Group 1 - Hong Kong Exchanges and Clearing Limited (HKEX) has published a consultation summary regarding the optimization of initial public offering (IPO) market pricing and public market regulations [1][3] - The main changes in listing regulations include requiring issuers to allocate at least 40% of the initially proposed shares to the book-building portion during the IPO [3] - New listing applicants can choose between Mechanism A or Mechanism B for share allocation, with Mechanism A's maximum percentage for public subscription increased from 20% to 35% and Mechanism B allowing a pre-selected allocation between 10% and 60% [3] Group 2 - The new regulations will take effect on August 4, 2025, and will apply to all issuers and new listing applicants publishing listing documents on or after that date [3] - HKEX aims to enhance the robustness of IPO pricing and allocation mechanisms while balancing the participation needs of various local and international investors [3] - Initial public holding requirements have been revised to provide issuers with greater flexibility and certainty, along with new initial free float requirements to ensure sufficient tradable shares at listing [3] Group 3 - The Hang Seng Index fell by 3.47% to close at 24,507.81 points, while the Hang Seng Tech Index dropped by 4.94% to 5,397.40 points during the week of July 28 to August 1 [4] - Dongwu Securities reported that August should continue to focus on increasing the allocation of funds to higher-risk assets, highlighting the low cost of funds in Hong Kong and the attractiveness of high dividend yields [4]

Core Insights - TMX Group Limited reported strong financial results for Q2 2025, with a 15% increase in revenue to $421.7 million and a 22% increase in operating income, driven by higher trading volumes and growth in its Global Insights business [2][5][34]. Financial Performance - Revenue for Q2 2025 was $421.7 million, up from $367.1 million in Q2 2024, representing a 15% increase [5][24]. - Operating expenses increased by 13% to $229.6 million, up from $203.2 million in Q2 2024 [26]. - Net income attributable to equity holders decreased by 26% to $74.1 million, compared to $100.0 million in Q2 2024, primarily due to higher net finance costs [17][36]. - Adjusted net income attributable to equity holders increased by 21% to $145.9 million from $120.5 million in Q2 2024 [20][22]. Earnings Per Share - Diluted earnings per share for Q2 2025 were $0.26, down from $0.36 in Q2 2024, while adjusted diluted earnings per share increased by 21% to $0.52 from $0.43 [5][23]. Revenue Breakdown - The revenue increase was largely driven by a 33% rise in Derivatives Trading and Clearing, a 26% increase in TMX Trayport, an 18% increase in Equities and Fixed Income Trading, and a 17% increase in TMX VettaFi [6][24][38]. - Excluding certain acquisitions, organic revenue grew by 13% in Q2 2025 compared to Q2 2024 [25]. Operating Expenses - Comparable operating expenses increased by approximately 6%, reflecting higher headcount, payroll costs, and IT operating costs [27][28]. - Strategic re-alignment expenses in Q2 2025 amounted to $7.4 million, contributing to the overall increase in operating expenses [19][26]. Dividend Announcement - The Board of TMX Group approved a 10% increase in the dividend to $0.22 per common share, marking the fifth increase in three years [2][13]. Long-term Strategy - The company is focused on executing its long-term strategy to adapt and evolve client offerings, aiming to enhance its position in the financial ecosystem amid global trade uncertainties [2][34].

Euronext to launch voluntary share exchange offer for all ATHEX shares Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 31 July 2025 – Euronext, the leading European capital market infrastructure, today announces the submission of an all-share voluntary share exchange offer (the 'Offer') addressed to all shareholders of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. ("ATHEX"), the parent company of the Greek financial infrastructure group ATHEX Group, in accordance with Greek Law 3461/2006 (the " ...

Core Viewpoint - Growth investors are focused on stocks with above-average financial growth, but identifying such stocks can be challenging due to associated risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying growth stocks by analyzing a company's real growth prospects beyond traditional metrics [2] - Nasdaq (NDAQ) is currently recommended as a strong growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for investors, with double-digit growth being a strong indicator of future stock price gains [4] - Nasdaq's projected EPS growth for this year is 16.4%, significantly higher than the industry average of 8.6% [5] Group 3: Cash Flow Growth - Higher-than-average cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [6] - Nasdaq's year-over-year cash flow growth stands at 27.8%, surpassing the industry average of 14.1% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 17%, compared to the industry average of 12.8% [7] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with near-term stock price movements [8] - Nasdaq's current-year earnings estimates have increased by 2.7% over the past month [8] Group 5: Overall Assessment - Nasdaq has achieved a Zacks Rank of 2 and a Growth Score of B, indicating its potential as an outperformer and a solid choice for growth investors [10]

NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) -- The Green Impact Exchange (GIX) announced the appointment of five new board members across its parent company and to the board of the Green Impact Exchange. The new members bring extensive experience in information security operations, sustainability, market structure, and corporate governance. With backgrounds spanning both public and private sectors, this group has been pivotal in shaping the vision and infrastructure of GIX, the first stock market in the US ded ...

