Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first half of 2025, driven by a significant market recovery and a strong IPO pipeline [1][2]. Group 1: Financial Performance - HKEX's revenue and other income for H1 2025 reached HKD 14.076 billion, a 33% increase compared to H1 2024 [1] - Shareholder profit for H1 2025 was HKD 8.519 billion, up 39% from H1 2024 [1] - Daily trading volume in the cash market hit a half-year record, doubling compared to H1 2024 [1] Group 2: IPO Activity - HKEX completed over 50 IPOs in the first half of 2025, raising nearly USD 17 billion, maintaining a leading global IPO ranking [2] - There are approximately 230 companies in the IPO pipeline, indicating strong demand for listings [2] - HKEX aims to collaborate with mainland exchanges to support companies with overseas expansion plans [3] Group 3: Investment Trends - Global investors are increasingly looking to diversify into Asian markets, particularly China, which is seen as a favorable investment destination [4] - High foreign participation in IPOs, especially among cornerstone investors, reflects strong interest from international investment funds [4] Group 4: Technology and Confidentiality - HKEX has received 50 applications from companies under the new technology listing framework, which allows for confidential submissions [5] - The confidentiality provision is designed to protect sensitive information during the approval process while ensuring transparency at the time of the IPO [5] Group 5: Trading Hours and Market Accessibility - There is ongoing discussion about the potential for 24-hour trading at HKEX, which could enhance market accessibility for investors [6] - The company is evaluating the implications of extended trading hours on operational processes and risk management [6] - HKEX is committed to optimizing trading conditions and ensuring competitive positioning against other exchanges [6]