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香港交易所:2025年第一季新股市场迎17家上市公司 集资额约177亿港元
Zhi Tong Cai Jing· 2025-05-02 12:28
Core Insights - Hong Kong's IPO fundraising has significantly increased, with 17 new listings raising approximately HKD 177 billion (around USD 20 billion) in the first quarter of 2025, more than doubling the amount from the previous year [1] - The follow-on market has also become more active, raising over USD 18 billion in the first quarter of 2025, a 20-fold increase year-on-year, with notable transactions from BYD and Xiaomi [1] - There is a growing trend of A+H listings, with around 30 companies planning to list in Hong Kong, particularly in the technology and biotech sectors [2] Market Trends - The new economy, artificial intelligence, renewable energy, and tech unicorns are key focus areas for new listings in Hong Kong [2] - Increased dialogue with ASEAN companies has led to successful listings from several firms in the region, indicating a strong interest in the Hong Kong market [2] - Hong Kong is also targeting the Middle East, with plans to open an office in Riyadh and strengthen ties with the Saudi stock exchange [3] Regulatory and Structural Developments - Hong Kong has completed consultations on IPO pricing, aiming to enhance the pricing process and distribution structures [4] - The Hong Kong Securities and Futures Commission and the exchange have announced measures to improve the transparency of the new listing application process [4] - Initiatives like the "REIT Connect" and a dedicated line for tech companies are in preparation to further optimize the listing environment [4]
香港交易所(00388):2025 年一季度业绩点评:业绩创历季新高,中概股回流有望注入新增量
EBSCN· 2025-05-02 11:28
Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved record high performance in Q1 2025, with total revenue of HKD 68.6 billion, a year-on-year increase of 31.8% and a quarter-on-quarter increase of 7.5%. The net profit attributable to shareholders was HKD 40.8 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [4][5] - The increase in revenue and profit is primarily driven by heightened trading activity in the Hong Kong stock market, supported by innovations in artificial intelligence and other developments [5] - The report anticipates that the return of Chinese concept stocks to Hong Kong could inject new trading volume into the market [7] Summary by Sections Financial Performance - In Q1 2025, the company's main business revenue reached HKD 63.2 billion, reflecting a year-on-year growth of 35.6% and a quarter-on-quarter growth of 5.0% [4] - The trading fees, system usage fees, and settlement fees totaled HKD 41.3 billion, accounting for 60.2% of total revenue, with a year-on-year increase of 58.7% [5] - Investment income netted HKD 13.3 billion, representing 19.4% of total revenue, with a slight year-on-year decrease of 0.7% but a quarter-on-quarter increase of 11.2% [5] Market Activity - The average daily trading volume for Hong Kong stock securities reached HKD 2,427 billion, a year-on-year increase of 144.2% [5] - The number of new listings in Q1 2025 was 17, a year-on-year increase of 41.7%, raising a total of HKD 187 billion, which is a 289.6% increase year-on-year [7] Future Outlook - The report maintains profit forecasts for 2025-2027 at HKD 150 billion, HKD 156 billion, and HKD 165 billion respectively, with a corresponding PE ratio of 29X, 28X, and 26X [7][9]
5月2日电,香港交易所信息显示,贝莱德(BlackRock)在蒙牛乳业的持股比例于04月28日从4.93%升至5.14%,平均股价为19.0401港元。
news flash· 2025-05-02 09:51
智通财经5月2日电,香港交易所信息显示,贝莱德(BlackRock)在蒙牛乳业的持股比例于04月28日从 4.93%升至5.14%,平均股价为19.0401港元。 ...
5月2日电,香港交易所信息显示,摩根大通(JPMorgan)在阿里巴巴-W的持股比例于04月28日从5.98%升至6.02%,平均股价为115.7105港元。
news flash· 2025-05-02 09:51
智通财经5月2日电,香港交易所信息显示,摩根大通(JPMorgan)在阿里巴巴-W的持股比例于04月28 日从5.98%升至6.02%,平均股价为115.7105港元。 ...
