HKEX(HK:00388) Shang Hai Zheng Quan Bao·2025-11-05 18:41Core Insights - Hong Kong Stock Exchange (HKEX) reported record-high total revenue and net profit for the first three quarters of the year, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase, and net profit at HKD 13.419 billion, up 45% year-on-year [1][2] Group 1: Financial Performance - In Q3, HKEX's revenue was HKD 7.775 billion, reflecting a 45% year-on-year increase, while net profit was HKD 4.9 billion, up 56% year-on-year [1] - Average daily trading volume for the first three quarters reached HKD 256.4 billion, a 126% increase year-on-year, significantly contributing to the rise in trading and settlement fees [1] - Revenue from equity securities trading fees was HKD 4.193 billion, more than double the amount from the same period last year [1] Group 2: Market Activity - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 206.4 billion and HKD 125.9 billion respectively, both marking record highs for the first three quarters, with year-on-year increases of 67% and 229% [2] - Total revenue from the Stock Connect program rose to HKD 3.225 billion, an 81.18% increase year-on-year [2] - The derivatives market saw average daily trading volume for warrants and structured products reach HKD 17.7 billion, a 67% year-on-year increase [2] Group 3: New Listings and Capital Raising - The number of new stock listing applications surged, with 297 applications pending as of the end of Q3, more than three times the 84 applications expected by the end of 2024 [2] - HKEX ranked first globally in new stock fundraising for the first three quarters of 2025, with 69 companies listed and total fundraising amounting to HKD 188.3 billion, over three times the amount from the same period last year [2] - The total amount raised from follow-on offerings after listing reached HKD 457.2 billion, more than double the amount from the same period last year, marking the highest level since 2021 [2] Group 4: Strategic Developments - HKEX is actively optimizing mechanisms and responding to investor demands, with ongoing strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [3] - Analysts express optimism about HKEX's future performance, highlighting its core trading business and capital-raising capabilities as indicators of resilience and vitality as an international financial hub [3] - Continuous attention to international regulatory changes and compliance governance is essential for HKEX to maintain its competitive edge [3]