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通告 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，概不對因本通告全部或任何部分 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） 股東周年大會通告 茲通告香港交易及結算所有限公司（「香港交易所」或「本公司」）股東周年大會（「2026 年股東周年大會」） 謹定於 2026 年 4 月 29 日（星期三）下午 4 時 30 分以混合會議模式舉行，閣下可親臨香港中環交易廣場 一及二座 1 樓香港金融大會堂或透過網上平台 https://meetings.computershare.com/HKEX2026AGM 線上參與股東周年大會。股東周年大會議程如下： 以及考慮並酌情通過（不論會否作出修訂）下列決議案為普通決議案： 4. 「動議： 1 1. 接納截至 2025 年 12 月 31 日止年度之經審核財務報表及董事會報告與 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢交易所參與者或其 他根據《證券及期貨條例》獲發牌為持牌人的證券交易商、銀行經理、律師、會計師 或其他專業顧問。 閣下如已將名下之香港交易及結算所有限公司股份全部售出或轉讓，應立即將本通 函連同隨附之代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、交易所 參與者或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本通函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。 香港交易及結算所有限公司 HONG KONG EXCHANGES AND CLEARING LIMITED Ƌ㖣榀㸖娢ⅱㇷ䪲䙫㛰昷⅓⏟ƌ 傈ỤỊ噆ƝƋ㸖⹊㪪⏗ƌ⎱Ƌạ㯸⹊㪪⏗ƌ 股東周年大會通告 及 有關選舉董事、 更換核數師、 一般性授權回購股份及發行股份以及 調整非執行董事酬金 股東周年大會通告載 ...

Core Viewpoint - The Hong Kong Stock Exchange announced that the Huaxia Hong Kong-US Artificial Intelligence ETF is expected to be listed and traded on March 18, 2026, and will be included as a multi-counter eligible security in the Central Clearing System [1] Group 1: Listing Details - The ETF will have three trading counters: Hong Kong Dollar (HKD), US Dollar (USD), and Chinese Yuan (CNY) [1] - The stock codes for the counters are as follows: HKD (3140), USD (9140), and CNY (83140) [1] Group 2: Index Tracking - The Huaxia Hong Kong-US Artificial Intelligence ETF closely tracks the "Solactive Hong Kong-US Artificial Intelligence 50 Select Index" [1] - The index selects up to 50 leading companies in the AI sector listed in Hong Kong and the US, excluding pseudo-concept stocks and focusing on genuine AI targets [1] - The ETF aims to balance revenue stability with unexpected elasticity [1]

Core Viewpoint - The Hong Kong Stock Exchange announced that the Huaxia Hong Kong-US Artificial Intelligence ETF is expected to be listed and traded on March 18, 2026, and will be included as a multi-counter eligible security in the Central Clearing System [1] Group 1 - The ETF will have three trading counters: Hong Kong Dollar (HKD), US Dollar (USD), and Chinese Yuan (CNY) with respective stock codes 03140, 09140, and 083140 [2] - The Huaxia Hong Kong-US Artificial Intelligence ETF closely tracks the "Solactive Hong Kong-US Artificial Intelligence 50 Select Index," which selects up to 50 leading companies in the AI sector listed in Hong Kong and the US, excluding pseudo-concept stocks and focusing on genuine AI targets [2]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [6] Core Insights - The Hong Kong Stock Exchange has published a consultation document on March 13, proposing a series of recommendations to enhance the competitiveness of its listing mechanism, marking a further optimization since the reforms initiated in 2018 [2][6] - Key recommendations include lowering the market capitalization and financial requirements for companies adopting a dual-class share structure, reducing the thresholds from HKD 40 billion or HKD 10 billion in revenue to HKD 20 billion or HKD 6 billion, respectively [2][10] - The report anticipates that the IPO fundraising amount in Hong Kong will return to the top globally by 2025, with a projected fundraising of HKD 97.2 billion in 2026, which is over five times the amount raised in the same period over the past 25 years [2] Financial Projections - Revenue projections for the company are as follows: - 2024: HKD 22,374 million - 2025: HKD 29,161 million (growth rate of 30.3%) - 2026: HKD 31,411 million (growth rate of 7.7%) - 2027: HKD 32,589 million (growth rate of 3.7%) - 2028: HKD 34,517 million (growth rate of 5.9%) [4][12] - Net profit projections are as follows: - 2024: HKD 13,050 million - 2025: HKD 17,754 million (growth rate of 36.0%) - 2026: HKD 19,487 million (growth rate of 9.8%) - 2027: HKD 20,219 million (growth rate of 3.8%) - 2028: HKD 21,568 million (growth rate of 6.7%) [4][12] - The report forecasts a price-to-earnings (P/E) ratio of 26 times for 2026 [2][12] Listing Mechanism Enhancements - The proposed changes to the listing mechanism include: - Lowering the market capitalization requirement for secondary listings from HKD 10 billion to HKD 6 billion [2][10] - Allowing companies with significant U.S. operations to adopt U.S. accounting standards [2][10] - Expanding the scope of confidentiality applications to all new applicants and strengthening the mechanism for returning listing applications [2][10]

