Group 1: Financial Performance - Hong Kong Exchanges and Clearing Limited reported a revenue and other income of HKD 14.076 billion for the first half of 2025, representing a year-on-year increase of 33% [1] - The profit attributable to shareholders reached HKD 8.519 billion, up 39% year-on-year, with basic earnings per share at HKD 6.74 [1] - In Q2 2025, revenue and other income amounted to HKD 7.219 billion, a 33% increase compared to Q2 2024, while profit attributable to shareholders rose 41% to HKD 4.442 billion [1][3] Group 2: Market Activity - The average daily turnover in the cash market reached HKD 240.2 billion in the first half of 2025, more than double that of the first half of 2024 [2] - The average daily contract volume in the derivatives market increased by 11% year-on-year to 1.7 million contracts [2] - The fundraising amount in the Hong Kong IPO market surged to over eight times that of the first half of 2024, reclaiming the top position globally [2] Group 3: Operational Insights - Operating expenses increased by 6% compared to the first half of 2024, primarily due to non-recurring fines and legal fees related to the 2022 nickel market incident [3] - In Q2 2025, the average daily turnover in the cash market continued its strong momentum, achieving a record of HKD 237.7 billion [3] - The company plans to implement several strategic initiatives in the second half of 2025 to enhance market competitiveness, including shortening the settlement cycle and expanding paperless listing mechanisms [4]

香港交易所(00388)发布2025年中期业绩，该集团期内取得收入及其他收益140.76亿港元，同比增加 33%;股东应占溢利85.19亿港元，同比增加39%;基本每股盈利6.74港元。 2025年第二季收入及其他收益为72.19亿港元，较2024年第二季上升33%;股东应占溢利为44.42亿港元， 较2024年第二季上升41%;基本每股盈利3.51港元。主要业务收入较2024年第二季上升32%，源于现货市 场成交量上升使交易及结算费增加，以及保证金金额增加使投资收益净额增加。 在成交量创新高纪录的带动下，2025年上半年收入及其他收益达141亿港元创历来半年度新高，较2024 年上半年上升33%，反映成交量上升令交易及结算费增加，存管费用增加，以及保证金规模增加令投资 收益净额上升。营运支出较2024年上半年上升6%，主要是两个与2022年镍市场事件相关的项目所致， 一是2025年上半年向FCA支付了非经常性的罚款，二是事件涉及的法律费用收回于2024年上半年确认入 账。 2025年第二季，现货市场标题平均每日成交金额延续2025年第一季创新高的强劲势头，取得历季第二高 纪录2377亿港元。收入及其他收益刷 ...

Core Insights - The Hong Kong Stock Exchange reported a total revenue and other income of HKD 14.08 billion for the first half of the year, with a net profit of HKD 8.52 billion [1] - In the second quarter, the revenue and other income reached HKD 7.22 billion, surpassing the estimated HKD 6.9 billion [1] - The second quarter EBITDA was HKD 5.69 billion, exceeding the forecast of HKD 5.32 billion [1]

免責聲明 EF001 | 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公告的內容概不負責，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 本公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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 香港交易及結算所有限公司 | | 股份代號 | 00388 | | 多櫃檯股份代號及貨幣 | 80388 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度的中期股息及暫停辦理股份過戶登記手續 | | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 6 HKD | ...

