HKEX(HK:00388) 第一财经·2025-12-03 07:16Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has experienced a decline in stock price due to reduced trading volume, with a significant drop from 460 HKD to 406.6 HKD, reflecting a nearly 12% decrease since October 9 [2][4]. Trading Volume as a Key Variable - Short-term stock price movements of HKEX are closely linked to the trading volume in the spot market, which has been low recently, impacting the exchange's revenue [3][4]. - The average daily trading volume has fallen below 2000 billion HKD, significantly affecting HKEX's income and contributing to the stock price decline [5][6]. IPO Market Dynamics - The IPO market remains stable, with no significant slowdown in listing fee income; however, there is a lack of high-profile companies seeking to raise funds in Hong Kong, leading to decreased investor enthusiasm [6][9]. - In 2025, HKEX achieved a record high in revenue of 77.75 billion HKD, with a 45% year-on-year increase, and a net profit of 49 billion HKD, up 56% [8]. Future Outlook - The IPO market is expected to maintain its activity, with a robust pipeline of applications; however, the growth rate may stabilize [9][10]. - Factors that could improve HKEX's outlook include potential increases in market trading volume, sustained interest in the IPO market, and continued net inflows from mainland investors [10].