HKEX(HK:00388) 券商中国·2025-11-05 23:24Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has achieved record highs in trading volumes and financial performance in the third quarter of 2025, driven by increased market activity and a significant number of IPO applications [1][2][6]. Financial Performance - In Q3 2025, HKEX reported revenue and other income of HKD 77.75 billion, a year-on-year increase of 45% and a quarter-on-quarter increase of 8% [2][3]. - The net profit attributable to shareholders for Q3 2025 was HKD 49 billion, reflecting a 56% year-on-year increase and a 10% quarter-on-quarter increase [2][3]. - For the first three quarters of 2025, total revenue and other income reached HKD 218.51 billion, up 37% year-on-year, while net profit attributable to shareholders was HKD 134.19 billion, a 45% increase year-on-year [2][3]. Trading Activity - The average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the same period in 2024 [3]. - The average daily trading volume for derivatives reached 170,000 contracts, an 11% increase year-on-year [3]. - The average daily trading amounts for the Northbound and Southbound Stock Connects were HKD 206.4 billion and HKD 125.94 billion, respectively, marking increases of 67% and 229% year-on-year [4]. IPO Market - As of September 30, 2025, there were 297 IPO applications in Hong Kong, with total IPO financing amounting to HKD 1,883 billion, more than three times that of the same period in 2024 [5][6]. - The number of new listings reached 69, with total fundraising of HKD 1,883 billion, the highest in three years [6]. Institutional Investment - HKEX has seen increased holdings from major institutions such as BlackRock and Citigroup, each acquiring 63.5 million shares, reaching a 5.01% ownership stake [7]. - Other funds, including passive index funds, have also increased their stakes in HKEX, indicating strong institutional confidence [7].