Hong Kong Exchanges and Clearing (SEHK:00388) Q4 2025 Earnings call February 25, 2026 08:30 PM ET Company ParticipantsBonnie Y. Chan - CEOGary Lam - Head of Greater China Financials ResearchGregory Yu - Head of MarketsHerbert Hui - Group CFORichard Xu - Managing DirectorVanessa Lau - COONone - Company RepresentativeConference Call ParticipantsBetty Li - AnalystMichael Fang - AnalystThomas Wang - AnalystNoneGood afternoon, ladies and gentlemen. Welcome to HKEX 2025 Annual Results Analyst Presentation. Today, ...

Hong Kong Exchanges and Clearing (SEHK:00388) Q4 2025 Earnings call February 25, 2026 08:30 PM ET Speaker6Good afternoon, ladies and gentlemen. Welcome to HKEX 2025 Annual Results Analyst Presentation. Today, we are very pleased to have our Chief Executive Officer, Ms. Bonnie Y. Chan, our COO, Ms. Vanessa Lau, our Group CFO, Mr. Herbert Hui, our Group CIO, Mr. Richard Leung, and our Head of Market, Mr. Gregory Yu. Bonnie and Herbert will first give a presentation about our business highlights, strategic pro ...

2025 Annual Results Analyst Presentation Bonnie Y Chan Chief Executive Officer, HKEX Group Herbert Hui Group Chief Financial Officer, HKEX Group 26 February 2026 Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of any kind. This document is solely intended for dist ...

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) closed at 27,183 points, with a slight increase of approximately 0.5% [1] - Market sentiment is divided, with bullish investors expecting a rebound to 27,300 points, while bearish investors plan to short at higher levels due to declining trading volume [1] - The overall trading volume has shown a significant decrease compared to previous trading days, indicating a lack of confidence in the market [1] Group 2: Hong Kong Stock Exchange (HKEX) - HKEX shares experienced a slight decline, with trading volume continuing to shrink, raising concerns about whether the stock has reached a bottom [7][8] - The first short-term support level for HKEX is at 409 HKD, and if this level is breached, the stock may drop to 393 HKD [7] - Investors are advised to consider bull certificates with a redemption price below 393 HKD for better safety [7] Group 3: Sunny Optical Technology (02382.HK) - Sunny Optical's stock closed at 59 HKD, showing a slight increase, but has been in a prolonged low-level consolidation phase [12] - The first short-term support level is at 57.4 HKD, and if breached, the stock may drop to 53.9 HKD [12] - Some investors are adopting a cautious approach by hedging with put options, despite strong buy signals from technical indicators [13] Group 4: Yancoal Australia Ltd (01171.HK) - Yancoal's stock has been performing well, reaching a high of 12.91 HKD, close to the key resistance level of 13 HKD [19] - If the stock successfully breaks through 13 HKD, it may further rise to 14.1 HKD, attracting interest in call options with a strike price of 14 HKD [19] - Investors are advised to choose options based on their expectations of the stock's short-term movements, balancing between high leverage and risk [20] Group 5: Kuaishou Technology (01024.HK) - Kuaishou's stock has been in a consolidation phase, with investors optimistic about a potential rise to 80 HKD after the Spring Festival [27] - The first key resistance level is at 76.9 HKD, and if surpassed, the stock may reach 81.8 HKD [27] - Investors are encouraged to consider options with strike prices closer to the current stock price for better competitiveness [27] Group 6: Alibaba Group (09988.HK) - Alibaba's stock rose by approximately 1.65%, but trading volume has decreased, indicating a cautious market sentiment [32] - Investors are optimistic about the stock reaching the 165-170 HKD range this week, supported by the recent surge in demand for its services [32] - The short-term resistance level is around 168 HKD, and if broken, the stock could rise to 173.5 HKD [32]

