Core Viewpoint - Hong Kong Stock Exchange (HKEX) achieved record high revenue and profit in the first half of 2025, driven by significant increases in spot trading, derivatives, and trading volumes through the Stock Connect programs [1][4]. Group 1: Financial Performance - In the first half of 2025, HKEX reported total revenue (including other income) of HKD 14.1 billion, a year-on-year increase of 33% [4]. - The main business revenue reached HKD 13 billion, up 32% year-on-year, while net profit after tax was HKD 8.5 billion, reflecting a 39% increase compared to the previous year [4]. - Despite a slight decline in trading volume in Q2 compared to Q1, HKEX still achieved record quarterly revenue and profit, with average daily trading volume increasing by 95% year-on-year [7]. Group 2: Trading Volume and Market Dynamics - Spot trading revenue grew by 39% year-on-year, while revenue from stock and financial derivatives increased by 29% [7]. - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs, with the daily average for the Shanghai-Hong Kong Stock Connect increasing by 32% year-on-year [7]. - The cumulative revenue from the Stock Connect programs amounted to HKD 1.813 billion, representing a 51% year-on-year growth [7]. Group 3: IPO Activity - The Hong Kong market saw strong momentum in IPOs, with 44 new listings and a total fundraising amount of HKD 109.4 billion, more than eight times that of the same period last year [8]. - HKEX approved 50 IPO applications in the first half of the year, with over 230 IPO applications currently submitted [8][9]. - The introduction of the "Science and Technology Enterprise Channel" has facilitated the addition of 50 new applications under categories 18A and 18C [8]. Group 4: Future Outlook and Strategic Initiatives - HKEX plans to continue optimizing its trading mechanisms, including shortening the settlement cycle for the cash market to enhance efficiency [10]. - The company anticipates a potential decline in investment income in the second half of the year due to falling interbank rates and property acquisitions [10]. - HKEX is preparing to adapt to the trend of international capital returning to Chinese assets, with a focus on meeting the diverse investment needs of global investors [7].

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]

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 position globally [2] - There are currently around 230 companies in the IPO pipeline, indicating strong demand for listings [2] - The relationship between HKEX and mainland exchanges is characterized as complementary, with mutual benefits expected from the resurgence of IPOs in mainland China [2] Group 3: Investment Trends - Global investors are increasingly looking to diversify into Asian markets, particularly China, which is seen as a favorable investment opportunity [4] - High foreign participation in IPOs, especially among cornerstone investors, reflects strong interest from international capital [4] Group 4: Technology and Confidentiality - HKEX has seen 50 new applications from companies under the technology special listing regime, encouraging innovation [5] - The introduction of confidential submission for certain companies allows sensitive information to be protected during the approval process, ensuring transparency at the time of public offering [5] Group 5: Trading Hours and Market Accessibility - There is ongoing discussion about the potential for 24-hour trading to enhance market accessibility, though careful analysis is required to manage risks and operational pressures [6] - HKEX has been optimizing trading calendars and processes to improve service to the market, indicating a commitment to enhancing trading efficiency [6]

8月20日，香港交易所举办2025年中期业绩传媒简布会。 今年上半年，受益于市场的显著回暖，港股市场多项数据创出历史新高，香港交易所业绩也是节节攀升。 公告显示，香港交易所2025年上半年收入及其他收益和溢利创历来半年度新高。2025年上半年收入及其他收益为140.76亿元（未特殊注明，本文中的"元"皆为"港 元"），较2024年上半年上升33%，股东应占溢利为85.19亿元，较2024年上半年上升39%。 对此，香港交易所集团行政总裁陈翊庭在传媒简布会上表示："2025年上半年我们表现强劲，展示出了我们的韧性，也展示出我们成功的多元化策略和关注战略发 展的意义。现货市场的每天交易额达到市场半年度新高，比2024年上半年翻了一番，我们还抓住了一些资本市场的机遇，让我们成为全世界第一大IPO市场。" 陈翊庭还透露，目前香港交易所IPO的等待名单也非常强劲，有200多家公司已经递表要进行上市。"过去的这半年让我们信心倍增，我们港交所这一路走的是坚定 且正确的。" 除上述问题外，陈翊庭还回应了24小时交易等众多热点问题。 一、IPO态势 中国是世界第二大经济体，这让我们特别鼓舞，也因为国家的强大，我们的IPO管线也 ...

Group 1 - The core viewpoint is that extending trading hours in Hong Kong is essential for developing the capital market and attracting both international and mainland funds, which would enhance market liquidity [1] - Deloitte's South China Managing Partner, Ou Zhenxing, suggests that Hong Kong could consider a phased approach to extend trading hours, starting with an extension to 6 PM to overlap with major European markets [1] - The proposal includes the potential for 24-hour trading in the future, which would cater to a broader range of international investors and improve overall stock liquidity, increase the number of participants, narrow bid-ask spreads, and enhance the price discovery process [1] Group 2 - The Hang Seng Index is currently at 25,426.53, reflecting a gain of 0.62% [2] - The National Enterprises Index stands at 9,130.71, with an increase of 1.01% [2] - The Hang Seng Technology Index is at 5,651.97, showing a rise of 1.96% [2]

美国经纪公司盈透证券董事长：24小时交易已越来越受到欢迎。 ...