Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the first three quarters of 2025, with total revenue and other income reaching HKD 21.851 billion, a 37% increase from the same period in 2024, and shareholder profit rising 45% to HKD 13.419 billion [1][2][4] Financial Performance - Total revenue and other income for the first three quarters of 2025 was HKD 21.851 billion, up 37% from HKD 15.993 billion in 2024 [2] - Major business revenue increased by 41% to HKD 20.438 billion [2] - The net investment income from the company's funds decreased by 8% to HKD 1.298 billion [2] - Operating expenses rose by 7% to HKD 4.453 billion [2] - EBITDA (non-HKFRS measure) increased by 48% to HKD 17.164 billion [2] - Basic earnings per share reached HKD 10.62, a 45% increase from HKD 7.33 in 2024 [2] Market Activity - The average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the first three quarters of 2024, while the derivatives market saw an 11% increase in average daily contracts traded [4] - The overall average daily trading amount for the first three quarters of 2025 was HKD 2,564 billion, a 126% increase from the same period in 2024 [4] - In September 2025, the average daily trading amount exceeded HKD 3,000 billion for the first time, reaching a record high of HKD 3,167 billion [4] Stock Market Performance - The Hong Kong IPO market remained strong, with 69 new listings in the first three quarters of 2025, raising a total of HKD 188.3 billion, more than three times the amount raised in the same period in 2024 [8] - In the third quarter of 2025, 25 new companies were listed, raising HKD 78.9 billion, with the number of new listings and funds raised increasing by 67% and 87% respectively compared to the same quarter in 2024 [8] - The number of IPO applications in process increased to 297 by September 30, 2025, tripling from 84 applications at the end of 2024 [8] Strategic Developments - HKEX implemented several reform measures, including new regulations for IPO pricing and public market rules aimed at enhancing the robustness of the IPO pricing and allocation mechanisms [9] - The first phase of lowering the minimum tick size was successfully implemented, with further phases planned based on the initial review [9] - HKEX demonstrated resilience during adverse weather conditions, maintaining smooth operations and high trading volumes [9]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the first three quarters of 2025, with total revenue and other income reaching HKD 21.851 billion, a 37% increase compared to the same period in 2024, and shareholder profit rising by 45% to HKD 13.419 billion [1][2][3] Financial Performance - Total revenue and other income for the first three quarters of 2025 was HKD 21.851 billion, up 37% from HKD 15.993 billion in 2024 [2] - Major business revenue increased by 41% to HKD 20.438 billion [2] - Shareholder profit reached HKD 13.419 billion, a 45% increase from HKD 9.270 billion in 2024 [2] - EBITDA rose by 48% to HKD 17.164 billion [2] - Basic earnings per share increased by 45% to HKD 10.62 [2] Market Activity - The average daily trading amount in the cash market reached HKD 2.564 billion, more than double that of the same period in 2024, with a record high of HKD 3.167 billion in September 2025 [3] - The average daily trading volume for the Stock Connect program saw significant growth, with average daily trading amounts of RMB 2.064 billion and RMB 1.259 billion for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects, respectively, both marking historical highs [4] IPO Market - The Hong Kong IPO market remained robust, with 69 new listings in the first three quarters of 2025, raising a total of HKD 188.3 billion, more than three times the amount raised in the same period in 2024 [5] - In Q3 2025, 25 new companies were listed, raising HKD 78.9 billion, with increases of 67% in the number of new listings and 87% in capital raised compared to Q3 2024 [5] - The number of IPO applications in process reached 297, tripling from 84 at the end of 2024 [5] Strategic Developments - HKEX is implementing various strategic reforms to enhance market diversification and liquidity, aiming to build a diversified asset ecosystem for long-term development [1][6] - New regulations for IPO pricing and public market rules were introduced to improve the robustness of the pricing and allocation mechanisms [7] - HKEX successfully managed trading operations during adverse weather conditions, demonstrating its resilience as a global financial center [7]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record high revenues and profits for the first three quarters of 2025, driven by strong international capital inflow and increased interest in Chinese assets [1][4]. Financial Performance - Total revenue and other income for the first three quarters of 2025 reached HKD 218.51 billion, a 37% increase compared to the same period in 2024 [1][2]. - Shareholder profit amounted to HKD 134.19 billion, reflecting a 45% year-on-year growth [1][2]. - Major business revenue increased by 41% to HKD 20.44 billion, while the charity fund's donation income surged by 167% to HKD 115 million [2]. - Operating expenses rose by 7% to HKD 4.45 billion, while EBITDA increased by 48% to HKD 17.16 billion [2]. Market Activity - The average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the same period in 2024, with the derivatives market also showing an 11% increase in average daily contracts traded [4][5]. - The average daily trading volume for the Stock Connect program reached RMB 2,064 billion and RMB 1,259 billion for the Northbound and Southbound trading respectively, both marking historical highs [5]. IPO Market Performance - The Hong Kong IPO market remained robust, with 69 new listings in the first three quarters of 2025, raising a total of HKD 188.3 billion, more than three times the amount raised in the same period of 2024 [7]. - In Q3 2025 alone, 25 new companies listed, raising HKD 78.9 billion, with a 67% and 87% increase in the number of new listings and funds raised compared to Q3 2024 [7]. - The number of IPO applications in process increased to 297, tripling from 84 at the end of 2024 [7]. Strategic Developments - HKEX implemented several reforms aimed at enhancing market liquidity and promoting diversification, including new regulations for IPO pricing and public market rules [8]. - The exchange successfully managed trading operations during adverse weather conditions, demonstrating its resilience as a global financial center [8].

