Core Insights - The Hong Kong Stock Exchange (HKEX) has experienced significant growth in revenue and net profit, achieving record highs for both metrics in the third quarter and the first three quarters of 2025 [1][2][3] Financial Performance - Total revenue for HKEX in the first three quarters reached HKD 21.9 billion, a year-on-year increase of 37%, while net profit was HKD 13.4 billion, up 45% [2] - In the third quarter alone, revenue was HKD 7.775 billion, reflecting a 45% year-on-year growth, and net profit was HKD 4.9 billion, a 56% increase [2] Market Activity - The growth in HKEX's performance is attributed to heightened market trading activity and a surge in new listings [3] - Average daily trading volume for the first three quarters was HKD 256.4 billion, a 126% increase year-on-year, driving significant growth in trading and settlement fees [3] - The Stock Connect program saw record average daily trading amounts, with northbound and southbound trading reaching RMB 206.4 billion and HKD 125.9 billion respectively, marking increases of 67% and 229% [3] IPO Performance - HKEX led the global IPO market in the first three quarters of 2025, with 69 new listings raising a total of HKD 188.3 billion, more than three times the amount from the same period last year [5] - In the third quarter, 25 new companies were listed, raising a total of HKD 78.9 billion, with increases of 67% and 87% in the number of new listings and capital raised compared to the same quarter in 2024 [5][6] - The number of IPO applications in process reached 297 by September 30, 2025, significantly up from 84 at the end of 2024 [5] Strategic Initiatives - HKEX has introduced new pricing regulations for IPOs to enhance the pricing mechanism, aiming to attract more institutional investors and companies to participate [6]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first three quarters of 2025, with total revenue and other income reaching HKD 21.851 billion, a 37% increase compared to the same period in 2024, and shareholder profit rising to HKD 13.419 billion, up 45% year-on-year [1] Group 1: Financial Performance - Total revenue and other income for the first three quarters of 2025 was HKD 21.851 billion, a 37% increase from HKD 15.973 billion in 2024 [1] - Shareholder profit for the same period reached HKD 13.419 billion, reflecting a 45% increase from HKD 9.253 billion in 2024 [1] - Average daily trading volume in the cash market reached HKD 256.4 billion, more than double the amount in the first three quarters of 2024 [1] Group 2: Market Activity - The average daily trading volume for the third quarter of 2025 hit a record high of HKD 286.4 billion, more than double that of the third quarter of 2024 [1] - In September 2025, the average daily trading volume exceeded HKD 300 billion for the first time, reaching HKD 316.7 billion [1] - The average daily trading volume for the first three quarters of 2025 was HKD 256.4 billion, a 126% increase compared to the same period in 2024 [1] Group 3: Stock Connect and IPOs - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached historical highs, with average daily trading amounts of RMB 206.4 billion and RMB 125.9 billion, respectively, representing increases of 67% and 229% year-on-year [2] - The total fundraising amount from IPOs in Hong Kong reached HKD 188.3 billion, more than three times that of the first three quarters of 2024, with 69 companies listed during this period [2] - HKEX's CEO emphasized the ongoing strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [2]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first three quarters of 2025, with total revenue and other income reaching HKD 21.851 billion, a 37% increase from 2024, and shareholder profit rising 45% to HKD 13.419 billion [2][3] Financial Performance - Total revenue and other income for the first three quarters of 2025 was HKD 21.851 billion, up 37% from HKD 15.993 billion in 2024 [3] - Major business revenue increased by 41% to HKD 20.438 billion [3] - Shareholder profit reached HKD 13.419 billion, a 45% increase from HKD 9.270 billion in 2024 [3] - EBITDA rose 48% to HKD 17.164 billion [3] - Basic earnings per share increased by 45% to HKD 10.62 [3] Market Activity - The average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the first three quarters of 2024 [5] - The derivatives market saw an 11% increase in average daily contracts traded, reaching 1.7 million contracts [5] - The average daily trading volume for the third quarter of 2025 hit a record high of HKD 2,864 billion, more than double that of the same period in 2024 [6] - The Stock Connect program recorded significant growth, with average daily trading volumes for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect increasing by 67% and 229%, respectively [6] IPO Market Performance - Hong Kong's IPO market remained strong, with 69 new listings in the first