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].

Financial Performance Highlights - HKEX achieved record nine-month revenue and other income of HK$21.9 billion, a 37% year-over-year increase[8] - Profit attributable to shareholders for YTD Q3 2025 reached HK$13.4 billion, up 45% year-over-year[10] - Core business revenue increased by 41% year-over-year to HK$20.4 billion for YTD Q3 2025[15] - EBITDA for YTD Q3 2025 was HK$17.2 billion, a 48% increase year-over-year[15] - Q3 2025 revenue and other income reached HK$7.8 billion, up 45% year-over-year and 8% quarter-over-quarter[11] Business Segment Performance - Cash market revenue accounted for 51% of the total group revenue[12] - Derivatives market revenue accounted for 24% of the total group revenue[12] - Average Daily Turnover (ADT) in the cash market increased by 126% year-over-year[12] - Northbound Stock Connect ADT increased by 67% year-over-year[12] - Southbound Stock Connect ADT increased by 229% year-over-year[12] Strategic Initiatives and Developments - The company is focusing on building on its China strength and enhancing market vibrancy[8] - OTC Clear accepted China Government & Policy Bank Bonds as collateral in March 2025[13] - LME-approved first warehouse facilities in HK went live in July 2025[13] - A subsidiary in Dubai (CPAL) was set up to act as commodities pricing administrator in October 2025[13]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港交易及結算所有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 不適用 備註： 香港交易所並無法定股本，及其股本並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,267,836,895 | | 0 | | 1,267, ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules, indicating a willingness to adapt to market feedback and improve the listing system [1] Group 1: Listing Rules and Governance - HKEX has revised its listing rules, which now require boards to have a non-single gender composition and to include at least one director of a different gender [1] - The next step for HKEX is to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Position and Applications - HKEX is viewed as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the actual number expected to be higher when including confidential submissions [1]

Group 1 - JPMorgan Chase & Co. increased its stake in Hong Kong Exchanges and Clearing Limited (00388.HK) by acquiring 681,221 shares at an average price of HKD 433.4691 per share, totaling approximately HKD 295 million [1] - Following this acquisition, JPMorgan's total holdings in Hong Kong Exchanges rose to 89,210,163 shares, increasing its ownership percentage from 6.98% to 7.03% [1]

Group 1 - JPMorgan Chase increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by approximately 681,221 shares at a price of about HKD 433.47 per share, totaling around HKD 295 million [1] - Following the increase, JPMorgan's total shareholding in the company is approximately 89,210,200 shares, representing a holding percentage of 7.03% [1]

Group 1 - Morgan Stanley increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by 681,221 shares at a price of HKD 433.4691 per share, totaling approximately HKD 295 million [1] - Following the increase, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited reached approximately 89,210,200 shares, representing a holding percentage of 7.03% [1]