港交所第三季纯利49亿港元，同比增56%，按季升10%，较该行预估高出3%。各项业务表现普遍优于预 期，收入较小摩预测高出1%，主要受清算与结算收入带动;支出则因员工成本下降而较预测低4%。投资 净收入按季减34%，大致符合预期。营运利润率达75%，按季增203个基点，优于预期。季内，证券市 场日均成交额按季升20%、同比增141%;衍生产品日均成交额亦按季增7%、同比增10%。这份强劲财报 可望推动市场上修估值。 摩根大通发布研报称，尽管交易量坚挺，香港交易所(00388)股价过去数月随恒生指数走弱而下跌。小 摩认为，此种股价表现与基本面驱动因素(成交量)之间的背离，为未来几个月股价强势上涨创造条件， 维持"增持"评级，目标价530港元。 ...

Group 1 - Morgan Stanley reports that despite strong trading volumes, the stock price of Hong Kong Exchanges and Clearing Limited (HKEX) has declined in recent months alongside the Hang Seng Index, indicating a divergence between stock performance and fundamental drivers [1] - The report maintains an "Overweight" rating for HKEX with a target price of HKD 530, suggesting potential for strong price appreciation in the coming months [1] - HKEX's Q3 net profit reached HKD 4.9 billion, a year-on-year increase of 56% and a quarter-on-quarter rise of 10%, exceeding Morgan Stanley's estimates by 3% [1] Group 2 - All business segments performed better than expected, with revenues surpassing Morgan Stanley's forecasts by 1%, primarily driven by clearing and settlement income [1] - Operating expenses were 4% lower than predicted due to a decrease in employee costs [1] - Investment net income decreased by 34% quarter-on-quarter, aligning with expectations, while the operating profit margin reached 75%, up 203 basis points quarter-on-quarter, outperforming forecasts [1] Group 3 - The average daily turnover in the securities market increased by 20% quarter-on-quarter and 141% year-on-year, while the average daily turnover in derivatives rose by 7% quarter-on-quarter and 10% year-on-year [1] - This strong financial performance is expected to lead to upward revisions in market valuations for HKEX [1]

Core Viewpoint - The event held on October 30 aimed to enhance the understanding of the Hong Kong financial market's interconnectivity mechanisms among Shenzhen's fund industry, with 75 participants from 28 institutions attending the training session supported by the Hong Kong Stock Exchange [1][3]. Group 1: Training Session Details - The training invited representatives from the Hong Kong Stock Exchange to discuss key topics such as the Hong Kong securities market and trading mechanisms, recent optimization measures, and future planning [3]. - Important subjects covered included the optimization of the fee structure for Hong Kong securities market transactions, the inclusion of ETFs in the interconnectivity qualified securities, and trading arrangements during adverse weather conditions [3]. - A Q&A session addressed inquiries from institutional representatives regarding the scope of stocks eligible for the Hong Kong Stock Connect, the range of ETFs supported, order types allowed, and adjustments to the minimum price fluctuation [3]. Group 2: Industry Implications - The interconnectivity mechanism is a significant milestone in China's financial market opening, serving as a top-level design for national financial openness [5]. - The Shenzhen fund industry plans to leverage the Hong Kong Stock Connect and other interconnectivity channels to expand cross-border investment and actively explore overseas markets [5]. - The initiative aims to accelerate the pace of opening up and continuously enhance the internationalization level of the industry [5].

