Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is committed to strategic investments to maintain global competitiveness, focusing on optimizing data platforms and upgrading trading and settlement systems [1] Group 1: Strategic Investments - HKEX will not hesitate to increase capital expenditure, particularly in areas such as data platform optimization and trading settlement system upgrades [1] Group 2: Trading Hours Extension - The CEO mentioned the ongoing discussions regarding the extension of trading hours, noting that Nasdaq plans to implement a 24-hour trading mechanism by the second half of 2026 [1] - HKEX will adopt a cautious and gradual approach, studying international experiences while considering local market conditions before making changes [1] Group 3: Settlement Cycle - HKEX is actively engaging with market participants to discuss shortening the settlement cycle for the cash market [1] - The technical systems of HKEX will support a T+1 settlement cycle by the end of this year, but the implementation will depend on feedback from various market participants [1]

港交所行政总裁陈翊庭表示，港交所今年开局良好。现货市场、衍生产品市场及沪深港通的成交量均创 半年新高。 陈翊庭称，香港新股市场在今年延续强劲增长，上半年集资额居全球首位。期内共迎来44家上市公司， 新股集资总额达1094亿元，同比增长716%。准备来香港上市的公司络绎不绝，截至今年6月30日，正在 处理的上市申请逾200宗。香港仍是中国内地企业首选的国际融资市场，国际发行人对于在香港市场上 市融资的兴趣亦有所增加。(完) 8月20日， 香港交易及结算所有限公司在港公布2025年中期业绩报告。 中新社记者 戴小橦 摄 中新社香港8月20日电 (记者 戴小橦)香港交易及结算所有限公司(港交所)20日在港公布的2025年中期业 绩报告显示，港交所今年上半年收入及其他收益和溢利创历来同期新高。 报告数据显示，港交所今年上半年收入及其他收益为140.76亿元(港元，下同)，同比增长33%；股东应 占溢利为85.19亿元，同比增长39%。主要业务收入同比增长34%至129.54亿元，主要得益于现货及股票 期权市场成交量创历来半年度新高、存管费用增加以及保证金规模增加令投资收益净额上升等因素。 ...

Group 1 - The CEO of Hong Kong Stock Exchange (HKEX) stated that there is no established position on 24-hour trading and emphasized the need for public consultation while considering the potential risks and pressures associated with such a change [1] - Since the launch of the technology company listing channel in May, HKEX has completed over 50 IPO applications, raising nearly $17 billion, leading the global IPO rankings [1][2] - The CEO mentioned that there are currently 230 companies in the pipeline for IPO applications, indicating that Hong Kong remains the preferred international financing market for mainland enterprises [1] Group 2 - The Chief Operating Officer highlighted that many markets, including the UK and EU, are expected to transition to a "T+1" settlement cycle by the end of 2027, which would result in 88% of global trading adopting this cycle [2] - HKEX plans to consult the market on adjusting the trading unit size by the end of this year, as there are currently up to 40 different trading unit sizes [2] - HKEX reported record high revenue and profit for the first half of 2025, with revenue and other income reaching HK$14.076 billion, a 33% increase year-on-year, and a shareholder profit of HK$8.519 billion, up 39% [2] Group 3 - The average daily trading volume in the cash market, derivatives market, and Stock Connect reached a six-month high, with an average daily trading amount of CNY 240.2 billion, a year-on-year increase of 118% [3] - The Hong Kong IPO market continued its strong growth in 2025, with a total fundraising amount of HK$109.4 billion, a 716% increase year-on-year, and 44 new companies listed during the period [3] - The listing of CATL in May 2025 raised HK$41 billion, marking the largest IPO in Hong Kong since February 2021 and the largest globally in 2023 [3]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen the addition of 50 new applications under the "Special Route for Technology Companies" since its launch, indicating a growing interest in IPOs from tech firms that are still in the development phase [1] Group 1: IPO Applications - HKEX's CEO, Charles Li, announced that there have been a total of 50 applications for 18A and 18C since the introduction of the special route [1] - The 18A and 18C applications are primarily from companies that have not yet generated revenue or achieved profitability, highlighting the focus on early-stage tech firms [1] Group 2: Confidentiality and Transparency - Submitting IPO applications confidentially is not a new practice globally, as many exchanges allow for such submissions [1] - While HKEX provides a level of confidentiality for these applications, it does not compromise transparency, as companies are still required to disclose information at appropriate times during the IPO process [1]

智通财经APP获悉，摩根士丹利发布研报称，截至8月19日，港股年初至今的日均成交额为2,440亿港 元，对比2023及2024年同期分别为1,050亿及1,320亿港元。大摩维持对香港交易所(00388)"增持"评级， 看好盈利持续上行潜力，目标价为500港元。 港交所第二季净利润同比增长41%至44.4亿港元，较大摩 及市场预期分别高出7%及8%，主要受惠于较佳的净投资收入及租约调整收益，核心业务一如预期增长 强劲，第二季日均成交额同比增长95%至2,380亿港元，主要受到南向交易的推动，至7月份日均成交额 更高达2,630亿港元。 该信息由智通财经网提供 ...

摩根士丹利发布研报称，截至8月19日，港股年初至今的日均成交额为2,440亿港元，对比2023及2024年 同期分别为1,050亿及1,320亿港元。大摩维持对香港交易所(00388)"增持"评级，看好盈利持续上行潜 力，目标价为500港元。 港交所第二季净利润同比增长41%至44.4亿港元，较大摩及市场预期分别高出7%及8%，主要受惠于较 佳的净投资收入及租约调整收益，核心业务一如预期增长强劲，第二季日均成交额同比增长95%至 2,380亿港元，主要受到南向交易的推动，至7月份日均成交额更高达2,630亿港元。 ...

