HKEX eyes expansion into fixed income as global investors reassess US exposure

Hong Kong Exchanges and Clearing (HKEX) plans to expand further into fixed income and commodities in the coming years, as global investors seek to diversify away from US dollar assets amid rising uncertainty, senior officials at the bourse operator said.

“Over the last few years, a lot of global capital has gravitated towards the US market,” said Bonnie Chan Yiting, CEO of HKEX, at a media briefing on Wednesday. “But now, given a lot of the uncertainty, investors do want to diversify.”

Chan said the shift was already benefiting Hong Kong’s capital markets, but warned the city would need more fixed-income and commodity-based products to meet investor demand.

“HKEX offers a lot of attractive investment opportunities for international investors, especially on the equity side,” she said. “Our IPOs were very popular and daily turnover in the stock market was very good.

“However, feedback from meetings with international investors was that we need more than just equities. They are looking for a more rounded diversification, including fixed income, commodities and other asset classes,” Chan said.

While HKEX was the world’s largest initial public offering market last year, and average daily stock market turnover rose 90 per cent year on year to HK$249.8 billion (US$32 billion) in 2025, trading activity in fixed income and commodities remains modest.