2025年 可持續發展報告 股份代號: 388（港幣櫃台） 及 80388（人民幣櫃台） 香港交易及結算所有限公司 2025 年可持續發展報告 目錄 | 2 | 2025年表現一覽 | 企業責任 | | | --- | --- | --- | --- | | 4 | 主席的話 | | | | | | 26 | 氣候韌性與減緩 | | 6 | 集團行政總裁的話 | 30 | 人才與社區 | | 9 | 關於香港交易所 | | | | | | 39 | 負責任業務 | | 10 | 可持續發展方針 | | | | 可持續金融 | | 43 | 氣候相關披露 | | | | 57 | 表現概述 | | 18 | ESG透明度 | 67 | 關於本報告 | | 20 | 可持續金融發展 | 68 | 詞彙 | | 23 | 氣候機遇 | 69 | 獨立核證聲明 | 2025年表現一覽 發展可持續金融及市場生態圈 02 香港交易所 2025年可持續發展報告 • 於2025年1月1日起正式實施新氣候相關 披露要求，舉辦ESG Academy 研討會講解氣 候情景分析，並出版ISSB準則與香港交易所 《環境、社會及管治報告 ...

Financial Performance - In 2025, the company achieved a revenue and other income of HKD 29.161 billion, representing a 30% increase compared to 2024[23]. - EBITDA for 2025 reached 22.796 billion HKD, an increase of 40% compared to 2024[24]. - Shareholders' profit attributable to shareholders was 17.754 billion HKD, up 36% from 2024[25]. - Major business revenue increased by 32% to 27.103 billion HKD, driven by record trading volumes in cash, derivatives, and commodities markets[27]. - The company's net investment income was 1.870 billion HKD, a 7% increase, primarily due to non-recurring gains from unlisted equity investments[27]. - Total revenue and other income for 2025 reached HKD 29.2 billion, a 30% increase from 2024, with net profit attributable to shareholders rising 36% to HKD 17.8 billion[61]. - The company reported a significant increase in revenue, achieving a total of $X billion, representing a Y% growth year-over-year[1]. - The company reported a quarterly revenue of 7,219 million HKD for Q1 2024, with a projected increase to 7,775 million HKD by Q4 2025, indicating a growth trajectory[150]. Trading Activity - The average daily trading value of equity securities on the exchange rose by 93% to 231.54 billion HKD[29]. - The average daily trading value of Hong Kong Stock Connect increased by 151% to 121.14 billion HKD[29]. - The average daily trading value in the stock spot market reached HKD 249.8 billion, an increase of 90% compared to 2024[79]. - The average daily trading volume of LME's fee-paying metal contracts reached a record 7,774 contracts in Q4 2025, a 24% increase from Q4 2024[47]. - The average daily trading volume of futures and options contracts increased by 7% to 1.7 million contracts[79]. - The average daily trading volume of stock options contracts is 638 thousand contracts, showing robust market engagement[150]. - The average daily trading amount for stock products reached HKD 2,498 million in 2025, setting a new record[174]. Market Developments - The company continues to invest strategically, including a 20% stake in a rapid clearing settlement firm and the establishment of LME-approved warehouses in Hong Kong[12]. - The company launched several new products in 2025, including the first-ever Solana ETF in Asia and a biotechnology index futures product[18]. - The company signed a memorandum of understanding with the Abu Dhabi Securities Exchange to explore collaborative initiatives[17]. - The company completed the acquisition of a 20% stake in a rapid clearing settlement firm in December 2025[17]. - The company is focused on enhancing market infrastructure and competitiveness to maintain its status as a global financial center[12]. - The company introduced new regulations and initiatives to optimize the securities market, including a new pricing structure for IPOs and a consultation on the minimum public holding requirements[17]. - The company launched the Hong Kong Stock Exchange Technology 100 Index and the Hang Seng Biotechnology Index futures to expand its index business[79]. Sustainability and ESG Initiatives - The company’s greenhouse gas reduction targets were verified by the Science Based Targets initiative (SBTi) in March 2025[22]. - HKEX maintained carbon neutrality in operations for 2025 and continues to work towards achieving net-zero emissions by 2040[68]. - HKEX's commitment to ESG standards and the operation of the carbon credit trading platform Core Climate plays a crucial role in achieving net-zero goals in Asia[66]. - The board of directors emphasized a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2025[110]. - The implementation of a new climate-related disclosure regulation under IFRS in 2025 supports the development of sustainable finance in Hong Kong[92]. Regulatory and Governance - The company implemented several regulatory measures to ensure the listing system remains competitive globally while safeguarding market quality and investor rights[66]. - The exchange published updated corporate governance guidelines effective July 1, 2025, to enhance governance practices among listed companies[194]. - The number of compliance monitoring actions taken in 2025 rose to 71,306, up from 66,074 in 2024, indicating increased regulatory scrutiny[196]. - The number of complaints handled by the exchange increased to 1,237 in 2025, compared to 880 in 2024, reflecting a growing focus on compliance issues[196]. Future Outlook - The company anticipates ongoing market volatility in 2026 but sees positive factors as global investors seek diversification through Asian markets, particularly Chinese assets[12]. - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues of approximately $1.32 billion[110]. - HKEX anticipates a variable macroeconomic environment in 2026, with a focus on maintaining competitiveness and responding to global investor needs[100].

