July 22, 2025 02:06 PM GMT HK Exchanges & Clearing | Asia Pacific Likely still strong revenue and profit growth in 2Q25 We expect 2Q25 results to remain strong with revenue and profit up 28% and 32% yoy, respectively. ADV tends to be more resilient with reduced concerns about tariff uncertainties and higher confidence in China's development model. We still see HKEx as an attractive investment and remain OW. Key Takeaways ADV remained strong in 2Q25, aided by Southbound despite concerns about tariff uncertai ...