Core Insights - The Hong Kong Stock Exchange (HKEX) reported significant growth in revenue and net profit for the first nine months of 2025, with total revenue and other income reaching HKD 21.9 billion, a year-on-year increase of 37% [1] - The exchange's EBITDA was HKD 17.2 billion, reflecting a 48% year-on-year growth, with an EBITDA margin of 79%, up 5 percentage points from the previous year [1] - The IPO market in Hong Kong showed remarkable strength, with total fundraising amounting to HKD 188.3 billion, more than three times the amount raised in the same period of 2024, marking the strongest performance in nine months since 2021 [2] Financial Performance - For 9M25, the breakdown of revenue from various business segments included trading fees and system usage fees at HKD 7.8 billion (+57%), clearing and settlement fees at HKD 5.3 billion (+66%), and listing fees at HKD 1.3 billion (+17%) [1] - The average daily trading volume in the cash market reached HKD 256.4 billion, a 126% increase year-on-year, with southbound trading (Hong Kong Stock Connect) averaging HKD 125.9 billion (+229%) [1] Market Activity - The derivatives market also saw growth, with an average daily contract volume of 1.7 million contracts, up 11% year-on-year, and the LME's average daily trading volume reaching 700,000 lots (+3%) [2] - The northbound trading of bonds recorded an average daily trading volume of RMB 41.7 billion, a decrease of 5% year-on-year, while the average daily settlement amount for the swap connect reached RMB 21.7 billion, an increase of 61% [1][2] Investment Income - The net investment income for 9M25 was HKD 3.9 billion, a 4% increase year-on-year, with the company's own investment income declining by 8% to HKD 1.3 billion due to external investment performance [2] Strategic Outlook - The company has raised its target price to HKD 550, maintaining a "buy" rating, citing strong fundamental support for its current valuation and the ongoing growth in core business areas [3] - The exchange is expected to benefit from strategic initiatives aimed at optimizing market structure and enhancing product diversity, which will strengthen its long-term competitiveness [3]

Core Points - The Hong Kong Monetary Authority (HKMA) has introduced the Hong Kong Stock Exchange (HKEX) as a strategic shareholder in its subsidiary, Clearstream Settlement Holdings Limited [1][3] - The agreement involves the HKMA retaining 80% ownership through the Exchange Fund and HKEX acquiring a 20% stake via new share subscriptions [1][3] Group 1 - The partnership aims to transform the Central Moneymarkets Unit (CMU) into a diversified asset settlement platform, enhancing commercial development and integrating bond and stock custody management systems [3] - This collaboration is expected to improve investment efficiency and flexibility, enhance liquidity, promote product innovation, and strengthen Hong Kong's role as a risk management center [3] - The initiative supports the internationalization of the Renminbi and aims to elevate Hong Kong's status as an international financial center, which is significant for the financial development of Hong Kong [3] Group 2 - The HKMA's president emphasized that this strategic cooperation lays the foundation for the CMU to evolve into a multi-asset platform, allowing investors to manage stocks and bonds in a one-stop manner [3] - The HKEX's CEO highlighted that developing fixed income and currency business is a key strategic focus, and this investment reflects their commitment to building a diverse and vibrant multi-asset ecosystem [3]

金管局表示，香港交易所将以认购新股形式，持有迅清结算控股的20%股权。交易完成后，由金管局管 理的外汇基金和香港交易所将分别持有迅清结算控股的80%和20%股权。 新华社香港11月12日电（记者刘英伦）香港金融管理局12日宣布，旗下迅清结算控股有限公司引入香港 交易所及结算有限公司为策略性股东，以优化香港资本市场的金融基建，支持香港固定收益和货币市场 生态系统的长远发展。 金管局总裁及迅清结算控股董事会主席余伟文表示，金管局、迅清结算和香港交易所的策略性合作是香 港金融基建发展的重要里程碑，为推动CMU发展成为多元资产平台奠定基础，让投资者可一站式管理 股票及债券，同时促进内地、香港与国际市场之间高效的双向投资流动。 香港交易所集团行政总裁陈翊庭表示，随着全球投资者越来越关注亚洲机遇，香港交易所将与监管机构 及市场参与者紧密合作，进一步提升香港作为全球债券融资、风险管理及离岸人民币业务枢纽的地位， 发挥香港作为全球固定收益及货币中心的潜力。 外汇基金于2025年10月成立迅清结算控股，旨在全资拥有迅清结算有限公司，后者负责运营债务工具中 央结算系统（CMU）。 ...

Core Insights - The Hong Kong Monetary Authority (HKMA) has announced that its subsidiary, Xunqing Clearing Holdings, will introduce the Hong Kong Stock Exchange (HKEX) as a strategic shareholder, acquiring a 20% stake through a new share subscription for up to HKD 455 million [1] - This investment aligns with HKEX's strategic goals in the fixed income and currency (FIC) market, aiming to enhance Hong Kong's status as an international financial center [1][2] - The collaboration is expected to advance Hong Kong's post-trade securities infrastructure, establishing it as a major Central Securities Depository (CSD) in the region [2] Group 1 - The partnership will leverage resources, technology, talent, and expertise from both HKMA and HKEX to enhance the Central Moneymarkets Unit (CMU) and expand investor services [2] - The CMU aims to facilitate one-stop management of stocks and bonds for investors, promoting efficient cross-border investment flows between mainland China, Hong Kong, and international markets [2] - The strategic cooperation is seen as a significant milestone in the development of Hong Kong's financial infrastructure [2] Group 2 - HKEX's CEO expressed enthusiasm for the collaboration, emphasizing the importance of developing the fixed income and currency ecosystem as a key business strategy [3] - The investment reflects Hong Kong's commitment to building a diverse and vibrant multi-asset ecosystem, contributing to the long-term stability of the market [3] - As global investors increasingly focus on opportunities in Asia, HKEX aims to strengthen its position as a hub for bond financing, risk management, and offshore RMB business [3]

