Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company's revenue for 2024 was HKD 22.374 billion, a year-on-year increase of 9.1%, and the net profit attributable to shareholders was HKD 13.050 billion, up 10.0% year-on-year. The EBITDA margin improved to 74%, an increase of 1 percentage point from 2023 [7][3] - The fourth quarter saw significant growth, with revenue reaching HKD 6.017 billion, a year-on-year increase of 33.2%, and a quarter-on-quarter increase of 24.0%. The net profit attributable to shareholders for Q4 was HKD 3.780 billion, up 45.6% year-on-year and 20.2% quarter-on-quarter [7][3] - The report attributes the performance improvement to heightened activity in the spot and derivatives markets, with the average daily trading volume (ADT) for the exchange's spot market reaching HKD 171.5 billion, a year-on-year increase of 113.3% [8][11] Summary by Sections Financial Performance - The company reported a total revenue of HKD 22.374 billion for 2024, with a net profit of HKD 13.050 billion. The EBITDA margin was 74%, and the dividend payout ratio remained at 90% [7][3] - For Q4, revenue was HKD 6.017 billion, with a net profit of HKD 3.780 billion, indicating strong performance driven by trading activity [7][3] Market Activity - The average daily trading volume in the Hong Kong stock market increased significantly, with the Hang Seng Index averaging HKD 226.6 billion from January to February 27, 2025, up 79.9% from the full year of 2024 [11][2] - The company's revenue structure is closely tied to market activity, with trading fees and system usage fees accounting for nearly 60% of total revenue [11][2] Earnings Forecast - The earnings forecast for 2025 and 2026 has been adjusted upwards by 6.0% and 7.4%, respectively, with projected net profits of HKD 16.335 billion and HKD 18.152 billion for those years [3][12] - The estimated price-to-earnings (PE) ratio for 2025 is 28.0x, reflecting the company's strong earnings growth potential [3][12]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 411.00 [8][9]. Core Insights - The company's 4Q24 performance met expectations, with revenue and net profit reaching HKD 63.8 billion and HKD 37.8 billion, respectively, representing year-on-year increases of 31% and 46% [1]. - The average daily trading volume (ADT) for Hong Kong stocks in 4Q24 was HKD 186.9 billion, a significant year-on-year increase of 105% [2]. - The company is expected to maintain high profitability in 1Q25 due to continued market enthusiasm and a sufficient IPO pipeline [1][2]. Summary by Sections Trading Business - 4Q24 trading revenue was HKD 37.4 billion, exceeding previous expectations, primarily due to a higher proportion of small transactions leading to a higher effective trading fee rate [2]. - The ADT for Hong Kong stocks increased significantly to HKD 186.9 billion, with derivatives and commodities showing mixed performance [2]. IPO Activity - The number of IPOs in 4Q24 rose to 26, with total financing amounting to HKD 32.4 billion, indicating a healthy IPO environment [3]. - The IPO queue reached 114 companies, suggesting a robust pipeline for future listings [3]. Investment Performance - The investment scale increased to HKD 238.6 billion by the end of 4Q24, although the overall investment yield declined to 2.1% [4]. - The company anticipates a gradual decrease in investment yields due to lower interest rates, but still expects to maintain reasonable returns in the short term [4]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted to HKD 13.9 billion and HKD 13.3 billion, respectively, reflecting a positive outlook based on active trading conditions [5]. - The target price has been revised upwards to HKD 411.00 based on a discounted cash flow (DCF) valuation method [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][14]. Core Views - The company achieved record high performance in 2024, with total revenue of HKD 22.37 billion, a year-on-year increase of 9%, and net profit of HKD 13.05 billion, also up 10% year-on-year [1][2]. - The report highlights the sustainable improvement in Hong Kong stock market liquidity, supported by fee reforms and the influx of mainland long-term capital [1][3]. - The company is expected to benefit from the deepening interconnection between the mainland and Hong Kong IPO markets, with a significant increase in IPO activities [5][6]. Financial Data and Earnings Forecast - Revenue and profit projections for the company from 2023 to 2027 are as follows: - Revenue (in million HKD): 20,516 (2023), 22,374 (2024), 24,767 (2025E), 26,283 (2026E), 27,104 (2027E) [2][6]. - Net profit (in million HKD): 11,862 (2023), 13,050 (2024), 14,307 (2025E), 15,108 (2026E), 15,451 (2027E) [2][6]. - The company anticipates a net profit growth of 10% in 2025, 6% in 2026, and 2% in 2027 [5]. Revenue Breakdown - The company's revenue is primarily driven by trading and settlement fees, contributing nearly 60% to its main revenue. The breakdown of revenue by segment for 2024 is as follows: - Cash market: HKD 9.42 billion (+15% YoY) - Equity securities and derivatives: HKD 6.20 billion (-5% YoY) - Commodities: HKD 2.79 billion (+27% YoY) - Data and connectivity: HKD 2.13 billion (+3% YoY) - Company projects: HKD 1.83 billion (+15% YoY) [5][6]. Investment Analysis Opinion - The report raises the earnings forecast for 2025-2026 and introduces a forecast for 2027, maintaining a "Buy" rating. The company is expected to achieve net profits of HKD 14.31 billion, HKD 15.11 billion, and HKD 15.45 billion for 2025E, 2026E, and 2027E respectively [5][6].

