Group 1 - Hong Kong Exchanges and Clearing (HKEX) reported a net profit of HKD 4.3 billion for Q4 2025, a 12% quarter-on-quarter decline but a 15% year-on-year increase, exceeding Morgan Stanley's expectations by 19% [1] - For the full fiscal year 2025, HKEX's net profit reached HKD 17.8 billion, a 36% year-on-year increase, surpassing market expectations by 2% [1] - The strong performance was primarily driven by revenue, with trading and settlement fee income experiencing a moderate quarter-on-quarter decline of 14% to 16%, despite a seasonal weakness in trading volume, which saw an average daily turnover decrease of 21% [1] Group 2 - The strong net investment income of HKD 1.2 billion, a 20% quarter-on-quarter increase, was a key factor in the better-than-expected performance [1] - Even excluding the non-recurring income of HKD 163 million, the pre-tax profit of HKD 5 billion still recorded a 16% year-on-year growth, exceeding Morgan Stanley's forecast by 15% [1] - HKEX has over 400 active listing applications entering 2026, a significant increase from 297 in Q3 2025, indicating a recovery in trading volume after a seasonal lull in December 2025 [2]

HKEX chief executive Bonnie Chan says the Hong Kong exchange has attracted a diverse range of IPO applicants, from different sectors and geographies. She tells Bloomberg's Stephen Engle that this will help the exchange weather uncertainty around the AI sector. ...

智通财经APP获悉，花旗发布研报称，香港交易所(00388)公布2025年第四季归属股东净利润43亿港元， 按季下跌12%，同比增长15%，较市场共识高出16%。核心收入55亿港元按季跌12%，同比升17%，较 市场预期高出2%，主要受上市费及托管费收入增加带动。评级"买入"，目标价505港元。 该行指，港交所上季投资收入12亿港元，较市场预期高出45%，部分归因于季度录得非上市股权收益 1.63亿港元及汇兑收益5300万港元。营运支出同比增加4%，主要由于折旧费用上升，但较市场预期低 9%。宣派第二次中期股息每股6.52港元，派息比率约89%。 ...

Group 1 - Hong Kong is accelerating its listing system reforms to attract more new economy enterprises to go public [1][6] - The Financial Secretary, Paul Chan, announced plans to revise the "dual-class share" listing requirements in the first quarter, providing more flexibility for biotech and specialized technology companies [2][7] - Recent market conditions show the Hang Seng Index has dropped over 4.5% since the end of January, but industry experts remain optimistic about future performance supported by resilient capital flows and favorable fundamentals in AI and new economy sectors [1][11] Group 2 - The revision of "dual-class share" requirements is expected to attract more Chinese concept stocks back to Hong Kong, with Goldman Sachs estimating that 27 such stocks could return, totaling over HKD 1.4 trillion in market value [2][5] - UBS predicts that if these Chinese concept stocks return, the average daily trading volume in Hong Kong could increase by HKD 19 billion, boosting the exchange's revenue and net profit by 4%-5% and 7%, respectively [2][5] - The current listing rules require a high market capitalization for "dual-class share" companies, which poses challenges for many smaller companies looking to enter the Hong Kong market [5] Group 3 - The Hong Kong government is emphasizing the strategic role of the technology sector in the capital market, signaling further reforms to attract new economy enterprises [6][8] - The government has launched a HKD 10 billion "Innovation and Technology Industry Guidance Fund" focusing on investments in life sciences, AI, and robotics [8] - The Hong Kong Stock Exchange is considering allowing more types of companies to submit listing applications confidentially, enhancing its competitive edge in the global capital market [8] Group 4 - Despite the announcement of significant reforms, the Hong Kong stock market has continued to decline, with the Hang Seng Index showing mixed performance recently [9][10] - Recent outflows of southbound funds have been noted, with nearly HKD 4.5 billion sold in two consecutive trading days, contrasting with previous inflows [10] - Analysts believe that the current market adjustments are temporary and that the Hang Seng Technology Index may see a rebound as investor sentiment improves [12]