Core Insights - Nasdaq reported Q2 2025 results with GAAP revenue of $1.31 billion and non-GAAP EPS of $0.85, exceeding consensus estimates of $1.28 billion and $0.81 respectively [1][6] - Recurring revenue grew by 9%, and operating income (non-GAAP) increased at a double-digit rate, driven by strong client demand and innovations [1][6] - Rising costs and lengthening sales cycles in regulatory technology are areas to monitor moving forward [1] Financial Performance - Non-GAAP EPS increased by 24% year-over-year from $0.69 to $0.85 [2] - Revenue grew by 13% year-over-year from $1.16 billion to $1.31 billion [2] - Non-GAAP operating income rose by 16% to $721 million, with operating margin improving from 53% to 55% [2][6] - Annualized recurring revenue reached $2.93 billion, a 10% increase from the previous year [2][11] Business Segments - Solutions revenue, covering Capital Access Platforms and Financial Technology, grew by 10% year-over-year [7] - Financial Technology segment recorded 10% revenue growth, with annualized recurring revenue growing by 12% [8] - Capital Access Platforms saw 9% organic revenue growth, driven by a 17% increase in Index revenue [9] - Market Services achieved record net revenue of $306 million, a 22% increase, with U.S. equities and derivatives volumes hitting all-time highs [10] Strategic Focus - Nasdaq emphasizes recurring revenue, cloud and AI innovation, and international expansion [4] - Recent strategic initiatives include deepening cloud integration and increasing SaaS share in recurring revenue streams [4] - Technological innovation is highlighted, with new AI solutions and expanded partnerships with AWS [13] Capital Strategy - The company returned $155 million to shareholders via dividends and $100 million through stock buybacks, while repaying $400 million of debt [14] - The quarterly dividend was raised by 13% to $0.27 per share [15] Management Outlook - Non-GAAP operating expense guidance for FY2025 is maintained at $2.295–$2.335 billion [16] - No changes to medium-term revenue growth targets were announced, with confidence in the sales pipeline for Financial Technology products [16] - Delays in regulatory technology sales cycles and competition from new entrants are noted as potential risks [17]

Core Viewpoint - Nasdaq, Inc. (NDAQ) is anticipated to show improvements in both revenue and earnings for the second quarter of 2025, with revenues expected to reach $1.28 billion, reflecting a 10% year-over-year growth [1]. Revenue and Earnings Estimates - The consensus estimate for earnings is set at 80 cents per share, indicating a 15.9% increase year-over-year, although this estimate has decreased by 1.3% in the past 30 days [2]. - Nasdaq has an Earnings ESP of +0.47%, with the Most Accurate Estimate at 81 cents, suggesting a potential earnings beat [4]. Factors Influencing Performance - Continued organic revenue growth, new sales, and increased revenues from Financial Crime Management Technology are expected to positively impact Nasdaq's second-quarter performance [5]. - Non-trading revenues are likely to benefit from improved results in Capital Access Platforms, Financial Technology, and Market Services businesses [5]. Segment Performance - Capital Markets Technology revenues are projected to rise by 13.7% to $293.2 million, driven by higher subscription revenues and new client acquisitions [6]. - The Capital Access Platforms division is expected to see growth due to increased trading volumes and higher average AUM in exchange-traded products linked to Nasdaq indices [7]. Expense Outlook - Total expenses are anticipated to rise, with non-GAAP operating expenses expected to increase by 7.5% year-over-year due to higher professional and contract services expenses, among other factors [8]. Trading Volumes - Nasdaq reported a 23.3% year-over-year increase in U.S. equity options volume, totaling 957 million contracts, and a 3.3% increase in European options and futures volume [11]. - U.S. matched equity volume reached 158.2 billion shares, up 32.6% from the previous year, while European equity volume increased by 18% to $243 billion [12]. Listing Services - The total number of listings increased by 3.5% year-over-year to 5,386, although the number of listed companies decreased slightly from the previous year [12]. - Data and listing services revenues are expected to rise by 1.5% to $189.7 million in the upcoming quarter [12].

