Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The report highlights that Hong Kong Exchanges achieved record high annual and quarterly performance, driven by increased trading activity due to economic stimulus measures in mainland China [7] - The report projects continued growth in trading volumes and revenues, with significant increases in both the cash and derivatives markets [7] - The earnings forecast has been revised upwards, with expected shareholder profits for 2025 and 2026 at HKD 149.34 billion and HKD 156.73 billion respectively, reflecting growth rates of 14% and 5% [7] Summary by Sections Financial Performance - For 2024, total revenue reached HKD 22,374 million, a year-on-year increase of 9% [7] - Net profit attributable to shareholders was HKD 13,050 million, up 10% year-on-year [7] - The fourth quarter alone saw revenue of HKD 63.81 billion, a 31% increase year-on-year, and net profit of HKD 37.8 billion, up 46% year-on-year [7] Trading Volume and Market Activity - The average daily trading volume in the cash market increased by 26% to HKD 1,318 billion [7] - The Northbound and Southbound trading under the Stock Connect saw average daily trading volumes of HKD 1,502 billion and HKD 482 billion, representing increases of 39% and 55% respectively [7] - The report notes that the derivatives market also experienced growth, with average daily contract volumes reaching a historical high of 1.55 million contracts, up 15% year-on-year [7] Revenue Breakdown - The cash segment generated revenue of HKD 94.22 billion, a 15.4% increase, accounting for 42% of total revenue [7] - The derivatives segment reported revenue of HKD 62.04 billion, a decrease of 5% due to increased interest rebates for certain contracts [7] - The commodities segment saw revenue of HKD 27.88 billion, up 27% year-on-year [7] Future Projections - The report anticipates continued strong performance, with projected revenues for 2025 and 2026 at HKD 25,538 million and HKD 27,058 million respectively [1] - The expected earnings per share (EPS) for 2025 and 2026 are HKD 11.78 and HKD 12.36 respectively, with corresponding P/E ratios of 30.99x and 29.53x [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) demonstrated strong performance in 2024, achieving record highs in revenue and profit despite macroeconomic challenges, driven by global investor interest in Chinese opportunities [2][6][18]. Financial Performance - HKEX reported total revenue and other income of HKD 22.4 billion, a 9% increase from 2023, leading to a record profit attributable to shareholders of HKD 13.1 billion, up 10% year-on-year [7]. - The exchange experienced record trading activities across various markets, including spot, derivatives, and exchange-traded products (ETPs), particularly following the announcement of economic stimulus measures in mainland China [7][8]. Market Dynamics - The stock spot market achieved a record trading amount of HKD 620.7 billion on October 8, 2024, with all markets reaching new daily trading volume highs in Q3 and Q4 [8]. - The average daily trading amount for the Northbound and Southbound Stock Connect reached RMB 150.1 billion and HKD 48.2 billion, respectively, contributing HKD 2.7 billion in revenue [9]. - The ETP market saw an average daily trading amount of HKD 18.9 billion, a 35% increase from the previous year [10]. New Listings and Capital Raising - In 2024, HKEX ranked among the top four global IPO markets, with 71 companies listed and total fundraising of HKD 88 billion, a 90% increase from 2023 [13]. - The second half of 2024 was particularly active, with 41 companies listed, raising HKD 74.6 billion, over five times the amount raised in the first half [13]. - Notable listings included Midea Group, which raised HKD 35.7 billion, marking the largest IPO in Hong Kong since February 2021 [13]. Strategic Initiatives - HKEX is preparing to launch a "Tech Company Fast Track" to facilitate the listing process for technology and biotech firms, addressing concerns about compliance with listing rules [4][5]. - The exchange aims to enhance its attractiveness as a listing venue for both mainland and international companies, continuously improving the listing environment and introducing new rules [4][15]. Future Outlook - The CEO of HKEX expressed optimism for 2025, citing potential economic recovery signals and the impact of stimulus policies in mainland China, which could invigorate the IPO and secondary markets [18].

渶策资本创始合伙人 胡斌 上海科创银行董事总经理、首席信贷官 李群 "投的好，才能退的好" 报道 I 投资界PEdaily 2 0 24年12月1 0 - 11日，由中共重庆市委金融委员会办公室指导，清科创业、投资界主 办，重庆渝富控股集团联合主办的"第二十四届中国股权投资年度大会"走进西部金融中 心重庆。作为股权投资行业晴雨表，本次大会将以"万象耕新"为主题，回顾行业风云， 重塑格局策略，探索价值发现，持续为中国股权投资行业注入力量。 本场 《以退为进，探索多元化路径》 圆桌论坛，由软银中国资本合伙人 刘缨 主持，对 话嘉宾为： 日初资本创始人及管理合伙人 陈峰 唐兴资本创始人兼董事长 宫蒲玲 香港交易所高级副总裁暨中国区上市发行服务部主管 韩颖姣 德同资本董事、高级合伙人 陆宏宇 弘晖基金首席执行官 王晖 以下为对话实录， 经投资界（ID:peda il y 2 0 1 2）编辑： 刘缨： 上一个专场讲投资，这一场直接聊退出。去年和今年各位机构合伙人重心都在忙 退出。这个专场有机会大家讨论或者展望一下。首先，请各机构介绍下基本情况。 陈峰： 日初资本是一家成立于2020年的美元基金，也是我个人的第三次创业 ...