Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported strong mid-year results for 2025, with a significant increase in revenue and profit driven by heightened market activity and investor interest in non-USD assets [1][5]. Financial Performance - For the first half of 2025, HKEX's revenue and other income reached HKD 14.076 billion, a year-on-year increase of 33% [1]. - Shareholder profit attributable to the company was HKD 8.519 billion, reflecting a 39% year-on-year growth [1]. - The board declared an interim dividend of HKD 6 per share, up 36% from the previous year, totaling HKD 7.608 billion, which is 90% of the distributable profit [1]. Market Activity - The average daily trading volume in the Hong Kong securities market was HKD 240.2 billion, a remarkable increase of 118% year-on-year [1][5]. - The average daily trading volume for futures and options exceeded 1.7 million contracts, marking an 11% increase [1]. - The Hong Kong ETF market saw an average daily trading volume of HKD 33.8 billion, up 184% compared to the same period last year [1]. New Listings and Fundraising - In the first half of 2025, HKEX welcomed 44 new listings, raising a total of HKD 109.4 billion, which is more than eight times the amount raised in the same period of 2024 [5][6]. - The average daily trading volume for the Shanghai-Hong Kong Stock Connect reached RMB 171.3 billion, a 32% increase year-on-year, while the Hong Kong Stock Connect averaged HKD 111 billion, nearly three times the volume from the previous year [5]. Strategic Initiatives - HKEX is focused on enhancing market liquidity and supporting technology companies in their listings [7]. - The exchange has implemented several market reforms, including the launch of a new trading platform for the London Metal Exchange and the introduction of a "Tech Company Fast Track" for listing applications [7][8]. - Plans are underway to shorten the settlement cycle for the cash market and optimize the pricing rules for initial public offerings [8]. Future Outlook - HKEX aims to continue attracting global long-term funds and enhance its market competitiveness through various initiatives [7][8]. - The exchange is exploring the possibility of implementing a T+1 settlement cycle, pending feedback from market participants [8][9].

8月20日中午，香港交易所披露上半年业绩。香港交易所集团行政总裁陈翊庭表示，现货市场、衍生产品市场及沪深港通的成交量均创半年新高，新股市 场融资额重回全球交易所榜首，一级市场及二级市场外资参与度显著提升。 业绩披露后，香港交易所股价在下午交易时段由跌转涨，最高涨幅达1.98%，全天收于441.20港元/股，涨1.71%。 上半年收入创历史新高 香港交易所半年报显示，2025年上半年收入及其他收益创历来半年度新高，达140.76亿元，较2024年上半年增长33%。 香港交易所主要业务收入较2024年上半年增长34%，现货及股票期权市场成交量创历来半年度新高，存管费用增加以及保证金规模增加令投资收益净额上 升。 | 主要業務收入(2) | | 收入及其他收益(3) | | EBITDA | | --- | --- | --- | --- | --- | | 2025年上半年：130億港元 | | 2025年上半年：141億港元 | | 2025年上半年：109億港元 | | 2025年第二季：66億港元 | (同比升34%) | 2025年第二季：72億港元 | (同比升33%) | (同比升43% 2025年第 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is adopting a strategy of "one shield and three arrows" to navigate the challenges and opportunities arising from global changes, including geopolitical complexities and US-China competition [1][3]. Group 1: Market Resilience - The SFC emphasizes the importance of a resilient market in the face of capital market volatility, which has become the new norm [3]. - The recent increase in US tariffs led to significant market declines, with the Hang Seng Index experiencing its largest single-day drop in nearly 30 years, yet the Hong Kong market demonstrated resilience through effective regulatory frameworks and risk management measures [4]. - The SFC has been closely monitoring market conditions and conducting stress tests on exchanges and intermediaries to assess risk management capabilities [4]. Group 2: Seizing Opportunities - Hong Kong is positioned as the third-largest international financial center, relying on proactive strategies to capitalize on emerging opportunities [6]. - In May, international funds significantly flowed back into A-shares and Hong Kong stocks, indicating a potential restructuring of global asset allocation [7]. Group 3: Three Arrows Strategy - The first arrow focuses on enhancing Hong Kong's core competitiveness as a top financing and wealth management center, with recent H-share listings, such as CATL, raising a record $5.3 billion [8]. - The second arrow aims to deepen connections between Hong Kong and both emerging and mature markets, expanding the scope of mutual access to include funds, ETFs, and derivatives [9]. - The third arrow emphasizes innovation through technology, including digitalization, blockchain, and generative AI, to maintain long-term competitiveness [11].