Core Insights - Hong Kong Stock Exchange (HKEX) reported record quarterly performance driven by growth in trading and initial public offering (IPO) activities [1] - Net profit for the third quarter increased to HKD 4.9 billion (USD 630 million), surpassing the expected HKD 4.71 billion [1] - CEO Charles Li highlighted the opportunity in global asset allocation diversification and the attractiveness of Chinese assets [1] - HKEX is on track for the highest IPO financing in four years, with record trading volumes in both stocks and derivatives this year [1]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the third quarter of 2025, continuing a trend of strong performance over three consecutive quarters [1][2] - The company capitalized on global asset diversification trends and the attractiveness of Chinese assets, leading to increased international capital inflow into the Hong Kong securities market [2] Financial Performance - For Q3 2025, HKEX's revenue and other income reached HKD 77.75 billion, a 45% increase compared to Q3 2024; EBITDA margin improved to 81%, up 7 percentage points; and net profit attributable to shareholders was HKD 49.00 billion, a 56% increase [1] - For the first three quarters of 2025, total revenue and other income amounted to HKD 218.51 billion, a 37% increase from the same period in 2024; EBITDA margin was 79%, up 5 percentage points; and net profit attributable to shareholders was HKD 134.19 billion, a 45% increase [1] Market Activity - The stock market maintained a leading global position with a high number of new stock listings, particularly in technology and other thriving sectors; the number of new stock applications reached 297 by September 30, 2025 [2] - Average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the first three quarters of 2024; the derivatives market saw an 11% year-on-year increase in average daily contract volume, reaching 1.7 million contracts [3] Strategic Initiatives - HKEX is focused on enhancing market liquidity and promoting global connectivity through strategic reforms, aiming to build a diversified asset ecosystem for the long-term development of Hong Kong's capital market [2] - The company is also benefiting from increased participation from mainland Chinese investors, contributing to record trading volumes in both the cash and derivatives markets [3]

Core Insights - Hong Kong Stock Exchange reported third-quarter revenue and other income of HKD 77.8 billion, exceeding the estimate of HKD 75.6 billion [1] - The net profit for the third quarter was HKD 49.0 billion, surpassing the forecast of HKD 47.1 billion [1] - Third-quarter EBITDA reached HKD 62.3 billion, higher than the expected HKD 58.7 billion [1]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and profit for Q3 2025, driven by record trading volumes in the spot market [1][2] - The company achieved its highest-ever revenue and profit figures for the first three quarters of 2025, indicating strong market performance [1] Financial Performance - For Q3 2025, HKEX's total revenue and other income reached HKD 7.775 billion, a 45% increase compared to Q3 2024, with main business revenue rising by 54% [1] - Net investment income from the company's funds was HKD 254 million, down from HKD 507 million in Q3 2024, attributed to reduced fair value gains from externally managed investment funds [1] - Shareholders' profit for Q3 2025 was HKD 4.9 billion, marking a 56% increase from Q3 2024 [1] - For the first three quarters of 2025, total revenue and other income amounted to HKD 21.851 billion, a 37% increase year-on-year, with main business revenue up by 41% [1] - Shareholders' profit for the first three quarters was HKD 13.419 billion, a 45% increase compared to the same period in 2024 [1] Market Position and Strategy - The CEO highlighted HKEX's leading position in the global IPO market, with a high number of new stock listings across various thriving sectors, including technology [2] - The spot market, derivatives market, and the Stock Connect program maintained active daily trading volumes [2] - The London Metal Exchange has been enhancing market liquidity, contributing to a robust development in the metals trading market [2] - HKEX is committed to strategic reforms aimed at promoting market diversification, enhancing liquidity, and strengthening global connectivity [2] - The company aims to build a diversified asset ecosystem to support the long-term development of Hong Kong's capital markets [2]

来源：格隆汇APP 格隆汇11月5日｜香港交易所公告，第三季度收入及其他收益77.8亿港元，预估75.6亿港元；第三季度净 利润49.0亿港元，预估47.1亿港元。第三季度EBITDA 62.3亿港元，预估58.7亿港元。 ...