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" [6] Core Insights - In 2024, Hong Kong Exchanges achieved a revenue of HK$22.374 billion, a year-on-year increase of 9%, and a net profit attributable to shareholders of HK$13.050 billion, up 10% year-on-year. The fourth quarter saw a significant net profit increase of 46% year-on-year and 20% quarter-on-quarter, driven by higher trading volumes in the spot and derivatives markets as well as increased investment income [1][4] - The report highlights a notable improvement in trading volumes, particularly in the spot market, where the average daily trading volume increased by 26% year-on-year. The stock connect programs also saw significant growth, with daily trading volumes increasing by 55% and 39% for Hong Kong and mainland China respectively [2] - The report projects a net profit growth of 10% for 2024, benefiting from increased trading volumes and investment income, with expected net profit growth rates of 20%, 10%, and 10% for 2025, 2026, and 2027 respectively [4][11] Summary by Sections Performance Overview - In 2024, the revenue breakdown by business lines showed a year-on-year growth of 15% for the spot market, a decline of 5% for derivatives, a growth of 27% for commodities, 3% for data and connectivity, and 15% for company projects [1] - Revenue from trading and trading system usage fees grew by 18%, while listing fees decreased by 3%. Settlement and clearing fees increased by 21% [1] Trading Activity - The report notes that the trading activity in the derivatives market improved, with a slight revenue increase of 2% in 2024. The trading income from structured products also saw a 3% increase, a significant recovery compared to a 10% decline in the first three quarters of 2024 [2] - The commodities market remained active, with trading fees from LME and LME Clear increasing by 33% and 30% respectively, attributed to an 18% rise in average daily trading volumes [2] Fundraising and Listings - In 2024, the number of new listings on the Hong Kong Stock Exchange was 71, a decrease of 2 from 2023, but the total fundraising amount increased by 90%, primarily due to the listing of Midea Group, which was the largest IPO in Hong Kong since February 2021 [3] - The report also mentions that the number of new derivative warrants and structured products listed increased by 43% in the fourth quarter of 2024 [3] Earnings Forecast and Valuation - The forecast for 2025-2027 indicates an expected EPS of HK$12.40, HK$13.62, and HK$14.94, with corresponding P/E ratios of 29, 27, and 24 times respectively. The target price for 2025 is set at HK$471.01, based on a 38 times P/E ratio [4][11]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The report highlights that Hong Kong Exchanges achieved record high annual and quarterly performance, driven by increased trading activity due to economic stimulus measures in mainland China [7] - The report projects continued growth in trading volumes and revenues, with significant increases in both the cash and derivatives markets [7] - The earnings forecast has been revised upwards, with expected shareholder profits for 2025 and 2026 at HKD 149.34 billion and HKD 156.73 billion respectively, reflecting growth rates of 14% and 5% [7] Summary by Sections Financial Performance - For 2024, total revenue reached HKD 22,374 million, a year-on-year increase of 9% [7] - Net profit