Group 1 - The company Jiangsu New Vision Automotive Electronics is expected to begin trading on the Hong Kong Stock Exchange starting March 24 [1]

Investment Rating - The report maintains a positive outlook on the insurance sector, indicating a high cost-performance ratio for investment opportunities [2][11] Core Views - The insurance sector has experienced significant adjustments due to pessimistic narratives surrounding AI, geopolitical conflicts, and investor concerns about the investment performance of the insurance sector. However, the valuation has dropped to historically low levels, suggesting a high cost-performance ratio for investment [2][11] - The banking sector is expected to see a stabilization in interest margins due to marginal improvements in both assets and liabilities, with non-interest income likely to recover as the equity market rebounds [3][20] Summary by Sections Insurance Sector - The insurance sector's index fell by 2.10%, underperforming the CSI 300 index by 2.28 percentage points. The sector has seen a cumulative decline of over 9% this year, with current valuations indicating significant room for recovery [2][11] - The sector's price-to-earnings value (PEV) is at 0.65x for A-shares and 0.42x for H-shares, indicating potential recovery spaces of 53% and 137% respectively [11] - The long-term core logic of improvement in both assets and liabilities remains unchanged, with expectations for dual recovery in valuation and performance as market sentiment improves [2][11] Brokerage Sector - The brokerage sector index decreased by 1.75%, underperforming the CSI 300 index by 1.94 percentage points. The sector's price-to-book (PB) ratio is at 1.27x, indicating a significant mismatch between earnings and valuation [17][18] - The "14th Five-Year Plan" emphasizes the need for comprehensive reforms in the capital market, which will benefit leading brokerages with strong service capabilities [17][18] - Recommendations include focusing on large brokerages with strong fundamentals and low valuations, as well as those undergoing mergers or restructuring [18][19] Banking Sector - The banking sector index increased by 1.39%, outperforming the CSI 300 index by 1.20 percentage points. The sector's PB ratio is at 0.52x [20][21] - Expected improvements in both asset and liability sides are anticipated to stabilize interest margins, with a projected decrease in the average cost of interest-bearing liabilities by 40 basis points in 2025 [20][21] - The overall asset quality is expected to remain stable, with non-performing loans in corporate real estate and non-real estate consumer credit anticipated to stabilize at high levels [22][23] - Recommendations include focusing on high-dividend large banks and those with strong recovery potential in performance [23]

3月13日，港交所就上市机制改革向市场咨询意见。 自2018年港股IPO改革允许同股不同权和亏损的生物科技企业上市，港股上市公司的结构从根本上得以重塑， 一大批特专科技和医药生物企业赴港上市。如今，港交所拟再一次改革上市制度，拟降低同股不同权企业的市 值及财务门槛，不同投票权比例最高可达20:1；优化第二上市的规定，便利海外上市的发行人赴港上市；允许 所有拟IPO的新企业保密申报，同时强化退回机制。 港交所上市主管回应记者提问表示："放宽同股不同权的创新产业公司上市门槛，但仍高于一般主板上市条 件，维护上市公司质量与投资者保护并不矛盾。允许所有IPO申请保密申报也会对上市文件做出严格要求，不 完备的材料退回将公布保荐人、律所和会计所等机构。" 同股不同权最高比例达20:1 上一次重大的上市机制改革，要追溯到2018年，当时港交所首次允许不同投票权架构的新经济公司和生物科技 公司上市，此后2023年又推出第18C章吸引特专科技公司上市，改变了港股上市公司的结构。 3月13日，港交所拟再改革新股IPO上市规则并向市场咨询意见。香港交易所上市主管伍洁镟表示，此次改革 主要考虑两方面：一是回应市场需求，吸引更多类型的 ...