智通财经4月24日电，香港交易所信息显示，纽约梅隆银行在金山云的持股比例于04月22日从15.14%降 至13.06%。 ...

智通财经4月22日电，香港交易所信息显示，美国资本集团在中国财险的持股比例于04月16日从5.97% 升至6.02%，平均股价为13.8261港元。 ...

智通财经APP获悉，美豁免部分产品"对等关税"，港股今日全天强势，三大指数均收涨逾2%，实现五连 涨。截止收盘，恒生指数涨2.4%或502.71点，报21417.4点，全日成交额2533.89亿港元；恒生国企指数 涨2.11%，报7965.81点；恒生科技指数涨2.34%，报5015.12点。 华泰证券指出，往前看，在第一波对等关税扰动发生后，坚定看好港股相对收益表现，原因是：1）产 业上，市场中业绩与关税敏感性较高的出口链及中游制造企业市值占比较低；2）科技企业盈利表现或 将持续支持港股行情演绎；3）外部冲击扰动下，市场或对内需政策存在较大预期。 蓝筹股表现 港交所(00388)表现亮眼。截至收盘，涨6.91%，报334港元，成交额57.31亿港元，贡献恒指43.24点。4 月13日，香港特区政府财政司司长陈茂波发表网志表示，针对全球最新变化，已指示证监会和港交所做 好准备，若在海外上市的中概股希望回流，必须让香港成为它们首选的上市地。港交所亦会加紧做好在 东盟和中东市场的联系和推广工作，吸引更多当地优质企业来港上市，同时汇聚更多国际资金到港，进 一步提升香港国际金融中心的实力和地位。 其他蓝筹股方面，石药 ...

Hong Kong Exchanges and Clearing (00388) Q4 2024 Earnings Call March 17, 2025 06:12 AM ET Company Participants Ricky Choi - Managing Director, Head of Group Strategy & Investor RelationsBonnie Y CHAN - CEOVanessa LAU - COO & Group CFOGary Lam - Head of Greater China Financials ResearchGurpreet Sahi - Executive DirectorKatherine NG - Head of ListingMichael Li - Managing Director Conference Call Participants Charles Zhou - Stock Analyst Ricky Choi Good afternoon, ladies and gentlemen. Welcome to HKEX twenty t ...