three quarters of 2025, raising a total of HKD 188.3 billion, more than three times the amount raised in the same period of 2024 [8] - In the third quarter of 2025, 25 new companies listed, raising HKD 78.9 billion, with increases of 67% and 87% in the number of new listings and funds raised compared to the same quarter in 2024 [8] - The number of IPO applications in process reached 297, tripling from 84 at the end of 2024 [8] Strategic Developments - HKEX implemented several reform measures, including new regulations for IPO pricing and allocation to enhance market stability and balance investor participation [9] - The exchange successfully managed trading operations during adverse weather conditions, demonstrating its resilience as a global financial center [9]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the first three quarters of 2025, with total revenue and other income reaching HKD 21.851 billion, a 37% increase compared to the same period in 2024, and shareholder profit rising by 45% to HKD 13.419 billion [1][2][3] Financial Performance - Total revenue and other income for the first three quarters of 2025 was HKD 21.851 billion, up 37% from HKD 15.993 billion in 2024 [2] - Major business revenue increased by 41% to HKD 20.438 billion [2] - Shareholder profit reached HKD 13.419 billion, a 45% increase from HKD 9.270 billion in 2024 [2] - EBITDA rose by 48% to HKD 17.164 billion [2] - Basic earnings per share increased by 45% to HKD 10.62 [2] Market Activity - The average daily trading amount in the cash market reached HKD 2.564 billion, more than double that of the same period in 2024, with a record high of HKD 3.167 billion in September 2025 [3] - The average daily trading volume for the Stock Connect program saw significant growth, with average daily trading amounts of RMB 2.064 billion and RMB 1.259 billion for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects, respectively, both marking historical highs [4] IPO Market - The Hong Kong IPO market remained robust, with 69 new listings in the first three quarters of 2025, raising a total of HKD 188.3 billion, more than three times the amount raised in the same period in 2024 [5] - In Q3 2025, 25 new companies were listed, raising HKD 78.9 billion, with increases of 67% in the number of new listings and 87% in capital raised compared to Q3 2024 [5] - The number of IPO applications in process reached 297, tripling from 84 at the end of 2024 [5] Strategic Developments - HKEX is implementing various strategic reforms to enhance market diversification and liquidity, aiming to build a diversified asset ecosystem for long-term development [1][6] - New regulations for IPO pricing and public market rules were introduced to improve the robustness of the pricing and allocation mechanisms [7] - HKEX successfully managed trading operations during adverse weather conditions, demonstrating its resilience as a global financial center [7]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record high revenues and profits for the first three quarters of 2025, driven by strong international capital inflow and increased interest in Chinese assets [1][4]. Financial Performance - Total revenue and other income for the first three quarters of 2025 reached HKD 218.51 billion, a 37% increase compared to the same period in 2024 [1][2]. - Shareholder profit amounted to HKD 134.19 billion, reflecting a 45% year-on-year growth [1][2]. - Major business revenue increased by 41% to HKD 20.44 billion, while the charity fund's donation income surged by 167% to HKD 115 million [2]. - Operating expenses rose by 7% to HKD 4.45 billion, while EBITDA increased by 48% to HKD 17.16 billion [2]. Market 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, with the derivatives market also showing an 11% increase in average daily contracts traded [4][5]. - The average daily trading volume for the Stock Connect program reached RMB 2,064 billion and RMB 1,259 billion for the Northbound and Southbound trading respectively, both marking historical highs [5]. IPO Market Performance - The Hong Kong IPO market remained robust, with 69 new listings in the first three quarters of 2025, raising a total of HKD 188.3 billion, more than three times the amount raised in the same period of 2024 [7]. - In Q3 2025 alone, 25 new companies listed, raising HKD 78.9 billion, with a 67% and 87% increase in the number of new listings and funds raised compared to Q3 2024 [7]. - The number of IPO applications in process increased to 297, tripling from 84 at the end of 2024 [7]. Strategic Developments - HKEX implemented several reforms aimed at enhancing market liquidity and promoting diversification, including new regulations for IPO pricing and public market rules [8]. - The exchange successfully managed trading operations during adverse weather conditions, demonstrating its resilience as a global financial center [8].