attributable to shareholders was HKD 13,050 million, up 10% year-on-year [7] - The fourth quarter alone saw revenue of HKD 63.81 billion, a 31% increase year-on-year, and net profit of HKD 37.8 billion, up 46% year-on-year [7] Trading Volume and Market Activity - The average daily trading volume in the cash market increased by 26% to HKD 1,318 billion [7] - The Northbound and Southbound trading under the Stock Connect saw average daily trading volumes of HKD 1,502 billion and HKD 482 billion, representing increases of 39% and 55% respectively [7] - The report notes that the derivatives market also experienced growth, with average daily contract volumes reaching a historical high of 1.55 million contracts, up 15% year-on-year [7] Revenue Breakdown - The cash segment generated revenue of HKD 94.22 billion, a 15.4% increase, accounting for 42% of total revenue [7] - The derivatives segment reported revenue of HKD 62.04 billion, a decrease of 5% due to increased interest rebates for certain contracts [7] - The commodities segment saw revenue of HKD 27.88 billion, up 27% year-on-year [7] Future Projections - The report anticipates continued strong performance, with projected revenues for 2025 and 2026 at HKD 25,538 million and HKD 27,058 million respectively [1] - The expected earnings per share (EPS) for 2025 and 2026 are HKD 11.78 and HKD 12.36 respectively, with corresponding P/E ratios of 30.99x and 29.53x [1]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has proposed to increase the position limits for futures and options contracts based on the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index by 50%, 108%, and 43% respectively, to align with market growth and enhance risk management [1][2][3]. Group 1: Regulatory Changes - The proposed position limits will increase to 15,000, 25,000, and 30,000 contracts for the respective indices, up from 10,000, 12,000, and 21,000 contracts [2]. - The position limit system was established in 1999 to enhance market transparency and prevent large positions that could disrupt market stability [2][4]. - The SFC believes that the current position limits are too low and may hinder market hedging and trading activities [4]. Group 2: Market Performance - The Hong Kong stock market has seen significant growth over the past decade, with the market capitalization of the Hang Seng Index and Hang Seng China Enterprises Index increasing by approximately 60% and 250% respectively [3]. - The average daily trading volume for the constituent stocks of these indices has also risen significantly, by about 160% and 300% [3]. Group 3: Financial Results - The Hong Kong Stock Exchange (HKEX) reported record high revenues and profits for the year 2024, with total revenue and other income reaching HKD 22.374 billion, a 9% increase from 2023 [9][10]. - The net profit attributable to shareholders for 2024 was HKD 13.050 billion, up 10% year-on-year [9][10]. - In Q4 2024, HKEX's revenue and other income were HKD 6.4 billion, reflecting a 31% year-on-year increase, while net profit for the same period rose by 46% [10]. Group 4: Market Outlook - The HKEX is expected to benefit from a recovering IPO market and increased southbound capital inflows, with analysts raising target prices for the exchange [11]. - The exchange plans to continue optimizing its listing mechanisms to enhance the attractiveness of its new stock market [11].

