HKEX(HK:00388) Sou Hu Cai Jing·2025-08-20 20:45Group 1: Core Performance Highlights - Hong Kong Stock Exchange (HKEX) reported record-breaking performance in multiple business metrics for the first half of 2025, driven by significant growth in spot trading, derivatives trading, and the trading volume of the Stock Connect programs [1][4] - For the first half of 2025, HKEX achieved total revenue (including other income) of HKD 14.1 billion, a 33% increase year-on-year, with main business revenue reaching HKD 13 billion, up 32% [1] - Net profit after tax for the period was HKD 8.5 billion, reflecting a 39% year-on-year growth, primarily due to a robust increase in trading volumes, with average daily trading value up 95% year-on-year [1] Group 2: IPO and Market Dynamics - Over 230 companies have submitted IPO applications to HKEX, indicating a positive trend in the IPO review process in mainland China, which is seen as beneficial for the Chinese market [1] - The Hong Kong market saw a strong IPO momentum with 44 new listings in the first half, raising HKD 109.4 billion, more than eight times the amount from the same period last year [5] - The refinancing scale exceeded HKD 240 billion, marking the highest semi-annual record since 2021, with the introduction of the "Tech Company Special Line" adding 50 applications under chapters 18A and 18C [5] Group 3: International Investment Trends - International investors show high participation in Hong Kong IPOs, with retail investors comprising only 10% of the secondary market, while southbound funds from the Stock Connect account for 23% [5] - HKEX is prepared to capitalize on the trend of international funds returning to Chinese assets, as global investors seek diversified cross-regional and cross-asset class investments [4] Group 4: Future Outlook - HKEX plans to continue optimizing trading mechanisms, including shortening settlement cycles and improving settlement efficiency to align with global markets [5] - The company acknowledges potential declines in investment income in the second half of the year due to factors such as the decrease in Hong Kong Interbank Offered Rate (HIBOR) and property acquisition impacts [5]