Group 1 - The core point of the article is that the Hong Kong Stock Exchange reported significant financial growth in the third quarter, with a 45% year-on-year increase in revenue and other income, amounting to 7.775 billion [1] - The net profit attributable to shareholders reached 4.9 billion, reflecting a 56% year-on-year increase [1]

Financial Performance - In Q3 2025, the company reported a total revenue and other income of HKD 7.775 billion, a 45% increase compared to HKD 5.372 billion in Q3 2024[8]. - The main business revenue reached HKD 7.484 billion, up 54% from HKD 4.852 billion in the same quarter last year[5]. - The company achieved an EBITDA of HKD 6.225 billion, reflecting a 59% increase from HKD 3.926 billion in Q3 2024[5]. - Shareholders' profit attributable to the company was HKD 4.900 billion, a 56% increase from HKD 3.145 billion in Q3 2024[5]. - Total revenue and other income for Q3 2025 was HKD 78 billion, a record high, representing a 45% increase compared to Q3 2024[20]. - Major business revenue for the first three quarters of 2025 was HKD 20,438 million, a 41% increase from HKD 14,542 million in the same period of 2024[14]. - EBITDA for the first three quarters of 2025 was HKD 17,164 million, reflecting a 48% increase from HKD 11,587 million in 2024[14]. - Shareholder profit for Q3 2025 was HKD 49 billion, a 56% increase compared to Q3 2024[20]. - Revenue for the nine months ended September 30, 2025, reached HKD 17,745 million, a 45.5% increase from HKD 12,202 million in the same period of 2024[82]. - Net investment income for the nine months ended September 30, 2025, was HKD 3,893 million, up 4.4% from HKD 3,728 million in the previous year[82]. - EBITDA for the nine months ended September 30, 2025, was HKD 17,164 million, representing a 47.5% increase compared to HKD 11,587 million in the same period of 2024[82]. - The company reported a net profit of HKD 13,476 million for the nine months ended September 30, 2025, which is a 43.5% increase from HKD 9,354 million in the same period of 2024[83]. - The total comprehensive income for the nine months ended September 30, 2025, was HKD 13,780 million, up 44.5% from HKD 9,517 million in the previous year[83]. Trading Activity - The average daily trading value of equity securities on the exchange was HKD 26.794 billion, a 150% increase from HKD 10.72 billion in Q3 2024[6]. - The average daily trading value of the Stock Connect (Shanghai and Shenzhen) was RMB 26.874 billion, a 144% increase from RMB 11.03 billion in Q3 2024[6]. - Average daily trading value of equity securities on the exchange reached HKD 267.94 billion in Q3 2025, up 22% from Q2 2025[11]. - Average daily trading amount for the first three quarters of 2025 was HKD 2.564 trillion, a 126% increase from HKD 1.136 trillion in the first three quarters of 2024[29]. - The average daily trading amount for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 2.064 trillion and RMB 1.259 trillion respectively, marking increases of 67% and 229% compared to the same period in 2024[30]. - The average daily trading amount for southbound trading through the Stock Connect was HKD 78.54 billion, up from HKD 22.1 billion in 2024[32]. - The average daily trading amount of Exchange Traded Products (ETPs) reached HKD 378 billion, a 145% increase from the first three quarters of 2024[36]. - The average daily trading volume of derivative products reached 727,000 contracts in Q3 2025, down 5% from Q2 2025[11]. - The average daily trading volume of stock options increased by 30% to 920,000 contracts compared to 705,000 contracts in Q3 2024[6]. - The average daily trading volume of derivative products increased by 11% year-on-year, reaching 1,681,869 contracts in the first three quarters of 2025, a record high[46]. - The average daily trading volume of stock options reached 886,323 contracts, marking a 27% increase compared to the first three quarters of 2024[48]. Market Developments - The company signed a memorandum of understanding with the Abu Dhabi Securities Exchange to enhance market connectivity[3]. - The company is implementing the first phase of reducing the minimum price fluctuation in the Hong Kong securities market[3]. - The company announced plans to optimize the pricing of initial public offerings and further consult on market regulations[3]. - The Hong Kong Stock Exchange successfully implemented the first phase of lowering the minimum tick size on August 4, 2025, with further phases planned for mid-2026[31]. - The group plans to launch the Hang Seng Biotechnology Index futures on November 28, 2025, pending regulatory approval, to enhance its product offerings in the biotechnology sector[51]. - Weekly stock options have seen robust growth, with over 20 million contracts traded since their launch, and new weekly stock options are set to be introduced on November 10, 2025[49]. - The company hosted a seminar in Shanghai in September 2025 to promote the development of a green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area, attracting around 160 participants[68]. - The company launched the "Towards a Low-Carbon Future" series to explore the role of carbon markets in promoting net-zero emissions in Asia[68]. - The Hong Kong Stock Exchange Charity Fund announced funding projects for local social enterprises to address emerging social and environmental needs in the third quarter of 2025[70]. Expenses and Investments - Operating expenses increased by 2% in Q3 2025, primarily due to higher employee costs[12]. - Operating expenses increased by 3%, primarily due to salary adjustments and inflation-related increases in IT costs, while listing fee revenue growth was lower than that of the stock securities and financial derivatives segment[28]. - Operating expenses grew by 10%, primarily due to salary adjustments and increased costs associated with higher listing fee income[44]. - The operational expenditure rose by 12% to HKD 2,099 million, primarily due to non-recurring items related to the nickel market incident[57]. - The company held external portfolios worth 1.8 billion HKD as of September 30, 2025, down from 7.2 billion HKD at the end of 2024[67]. - Capital expenditures for the group in the first three quarters of 2025 amounted to HKD 3.049 billion, a decrease from HKD 10.27 billion in the same period of 2024[73]. - The group's capital expenditure commitments as of September 30, 2025, were HKD 5.775 billion, significantly higher than HKD 1.702 billion on December 31, 2024[73]. Financial Position - Total assets as of September 30, 2025, amounted to HKD 460,764 million, a significant increase from HKD 381,629 million as of December 31, 2024[84]. - Total liabilities as of September 30, 2025, were HKD 406,087 million, compared to HKD 327,222 million at the end of 2024, reflecting a 24% increase[84]. - Cash and cash equivalents as of September 30, 2025, were HKD 169,251 million, an increase from HKD 134,365 million as of December 31, 2024[84]. - The company’s operating expenses for the nine months ended September 30, 2025, totaled HKD 4,453 million, a slight increase from HKD 4,159 million in the same period of 2024[82]. - The financial statements for the year ending December 31, 2024, were prepared using consistent accounting policies and methods as previous years[85]. - The company has submitted its consolidated financial statements to the Companies Registry in accordance with Hong Kong Companies Ordinance[85]. - The auditor's report on the financial statements did not contain any reservations or matters requiring attention[85].