Financial Performance - In the first half of 2025, the company's total revenue reached HKD 14,076 million, a 33% increase compared to HKD 10,621 million in the same period of 2024[10]. - The company reported a net profit attributable to shareholders of HKD 8,519 million, up 39% from HKD 6,125 million in the first half of 2024[10]. - The EBITDA for the first half of 2025 was HKD 10,939 million, reflecting a 43% increase from HKD 7,661 million in the same period of 2024[10]. - The company announced a mid-term dividend of HKD 6.00 per share, a 38% increase from HKD 4.36 per share in the previous year[10]. - For Q2 2025, revenue and other income reached HKD 7.219 billion, a 33% increase from Q2 2024[17]. - Revenue for the six months ended June 30, 2025, was HKD 11,034 million, a 37% increase from HKD 8,062 million for the same period in 2024[127]. - The company reported a net profit of HKD 8,562 million for the six months ended June 30, 2025, compared to HKD 6,186 million in 2024, reflecting a 38% increase[128]. Trading Activity - The average daily trading value of equity securities on the exchange was HKD 222.84 billion, representing a 122% increase from HKD 100.3 billion in the previous year[11]. - The average daily trading value of the Hong Kong Stock Connect was HKD 111.04 billion, a significant increase of 196% from HKD 37.5 billion in the same period last year[11]. - The average daily trading amount in the securities market reached HKD 240.2 billion, a year-on-year increase of 118%[23]. - The average daily trading volume of stock options increased by 25% to 8,684 thousand contracts compared to 696 thousand contracts in the first half of 2024[11]. - The average daily trading volume of derivative contracts reached 1,700,322, marking an 11% increase compared to the first half of 2024, driven by growth in stock options and futures[65]. - The average daily trading volume of structured products reached HKD 17.4 billion, a 72% increase from the previous year, driven by a positive market sentiment[72]. Market Developments - The company received a record number of new stock listing applications in the past six months, indicating strong market interest[3]. - The total fundraising amount from new listings in the first half of 2025 was HKD 109.4 billion, up 716% year-on-year, making Hong Kong the top global market for new listings[23]. - The number of new stock listings in Hong Kong increased significantly, with fundraising amounting to over eight times that of the first half of 2024, making it the top global exchange for new stock fundraising[39]. - The introduction of the "Tech Company Fast Track" aims to assist technology and biotech companies in preparing for listing more efficiently, enhancing market quality and transparency[28]. - The average daily trading volume for the Hong Kong ETF market reached HKD 33.8 billion, a 184% increase compared to the same period last year[23]. Strategic Initiatives - The company plans to implement new measures to enhance market competitiveness, including shortening the settlement cycle for the cash market and expanding the paperless listing mechanism[3]. - The company is actively pursuing strategic initiatives to enhance its product ecosystem and optimize its listing regime[3]. - A strategic cooperation agreement was signed with the Hong Kong Monetary Authority's subsidiary to explore optimizing post-trade securities infrastructure, including the development of an international central securities depository platform[27]. - The company aims to achieve carbon neutrality by the end of 2024 and has set science-based greenhouse gas reduction targets[32]. - The company is developing a comprehensive fund platform to enhance the efficiency of fund distribution and solidify Hong Kong's position as a global wealth and asset management center[57]. Operating Expenses - Operating expenses rose by 6% year-on-year, primarily due to a HKD 90 million fine paid to the FCA and legal fees recovered in the previous year related to the 2022 nickel market incident[13]. - Operating expenses increased by 6% to HKD 2,973 million for the six months ended June 30, 2025, compared to HKD 2,794 million in the same period of 2024[98]. - Professional fees surged by HKD 43 million (93%) due to legal costs related to the 2022 nickel market incident, with HKD 50 million recognized in the first half of 2024[100]. Investment and Financial Position - Net investment income from company funds was HKD 1.044 billion, up from HKD 901 million in the first half of 2024, attributed to non-recurring foreign exchange gains from USD to HKD[13]. - The annualized net investment return increased to 5.73% for the six months ended June 30, 2025, compared to 5.33% in 2024[88]. - As of June 30, 2025, total financial assets increased by 15% to HKD 348,366 million compared to HKD 303,984 million on December 31, 2024[105]. - Cash and cash equivalents rose by 29% to HKD 173,897 million from HKD 134,365 million[105]. - The group’s total operating income after trading-related expenses was HKD 13,912 million, showcasing effective cost management[136]. Employee and Community Engagement - The group organized 55 internal courses for employees to enhance their professional knowledge and skills during the six months ended June 30, 2025[126]. - The company’s charity fund contributions amounted to HKD 78 million, reflecting its commitment to social responsibility[136]. - The group has initiated a new employee stock incentive plan to enhance workforce motivation and retention[157]. Future Outlook - Future guidance indicates a projected revenue growth of 20% for the next quarter[157]. - The company plans to explore strategic acquisitions to bolster its product offerings and market reach[157]. - The overall market expansion strategy includes partnerships with local firms to facilitate entry into new regions[157].

