HKEX(HK:00388) 证券时报·2025-02-27 12:47Core Viewpoint - Hong Kong Stock Exchange (HKEX) demonstrated strong performance in 2024, achieving record highs in revenue and profit despite macroeconomic challenges, driven by global investor interest in Chinese opportunities [2][6][18]. Financial Performance - HKEX reported total revenue and other income of HKD 22.4 billion, a 9% increase from 2023, leading to a record profit attributable to shareholders of HKD 13.1 billion, up 10% year-on-year [7]. - The exchange experienced record trading activities across various markets, including spot, derivatives, and exchange-traded products (ETPs), particularly following the announcement of economic stimulus measures in mainland China [7][8]. Market Dynamics - The stock spot market achieved a record trading amount of HKD 620.7 billion on October 8, 2024, with all markets reaching new daily trading volume highs in Q3 and Q4 [8]. - The average daily trading amount for the Northbound and Southbound Stock Connect reached RMB 150.1 billion and HKD 48.2 billion, respectively, contributing HKD 2.7 billion in revenue [9]. - The ETP market saw an average daily trading amount of HKD 18.9 billion, a 35% increase from the previous year [10]. New Listings and Capital Raising - In 2024, HKEX ranked among the top four global IPO markets, with 71 companies listed and total fundraising of HKD 88 billion, a 90% increase from 2023 [13]. - The second half of 2024 was particularly active, with 41 companies listed, raising HKD 74.6 billion, over five times the amount raised in the first half [13]. - Notable listings included Midea Group, which raised HKD 35.7 billion, marking the largest IPO in Hong Kong since February 2021 [13]. Strategic Initiatives - HKEX is preparing to launch a "Tech Company Fast Track" to facilitate the listing process for technology and biotech firms, addressing concerns about compliance with listing rules [4][5]. - The exchange aims to enhance its attractiveness as a listing venue for both mainland and international companies, continuously improving the listing environment and introducing new rules [4][15]. Future Outlook - The CEO of HKEX expressed optimism for 2025, citing potential economic recovery signals and the impact of stimulus policies in mainland China, which could invigorate the IPO and secondary markets [18].