The Hong Kong ETP (exchange-traded products, including ETFs and leveraged and inverse products) market marked its 25th anniversary in November this year, covering 195 products and reaching a market capitalization of HK $463 billion at the end of November, according to the Hong Kong Stock Exchange. The growth rate of the Hong Kong ETF market has increased over the past five years, with an average daily turnover rate of 30% compound annual growth. The average daily turnover reached HK $18.70 billion in the first 11 months of this year. The first virtual asset spot ETF in Asia was launched in April this year, followed by the first bitcoin inverse product in Asia in July. There are now 10 virtual asset ETPs listed in Hong Kong, with a total market capitalization of HK $5.50 billion at the end of November. In terms of technology, the Hong Kong Stock Exchange recently announced plans to digitize and automate the physical subscription and redemption mechanism of ETFs through its online platform in 2025 to enhance the efficiency of the overall ETP market and drive continued growth in its secondary market activities.