Financial Performance Highlights - HKEX achieved record half-yearly revenue and other income of HK$14.1 billion, a 33% year-over-year increase[9] - Profit attributable to shareholders reached HK$8.5 billion in 1H 2025, up 39% year-over-year[11] - Core business revenue increased by 34% year-over-year to HK$13.0 billion in 1H 2025[16] - EBITDA increased by 43% year-over-year to HK$10.9 billion in 1H 2025[16] - Headline Average Daily Turnover (ADT) increased by 118% year-over-year[12] Business Segment Performance - Stock Connect revenue reached a record high of HK$1.813 billion, a 51% year-over-year increase[38] - Northbound Stock Connect ADT increased by 32% year-over-year[12] - Southbound Stock Connect ADT nearly tripled compared to 1H 2024[12] - Derivatives Average Daily Volume (ADV) reached a record half-yearly high of 1.7 million contracts, up 11% year-over-year[12] - LME ADV increased by 3% year-over-year[12] Strategic Initiatives and Market Dynamics - IPO funds raised reached HK$109.4 billion, more than 8 times that of 1H24[38]

联合创始人共同敲锣 2024年7月10日，上海声通信息科技股份有限公司（以下简称"声通科技"）成功登陆港交所主板（股票代码：2495.HK），成为在港交所挂牌的"交互式AI第 一股"。上市仪式在香港交易所隆重举行，声通科技的重要股东、业务合作伙伴、保荐人团队及其他IPO辅导机构共同见证了这一辉煌时刻。 声通科技董事长汤敬华先生，声通科技执行董事孙琪先生，声通融智总裁石业嵘先生登台合照 声通科技董事长汤敬华先生与声通科技执行董事孙琪先生作为公司代表，在开市时刻敲锣 伴随着开市时刻的倒数声(a4309.HK/212)，声通科技董事长汤敬华先生与执行董事孙琪先生共同举起鼓槌，这一刻，所有人的目光都聚焦在这两位创始人身 上。倒计时结束，他们挥动鼓槌，敲响了上市的钟声，那清脆而响亮的声音，如同胜利的号角，回荡在每一个人的心中。这是声通科技的辉煌时刻，是他们 多年努力和奋斗的结晶。这钟声不仅宣告了声通科技的成功上市，更预示着公司未来无限的可能和辉煌的前景。 董事长汤敬华先生上台致辞 声通科技(a7155.HK/603)创始人汤敬华先生在上市仪式上发表激动人心的讲话，他首先对所有支持声通科技的人们表示衷心的感谢。汤敬华先生 ...

