---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38935528.md"
description: "$XIAOMI-W(01810.HK)First, the conclusion:- Hong Kong stock market turnover is indeed low, but it's not 'rotten'; it's a liquidity issue caused by a combination of structure, environment, and mechanisms.- According to January 2026 data:- Hong Kong stocks rank 5th to 6th globally in exchange turnover (stock spot)- Total market cap ranks 4th globally, IPO fundraising ranks 1st globally I. First, a direct comparison (January 2026, RMB)- US stocks (NYSE+NASDAQ): Daily average ≈ 7.4 trillion RMB (≈ 1.03 trillion USD)- A-shares (Shanghai & Shenzhen): Daily average ≈ 3.3 trillion RMB- Hong Kong stocks (Main Board): Daily average ≈ 240 billion RMB (≈ 272.3 billion HKD)👉 Hong Kong stocks ≈ 7% of A-shares, 3% of US stocks, a huge gap II. Core reasons for low Hong Kong stock turnover (not 'rotten', but structural)1. Investor structure: Institutional dominance, very few retail investors- Institutions account for ≈80%, low turnover, long-term bias; A-shares have many retail investors, high turnover- Hong Kong stock turnover rate is only 1/5 of A-shares, naturally low volume2. High transaction costs- Stamp duty 0.13% on both sides (relatively high globally), less high-frequency trading3. Severe liquidity stratification- Top 10 stocks (Tencent, Alibaba, etc.) account for ≈60% of Main Board turnover- Many small and mid-cap stocks have daily turnover < 100,000 HKD, even zero turnover4. Offshore market nature- Heavily influenced by Fed interest rates, USD liquidity, with large foreign capital inflow/outflow volatility- Southbound capital is the main force, but net inflows are unstable5. Traditional industry structure- High weighting in finance, real estate, limited appeal of new economy sectors III. Hong Kong stocks' real global ranking (January 2026)1. Stock spot turnover (daily average, RMB) 1. US stocks (NYSE+NASDAQ): 7.4 trillion RMB2. A-shares (SSE+SZSE): 3.3 trillion RMB3. Tokyo Stock Exchange: ≈ 1.2 trillion RMB4. London Stock Exchange: ≈ 0.8 trillion RMB5. HKEX: ≈ 0.24 trillion RMB👉 5th globally 2. Total market cap (end of January 2026)- HKEX: 50.8 trillion HKD ≈ 44.7 trillion RMB- Global ranking: 4th (after US stocks, A-shares, Pan-Europe) 3. IPO fundraising (2025)- Hong Kong IPO fundraising ≈ 280 billion HKD, number one globally IV. One-sentence summary- Low turnover and poor liquidity in Hong Kong stocks are facts, but it's not a rotten market; it's the result of institutional dominance + offshore nature + costs + structure.- It remains a top 5 global exchange, Asia's number one IPO market, and the main offshore listing venue for Chinese companies."
datetime: "2026-02-27T06:04:24.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38935528.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38935528.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38935528.md)
author: "[股神12345](https://longbridge.com/en/profiles/16218702.md)"
---

# $XIAOMI-W(01810.HK)First, the conclusion:- Hong Ko…


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## Comments (3)

- **股神12345 · 2026-02-27T06:05:08.000Z**: Low trading volume, global number one for IPOs, truly rotten
- **牙签 · 2026-02-27T08:15:56.000Z**: The A-share market is still strong; the domestic market alone is close to half the size of the U.S. stock market.
- **那什么拯救一只垃圾股 · 2026-02-27T06:44:59.000Z**: The financial "cesspool" lives up to its name.