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and net profit for Q3 2025, with total revenue and other income reaching HKD 7.775 billion, a 45% increase compared to Q3 2024 [1] - The strong performance is attributed to record trading volumes in the cash and stock options markets, leading to a 41% increase in main business revenue year-on-year for the first three quarters of 2025 [1][2] - The demand for diversified global asset allocation and the attractiveness of Chinese assets continue to drive international capital inflow into the Hong Kong securities market [1] Financial Performance - For the first three quarters of 2025, total revenue and other income amounted to HKD 21.851 billion, a 37% increase from the previous year [1] - The net profit attributable to shareholders for the first three quarters was HKD 13.419 billion, reflecting a 45% year-on-year increase [1] - Average daily trading volume in the cash market reached HKD 256.4 billion, more than double that of the first three quarters of 2024 [2] Market Trends - The average daily trading amounts for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached record highs in Q3 2025, with average daily trading amounts of RMB 206.4 billion and HKD 125.9 billion, representing increases of 67% and 229% respectively compared to the same period in 2024 [2] - The new stock market remains robust, with 297 new stock listing applications being processed as of September 30, 2025, indicating strong market interest [1][2] - HKEX's CEO emphasized the importance of leveraging global asset allocation trends and the appeal of Chinese assets to enhance market diversity and liquidity [2]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenues and profits for the first three quarters of the year, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase [2] - The company achieved a net profit of HKD 13.419 billion, reflecting a 45% increase compared to the previous year [2] - In the third quarter alone, HKEX's total revenue was HKD 7.775 billion, up 45% year-on-year, with a net profit of HKD 4.9 billion, marking a 56% increase [2] Revenue and Profit Performance - Total revenue for the first nine months was HKD 21.851 billion, with main business income at HKD 20.438 billion, both showing significant growth of 37% and 41% respectively [2] - The net profit for the same period was HKD 13.419 billion, indicating a 45% increase year-on-year [2] - The third quarter's main business income reached HKD 7.484 billion, a 54% increase compared to the same quarter last year [2] New Listings and Market Position - In the first three quarters of 2025, 69 companies went public, raising a total of HKD 188.3 billion, which is more than three times the amount raised in the same period of 2024 [2] - As of September 30, there were 297 IPO applications pending, indicating strong market activity [2] - HKEX's CEO highlighted the exchange's ability to capitalize on global asset diversification trends and the attractiveness of Chinese assets, maintaining its leading position in the new stock market [2] Stock Performance - Since the beginning of 2025, HKEX's stock price has increased by approximately 50%, reflecting investor confidence following the strong financial results [3]

摩根大通发表报告指，港交所第三季纯利49亿港元，按年增56%，按季升10%，较该行预估高出3%。各 项业务表现普遍优于预期，收入较摩通预测高出1%，主要受清算与结算收入带动；支出则因员工成本 下降而较预测低4%。投资净收益按季减34%，大致符合预期。营运利润率达75%，按季增203个基点， 优于预期。证券市场日均成交额按季升20%、按年增141%；衍生产品日均成交额亦按季增7%、按年增 10%。这份强劲财报可望推动市场上修估值。 尽管交易量坚挺，港交所股价过去数月随恒生指数走弱而下跌。摩通认为，此种股价表现与基本面驱动 因素(成交量)之间的背离，为未来几个月股价强势上涨创造条件，维持"增持"评级，目标价530港元。 ...

Group 1 - The core viewpoint of the article highlights that Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and profits for the third quarter of 2025, with total income and other gains reaching HKD 77.75 billion, a 45% year-on-year increase, marking the third consecutive quarter of record highs [2] - The main business revenue of HKEX rose by 54% year-on-year, driven by record trading volumes in the cash market, which led to increased trading and settlement fees [2] - The net investment income from the company's funds was HKD 2.54 billion, impacted by a decrease in fair value gains from externally managed investment funds and reduced returns from internally managed funds [2] Group 2 - Operating expenses increased by 8%, while the EBITDA profit margin improved to 81%, up 7 percentage points year-on-year [2] - Shareholder profit attributable to the company was HKD 49.00 billion, reflecting a 56% year-on-year increase [2] - The CEO of HKEX, Charles Li, noted that the new stock market maintained a leading global position with numerous new stock applications across various thriving sectors, including technology [2][3] Group 3 - HKEX continues to advance strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [3] - The company is focused on seizing current opportunities to invest in building a diversified asset ecosystem, laying a solid foundation for the long-term development of Hong Kong's capital markets [3]