HKEX(HK:00388) Sou Hu Cai Jing·2025-08-21 05:10Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported significant growth in its performance for the first half of 2025, reclaiming its position as the world's leading exchange in terms of new stock market financing [1][7] - The increase in trading volumes across the cash market, derivatives market, and Stock Connect with mainland China reached new highs, reflecting strong market confidence [1][7] Financial Performance - Total revenue and other income for HKEX reached HKD 14.076 billion, marking a 33% increase compared to HKD 10.621 billion in the first half of 2024 [2] - Major business revenue grew by 34%, driven by record trading volumes in the cash and stock options markets [2] - Net investment income was HKD 1.044 billion, a 16% increase year-on-year, attributed to foreign exchange gains and improved management of company funds [3] New Listings and Market Activity - HKEX saw 44 new listings in the first half of 2025, raising HKD 1,094 billion, which is over eight times the amount raised in the same period of 2024, setting a record since 2021 [3] - The refinancing scale exceeded HKD 2,400 billion, also a record since 2021, with approximately 230 companies currently in the IPO queue [3] Foreign Participation and Market Initiatives - The participation of foreign investors in the secondary market has increased, with retail investors accounting for about 10% and northbound capital averaging 23% of daily trading volume [6] - HKEX has introduced initiatives such as the "Tech Company Fast Track" to support high-tech and biotech companies in listing, enhancing the diversity of listed companies [6] - Future measures planned by HKEX include shortening settlement cycles, expanding paperless listing mechanisms, and optimizing IPO pricing regulations to enhance market competitiveness [6][7]