Group 1 - Morgan Stanley's shareholding in Hong Kong increased from 6.97% to 7.01% as of August 15 [2] - The average share price during this period was 436.4319 HKD [2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenue and profit for the first half of 2025, with total revenue and other income reaching HKD 14.076 billion, a 33% increase from the same period in 2024, and shareholder profit rising by 39% to HKD 8.519 billion [1][2][12] Financial Performance - Total revenue and other income for H1 2025 was HKD 14.076 billion, up 33% from HKD 10.621 billion in H1 2024 [2] - Shareholder profit for H1 2025 was HKD 8.519 billion, compared to HKD 6.125 billion in H1 2024, marking a 39% increase [2] - Basic earnings per share increased to HKD 6.74 from HKD 4.84, a 39% rise [2] - Interim dividend declared at HKD 6.00 per share, up 38% from HKD 4.36 in the previous year [2] Market Activity - The average daily trading volume for equity securities reached HKD 222.84 billion, a 122% increase from HKD 100.3 billion in the previous year [7] - The average daily trading volume for derivatives and warrants was HKD 17.4 billion, up 72% from HKD 10.1 billion [7] - The average daily trading volume for Hong Kong Stock Connect was HKD 111.04 billion, a 196% increase from HKD 37.5 billion [7] - The number of new listings in H1 2025 was 44, raising a total of HKD 1.094 billion, a more than sevenfold increase year-on-year [8][9] Strategic Developments - HKEX is focusing on enhancing its product ecosystem, optimizing listing systems, and expanding into new commodity business directions [2][12] - A cooperation agreement was signed with the Hong Kong Monetary Authority to explore improvements in post-trade securities infrastructure, including the development of an international central securities depository [12] - HKEX plans to include Renminbi-denominated stocks in the Stock Connect program to facilitate trading for mainland investors [13] - The introduction of a "Tech Company Fast Track" aims to streamline the listing process for technology and biotech firms [13] Future Outlook - The CEO expressed optimism for the second half of 2025, emphasizing the commitment to enhancing platform infrastructure and product offerings to adapt to the changing global macroeconomic environment [2][12] - The company remains cautious about external uncertainties, including geopolitical risks and interest rate fluctuations, while maintaining a positive outlook for market performance [14]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenue and profit for the first half of 2025, driven by strong market performance and strategic initiatives [1][2][5]. Financial Performance - HKEX's revenue and other income for the first half of 2025 reached HKD 14.076 billion, a 33% increase from HKD 10.621 billion in the same period of 2024 [2]. - Shareholder profit for the first half of 2025 was HKD 8.519 billion, up 39% from HKD 6.125 billion in the previous year [2]. - The company declared an interim dividend of HKD 6.00 per share, compared to HKD 4.36 per share in 2024, marking a 38% increase [2]. Market Activity - The average daily trading volume for HKEX's stock products was HKD 222.84 billion, a 122% increase year-on-year [6]. - The average daily trading volume for derivatives, including warrants and structured products, rose to HKD 17.4 billion, up 72% from the previous year [6]. - The Hong Kong ETF market saw a significant increase, with average daily trading volume reaching HKD 338 billion, a 184% rise compared to the same period last year [7]. New Listings and Fundraising - In the first half of 2025, HKEX regained its position as the top global exchange for new listings, with 44 companies going public and raising a total of HKD 109.4 billion, a more than sevenfold increase from the previous year [7][8]. - Notable listings included CATL, which raised HKD 41 billion, marking the largest IPO in Hong Kong since February 2021 [8]. Strategic Developments - HKEX is focused on enhancing its product ecosystem, optimizing listing regulations, and expanding its commodity business [1][2]. - The company has entered into a partnership with the Hong Kong Monetary Authority to explore improvements in post-trade securities infrastructure, which is crucial for the development of the fixed income and currency product ecosystem [10][11]. - HKEX plans to introduce RMB-denominated stocks into the Stock Connect program, allowing mainland investors to trade Hong Kong-listed stocks using RMB [11]. Outlook - The CEO expressed optimism for the second half of 2025, emphasizing the commitment to improving platform infrastructure and product offerings to meet the evolving global economic landscape [2][10].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenue and profit for the first half of 2025, driven by strong market performance and strategic initiatives [1][2][12]. Financial Performance - HKEX's revenue and other income reached HKD 14.076 billion, a 33% increase from HKD 10.621 billion in the first half of 2024 [2]. - Shareholder profit was HKD 8.519 billion, up 39% from HKD 6.125 billion in the same period last year [2]. - The average daily trading volume for equity products was HKD 240.24 billion, a significant increase of 118% year-on-year [7][8]. - The average daily trading volume for Hong Kong Stock Connect reached HKD 111.04 billion, nearly three times that of the previous year [9]. Market Highlights - The number of new listings in Hong Kong surged, with 44 companies raising a total of HKD 1,094 billion, marking a more than sevenfold increase compared to the previous year [8][9]. - HKEX's stock price increased by nearly 50% year-to-date in 2025, reflecting strong market sentiment [3]. Strategic Developments - HKEX is focusing on enhancing its product ecosystem, optimizing listing processes, and expanding its commodity business [2][12]. - A partnership with the Hong Kong Monetary Authority aims to improve post-trade securities infrastructure, which is crucial for the long-term development of fixed income and currency products [12][13]. - The introduction of the "Tech Company Fast Track" aims to facilitate the listing of technology and biotech firms, enhancing market quality and transparency [13]. Future Outlook - HKEX plans to continue improving its platform and product offerings to provide diverse options and liquidity for investors [2][12]. - The company remains cautiously optimistic about the market outlook for the second half of 2025, despite external uncertainties [14].