港交所2025年业绩创新高，陈翊庭回应IPO保密申请扩容

Core Insights - Hong Kong Stock Exchange (HKEX) achieved record-breaking performance in 2025, driven by multiple business lines including spot, derivatives, commodities, and cross-border connectivity, alongside a significant increase in IPO service revenue [3][12] - The total revenue for HKEX reached HKD 29.161 billion, a 30% year-on-year increase, while net profit attributable to shareholders was HKD 17.754 billion, up 36%, exceeding revenue growth [3][12] - The strong performance in the IPO market, with 119 new listings raising HKD 28.58 billion, marked a threefold increase compared to 2024, reclaiming the top position globally for IPO financing [6][15] Business Performance - The growth in trading and settlement fee income became the primary growth driver, with significant increases in listing fees due to a surge in new stock numbers and financing scale [5][14] - The average daily trading volume in the Hong Kong spot market reached a historical high, with the average daily turnover of the Shanghai-Hong Kong Stock Connect at RMB 2.124 trillion, a 42% increase from 2024, and the Hong Kong Stock Connect showing a remarkable 151% growth [5][14] - The derivatives and commodities markets also saw substantial growth, with average daily trading volumes for futures and options increasing significantly, and the London Metal Exchange (LME) achieving a record daily trading volume of 717,000 contracts, an 8% increase from 2024 [5][14] Market Trends - The IPO market's revival is attributed to ongoing reforms in the listing system, including the introduction of a "special route" for technology and biotech companies, which allowed for confidential submissions [6][16] - The Hong Kong government outlined three core reform directions in the 2026-2027 budget, focusing on revising listing requirements, enhancing the listing framework for structured products, and digitizing market infrastructure [8][17] - The HKEX aims to strengthen its role as a global financial hub by enhancing cross-border connectivity and fostering a diverse ecosystem, while also responding to the growing interest from global investors in Asian markets, particularly Chinese assets [4][9][18]