Financial Data and Key Metrics Changes - HKEX reported record-breaking trading volumes and exceptional financial results for 2024, with revenue increasing by 32% compared to the previous quarter and profit after tax rising by 37% [13][56] - The company achieved carbon neutrality across its operations by the end of 2024 [9] Business Line Data and Key Metrics Changes - The market remained stable despite recent volatility, with strong daily market turnover and a robust IPO pipeline [14] - HKEX signed an agreement to establish its permanent group headquarters at Exchange Square, which will enhance stakeholder engagement and provide long-term cost savings [14] Market Data and Key Metrics Changes - The company emphasized its focus on China strengths and driving international connectivity to foster innovation and sustainability across its markets [13] Company Strategy and Development Direction - HKEX aims to solidify and elevate Hong Kong's position as an international financial center and a super connector between China and the rest of the world [15] - The company plans to invest approximately HKD 1 billion in improving its trading and transaction systems to remain competitive [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth despite challenging macroeconomic and geopolitical conditions [13] - The company acknowledged the need to adapt to changes in profit tax, projecting an increase from around 10% to approximately 16% [51] Other Important Information - HKEX has a tradition of paying out 90% of its profit attributable to shareholders, which is considered high compared to global peers [55] - The company is considering system upgrades to allow Mainland investors to participate in AGMs [66] Q&A Session Summary Question: Concerns about PwC's quality of work due to team changes - Management acknowledged the importance of corporate governance and stated that they would evaluate the need for a new auditor for the 2026 financial year [27][28] Question: Inquiry about capitalization costs and profit tax impact - Management confirmed an investment of about HKD 1 billion for system improvements and projected an increase in profit tax from around 10% to 16% [49][51] Question: Suggestion to increase dividends for family offices - Management reiterated the 90% payout ratio and emphasized that dividends depend on profit levels [55][56] Question: Concerns about minority shareholders' interests during placements - Management acknowledged the issue and stated that they would consider feedback regarding placements and related practices [60][61] Question: Inquiry about the property purchase price and AGM participation for Mainland investors - Management defended the property purchase as a strategic investment and confirmed ongoing discussions to allow Mainland investors to participate in AGMs [64][66]