HKEX(HK:00388) Zheng Quan Shi Bao·2025-11-05 09:25Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the first three quarters of 2025, with total revenue and other income reaching HKD 21.851 billion, a 37% increase from the same period in 2024, and shareholder profit rising 45% to HKD 13.419 billion [1][2][4] Financial Performance - Total revenue and other income for the first three quarters of 2025 was HKD 21.851 billion, up 37% from HKD 15.993 billion in 2024 [2] - Major business revenue increased by 41% to HKD 20.438 billion [2] - The net investment income from the company's funds decreased by 8% to HKD 1.298 billion [2] - Operating expenses rose by 7% to HKD 4.453 billion [2] - EBITDA (non-HKFRS measure) increased by 48% to HKD 17.164 billion [2] - Basic earnings per share reached HKD 10.62, a 45% increase from HKD 7.33 in 2024 [2] Market Activity - The average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the first three quarters of 2024, while the derivatives market saw an 11% increase in average daily contracts traded [4] - The overall average daily trading amount for the first three quarters of 2025 was HKD 2,564 billion, a 126% increase from the same period in 2024 [4] - In September 2025, the average daily trading amount exceeded HKD 3,000 billion for the first time, reaching a record high of HKD 3,167 billion [4] Stock Market Performance - The Hong Kong IPO market remained strong, with 69 new listings in the first three quarters of 2025, raising a total of HKD 188.3 billion, more than three times the amount raised in the same period in 2024 [8] - In the third quarter of 2025, 25 new companies were listed, raising HKD 78.9 billion, with the number of new listings and funds raised increasing by 67% and 87% respectively compared to the same quarter in 2024 [8] - The number of IPO applications in process increased to 297 by September 30, 2025, tripling from 84 applications at the end of 2024 [8] Strategic Developments - HKEX implemented several reform measures, including new regulations for IPO pricing and public market rules aimed at enhancing the robustness of the IPO pricing and allocation mechanisms [9] - The first phase of lowering the minimum tick size was successfully implemented, with further phases planned based on the initial review [9] - HKEX demonstrated resilience during adverse weather conditions, maintaining smooth operations and high trading volumes [9]