Core Viewpoint - The Hong Kong stock market showed significant growth in July, with high trading activity expected to continue, leading to anticipated performance growth for the Hong Kong Stock Exchange (HKEX) [1][2]. Market Performance - The Hong Kong stock market experienced an overall increase, with the Hang Seng Index and Hang Seng Tech Index rising by 23.5% and 22.0% respectively compared to the end of 2024 [1]. - The monthly average daily turnover (ADT) for HKEX reached HKD 262.9 billion, reflecting a month-on-month increase of 14.2% and a year-on-year increase of 166.6% [1]. - Northbound trading ADT was HKD 222.3 billion, with month-on-month and year-on-year increases of 36.5% and 86.0% respectively, while southbound trading ADT was HKD 144.4 billion, increasing by 19.5% month-on-month and 329.0% year-on-year [1]. Derivatives Market - The derivatives market saw a recovery in options trading, with average daily volume (ADV) for futures at 572,000 contracts, showing a slight decrease of 0.1% month-on-month and 3.7% year-on-year [1]. - Options ADV was 942,000 contracts, with month-on-month and year-on-year increases of 14.8% and 30.6% respectively [1]. IPO Market - The IPO market in Hong Kong saw significant growth, with 9 new stocks listed in July, totaling HKD 19.9 billion, which is a decrease of 34% month-on-month but an increase of 333% year-on-year [2]. - New derivative warrants and bull/bear certificates listed were 850 and 2,271 respectively, with year-on-year increases of 42% and 31%, and month-on-month increases of 11% and 14% [2]. Investment Income - Investment income rates for HKEX showed a decline compared to previous months, with the 6-month HIBOR at 2.27%, down by 0.11 percentage points month-on-month [2]. Macroeconomic Environment - Domestic economic conditions showed a decline in manufacturing activity, with the PMI at 49.30%, indicating contraction [3]. - The overseas environment is characterized by tightening liquidity due to the Federal Reserve's decision to pause interest rate cuts, with expectations of a 25 basis point cut in September 2025 [3]. Valuation and Outlook - As of the end of July, the company's PE ratio was 38.24x, positioned at the 58th percentile historically since 2016, indicating potential value for investors [4]. - Revenue and other income projections for 2025-2027 are HKD 28.4 billion, HKD 31.1 billion, and HKD 33.7 billion respectively, with net profit estimates of HKD 17.7 billion, HKD 18.7 billion, and HKD 20.6 billion, corresponding to PE ratios of 30.9, 29.2, and 26.4 times [4].

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange [1] Group 1 - The company is identified by its stock code 301109 [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's PE ratio as of the end of July is 38.24x, which is at the 58th percentile historically since 2016, indicating a certain level of value for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 28.4 billion, 31.1 billion, and 33.7 billion HKD for 2025-2027, with net profits attributable to shareholders of 17.7 billion, 18.7 billion, and 20.6 billion HKD, corresponding to PE valuations of 30.9, 29.2, and 26.4 times respectively [2][52] Summary by Sections Market Performance - In July, the Hong Kong stock market continued its upward trend, supported by domestic policy drivers. The Hang Seng Index and Hang Seng Tech Index increased by 23.5% and 22.0% respectively compared to the end of 2024. The monthly average daily trading (ADT) for the Hong Kong Stock Exchange was 262.9 billion HKD, reflecting a month-on-month increase of 14.2% and a year-on-year increase of 166.6% [7][10][15] Derivatives Market - In July, the average daily volume (ADV) for futures was 572,000 contracts, showing a slight decrease of 0.1% month-on-month and 3.7% year-on-year. Conversely, the ADV for options increased by 14.8% month-on-month and 30.6% year-on-year, reaching 942,000 contracts. The ADT for structured products was 15.7 billion HKD, with a month-on-month decrease of 2.4% but a year-on-year increase of 48.0% [19][25] Primary Market - The IPO scale in the Hong Kong stock market saw a significant year-on-year increase of 333% in July, with 9 new listings totaling 19.9 billion HKD. However, this represented a month-on-month decrease of 34%. The cumulative number of new listings from January to July was 52, with a total scale of 128.7 billion HKD, reflecting a year-on-year increase of 610% [30][31] Investment Income - As of the end of July, the HIBOR rates for 6 months, 1 month, and overnight were 2.27%, 1.03%, and 0.19% respectively, showing a mixed trend with some rates declining year-on-year. The U.S. overnight bank funding rate remained stable at 4.33% [41][52] Macroeconomic Environment - The domestic economic sentiment has declined, with the manufacturing PMI for July at 49.30%, indicating a contraction. The overseas liquidity is tightening due to the Federal Reserve's pause on interest rate cuts, with expectations of a 25 basis point cut in September 2025 [44][46]