Group 1 - The core viewpoint of the article highlights that Hong Kong Stock Exchange achieved record-breaking financial results in 2025, with total revenue and other income reaching HKD 29.161 billion, a 30% year-on-year increase, and shareholder profit rising by 36% to HKD 17.754 billion [1] - In 2025, Hong Kong led the world in new stock fundraising, with 119 new listings and total fundraising amounting to HKD 286.9 billion, a 226% increase from 2024, including two companies ranking among the top five global IPOs [1] - Major business revenue increased by 32% due to record trading volumes in the spot, derivatives, and commodities markets, which boosted trading and settlement fees [1] Group 2 - The CEO of Hong Kong Stock Exchange, Charles Li, stated that the exchange played a crucial role as a global connector, regaining its position as the top global IPO financing center with record trading volumes and performance [2] - All business segments of the group achieved breakthroughs, with the average daily trading amount in the spot market surpassing HKD 300 billion for the first time, reaching HKD 316.7 billion [2] - The average daily trading volume of metal contracts at the London Metal Exchange increased by 8% to 717,000 contracts [2] Group 3 - As of 2026, the number of new stock listing applications remains robust, with over 400 applications in process, reinforcing Hong Kong's status as a leading global fundraising hub [1]

智通财经APP获悉，香港财政司司长陈茂波在立法会财委会会议上表示，目前公司轮候来港上市相当热 闹，港交所及香港证监会已经加班尽快处理有关申请，认为要把握趋势，尽量让更多公司上市，香港去 年新股市场排第一，希望今年可缔造新纪录，但同时要严格把关，让公众对在港上市公司有信心。 有议员关注如果公共财政持续改善，可否为低收入人士代供强积金。陈茂波指，有关建议涉及长期承 担，要从长计议，与其他民生福利整体考虑。 被问及有关中小企融资担保计划的坏账率，陈茂波指，香港经历疫情、贸易战及经济转型等因素，个别 行业压力较大，坏账率有所上升，一般而言，受8至9成担保的坏账率并不太高。 另外，陈茂波指，港府目前集中精力和资源全力推动北都发展。至于交椅洲人工岛，当中涉及的交通接 驳规划，可有替代做法，当局会在相关研究较成熟后，与香港立法会和社会商量。 ...

摩通表示，这是港交所表现强劲的一季，尽管第四季成交量转弱，盈利仍能保持稳健。净投资收益表现 强势令人惊喜，或可成为2026财年盈利上调的来源。经历2025年12月的季节性淡静后，成交量已重拾强 势，年初至今香港市场日均成交额约2600亿港元，已计入上星期农历新年期间的淡静市况。此外，进入 2026年，港交所有超过400宗活跃上市申请，较2025年第三季的297宗显著增加。该行维持对港交所 的"增持"评级，目标价540港元，预期股价将走强。 摩银大通发表报告指，港交所公布2025年第四季净利润43亿港元，按季下跌12%，按年增长15%，较该 行预期高出19%。2025财年全年纯利178亿港元，按年升36%，较市场预期高2%。业绩优于预期主要受 收入带动。 ...

花旗发表报告指，港交所公布2025年第四季归属股东净利润43亿港元，按季下跌12%，按年增长15%， 较市场共识高出16%。核心收入55亿港元按季跌12%，按年升17%，较市场预期高出2%，主要受上市费 及托管费收入增加带动。投资收入12亿港元，较市场预期高出45%，部分归因于季度录得非上市股权收 益1.63亿港元及汇兑收益5300万港元。营运支出按年增加4%，主要由于折旧费用上升，但较市场预期 低9%。宣派第二次中期股息每股6.52港元，派息比率约89%。该行予其"买入"评级，目标价为505港 元。 ...

Group 1 - The company declared a second interim dividend of HKD 6.52 per share, payable in cash [1] - Including the first interim dividend of HKD 6.00 per share to be paid in September 2025, the total annual dividend amounts to HKD 12.52 per share [1]

格隆汇2月26日｜香港交易所2025年全年收入及其他收益为291.6亿港元，同比上升30%，预估为288.1亿 港元；净利润为177.5亿港元，同比上升36%，预估为174.4亿港元。 ...