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Goldman reaffirms buy rating on HKEX as Beijing policy support grows

Goldman cited tailwinds including rising average daily turnover prospects in the second half of the year and stronger northbound trading tied to foreign interest in China AI stocks.

Reported · Written up by our desk · China

Wall Street investment bank Goldman Sachs reaffirmed a buy rating on Hong Kong Exchanges and Clearing, saying Beijing is stepping up policy support aimed at sustaining Hong Kong’s role as an international financial center, according to SCMP Economy.

In a research note, analysts Thomas Wang and Simone Chen pointed to “multiple tailwinds” for HKEX, including conditions they expect to support average daily turnover and revenue growth in the second half of 2026.

The note also came as HKEX shares have lagged, falling about 5.0% so far this year, roughly matching the Hang Seng Index performance, amid market questions about how durable local trading activity is.

Goldman attributed part of the potential upside to stronger northbound trading, driven by foreign demand for China’s artificial intelligence stocks, and said the latest push from Beijing includes a series of policies announced by People’s Bank of China governor Pan Gongsheng during a forum in the city last week.

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