Core Viewpoint - The Hong Kong stock market showed strong performance today, with Hong Kong Exchanges and Clearing Limited (00388) rising by 2.80% to a price of 419 HKD, indicating a potential upward trend in the medium to long term [1]. Technical Analysis - The current price of Hong Kong Exchanges is slightly below the 10-day moving average (MA10) of 425.34 HKD and the 30-day moving average (MA30) of 425.19 HKD, but above the 60-day moving average (MA60) of 417.5 HKD, suggesting short-term pressure but a positive medium to long-term outlook [1]. - Support levels are identified at 410 HKD (Support 1) and 395 HKD (Support 2), while resistance levels are at 429 HKD (Resistance 1) and 443 HKD (Resistance 2). The current price is above the support levels, with only a 10 HKD gap to the first resistance level, indicating a high likelihood of a technical breakout [1]. - The Relative Strength Index (RSI) is at 46, indicating a neutral position, while stochastic indicators signal a buy, suggesting strengthening momentum. Other indicators like the Williams and CCI remain neutral, reflecting balanced market sentiment [3]. Product Review - On January 30, the stock of Hong Kong Exchanges experienced a decline over the following two days, with a cumulative drop of -2.36%. Bear certificates from Societe Generale (65230) and UBS (56683) recorded increases of 34% and 32%, respectively, while put options also benefited from the stock's decline, with Bank of China (24260) and HSBC (24217) rising by 25% and 17% [4]. Selected Products - In the call options category, Bank of China (23431) and HSBC (23458) both offer a leverage of 10.6 times, with exercise prices set at 464.19 HKD, providing low volatility risk suitable for investors expecting a breakout above resistance [6]. - In the put options category, Barclays (21691) offers a leverage of 10.4 times with an exercise price of 389.08 HKD, balancing risk and return effectively for investors anticipating a price drop to test support levels. Bank of China (24260) leads with a leverage of 9.6 times, suitable for cost-sensitive investors [7]. - For bull and bear certificates, UBS (64102) has a leverage of 13.8 times with a recovery price of 386 HKD, while JPMorgan (57624) leads with a leverage of 15.1 times, appealing to investors expecting a rebound from support levels. Bear certificates from Societe Generale (60816) and UBS (60541) offer lower premiums and higher leverage, suitable for those expecting resistance at higher price levels [7][8]. Overall Technical Outlook - The technical analysis indicates a "support below and space above" scenario for Hong Kong Exchanges. The buy signal from stochastic indicators, combined with the price holding above the MA60, suggests a potential challenge to the 429 HKD resistance level in the near term. The ability to effectively break through short-term moving average resistance will be a key signal for confirming the upward trend [8].

各位股友，大家好，今日同大家睇吓「大市火車頭」港交所（00388）。以今日（1月30日）盤中數據嚟睇，情況有啲令人擔憂，截至下午兩點03分，股價最 新報430.2元，急跌超過3%，跑輸大市。成交額接近16億，算係有啲交投，但似乎係沽壓主導。成個大市氣氛轉弱，連帶呢隻市場寒暑表都受壓。你哋覺得 今次跌穿咗唔少平均線，係大戶散貨先兆，定只係一次健康調整，為下一輪升浪蓄力？ 技術走勢與關鍵位攻防 從圖表睇，港交所今日呢支陰燭幾關鍵，跌穿咗10天線（約430.16元）同30天線（約422.61元），暫時喺60天線（約418.91元）之上找到喘息空間。而家個 格局係，向下首要支持位要睇419元，如果連呢個位都失守，下一站就要試413元嘅較強支持區。至於向上，反彈第一個重型阻力喺445元，要收復返呢個位 先可以話脫離危險區，再上望就係452元。技術指標總結雖然話「買入」，但強度只有7。5日振幅有5.7%，反映波動性唔細。MACD同保力加通道卻發出 「買入」信號。其他指標如RSI喺57，威廉指標、隨機指標等都處於「中立」或「賣出」狀態。或者可以從波動中找到窩輪短炒契機。 窩輪與牛熊證機會風險並存 喺咁嘅波動市況，衍生工具可 ...