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high net profit of HKD 4.9 billion in Q3 2025, driven by strong trading activity and an IPO boom [1][4][6] - Total revenue and other income for Q3 reached HKD 7.775 billion, a 45% increase year-over-year, with major business income rising by 54% [2][3][6] Financial Performance - Q3 2025 major business income was HKD 7.484 billion, up 54% from HKD 4.852 billion in Q3 2024 [2] - EBITDA for Q3 2025 was HKD 6.225 billion, reflecting a 59% increase from HKD 3.926 billion in the same period last year [2] - Basic earnings per share increased to HKD 3.88, a 56% rise compared to HKD 2.49 in Q3 2024 [2] Market Activity - The Hang Seng Index surged by 29% in Q3, leading to record trading volumes in stocks and derivatives [5][6] - Stock trading volume doubled in Q3, with mainland investors' trading volume through the Stock Connect mechanism increasing more than twofold [6][7] IPO and Fundraising - In the first nine months of 2024, 69 companies raised HKD 188.3 billion through IPOs, significantly higher than HKD 55.6 billion in the same period of 2023 [6][7] - Secondary market fundraising reached HKD 264.1 billion in the first nine months, with 297 active IPOs in the pipeline as of September 30 [7] Strategic Outlook - HKEX's CEO highlighted the exchange's ability to capture global diversification trends and the attractiveness of Chinese assets [4] - The positive sentiment towards Chinese assets and the influx of mainland companies listing in Hong Kong are expected to continue supporting HKEX's growth momentum [7]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the third quarter of 2025, continuing a trend of strong performance over three consecutive quarters [1][2] - The company capitalized on global asset diversification trends and the attractiveness of Chinese assets, leading to increased international capital inflow into the Hong Kong securities market [2] Financial Performance - For Q3 2025, HKEX's revenue and other income reached HKD 77.75 billion, a 45% increase compared to Q3 2024; EBITDA margin improved to 81%, up 7 percentage points; and net profit attributable to shareholders was HKD 49.00 billion, a 56% increase [1] - For the first three quarters of 2025, total revenue and other income amounted to HKD 218.51 billion, a 37% increase from the same period in 2024; EBITDA margin was 79%, up 5 percentage points; and net profit attributable to shareholders was HKD 134.19 billion, a 45% increase [1] Market Activity - The stock market maintained a leading global position with a high number of new stock listings, particularly in technology and other thriving sectors; the number of new stock applications reached 297 by September 30, 2025 [2] - Average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the first three quarters of 2024; the derivatives market saw an 11% year-on-year increase in average daily contract volume, reaching 1.7 million contracts [3] Strategic Initiatives - HKEX is focused on enhancing market liquidity and promoting global connectivity through strategic reforms, aiming to build a diversified asset ecosystem for the long-term development of Hong Kong's capital market [2] - The company is also benefiting from increased participation from mainland Chinese investors, contributing to record trading volumes in both the cash and derivatives markets [3]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and profit for Q3 2025, driven by record trading volumes in the spot market [1][2] - The company achieved its highest-ever revenue and profit figures for the first three quarters of 2025, indicating strong market performance [1] Financial Performance - For Q3 2025, HKEX's total revenue and other income reached HKD 7.775 billion, a 45% increase compared to Q3 2024, with main business revenue rising by 54% [1] - Net investment income from the company's funds was HKD 254 million, down from HKD 507 million in Q3 2024, attributed to reduced fair value gains from externally managed investment funds [1] - Shareholders' profit for Q3 2025 was HKD 4.9 billion, marking a 56% increase from Q3 2024 [1] - For the first three quarters of 2025, total revenue and other income amounted to HKD 21.851 billion, a 37% increase year-on-year, with main business revenue up by 41% [1] - Shareholders' profit for the first three quarters was HKD 13.419 billion, a 45% increase compared to the same period in 2024 [1] Market Position and Strategy - The CEO highlighted HKEX's leading position in the global IPO market, with a high number of new stock listings across various thriving sectors, including technology [2] - The spot market, derivatives market, and the Stock Connect program maintained active daily trading volumes [2] - The London Metal Exchange has been enhancing market liquidity, contributing to a robust development in the metals trading market [2] - HKEX is committed to strategic reforms aimed at promoting market diversification, enhancing liquidity, and strengthening global connectivity [2] - The company aims to build a diversified asset ecosystem to support the long-term development of Hong Kong's capital markets [2]