HKEX(HK:00388) Sou Hu Cai Jing·2025-08-21 07:36Core Viewpoint - Hong Kong Stock Exchange (HKEX) achieved record high revenue and profit in the first half of 2025, driven by increased trading volumes in spot and derivatives markets, as well as the success of the Stock Connect programs with mainland China [1][3]. Financial Performance - HKEX reported a total revenue (including other income) of HKD 14.1 billion, a year-on-year increase of 33% [3]. - Main business revenue reached HKD 13 billion, up 32% year-on-year [3]. - Net profit after tax was HKD 8.5 billion, reflecting a 39% increase compared to the previous year [3]. - Average daily trading volume increased by 95% year-on-year, leading to a 39% rise in spot revenue and a 29% increase in stock and financial derivatives revenue [3]. IPO and Financing Activity - The Hong Kong market saw strong IPO activity with 44 new listings, raising HKD 109.4 billion, which is over eight times the amount from the same period last year [4]. - The refinancing scale exceeded HKD 240 billion, marking the highest semi-annual record since 2021 [4]. - HKEX approved 50 IPO applications in the first half of the year, with over 230 IPO applications currently in the pipeline [4]. Strategic Initiatives - HKEX has introduced the "Tech Company Fast Track," resulting in 50 new applications under the 18A and 18C categories [5]. - The exchange is preparing for a potential influx of international funds returning to Chinese assets, as global investors seek diversified investment opportunities [6]. - HKEX plans to optimize its mechanisms, including shortening the settlement cycle for the spot market to enhance efficiency [7]. Market Dynamics - The average daily trading volume for the Stock Connect programs reached new highs, with the Shanghai-Hong Kong Stock Connect daily average increasing by 32% year-on-year, and the Hong Kong Stock Connect averaging HKD 111 billion, nearly three times the amount from the previous year [3]. - International investors currently dominate the secondary market, with retail investors accounting for only 10% of the market [6].