Ge Long Hui·2026-02-27 21:54Core Viewpoint - The Hong Kong Stock Exchange (HKEX) achieved record high performance in 2025, benefiting from significantly increased trading activity and IPO fundraising, which returned to the top globally, leading to enhanced profitability [1][11]. Group 1: Financial Performance - In 2025, HKEX reported a 30.33% year-on-year increase in revenue and other income to HKD 29.161 billion, with non-investment income rising by 37.30% to HKD 23.862 billion [1]. - Operating expenses increased by 5.33% to HKD 6.068 billion, while EBITDA grew by 40.02% to HKD 22.796 billion, and net profit attributable to shareholders rose by 36.05% to HKD 17.754 billion [1]. Group 2: Market Activity - The average daily trading (ADT) in the Hong Kong stock market reached HKD 249.822 billion in 2025, a significant increase of 89.55% year-on-year, with southbound capital inflow hitting a record high of HKD 1,301.455 billion, up 74.92% [2]. - The Hang Seng Index and Hang Seng Tech Index saw annual increases of 27.77% and 23.45%, respectively, driven by the revaluation of new economy sectors such as technology and pharmaceuticals [2]. Group 3: IPO Market - In 2025, the Hong Kong IPO market returned to the global top spot after four years, with 119 new listings, three times the number from the previous year, and total IPO fundraising amounting to HKD 286.885 billion, a 226.92% increase year-on-year [4]. - The surge in IPO fundraising was largely driven by major A-share companies listing in Hong Kong, contributing to half of the total IPO fundraising amount [4]. Group 4: Business Segments - The cash market segment achieved revenue and other income of HKD 14.704 billion in 2025, a year-on-year increase of 56.06%, with main business income rising by 57.80% to HKD 14.415 billion [6]. - The stock and financial derivatives segment reported total revenue of HKD 6.863 billion, a 10.62% increase, with main business income growing by 18.05% to HKD 4.160 billion [8]. - The commodities segment saw total revenue of HKD 3.171 billion, up 13.43%, driven by increased trading volumes and prices [9]. - The data and connectivity segment's revenue grew by 6.77% to HKD 2.270 billion, with network fees increasing by 11.62% [10]. Group 5: Future Outlook - The ongoing trend of A+H listings and the successful implementation of the "Specialized Technology Company" listing system are expected to enhance profitability and business diversification for HKEX [1][5]. - The bond market ecosystem is being developed, with plans to strengthen clearing, settlement, and custody services, which are anticipated to create new growth opportunities [10].