Activity

There are two financial asset exchanges operating in Macao:
* Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX):
* Established in 2018.
* Focuses primarily on bonds.
* As of April 30, 2025, the total value of bonds issued and listed on MOX had reached 909.253 billion patacas (approximately US$113.9 billion).
* The number of individual bond listings is not explicitly stated in the provided information. However, the significant value suggests a considerable number of bond issuances.
* MOX also facilitates the trading of transfer of property rights. Recent examples from 2022 show listings in this category.
* Micro Connect (Macao) Financial Assets Exchange (MCEX):
* Licensed in December 2022 and launched in March 2023.
* Focuses on a new asset class called Daily Revenue Obligations (DROs). These instruments connect institutional capital with the revenue of micro and small businesses in mainland China.
* As of September 2024, numerous consumer and e-commerce enterprises, along with investment funds and brokerages, had participated in the MCEX market.
* The exact number of listed companies (in the traditional sense of equity listings) is not specified. Instead, the focus is on the number of micro and small businesses receiving financing through the DRO mechanism.
Therefore, to directly answer your question:
* MOX primarily lists bonds, and while the exact number of bond listings isn’t given, the total value is substantial. They also list some other asset types like property rights.
* MCEX lists DROs, which represent financing for a large number of micro and small businesses, rather than traditional publicly listed companies with shares.
It’s important to distinguish between these two exchanges as they operate with different asset classes and business models.

Video courtesy of CSOB

Video courtesy of CSOB