Financial Performance - The group achieved a record revenue and other income of HKD 22.374 billion in 2024, representing a 9% increase compared to 2023[22]. - Operating expenses rose by 6% in 2024, driven by increased employee and IT costs, although some expenses related to the 2022 nickel market incident were offset[22]. - EBITDA for 2024 was HKD 16.281 billion, up 10% from 2023, with an EBITDA margin of 74%, an increase of 1 percentage point[23]. - Profit attributable to shareholders reached HKD 13.050 billion, reflecting a 10% increase from the previous year[24]. - Major business revenue increased by 9% in 2024, reaching HKD 20,559 million, driven by higher trading volumes in cash, derivatives, and commodities markets[26]. - Net investment income from company funds rose by 18% to HKD 1,748 million, primarily due to a decrease in valuation losses from unlisted equity investments[26]. - In Q4 2024, total revenue reached a record high of HKD 6,381 million, up 31% year-over-year[39]. - Q4 2024 shareholders' profit reached HKD 3,780 million, a 46% increase compared to Q4 2023[41]. - The total revenue and other income for the year reached a record high of 22.4 billion, up 9% from 2023[57]. - The board declared a total annual dividend of 9.26 per share, including a second interim dividend of 4.90 per share[58]. Market Developments - New product launches included the first batch of ETF options and the first virtual asset spot ETF in Asia[17]. - The company plans to open an office in Riyadh in 2025, expanding its market presence[17]. - The company continues to strengthen its interaction with international investors and issuers, enhancing its global market position[13]. - The company anticipates that geopolitical and macroeconomic trends will continue to impact global markets, but positive signs of economic recovery are emerging[13]. - The number of new IPOs in 2024 reached 71, raising a total of 88 billion, ranking fourth globally[56]. - The company announced a multi-year infrastructure optimization plan to enhance market capabilities[59]. - The company is actively working on optimizing its listing mechanisms and enhancing corporate governance standards[62]. - The company is focused on maintaining high standards of corporate governance and compliance with regulatory requirements[135]. Trading Activity - Average daily trading value of equity securities on the exchange surged by 29% to HKD 120 billion[27]. - Average daily trading value for Stock Connect (Shanghai and Shenzhen) increased by 39% to RMB 150.14 billion[27]. - Average daily trading value of equity securities in Q4 2024 soared by 113% to HKD 171.5 billion[44]. - Major business revenue rose 24% to 6.017 billion, driven by increased trading volumes in spot and derivative markets[49]. - The average daily turnover in the cash market reached HKD 131.8 billion, a 26% increase year-on-year, with a record high of HKD 620.7 billion on October 8, 2024[77][78]. - The derivatives market saw an average daily contract volume of 1.6 million, up 15% from the previous year[78]. - The average daily trading volume for ETPs (including ETFs and leveraged and inverse products) reached a record high of RMB 189 billion in 2024, up 35% from RMB 140 billion in 2023[185]. Sustainability and Corporate Responsibility - The company is committed to sustainable development, achieving carbon neutrality in its operations by the end of 2024[20]. - HKEX is set to implement mandatory emissions reporting for all LME registered aluminum brands by June 15, 2025, in accordance with the EU Carbon Border Adjustment Mechanism (CBAM)[63]. - The company committed to donating HKD 86 million in 2024 to support various projects focused on financial education, inclusivity, poverty alleviation, and environmental sustainability[66]. - HKEX is expanding its initiatives to promote responsible supply chains in the metals industry, including ongoing support for projects addressing child labor in African mining[66]. - The introduction of climate-related disclosure regulations aligned with IFRS S2 positions Hong Kong as a leader in sustainability reporting[87]. - The total amount raised from new ESG-related bonds in 2024 was HKD 291 billion, indicating a strong market interest in sustainable finance[189]. Strategic Initiatives - The company announced a multi-year platform development plan to enhance market attractiveness and competitiveness[13]. - The company plans to achieve carbon neutrality by the end of 2024 and has submitted science-based greenhouse gas reduction targets for verification[64]. - The company is focused on optimizing infrastructure and product ecosystems to enhance market liquidity and resilience against macroeconomic fluctuations[98]. - The company plans to invest $200 million in digital transformation initiatives over the next two years[119]. - A strategic acquisition of a fintech startup was announced, aimed at integrating advanced analytics capabilities into existing services[115]. Governance and Management - Independent non-executive director Liang Baihan has served on the board since April 26, 2017, with a term extended until April 26, 2026[126]. - The company has a strong governance structure with members serving on various committees including audit, risk, and investment committees[126][128][130]. - The board includes members with extensive experience in finance and risk management, enhancing the company's strategic decision-making capabilities[128][130]. - The board's diverse expertise supports the company's market expansion and product development strategies[130][135]. - The company is committed to continuous improvement in its operational efficiency and risk management practices[135].