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [1] Core Views - The report highlights a significant improvement in ADT-linked business year-on-year, with a recovery in IPOs supporting growth [1] - The expected total revenue and net profit for 2024 are HKD 22.374 billion and HKD 13.050 billion, respectively, representing year-on-year growth of 9% and 10% [1] - The report anticipates a strong performance driven by the recovery of the IPO market and increased activity in the technology sector, suggesting a potential "double boost" in performance and valuation for the exchange [1][3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of HKD 22.374 billion and net profit of HKD 13.050 billion, with Q4 net profit reaching HKD 3.78 billion, up 46% year-on-year and 20% quarter-on-quarter [1] - Revenue from trading, settlement, and other income showed year-on-year increases of 18%, 21%, and slight declines in other categories [1] - The forecast for net profit for 2025-2027 is HKD 15.775 billion, HKD 15.571 billion, and HKD 16.141 billion, respectively, with corresponding EPS of HKD 12.44, HKD 12.28, and HKD 12.73 [1][4] Market Activity - The report notes a year-on-year increase in ADT for Hong Kong stocks, reaching HKD 1.32 trillion in 2024, up 26%, with northbound and southbound ADT increasing by 39% and 55%, respectively [2] - The IPO market showed signs of recovery, with 71 companies listed in 2024, raising HKD 88 billion, a 90% increase year-on-year [2] - The report emphasizes the role of new economy companies in driving market activity, with significant listings expected in the coming years [3] Valuation Metrics - The current P/E ratios for 2025-2027 are projected at 29.0, 29.4, and 28.4 times, respectively, indicating a favorable valuation outlook [1][4] - The report provides a financial summary indicating a steady growth trajectory in revenue and net profit, with a projected revenue increase of 22.56% in 2025 [4][9]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) demonstrated strong performance in 2024, achieving record highs in revenue and profit despite macroeconomic challenges, driven by global investor interest in Chinese opportunities [2][6][18]. Financial Performance - HKEX reported total revenue and other income of HKD 22.4 billion, a 9% increase from 2023, leading to a record profit attributable to shareholders of HKD 13.1 billion, up 10% year-on-year [7]. - The exchange experienced record trading activities across various markets, including spot, derivatives, and exchange-traded products (ETPs), particularly following the announcement of economic stimulus measures in mainland China [7][8]. Market Dynamics - The stock spot market achieved a record trading amount of HKD 620.7 billion on October 8, 2024, with all markets reaching new daily trading volume highs in Q3 and Q4 [8]. - The average daily trading amount for the Northbound and Southbound Stock Connect reached RMB 150.1 billion and HKD 48.2 billion, respectively, contributing HKD 2.7 billion in revenue [9]. - The ETP market saw an average daily trading amount of HKD 18.9 billion, a 35% increase from the previous year [10]. New Listings and Capital Raising - In 2024, HKEX ranked among the top four global IPO markets, with 71 companies listed and total fundraising of HKD 88 billion, a 90% increase from 2023 [13]. - The second half of 2024 was particularly active, with 41 companies listed, raising HKD 74.6 billion, over five times the amount raised in the first half [13]. - Notable listings included Midea Group, which raised HKD 35.7 billion, marking the largest IPO in Hong Kong since February 2021 [13]. Strategic Initiatives - HKEX is preparing to launch a "Tech Company Fast Track" to facilitate the listing process for technology and biotech firms, addressing concerns about compliance with listing rules [4][5]. - The exchange aims to enhance its attractiveness as a listing venue for both mainland and international companies, continuously improving the listing environment and introducing new rules [4][15]. Future Outlook - The CEO of HKEX expressed optimism for 2025, citing potential economic recovery signals and the impact of stimulus policies in mainland China, which could invigorate the IPO and secondary markets [18].