香港交易所信息显示,摩根大通(JPMorgan)在美团-W的持股比例于04月28日从5.12%降至5.10%。
news flash· 2025-05-02 09:47
香港交易所信息显示, 摩根大通(JPMorgan)在 美团-W的持股比例于04月28日从5.12%降至5.10%。 ...
高盛(GS.N):上调香港交易所(00388.HK)目标价2%至386港元,维持买入评级。
news flash· 2025-05-02 03:30
高盛(GS.N):上调香港交易所(00388.HK)目标价2%至386港元,维持买入评级。 ...
香港交易所(00388):2025年一季报点评:市场交投活跃,单季度业绩再创历史新高
Soochow Securities· 2025-04-30 12:31
Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388.HK) is "Buy" (maintained) [1] Core Views - The report highlights that the market trading activity is vibrant, with the quarterly performance reaching a historical high. The significant growth in performance is attributed to improved investor sentiment driven by advancements in artificial intelligence and other innovations, leading to increased participation from mainland investors in offshore markets [7][8] - The report maintains previous earnings forecasts, expecting shareholder profits for 2025-2026 to be HKD 149.34 billion and HKD 156.73 billion, with growth rates of 14% and 5% respectively. The current stock price corresponds to a PE valuation of 28.9x for 2025 [7][8] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue and other income of HKD 69 billion, a year-on-year increase of 32%, and a net profit attributable to shareholders of HKD 41 billion, up 37% year-on-year. The return on equity (ROE) for Q1 2025 was 7.71%, an increase of 1.8 percentage points year-on-year [7][8] - The cash market segment generated revenue of HKD 33 billion in Q1 2025, reflecting a 75% year-on-year increase, accounting for 48% of total revenue. The average daily trading volume in the cash market surged by 153% to HKD 225 billion [7][8] Market Activity - The report notes that the trading volume reached multiple single-day highs, with the Northbound and Southbound trading under the Stock Connect averaging daily trading volumes of HKD 191.1 billion and HKD 109.9 billion, representing increases of 44% and 255% respectively [7][8] - The derivatives market continued its upward trend, with revenue from equity securities and financial derivatives reaching HKD 17 billion, a 9% year-on-year increase, driven by increased trading of structured products and record trading volumes in the derivatives market [7][8] Future Projections - The report projects that the average daily trading volume for the Stock Exchange will increase significantly, with estimates of HKD 175 billion for 2025, reflecting a growth rate of 33% [7][8] - The number of new listings on the main board is expected to remain stable, with projections of 68 new companies listed annually from 2024 to 2027 [7][8]
香港交易所(00388):成交额高增驱动业绩创新高,关注中概股回流、A+H上市维持港股高活跃度
上 市 公 司 非银金融 2025 年 04 月 30 日 香港交易所 (00388) ——成交额高增驱动业绩创新高,关注中概股回流、A+H 上市维持港股高活跃度 事件:4 月 30 日,港交所披露 1Q25 年报,业绩超预期。1Q25 港交所实现总营收 68.57 亿港元/yoy+32%; 主营收 63.15 亿/yoy+36%(剔除公司资金投资收益及慈善基金捐款收益);净利润 40.77 亿港元 /yoy+37%/qoq+8%,1Q25 港交所 EBITDA 利润率为 78%/yoy+6pct。成交量高增驱动港交所 1Q25 总 营收、净利润均创同期历史新高,经营效率同比提升(雇员费用下降、EBITDA 利润率改善)。 财务数据及盈利预测 | 港元 | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22374 | 6,857 | 27836 | 28802 | 29577 | | 同比增长率(%) | 9% | 32 | 24% | 3% | 3% | | 归母净利润( ...
香港交易所(00388) - 2025 Q1 - 电话会议演示
2025-04-30 09:23
Q1 2025 Results Analyst Presentation 30 April 2025 Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of any kind. This document is solely intended for distribution to and use by professional investors. This document is not directed at, and is not intended for distri ...
4月30日电,香港交易所信息显示,贝莱德(BlackRock)在美团-W的持股比例于04月24日从5.51%升至6.04%。
news flash· 2025-04-30 09:13
智通财经4月30日电,香港交易所信息显示,贝莱德(BlackRock)在美团-W的持股比例于04月24日从 5.51%升至6.04%。 ...