2025 Q3 Results Analyst Presentation 5 November 2025 Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of any kind. This document is solely intended for distribution to and use by professional investors. This document is not directed at, and is not intended for dist ...

Market Overview - The US stock market indices collectively declined on Tuesday, with the Hang Seng Index ADR falling to 25,866.46 points, down by 85.94 points or 0.33% compared to the Hong Kong close [1]. Company Performance - Major blue-chip stocks mostly experienced declines, with HSBC Holdings closing at HKD 108.602, up by 0.56% compared to the Hong Kong close, while Tencent Holdings closed at HKD 623.88, down by 0.81% [3]. - Tencent Holdings saw a decrease of HKD 5.12 or 0.81% in its ADR price, closing at HKD 623.88 [4]. - Alibaba Group's ADR fell by HKD 4.20 or 2.57%, closing at HKD 159.00 [4]. - Xiaomi Group's ADR dropped by HKD 1.30 or 2.91%, closing at HKD 43.42 [4]. - AIA Group's ADR decreased by HKD 0.30 or 0.38%, closing at HKD 79.62 [4]. - NetEase's ADR fell by HKD 3.40 or 1.54%, closing at HKD 216.80 [4]. - Ctrip Group's ADR declined by HKD 4.50 or 0.81%, closing at HKD 548.50 [4]. - BYD's ADR decreased by HKD 2.00 or 2.02%, closing at HKD 97.10 [4]. - The Hong Kong Stock Exchange's ADR fell by HKD 3.20 or 0.75%, closing at HKD 425.60 [4].

Group 1 - The core viewpoint of the article discusses the performance and investment opportunities related to various stocks, particularly focusing on options and warrants associated with these stocks [3][4][10] - The first stock analyzed is XPeng Motors (09868), which has shown a price increase, closing at 92 HKD, with potential resistance levels at 95.1 HKD and 99.7 HKD [3][4] - The article highlights four warrant products with exercise prices between 60 HKD and 61 HKD, noting their leverage ratios ranging from 3.3x to 3.5x, making them suitable for investors [4][5] Group 2 - The second stock discussed is Sands China (01928), which experienced a decline, closing at 19.95 HKD, but with increased trading volume, prompting interest in call options [10][11] - There is limited choice for January expiration products, leading to a recommendation for looking at April expiration products, which offer various types of options with leverage around 4x [11][12] - The article emphasizes the importance of comparing product terms, as even slight differences in leverage and implied volatility can significantly impact investment decisions [12][13] Group 3 - The third stock is Hong Kong Exchanges and Clearing (00388), which saw a price increase to 428.8 HKD, with a suggested support level at 417 HKD [16][17] - The article recommends selecting bull certificates with a redemption price below 412 HKD for safety, as they are less likely to be triggered compared to those closer to the current price [17][18] - It notes that the premium differences among these products can be significant, urging investors to carefully evaluate product terms [18] Group 4 - The fourth stock analyzed is Industrial and Commercial Bank of China (01398), which has shown a price increase to 6.17 HKD, with a resistance level at 6.2 HKD [21][22] - There are three put options available for January expiration, all being out-of-the-money, with exercise prices around 5.22 HKD [22][23] - The article stresses that while there are options available, none have a clear advantage, and investors should consider the bid-ask spread and the ability of these put options to respond to declines in the underlying stock [23]