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 17,346 million, an increase of 12.3% from HKD 15,445 million in 2023[4] - Net profit for the year was HKD 13,155 million, representing a growth of 9.8% compared to HKD 11,981 million in 2023[6] - Basic earnings per share increased to HKD 10.32, up from HKD 9.37 in the previous year, reflecting a growth of 10.1%[4] - EBITDA for the year was HKD 16,281 million, an increase of 9.7% from HKD 14,828 million in 2023[4] - The company reported a total comprehensive income of HKD 13,127 million for the year, compared to HKD 12,087 million in 2023, indicating a growth of 8.6%[6] Revenue Breakdown - The total trading fees and system usage fees amounted to HKD 7,189 million, an increase of 18.2% from HKD 6,081 million in 2023[4] - The revenue from the equity securities and financial derivatives segment was HKD 9,120 million in 2024, up from HKD 7,913 million in 2023, marking a growth of approximately 15.3%[36][38] - The revenue from the commodities segment increased to HKD 2,562 million in 2024 from HKD 1,998 million in 2023, which is a significant rise of about 28.2%[36][38] - The data and connectivity segment generated revenue of HKD 2,122 million in 2024, compared to HKD 2,067 million in 2023, showing a slight increase of approximately 2.7%[36][38] Expenses and Liabilities - Operating expenses rose to HKD 5,761 million, up from HKD 5,441 million in 2023, marking an increase of 5.9%[4] - Total liabilities increased to HKD 327.222 billion, up from HKD 289.383 billion, reflecting a rise of 13.09%[8] - The group’s operating expenses totaled HKD 5,761 million in 2024, an increase from HKD 5,441 million in 2023, representing a rise of approximately 5.9%[36][38] Cash Flow and Investments - The net cash inflow from operating activities for the year ended December 31, 2024, was HKD 12,783 million, an increase of 13.2% from HKD 11,294 million in 2023[12] - The company invested HKD 1,604 million in fixed and intangible assets during the year, compared to HKD 1,386 million in 2023, indicating a 15.7% increase[12] - The company’s cash flow from investment activities showed a net inflow of HKD 3,194 million, a significant recovery from a net outflow of HKD 6,290 million in 2023[12] Assets and Equity - Total assets increased to HKD 381.629 billion as of December 31, 2024, up from HKD 341.179 billion in 2023, representing a growth of 11.85%[8] - The company’s retained earnings reached HKD 21.890 billion, an increase from HKD 19.723 billion, showing a growth of 11.03%[9] - The total equity attributable to shareholders of Hong Kong Exchanges increased to HKD 53.852 billion from HKD 51.344 billion, a rise of 4.88%[9] Dividends - The company declared an interim dividend of HKD 4.36 per share for the 2024 fiscal year, totaling HKD 5,513 million[11] - The total interim dividend declared for the fiscal year 2024 was HKD 11.706 billion, an increase from HKD 10.639 billion in 2023, marking an increase of approximately 10%[79] Taxation - Total tax expense for 2024 was HKD 1,698 million, an increase from HKD 1,351 million in 2023[70] - The weighted average applicable tax rate for 2024 was 16.9%, up from 16.4% in 2023[72] Employee Compensation - Employee costs increased to HKD 3,886 million in 2024 from HKD 3,564 million in 2023, representing a growth of 9.0%[53] - The total remuneration for the five highest-paid employees in 2024 was HKD 71,645 thousand, compared to HKD 65,489 thousand in 2023[67] Financial Assets and Credit Risk - The company’s financial assets measured at fair value through profit or loss increased to HKD 7.558 billion, up from HKD 6.961 billion, a growth of 8.57%[8] - The expected credit loss for financial assets is assessed using a simplified approach, with a total expected credit loss of HKD 8.38 billion as of December 31, 2024, down from HKD 17.57 billion in 2023[104] Governance and Management - The board of directors includes 12 independent non-executive directors, ensuring a diverse and experienced governance structure[3] - The group’s operating segments are reported in a manner consistent with internal management reports used for strategic decision-making[31] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[3] - The group anticipates no significant impact from the adoption of HKFRS 19, HKFRS 7, and HKFRS 9 amendments[22]

Financial Performance - The total revenue for 2024 reached HKD 22,374 million, a 9% increase from HKD 20,516 million in 2023[9]. - The main business revenue was HKD 20,559 million, up 9% from HKD 18,941 million in the previous year[9]. - Shareholder profit attributable to shareholders increased by 10% to HKD 13,050 million from HKD 11,862 million in 2023[9]. - The basic earnings per share rose to HKD 10.32, a 10% increase compared to HKD 9.37 in 2023[9]. - The company reported an 18% increase in net investment income to HKD 1,748 million from HKD 1,487 million in 2023[9]. - The net profit attributable to shareholders for 2024 was 13.050 billion, a 10% increase from 11.864 billion in 2023[11]. - The total revenue and other income for the year 2024 reached a record high of HKD 224 billion, up 9% from 2023, leading to a record profit attributable to shareholders of HKD 131 billion, a 10% increase from 2023[21]. - The Group's net profit attributable to shareholders reached HKD 13.1 billion, a 10% increase from 2023[65]. - The total revenue and other income for 2024 reached 22,374 million, a 9% increase compared to 20,516 million in 2023[190]. - Operating profit for 2024 was 14,879 million, compared to 11,862 million in 2023, indicating a growth of 25%[190]. Trading Activity - In 2024, the average daily trading value of equity securities on the exchange