Goldman Sachs: The average daily transaction momentum on the Hong Kong Stock Exchange (00388) is strong, and the 2026 IPO pipeline is expected to exceed the number of listings last year

The Zhitong Finance App learned that Goldman Sachs released a research report stating that it maintains the “buy” rating on the Hong Kong Stock Exchange (00388) and continues to be included in the convinced purchases list, with a target price of HK$540. The management of the Hong Kong Stock Exchange said at an investor event that the number of applications queued for listing of IPOs reached a new high. Coupled with structural growth in derivatives products, the daily average transaction amount (ADT) momentum remains strong.

Management expects that the Shanghai-Shenzhen-Hong Kong Stock Connect still has room for further growth. Currently, less than 5% of retail A-share investors are active participants, while the 2026 IPO pipeline is expected to exceed 119 listings last year, and is expected to have contributed to double-digit ADT growth.

In order to further expand the derivatives business landscape, the Hong Kong Stock Exchange is studying the launch date. Most of the development work on the Pioneer Star derivatives platform will be completed in 2026, and technical preparations will be made in 2027. In addition, the exchange is also exploring extending the trading time for derivatives products to cover the closing period of the US stock market.