Core Viewpoint - Nasdaq is expected to report quarterly earnings of $0.80 per share, a 15.9% increase year-over-year, with revenues projected at $1.28 billion, reflecting a 10% year-over-year growth [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 1.6% in the last 30 days, indicating analysts' reassessment of their initial estimates [2]. - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3]. Revenue Forecasts - Analysts forecast 'Net Revenues- Capital Access Platforms' to reach $521.43 million, an increase of 8.4% from the prior-year quarter [5]. - The consensus estimate for 'Net Revenues- Financial Technology' is $451.12 million, indicating a 7.4% increase year-over-year [5]. - 'Net Revenues- Other Revenues' is expected to reach $8.57 million, reflecting a 7.1% year-over-year change [5]. - 'Net Revenues- Financial Technology- Capital Markets Technology' is projected at $268.24 million, a 4% increase from the previous year [6]. - 'Net Revenues- Capital Access Platforms- Workflow and Insights revenues' is estimated at $133.06 million, indicating a 4.8% year-over-year change [6]. - 'Net Revenues- Capital Access Platforms- Index revenues' is expected to be $198.26 million, reflecting an 18.7% increase from the prior-year quarter [7]. - 'Net Revenues- Capital Access Platforms- Data and Listing Services revenues' is projected at $191.09 million, a 2.2% year-over-year change [7]. - 'Net Revenues- Financial Technology- Regulatory Technology' is expected to be $105.37 million, indicating a 10.9% year-over-year change [8]. Market Share and Trading Volume - The total matched market share executed on Nasdaq exchanges for Cash Equity Trading is expected to reach 15.2%, down from 16.1% in the same quarter last year [8]. - For Equity Derivative Trading and Clearing, the total matched market share is projected at 28.8%, down from 29.3% year-over-year [9]. - The total industry average daily volume for Equity Derivative Trading and Clearing is expected to reach 50.64 million, compared to 42.10 million a year ago [9]. - The total industry average daily share volume for Cash Equity Trading is projected to be 16.66 billion, up from 11.80 billion year-over-year [10]. Stock Performance - Nasdaq shares have increased by 3.8% in the past month, while the Zacks S&P 500 composite has risen by 5.4% [11]. - With a Zacks Rank 2 (Buy), Nasdaq is expected to outperform the overall market performance in the near term [11].

Core Viewpoint - The Hong Kong Special Administrative Region (SAR) has implemented significant reforms in its financial market, including the "no market closure during typhoons" policy, enhancing its competitiveness and alignment with international standards [1] Market Performance - As of mid-July this year, Hong Kong has seen 52 IPOs, a 30% year-on-year increase, raising a total of 124 billion HKD, which represents a 590% increase year-on-year, making it the top global market for IPOs [1] - The Hang Seng Index has risen by 25.3% year-to-date, indicating strong market performance [1] Future Outlook - The Hong Kong government plans to continue improving listing regulations and enhance market liquidity to attract more high-quality global companies to list in Hong Kong, thereby increasing its appeal as a listing destination [1]

Investment Rating - The report indicates a positive outlook for Hong Kong's IPO market, suggesting potential investment opportunities in newly listed companies and sectors with high demand [2][3]. Core Insights - Hong Kong's IPO market has seen a resurgence with 51 companies listed year-to-date, raising HK$124 billion, compared to 77 listings raising HK$88 billion in 2024 [3][4]. - The increase in IPO activity is attributed to a robust market rally, a slowdown in A-share IPOs, and more accommodating listing rules by HKEX [2][4]. - Cornerstone investors contributed 42% of the capital raised in IPOs, with two-thirds coming from foreign investors, indicating strong international interest [42][43]. - Newly listed companies in 2024/25 have shown significantly higher post-IPO returns compared to previous years, driven by substantial cornerstone investor ownership and growth potential [52][53]. Summary by Sections 1. IPO Market Activity - The resurgence in Hong Kong's IPO market is driven by improved market performance, with HSI and HSTECH gaining 20% and 17% year-to-date [4][26]. - The IPO pipeline remains strong, with over 200 companies in the application process [3][4]. 2. Dual Listings - A-share companies are pursuing dual listings in Hong Kong to access overseas financing and mitigate delisting risks, with regulatory support encouraging this trend [8][10]. - Approximately 80% of US institutional investors in ADRs already have exposure to the Hong Kong market, facilitating smoother transitions for companies [10][12]. 3. Investor Participation - The participation of cornerstone investors has been significant, with their ownership ranging from under 10% to over 80% in recent IPOs [42][43]. - Retail interest in IPOs has reached a multi-year high, reflecting improved risk appetite among investors [47][49]. 4. Post-IPO Performance - Newly listed companies in 2024/25 have delivered an average return of 10% on the first trading day and 41% within the first three months [52][56]. - Companies with cornerstone investor ownership between 30% and 50% tend to outperform, highlighting the importance of investor confidence [53][57]. 5. Spillover Effects - Active IPOs in Hong Kong positively influence A-share market performance, with sectors experiencing new listings generally seeing their peers outperform [63][64]. - The correlation between robust IPO activity and favorable performance in A-share markets suggests a beneficial spillover effect [63][64]. 6. Index Inclusion and Liquidity - New listings that meet specific criteria are eligible for fast-track index inclusion, potentially attracting significant passive investment [66][67]. - Southbound inclusion allows Hong Kong-listed companies to access onshore liquidity, enhancing their market appeal [67][72].