing on Asia-Pacific markets. Led by Yasuhiro Tamaki, the unit will pursue a long-short equity strategy and will operate across Hong Kong, Tokyo, Singapore, and New York. This move aligns with the trend of multistrategy hedge funds expanding their equities operations. Schonfeld, managing approximately $17.5 billion, aims to capitalize on the recovering Asian markets, particularly in Japan, South Korea, and Taiwan, amidst geopolitical volatility.

Kosei Securities Co., Ltd.

FTSE Straits Times Index

Daiwa Securities Group, Inc.

Schonfeld to start second equity unit focusing on Asia-Pacific

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Hong Kong's home prices have reached a 19-month high, with a 0.53% month-on-month increase in January, continuing a recovery that began in Q2 2025. Rents also rose by 0.3%, setting a new peak. Analysts expect the residential market to remain strong in 2026, with transaction volumes projected to increase by over 20%, returning to historical peak levels. This recovery follows a 3.25% increase in home prices in 2025, ending a three-year downturn. The rent index has also hit a record high, reflecting ongoing demand and market resilience.

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CSOP HSI ETF

Hong Kong’s home prices reach 19-month high as rise gathers pace

The Financial Secretary Paul Chan announced in the "2026 Budget" that HKD 150 billion of foreign exchange reserves will be used to support North Metropolis and other infrastructure projects. This is the first time in 42 years that the foreign exchange fund has been utilized, with an expected annual transfer of HKD 75 billion. The total assets of the foreign exchange fund exceed HKD 4.1 trillion, with a surplus of HKD 780 billion. The Hong Kong Monetary Authority stated that it is confident in maintaining the stability of the financial system. This transfer is a one-time measure and will not affect the stability of the foreign exchange fund

- The Financial Secretary, Paul Chan, announced that the Foreign Exchange Fund achieved a record high investment income of 330 billion HKD last year, with total assets exceeding 4.1 trillion HKD.  
- He proposed to transfer 150 billion HKD over two years to the Capital Works Reserve Fund to support infrastructure projects while ensuring financial stability.  
- Authorities confirmed that after the transfer, the Foreign Exchange Fund's cumulative surplus remains robust at over 780 billion HKD, maintaining the foundations for currency stability.

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Fiscal Budget 2026 | After 42 years, using foreign exchange reserves to transfer HKD 150 billion to support North City. The Monetary Authority: Strongly maintains the stability of the financial system

The Managing Director of Jones Lang LaSalle Hong Kong, Paul Bowers, stated that the government's decision not to launch commercial land tenders in the coming year is positive news for the commercial real estate market, helping the office market to absorb supply and stabilize the leasing market. The absorption of office leasing has improved, and the vacancy rate in some markets has decreased. The rent for Grade A offices in Central is expected to rise by 0% to 5%. The government is adopting a conservative strategy and will release more land for sale after the property market recovers

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"Hong Kong Property" JLL: The government will not push for commercial land tenders next year, which will help the office market absorb supply

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The chairman of Jones Lang LaSalle Hong Kong, Zeng Huanping, stated that the government proposed to increase the stamp duty on luxury homes priced at HKD 100 million or above in the new budget, considering this move inexplicable and likely to lead to a sharp decline in luxury home transactions in the short term. Although the transaction volume of luxury homes in Hong Kong rebounded last year, the volume accounted for a very low proportion of overall transactions, and it is expected that it will take 6 to 7 months for the transaction volume to hope for a rebound

Hang Seng Composite LargeCap

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Hang Seng Composite Index

"Hong Kong Property" JLL: Government's increase in luxury property stamp duty is inexplicable and may lead to a sharp decline in luxury property transactions in the short term

Cushman & Wakefield holds an optimistic view on the medium to long-term rental prices of commercial shops in Hong Kong, believing that the government's decision not to sell commercial land will help stabilize the market. With the industrialization of artificial intelligence and the construction of the Sha Ling Data Center, Hong Kong's status as a data hub will be enhanced. The government is promoting the development of the modern logistics industry and reserving land to strengthen its role as an international shipping center. Overall, the implementation of policies and the recovery of the tourism industry will drive positive changes in shop rental prices

Cushman & Wakefield is optimistic about the medium to long-term shop rental market in Hong Kong. The Sha Ling Data Center will enhance Hong Kong's status as a data hub in the long run

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Hong Kong Stocks Return to Green; HSBC Gains as Profit Beats Estimate

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China Southern Hang Seng ETF

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HSBC Holdings Plc

Hong Kong Stocks Return to Green; HSBC Gains as Profit Beats Estimate

Hong Kong's economy is projected to grow solidly in 2026, with a GDP growth forecast of 2.5%-3.5% this year, according to Financial Secretary Paul Chan. The budget focuses on enhancing domestic consumption, supporting IPOs, and developing strategic sectors like AI. Key initiatives include a five-year economic plan, promoting high-tech sectors, and reforms in pension and tax policies. The fiscal position has improved, with a surplus reported for the 2025 financial year. The government anticipates an average GDP growth of 3% from 2027 to 2030, surpassing the past 20-year average of 2.4%.

- Hong Kong's economy is projected to grow at 2.5%-3.5% in 2026, driven by personal consumption, investment, and a recovery in the housing market.  
- The government will implement measures to enhance its financial hub status, including support for biotech firms and easing IPO processes.  
- Fiscal improvements are noted, with a return to surplus and an average GDP growth forecast of 3% from 2027 to 2030, outpacing the previous two-decade average.

