---
title: "The China Securities Regulatory Commission's quarterly revenue increased by 1.14 times year-on-year, recording 24 IPOs raising over 70 billion yuan"
description: "The quarterly report from the China Securities Regulatory Commission shows a surplus of 627 million yuan and revenue of 1.186 billion yuan from July to September, an annual increase of 114.4%. As of t"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/269975101.md"
published_at: "2025-12-17T07:17:59.000Z"
---

# The China Securities Regulatory Commission's quarterly revenue increased by 1.14 times year-on-year, recording 24 IPOs raising over 70 billion yuan

> The quarterly report from the China Securities Regulatory Commission shows a surplus of 627 million yuan and revenue of 1.186 billion yuan from July to September, an annual increase of 114.4%. As of the end of September, revenue reached 2.151 billion yuan, with a surplus of 1.033 billion yuan. The trading volume of Swap Connect increased by 56% year-on-year, exceeding 9.3 trillion yuan. The market value of virtual asset funds rose by 33% to 5.47 billion yuan, while tokenized fund assets surged by 557% to 5.48 billion yuan. During the quarter, 24 IPOs raised over 70 billion yuan, making Hong Kong the global leader in IPO fundraising. Hong Kong registered funds saw a net inflow of 46.9 billion yuan, with managed assets increasing by 35.9% to 2.27 trillion yuan. The market value of ETFs increased by 31.8% to 653.5 billion yuan

The Securities and Futures Commission published the quarterly report for July to September, recording a surplus of HKD 627 million during the quarter; revenue was HKD 1.186 billion, representing a quarter-on-quarter and year-on-year increase of 22.7% and 114.4%, respectively. For the six months ending September, the Commission's revenue increased by 100.1% year-on-year to HKD 2.151 billion, with a surplus of HKD 1.033 billion.

Swap Connect, as the interconnection mechanism for the mainland and Hong Kong derivatives markets, expanded its product categories in September, and the trading volume as of November increased by 56% year-on-year. Since its launch in 2023, the total trading volume of Swap Connect has exceeded RMB 9.3 trillion.

In terms of new investment products, as of the end of November, the total market value of exchange-traded funds (ETFs) for virtual asset spot trading approved by the Commission increased by 33% year-on-year to HKD 5.47 billion, with the total number rising to 11. Additionally, the total assets under management of tokenized retail money market funds approved by the Commission have surged by 557% to HKD 5.48 billion since their launch this year, with the total number increasing to 8.

Other highlights during the quarter include a total of 24 initial public offerings (IPOs), raising over HKD 70 billion, an increase of more than 70% compared to the same period last year. In terms of IPO fundraising, Hong Kong continues to lead globally.

Funds registered in Hong Kong recorded a net inflow of HKD 46.9 billion. As of September, the assets under management of these funds increased by 35.9% year-on-year to HKD 2.27 trillion. Furthermore, as of the end of September, the total market value of ETFs approved by the Commission significantly increased by 31.8% year-on-year to HKD 653.5 billion, accounting for 13% of the market's daily trading volume

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.