Summary of Hong Kong Exchanges and Clearing Limited (HKEX) Conference Call Industry Overview - The Hong Kong stock market has experienced a significant rise driven by multiple factors including themes, valuations, capital flows, and policies, benefiting from favorable conditions and central government support for Hong Kong as a financial center [2][3] - The performance of the Hang Seng Index has been strong, with an increase of over 20% within two months, reaching a three-year high [3] Key Insights and Arguments - The stock price of HKEX is highly correlated with Average Daily Turnover (ADT), which is a key indicator of its profitability, influenced by market average PE and daily turnover rate [2][4] - In 2024, there is an expected increase in the proactive allocation of southbound funds to Hong Kong stocks, with a significant recovery in ADT, particularly in Q4, reaching a historical high as of March 7, 2025 [2][10] - The current daily turnover rate in the Hong Kong stock market is at a historical high, slightly above the historical valuation mean, indicating high market activity driven by turnover rate [2][10] - The strategic position and policy benefits of HKEX are crucial for its growth potential and sustainability, especially following the 2018 listing mechanism reform that significantly changed the market structure [2][12] Performance Metrics - As of March 7, 2025, HKEX has seen a cumulative increase of 22% since the beginning of the year, with a 19% rise post-Chinese New Year, although slightly lower than the Hang Seng Index's 20% increase [5][8] - The correlation between HKEX's net profit and ADT is historically high at 89%, indicating that ADT is a core driver of profitability [5][8] - The ADT has shown a significant rebound, with expectations for a strong correlation to continue into 2025, which will likely enhance performance [8][14] Market Dynamics - The ADT can be broken down into market capitalization multiplied by the average turnover rate, with the latter being influenced by the company's profitability and average PE [6] - Since 2019, the increasing market capitalization of new economy companies has made the technology sector increasingly influential on overall valuation [7] - The market has seen a shift in the proportion of southbound funds, which have become more active, particularly in Q4, contributing significantly to market turnover [10][12] Future Outlook - The sustainable growth of HKEX is expected to rely on its strategic positioning and policy advantages, with a notable absence of significant policy changes in recent years compared to historical levels [12] - The market is projected to see a continued increase in the proportion of technology stocks, which could reach around 50% in the current market cycle [12][13] - The forecast for HKEX's net profit in 2025 is approximately HKD 14.3 billion, reflecting a 10% year-on-year increase, with a target price set at HKD 419, maintaining a buy rating [4][14] Additional Important Points - High dividend strategies and the strong performance of leading platform companies like Alibaba, Tencent, and Xiaomi have significantly contributed to the current market rally, with these companies accounting for over 20% of daily trading volume [4][12] - The Hong Kong market is positioned as a key player in China's economic landscape, with a high number of potential IPOs, particularly in the biotech and technology sectors, indicating a robust future for the market [13]

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].

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (388 HK) is "Buy" with a target price of HKD 404.00 [7][8]. Core Views - The report discusses the optimization of the securities market's transaction fee structure, which will eliminate the upper and lower limits on stock and ETP transaction fees, adjusting the new rates to 0.0042% and 0.0020% respectively, effective from June this year. This change is expected to balance transaction costs across different types of trades, potentially increasing revenue volatility for the exchange but having a minimal long-term impact on average fee rates [1][2]. Summary by Sections Transaction Fee Structure - The new fee structure will adjust the transaction fees for general exchange trades to 0.0042% for buyers and sellers, compared to the current rates of 0.0020% and 0.0010%. The minimum and maximum fees will be removed, which currently are HKD 2/1 and HKD 100/50 respectively. In comparison, the A-share market has a transaction fee rate of 0.001% [1][2]. Revenue and Profit Forecast - The report anticipates increased revenue volatility for the exchange due to the removal of fee limits, which will strengthen the correlation between transaction fees and trading volumes. It is estimated that 77% of trades could see reduced transaction costs under the new structure. The average effective transaction fee rate is projected to remain around 0.0042% over the 2019-2024 period, with an average transaction amount of approximately HKD 62,000 [2][4]. Market Activity - As of February 21, 2025, the average daily trading volume for the first quarter of 2025 reached HKD 200.3 billion, up from HKD 186.9 billion in the fourth quarter of 2024. This increase in trading activity is expected to support the exchange's performance and valuation [3]. Earnings and Valuation - The profit forecasts for the years 2024, 2025, and 2026 have been slightly adjusted to HKD 131 billion, HKD 132 billion, and HKD 133 billion respectively. The target price remains at HKD 404, based on a DCF model with a 50-year forecast period and a discount rate of 5% [4][6].