Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [3][9]. Core Views - The company's performance in 2023 was supported by investment activities, with derivatives, ETPs, and the LME market showing resilience. The total revenue and net profit for 2023 were HKD 20.52 billion and HKD 11.86 billion, respectively, representing year-on-year increases of 11% and 18% [4][5]. - The report anticipates a continued positive growth trajectory for the company, driven by strategic initiatives and market conditions, despite adjusting profit forecasts for 2024-2025 due to market uncertainties [4][5]. Financial Summary - Revenue and net profit for 2023 were HKD 20.52 billion and HKD 11.86 billion, respectively, with EBITDA margin at 73% and ROE at 23.5% [4]. - The company’s investment income surged by 266% year-on-year to HKD 4.96 billion, benefiting from the Federal Reserve's interest rate hikes [4]. - The forecast for net profit in 2024 and 2025 is adjusted to HKD 12.61 billion and HKD 13.56 billion, respectively, with corresponding EPS of HKD 9.9 and HKD 10.7 [4][5]. Market Performance - The current stock price is HKD 242.80, with a market capitalization of HKD 307.83 billion. The stock has seen a trading range of HKD 354.40 to HKD 219.40 over the past year [3]. - The trading volume over the last three months has a turnover rate of 23.17% [3]. Strategic Outlook - The report highlights the positive impact of liquidity policies and the expected recovery in Hong Kong stock profitability, alongside the anticipated opportunities from the Federal Reserve's interest rate cycle [4]. - The company is focusing on three strategic areas to optimize its business structure and enhance growth in technology-related services [4].

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司 有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2023 年全年業績、 股息及暫停辦理股份過戶登記手續 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司 有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2023 年全年業績、 股息及暫停辦理股份過戶登記手續 ...