他续指，此次合作将释放流动性、促进产品创新，提升香港风险管理中心的功能。此次合作亦将促进探 索双方托管的债券及资产作为抵押品的互通性，提升抵押品管理效率、有效释放潜在流动性，并促进股 票市场和固定收益及货币市场更好联动发展。通过建立综合的抵押品平台，有助市场参与者更好地进行 对冲和风险管理，提升香港风险管理中心的功能，有关基建亦会引入数字资产，例如代币化债券和股 票。 另外，陈茂波呼吁各界于12月7日香港立法会选举中投票。 智通财经APP获悉，11月12日，香港金管局、港交所(00388)及迅清结算控股就深化策略伙伴合作举行签 约仪式。香港财政司司长陈茂波致辞时指，此次策略性合作是加速推动金融基建高效联通关键一步，更 加是香港金融市场跨越式发展。他称，此次合作在香港的金融发展蓝图中有着重大意义。该交易突显香 港力求杠杆更大的市场力量，加速推动金融基建的高效联通与创新发展。香港金管局和港交所强强联 手，为香港国际金融市场提速和深化发展创造有利条件。 他还表示，此次合作将助力人民币国际化，进一步提升香港国际金融中心地位。离岸人民币市场持续发 展，人民币国际化正稳慎推进，市场对离岸人民币资金管理及投资产品的需求持续 ...

Group 1 - Hong Kong Stock Exchange (HKEX) announced a strategic investment to acquire a 20% stake in Xunqing Clearing Holdings [1] - The transaction agreement was signed during a ceremony attended by the Exchange Fund, HKEX, and Xunqing Clearing Holdings [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) announced a strategic investment to acquire a 20% stake in Xunqing Clearing Holdings, formalized through a transaction agreement signed during a recent ceremony involving the Exchange Fund, HKEX, and Xunqing Clearing Holdings [1] Group 1 - HKEX is pursuing a strategic investment to enhance its market position and expand its service offerings [1] - The acquisition of a 20% stake in Xunqing Clearing Holdings signifies HKEX's commitment to strengthening its clearing and settlement capabilities [1] - The transaction agreement was signed in the presence of key stakeholders, indicating a collaborative approach to the investment [1]

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。 對迅清結算控股有限公司進行戰略投資 茲提述香港交易及結算所有限公司（「香港交易所」）於今日較早前刊發的公告 （「公告」），有關根據戰略投資，香港交易所擬購入迅清結算控股 20%股權。除另有 界定者外，本公告內所用詞彙與公告內所界定者具相同涵義。 香港交易所公布，於今日較早前舉行的簽約儀式期間，外匯基金、香港交易所及迅清結算 控股已簽訂交易協議以落實戰略投資。 承董事會命 香港交易及結算所有限公司 集團公司秘書 曾志燿 香港，2025 年 11 月 12 日 於本公告日期，香港交易所董事會包括 12 名獨立非執行董事，分別是唐家成先生（主席）、 聶雅倫先生、白禮仁先生、陳健波先生、謝清海先生、張明明女士、車品覺先生、周胡慕芳女士、 丁晨女士、梁柏瀚先生、任志剛先生及張懿宸先生， ...

11月12日，香港交易所宣布，将于当天与迅清结算有限公司（以下简称：迅清结算）达成协议，购入其 控股公司的20%股权。作为金融市场基础设施的主要营运者，双方将进一步巩固战略合作关系，共同推 动香港固定收益及货币（FIC）市场生态圈的长期发展。 香港交易所集团行政总裁陈翊庭表示："我们非常高兴能与金管局及迅清结算合作，推动香港固定收益 及货币生态圈的下一阶段增长。发展固定收益及货币业务是香港交易所重点业务战略之一，这项投资展 现了我们致力于构建多元化且充满活力的多元资产类别生态圈，并有助于促进市场的长远稳健发展。随 着全球投资者越来越关注亚洲机遇，香港交易所将与监管机构及市场参与者紧密合作，进一步提升香港 作为全球债券融资、风险管理及离岸人民币业务枢纽的地位，发挥香港作为全球固定收益及货币中心的 潜力。" 香港金管局总裁及迅清结算控股董事会主席余伟文表示："金管局、迅清结算及香港交易所的策略性合 作是香港金融基建发展的一个重要里程碑，为推动CMU发展成为多元资产平台奠定基础，让投资者可 一站式管理股票及债券，同时促进内地、香港与国际市场之间高效的双向投资流动。我们期待与香港交 易所和迅清结算携手，共同发挥协同效 ...

Group 1 - Hong Kong Stock Exchange announced an agreement to invest up to HKD 455 million to acquire a 20% stake in the holding company of Xunqing Clearing Limited [1] - The partnership aims to strengthen the strategic collaboration between the two entities [1] - The focus of the collaboration is to promote the long-term development of the Hong Kong fixed income and currency (FIC) market ecosystem [1]