第一期物业及平台物业位于交易广场。交易广场是位处香港中环核心商业区的优质甲级写字楼及商场综 合物业，共有交易广场一、二及三期及富临阁。交易广场是由香港置地发展兴建，香港置地或其附属公 司目前拥有交易广场大部分的权益。 香港交易所扎根交易广场近四十年。本收购交易为香港交易所提供一个难得的战略投资机会，购入交易 广场的相关楼层作为其永久办事处，并彰显香港交易所支持香港作为国际领先金融中心发展的长期承 诺。交易广场是位处香港中环核心商业区的优质甲级写字楼，眺望维多利亚港，并享有便捷交通连接。 交易广场亦是香港金融大会堂的所在地，以及举办香港新股上市活动及其他重要金融相关会议和展览的 地点。连同相关优化项目工程，本收购交易将有助香港交易所作为香港重要的金融市场基础设施，满足 集团的长期业务发展和营运需求，进一步促进香港交易所与持份者的联系，并反映香港交易所作为全球 交易所的地位。本收购交易为香港交易所提供一个长久的办事处地点，将有助提升香港交易所应对不同 房地产周期的韧性，让香港交易所可以受惠于拥有自置物业资产所带来的最大效益和价值，并同时继续 透过租用交易广场若干楼层来维持其营运的灵活性。本收购交易亦将有助香港交易 ...

香港交易所信息显示， 美国银行在 哔哩哔哩-W的持股比例于04月21日从7.47%降至7.03%。 ...

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]