Hong Kong Guides for Solid Growth in 2026 as It Presents Latest Budget

Chen Jinrong, the tax partner at RSM Hong Kong, urged the Hong Kong government to review the tax system, emphasizing the importance of tax policy for Hong Kong's competitiveness. He suggested broadening the tax base, implementing a "user pays" and "ability to pay" model, and introducing environmental fees and luxury taxes to diversify revenue sources. At the same time, he mentioned that the "Budget" should support the development of emerging industries and suggested that policy support should shift towards talent cultivation and long-term development

Deloitte urges the Hong Kong government to review the tax system and consider diversifying revenue sources

Hong Kong January headline CPI +1.1% from year earlier

Hong Kong January headline CPI +1.1% from year earlier

$Hang Seng Index(00HSI.HK)has evolved into a hybrid market that reflects China’s economic cycle more than Hong Kong’s domestic fundamentals. Its performance is increasingly driven by mainland policy follow-through, earnings durability in platform and financial stocks, and cross-border capital flows via Stock Connect. Valuation alone is no longer a catalyst; sustained upside depends on whether policy support translates into real profit recovery and renewed confidence from long-term global investors.

$XTALPI(02228.HK) The first to rise in the Hong Kong stock watch list! Push it up!

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Tencent HK SDR 10to1

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

POP MART HK SDR 20to1

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Alibaba HK SDR 5to1

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The exchange rate of HKD against USD is rising rapidly. Will there still be big opportunities in Hong Kong stocks? $Hang Seng Index(00HSI.HK) $Hang Seng TECH Index(STECH.HK)

While the US stock market hovers under the shadow of tariffs, the Hong Kong stock market is experiencing a liquidity-driven structural frenzy. But is this 'Hong Kong stocks feast' the beginning of a trend revaluation, or a short-lived bubble induced by capital?From a macro perspective, the weak dollar cycle and the abundance of Hong Kong dollar liquidity are the core drivers of the Hong Kong stock market. In May, US tariff revenue surged to a peak of $22 billion, yet the CPI remained stable, coupled with the potential impact of immigration policies on the job market, the probability of a Fed rate cut in June-July is extremely low. The US stock market remains in a tug-of-war between 'chicken ribs market and downside risk.' In contrast, the Hong Kong dollar exchange rate has quickly slid from the strong-side guarantee to the weak-side edge, HIBOR rates are nearly zero, and the abundant liquidity is flooding into new consumption, innovative drugs, and A/H premium targets, driving both blue-chip dividend stocks and growth assets higher.However, the sustainability of the structural revaluation of Hong Kong stocks is highly dependent on the liquidity environment. The current extremely low level of HIBOR has deviated from the US benchmark interest rate. If the Fed's policy shifts or there are changes in the supply and demand of funds, a liquidity retreat could trigger a valuation correction. More critically, the structural premium of the same asset in Hong Kong stocks compared to A-shares lacks fundamental support. In a market dominated by southbound funds, caution is needed against the risk of valuation overshoot under 'capital frenzy.'In the short term, as long as the cost of borrowing in Hong Kong dollars remains low, there is still room for liquidity-driven revaluation to continue. However, in the long term, whether Hong Kong stocks can escape the 'capital market' dilemma depends on whether corporate earnings can take over liquidity as the anchor of valuation. Investors need to closely monitor changes in HIBOR rates and maintain sensitivity to risks amid the liquidity feast. $Hang Seng Index(00HSI.HK)

$Hang Seng Index(00HSI.HK)When the Hong Kong dollar triggers the strong-side convertibility undertaking, the Hong Kong government will be forced to issue Hong Kong dollars to buy US dollars (unless Hong Kong abandons the linked exchange rate system due to another crisis caused by excessive base money).Short-term may benefit the Hong Kong stock market.

On a weekly basis, the southbound capital flow in Hong Kong stocks was a net outflow in the past week. This is unusual, as it's the first time this has happened in at least over a year. $HSTECH ETF(03032.HK) $Hang Seng Index(00HSI.HK) $XIAOMI-W(01810.HK)

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Xiaomi HK SDR 2to1

Xiaomi Corporation

$XTALPI(02228.HK)$Hang Seng Index(00HSI.HK)This is a key macro indicator for Hong Kong stocks.

$Hang Seng Index(00HSI.HK) $XTALPI(02228.HK) Who should be blamed for these poor souls in Hong Kong stocks today? Sigh... damn it

During the 2018 trade war, Gao Shanwen gave a relatively well-known internal speech:Our generation has already made enough money, so young people should just wash up and go to sleep.As for the 2025 tariff war, what I want to say is: young people might not be able to sleep.$Hang Seng Index(00HSI.HK)$Hang Seng TECH Index(STECH.HK)$Invesco QQQ Trust(QQQ.US)$SPDR S&amp;P 500(SPY.US)

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SPDR S&P 500

Another day protected by southbound capital! At 13:30 in the afternoon, the southbound capital suddenly surged, and the intraday chart skyrocketed after a 10-minute delay (did you day trade during these 10 minutes? 😂).Unlike yesterday, the southbound capital first rose and then fell in the morning, showing overall weakness. By 13:30, the net purchase was only 1.5 billion. After the surge, the cumulative net purchase for the day reached 5.15 billion. Compared with yesterday, I'm more convinced that there is a will behind the southbound capital.$Hang Seng Index(00HSI.HK) $BABA-W(09988.HK) $TENCENT(00700.HK)

HS#HSI RC28091(58760.HK)

The Hong Kong stock IPO market is booming. Industry insiders: The financing scale of Hong Kong stock IPOs has experienced explosive growth

Hong Kong to tap peg defence fund for first time in 40 years

Schonfeld to start second equity unit focusing on Asia-Pacific

Hong Kong’s home prices reach 19-month high as rise gathers pace

Fiscal Budget 2026 | After 42 years, using foreign exchange reserves to transfer HKD 150 billion to support North City. The Monetary Authority: Strongly maintains the stability of the financial system