Financial Performance - Revenue for Q3 2023 was HKD 5.084 billion, an 18% increase compared to Q3 2022[4] - Net profit attributable to shareholders increased by 30% to HKD 2.953 billion in Q3 2023[4] - EBITDA margin improved to 74%, up 4 percentage points from Q3 2022[4] - The company reported a 31% increase in net profit for the first three quarters of 2023, totaling HKD 9.265 billion[8] - Total revenue and other income for the first three quarters of 2023 was HKD 15.659 billion, an 18% increase from the same period in 2022[8] - In Q3 2023, revenue and other income increased by 1% compared to Q2 2023, while profit rose by 2%, reflecting a slight increase in net investment income[10] - For the nine months ended September 30, 2023, total revenue was $11,695 million, a decrease of 8.1% from $12,726 million for the same period in 2022[49] - Net investment income for the nine months ended September 30, 2023, was $3,887 million, significantly up from $423 million in the same period of 2022[49] - Operating profit for the nine months ended September 30, 2023, increased to $10,484 million, compared to $8,306 million for the same period in 2022, reflecting a growth of 26.4%[49] - The basic earnings per share for the nine months ended September 30, 2023, was HKD 7.32, up from HKD 5.61 in the same period of 2022, representing a growth of 30.3%[49] Trading Activity - Average daily trading value of equity securities products reached HKD 87.0 billion, up from HKD 84.0 billion in Q3 2022[6] - The average daily trading value of the Stock Connect (Northbound) was RMB 106.1 billion, compared to RMB 96.7 billion in Q3 2022[6] - In the first three quarters of 2023, the average daily trading amount of the Hong Kong Stock Exchange's equity securities products was HKD 97.5 billion, a decrease of 9% compared to HKD 107.4 billion in the same period of 2022[9] - The average daily trading amount of the Hong Kong Stock Exchange's derivatives, including warrants and callable bull/bear contracts, was HKD 12.2 billion, down 27% from HKD 16.7 billion in the first three quarters of 2022[9] - The average daily trading amount for the stock market in the first three quarters of 2023 was HKD 109.7 billion, a decline of 12% from HKD 124.1 billion in the first three quarters of 2022[10] - The average daily trading amount of the Stock Connect (Shanghai and Shenzhen) was RMB 108.2 billion, an increase from RMB 101.3 billion in the first three quarters of 2022[9] - The average daily transaction amount for the Stock Connect's Southbound trading was HKD 57.5 billion, compared to HKD 54.8 billion in the previous year[19] - The average daily trading volume of derivative contracts reached a record high, with an increase of 9% compared to the first three quarters of 2022[10] - The average daily trading volume of derivative products reached a record high of 1,357,361 contracts, reflecting a 10% increase compared to the first three quarters of 2022[25] Capital Expenditure and Investment Income - Capital expenditure for Q3 2023 was HKD 329 million, a 12% increase from Q3 2022[5] - Capital expenditures for the first three quarters of 2023 amounted to HKD 830 million, up from HKD 773 million in the same period of 2022, mainly for the development and enhancement of trading and clearing systems[45] - The total investment income net amount for margin and clearing fund increased by HKD 18.63 billion in the first three quarters of 2023, reflecting higher deposit interest rates[42] - The investment income net amount allocated to the spot segment was HKD 172 million, a significant increase of 406% compared to HKD 34 million in the same period of 2022[44] - The investment income net amount from equity securities and financial derivatives reached HKD 2.393 billion, a 261% increase from HKD 662 million in the previous year[44] - The total investment income net amount for the margin and clearing fund was HKD 2.710 billion in the first three quarters of 2023, compared to HKD 847 million in the same period of 2022, marking a 220% increase[44] Legal and Compliance Matters - The company is currently involved in legal proceedings with claims totaling approximately $600 million related to the suspension of nickel contracts in March 2022[46] - The company has not made any provisions in its financial statements regarding the potential financial impact of ongoing legal claims due to insufficient information[47] - The company is actively defending against claims it believes are legally unfounded, with the first hearing held from June 20 to 22, 2023, regarding the legality of its decision-making process[46] - The Hong Kong Stock Exchange's compliance assessment and on-site inspection plan for 2023 was successfully implemented, completing all on-site inspections of selected participants[20] Market Developments and Initiatives - The company launched the new HKEX Synapse platform on October 9, 2023, enhancing the settlement process for Stock Connect[3] - The Hong Kong Stock Exchange launched the FINI platform for IPO settlement, set to officially start on November 22, 2023, aimed at modernizing and digitizing the IPO settlement process[17] - The company is actively collaborating with a dedicated task force established by the Hong Kong government to enhance market liquidity and competitiveness[11] - The company continues to focus on sustainable development and corporate social responsibility, including initiatives in market development and employee wellness[41] Financial Position - Cash and cash equivalents decreased to 138,911 million HKD as of September 30, 2023, from 184,965 million HKD as of December 31, 2022, indicating a decline of 25%[51] - Total assets amounted to 342,482 million HKD as of September 30, 2023, down from 406,051 million HKD as of December 31, 2022, a decrease of 16%[51] - Total liabilities decreased to 293,144 million HKD as of September 30, 2023, compared to 355,952 million HKD as of December 31, 2022, reflecting a reduction of 18%[51] - The company’s equity attributable to shareholders was 48,884 million HKD as of September 30, 2023, down from 49,728 million HKD as of December 31, 2022, a decrease of 2%[51] - The company’s financial assets measured at fair value through profit or loss increased to 7,195 million HKD as of September 30, 2023, from 6,964 million HKD as of December 31, 2022, a rise of 3%[51] - The company’s total liabilities included 54,307 million HKD in derivative financial instruments as of September 30, 2023, down from 80,705 million HKD as of December 31, 2022, a decrease of 33%[51]

2023年中期業績報告 的領先市場 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算 所有限公司有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本文件的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及80388（人民幣櫃台） 截至 2023 年 6 月 30 日止六個月的 簡明綜合財務報表 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司 有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2023 年中期業績、 中期股息及暫停辦理股份過戶登記手續 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司有關其股份 在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：388） （除另有註明外，於本公告中的財務數字均以港元為單位） 截至 2023 年 3 月 31 日止三個月的季度業績 ...

2022年年報 股份代號 : 388 的領先市場 我們的願景是 建設面向未來的領先市場， 促進東西方之間的資金雙向流動，憑藉我們的市場規模及信譽支持市 場各方發展，把握改變市場和社會的大趨勢帶來的大機遇。 目錄 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司有關其股份 在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：388） （除另有註明外，於本公告中的財務數字均以港元為單位） 截至 2022 年 9 月 30 日止九個月的季度業績 1 摘要 | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...