Hong Kong’s bull market in stocks fills coffers, plugs hole left by property woes
Hong Kong’s stock market stamp duty income is filling the city’s financial coffers at the fastest pace since 2021, amid a bull run on the local bourse that has attracted scores of initial public offerings (IPOs) and fuelled frenzied trading.
Duties from transactions and transfers rose to HK$29.69 billion (US$3.78 billion) in the first five months of 2025, according to calculations by the Post based on government data. Contributions from the stock market jumped 42.5 per cent to HK$52.17 billion for the financial year that ended in March, accounting for about 90 per cent of total stamp duty revenue and 9.3 per cent of the government’s revenue, helping to plug the fiscal hole left by a slumping property market.
It also vindicated the hard stance taken by Financial Secretary Paul Chan Mo-po, who resisted pressure from local brokers who asserted that the November 2023 cut in transaction costs to 0.1 per cent did not go far enough. At 0.1 per cent, payable by the buyer and seller in a transaction, Hong Kong was among the world’s cheapest major markets for trading, surpassed only by the US, mainland China and Japan, which did not charge any transaction fees.
“The lower stamp duty has helped reduce transaction costs, boosting liquidity and trading activity, which is beneficial for the overall market,” said Dickie Wong, director at the Institute of Securities Dealers in Hong Kong. Combined with near-zero margin financing costs, it has encouraged individual investors to subscribe to new IPOs, further supporting market turnover, he said.
The ceremonial gong used by the Hong Kong Exchanges and Clearing Limited (HKEX) to mark the commencement of trading of a new stock went on a citywide road show on June 20, 2025. Photo: Edmond So
The Hang Seng Index, the city’s stock benchmark, has risen 20 per cent in the first six months of this year, outperforming major indexes globally despite the US-China trade war that started this April, roiling the market.
The stock market’s capitalisation has risen 24 per cent to HK$40.9 trillion as at the end of May according to exchange data, as trading activity picked up. Average daily turnover reached HK$210.3 billion in May, a 50 per cent increase from a year ago, while daily turnover for the first five months averaged HK$242.3 billion, more than double the same period last year.
A Hong Kong court has found a dance studio liable for compensation after one of its dancers was seriously injured by a giant screen that collapsed during a concert by Cantopop boy band Mirror three years ago. The District Court on Friday ruled in Mo Li Kai-yin’s favour after finding “clear suspicion” that his employer,
Health authorities have urged Hongkongers to avoid consuming certain batches of a pre-packaged turkey bacon product originating from the US due to possible bacterial contamination, after luxury supermarket chain City’super was found to have sold one. The Centre for Food Safety on Thursday night also called on the catering industry and retailers to immediately stop
Hong Kong could benefit from Singapore’s recent move to oust unlicensed cryptocurrency companies, according to analysts, potentially leading to a significant injection of liquidity. On May 30, the Monetary Authority of Singapore instructed cryptocurrency firms incorporated in the city and offering services abroad to acquire a licence or leave the country. Singapore’s central bank subsequently
Hong Kong could benefit from Singapore’s recent move to oust unlicensed cryptocurrency companies, according to analysts, potentially leading to a significant injection of liquidity. On May 30, the Monetary Authority of Singapore instructed cryptocurrency firms incorporated in the city and offering services abroad to acquire a licence or leave the country. Singapore’s central bank subsequently
Hundreds of guests have embarked on a special tour of the Shandong in Hong Kong, getting a rare chance to explore the Chinese 70,000-tonne aircraft carrier and its fleet. China’s first home-grown aircraft carrier arrived in the city on Thursday for a five-day port call, accompanied by missile destroyers Yanan and Zhanjiang, and the missile
Hong Kong’s stock market stamp duty income is filling the city’s financial coffers at the fastest pace since 2021, amid a bull run on the local bourse that has attracted scores of initial public offerings (IPOs) and fuelled frenzied trading. Duties from transactions and transfers rose to HK$29.69 billion (US$3.78 billion) in the first five
Recent rumours about a “megaquake” hitting Japan on July 5, stemming from a manga artist whose earlier prediction in 2011 reportedly came true, have caused some concern among Hong Kong residents planning to travel to the country this month. While Japanese authorities have dismissed the claims, stating that earthquakes cannot be predicted with current scientific
This is the 54th instalment in a biweekly series profiling major Hong Kong pop culture figures of recent decades. Karen Mok Man-wai is one of Hong Kong’s more internationally acclaimed stars. However, it is in the nearby Mandarin-speaking places that she has enjoyed greater success. Despite growing up in a city where the majority speak