reached 120.0 billion, a 29% increase from 93.2 billion in 2023[10]. - The average daily trading value of the Stock Connect (Shanghai and Shenzhen) reached 150.14 billion RMB in 2024, a 39% increase from 108.3 billion RMB in 2023[10]. - The average daily trading value of Hong Kong Stock Connect increased by 55% to 48.24 billion in 2024 from 31.1 billion in 2023[10]. - The average daily trading volume for fee-based transactions reached a new quarterly high, reflecting strong market activity[19]. - The average daily trading volume in the Hong Kong stock and derivatives market reached HKD 131.8 billion in 2024, a 26% increase from the previous year[39]. - The average daily trading volume in the derivatives market increased by 15%, reaching 1.6 million contracts[36]. - The average daily trading volume of ETPs reached a record high of HKD 18.9 billion in 2024, a 35% increase from HKD 14 billion in 2023[92]. - The average daily trading volume for stock options in 2024 was 720,297 contracts, an increase of 18% compared to 2023[132]. - The average daily trading volume for MSCI China A50 index futures reached 14,517 contracts, a 25% increase from 2023[135]. Market Expansion and New Initiatives - The company plans to open an office in Riyadh in 2025, marking a strategic expansion[5]. - The company has launched several new products, including the first virtual asset spot ETF in Asia on April 30[5]. - The company is focusing on enhancing its market structure and listing mechanisms to strengthen its position as a leading international financial center[4]. - The company expanded the range of eligible ETFs under the Stock Connect program, enhancing product and service diversity[23]. - The company is implementing a multi-year modernization plan for its cash platform to provide faster and more efficient post-trade services[26]. - The company plans to publish a white paper in the first half of 2025 to discuss suitable settlement cycles for the Hong Kong market[26]. - The Hong Kong Stock Exchange plans to enhance its market structure and infrastructure, with the first phase of lowering the minimum price fluctuation for eligible securities expected to start in mid-2025[46]. - The Hong Kong Stock Exchange launched a virtual asset index series in November 2024, supporting its goal to become a leading digital asset center in Asia[164]. Sustainability and ESG Efforts - The company aims to achieve carbon neutrality by the end of 2024 and has submitted science-based greenhouse gas reduction targets for verification[28]. - The company continues to enhance its market quality and sustainability efforts, maintaining strict regulatory standards and transparency[24]. - The Exchange's commitment to sustainable development includes a donation of HKD 86 million to various projects focused on financial education and environmental sustainability[30]. - The company established a new sustainability department in 2024 to enhance its sustainable development strategy[176]. - The company is committed to promoting ESG standards and has introduced climate information disclosure regulations aligned with IFRS S2, making Hong Kong the first market to implement such regulations through an exchange[48]. Operational Efficiency and Costs - The operating expenses for 2024 increased by 6% to 6.02 billion, primarily due to higher employee and IT costs[11]. - The Group's operating expenses increased by 6% to HKD 5.8 billion, primarily due to higher employee costs and IT expenses[65]. - Operating expenses increased by 10% to HKD 1,244 million, primarily due to hiring and salary adjustments[80]. - Employee-related expenses rose by HKD 322 million (9%) due to salary adjustments and strategic hiring[185]. - The Group plans to enhance market infrastructure and product offerings to maintain competitiveness and resilience in the face of macroeconomic challenges[66]. Investment and Financial Assets - The value of the Northbound Stock Connect portfolio increased by 11% to RMB 2.214 trillion by December 31, 2024[67]. - The total financial liabilities increased by 11% to 283,844 million in 2024 from 256,220 million in 2023[194]. - Financial assets totaled 303,984 million as of December 31, 2024, a 7% increase from 285,094 million in 2023[194]. - Cash and cash equivalents increased by 7% to 134,365 million in 2024 from 125,107 million in 2023[194]. - The external portfolio's fair value for diversified asset strategies reached 4,337 million HKD, reflecting a 6% increase from the previous year[196]. Regulatory and Compliance - Compliance monitoring actions included reviewing 66,074 issuer announcements in 2024, an increase from 62,578 in 2023[106]. - The number of enforcement cases handled in 2024 was 100, down from 123 in 2023[108]. - The number of complaints processed in 2024 was 880, slightly up from 845 in 2023[106]. - The number of monitoring actions taken regarding unusual stock price and trading volume changes was 7,050 in 2024, compared to 4,755 in 2023[106].