Core Insights - Hong Kong's financial sector is undergoing a digital transformation, enhancing its role as a global finance hub and a "super connector" between international investors and mainland China [1][8] - The city is leveraging regulatory agility and technological advancements to facilitate capital flows, with programs like Stock Connect contributing to 25% of daily trading volume [2][3] Group 1: Digital Transformation and Market Position - The appointment of Bonnie Y Chan as CEO of HKEX in March 2024 marks a strategic leadership shift aimed at enhancing Hong Kong's dual function in capital flow facilitation [2] - CATL's IPO is highlighted as the world's largest this year, attracting global investors and showcasing Hong Kong's vibrant ecosystem for high-potential sectors [3] - Hong Kong is fostering innovation through tailored listing rules for pre-revenue R&D firms, particularly in biotechnology and green tech [3] Group 2: Regional Collaboration and Market Representation - Despite representing over 50% of the world's population, Asia remains underrepresented in global capital markets, prompting calls for collaboration among Asian markets to counter U.S. dominance [4] - Chan emphasizes the need for alternative investment avenues to enhance Asia's relevance on the global stage, with regulation playing a crucial role in this evolution [4] Group 3: Regulatory Framework and Digital Assets - Chan views regulators as enablers, crafting frameworks that balance development and protection, particularly in the context of digital assets like stablecoins [5] - Stablecoins are legislated under the Hong Kong Monetary Authority, primarily viewed as a medium of exchange, which could enhance stock settlements on HKEX [5][6] Group 4: Future Outlook and Market Resilience - Hong Kong's financial sector has shown resilience, with average daily turnover increasing to over 250 billion HKD from low trading volumes in late 2023 [6] - The sector's adaptability is underscored by ongoing monitoring and integration of digital assets, with a focus on enhancing efficiency in stock settlements [6][8] - Predictions indicate deeper global research into Asian innovations, potentially reshaping the financial ecosystem as Chinese companies increasingly derive revenue internationally [7][8]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is currently experiencing a technical analysis phase with support levels at 415 HKD and 405 HKD, and resistance levels at 438 HKD and 456 HKD, indicating a potential upward movement probability of 52% [1][3]. Technical Analysis - The recent performance of HKEX shows a relatively strong trend compared to the Hang Seng Index, with the stock price stabilizing around 430 HKD, above the upper band of the Bollinger Bands [3]. - The short-term resistance level is identified at approximately 438 HKD, and if this level is breached, there is potential for the stock to rise to 440 HKD [3]. - Current technical signals indicate a predominance of "sell" signals, with 11 sell signals compared to 6 buy signals, suggesting a cautious outlook for short-term movements [3]. Derivative Products Performance - Following a phase of price increase on January 5, 2026, related warrants (窩輪) showed significant reactions, with UBS bull certificates (64102) rising by 27%, Societe Generale bull certificates (57689) by 24%, and Morgan Stanley call warrants (22028) by 23% within two days, highlighting the leverage effect of these products [3][5]. - The key factors influencing the price movements of warrants include the proximity of the exercise price to the underlying stock price and changes in implied volatility, which affects market expectations of future volatility [5][6]. Investment Recommendations - For investors holding HKEX-related warrants, it is advisable to set profit-taking levels, such as placing a stop-loss slightly below recent highs for Societe Generale bull certificates (69254) to avoid profit erosion [6]. - New investors are cautioned against chasing high-priced warrants that have already seen significant increases, such as UBS bull certificates (64102), and are encouraged to consider alternatives like Societe Generale bull certificates (69254) and Morgan Stanley call warrants (22028) due to their lower premium and higher leverage [6]. - For those with a bearish outlook on HKEX's short-term performance, Societe Generale bear certificates (69592) are recommended, as they offer the lowest premium and a high leverage of 19.1, allowing for better capitalizing on potential declines [6]. Selected Products Overview - A summary of selected products related to HKEX includes: - Morgan Stanley call warrant (22028) with a leverage of 13 - UBS call warrant (23422) with a leverage of 9.4 - Societe Generale bear certificate (69592) with a leverage of 19.1 [7].

Market Performance - The Hang Seng Index (HSI) rose by 707 points or 2.8%, closing at 26,338 points on the first trading day of 2026[1] - The Hang Seng Tech Index increased by 220 points or 4%, finishing at 5,736 points[1] - The total market turnover for the day was HKD 140.864 billion[1] US Market Trends - The Dow Jones Industrial Average gained 319 points or 0.7%, closing at 48,382 points[1] - The S&P 500 index rose by 12 points or 0.2%, ending at 6,858 points[1] - The Nasdaq Composite experienced a slight decline, dropping 6 points to close at 23,235 points after a peak increase of 343 points[1] Currency and Commodity Insights - The offshore RMB reached a new high since May 2023, reflecting positive market sentiment[2] - International aluminum prices surpassed USD 3,000 per ton for the first time since 2022, driven by supply concerns and strong demand forecasts[3] - The price of aluminum increased by 0.7% to USD 3,015.5 per ton, marking a 17% rise over the previous year[3] Economic Developments - OPEC+ confirmed the suspension of production increase plans for January to March 2026, maintaining daily oil production targets raised by approximately 2.9 million barrels[2] - The Chinese currency index rose by 0.35 to 97.99, indicating a strengthening of the RMB against a basket of currencies[2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is experiencing active trading with a stock price of HKD 412, reflecting a 1.8% increase, indicating a close relationship between its price movements and overall market liquidity and external risk sentiment [1] Technical Analysis - The stock price is currently in a state of indecision, oscillating around short-term moving averages, with the 10-day moving average at HKD 402.7, and the 30-day and 60-day moving averages at HKD 410.72 and HKD 421.80 respectively [2] - Key support is identified at HKD 400, with a further support level at HKD 391 if this is breached. Resistance is noted at HKD 416, with potential to challenge HKD 424 if surpassed [2] Derivative Strategies - In a market with mixed views, warrants and bull/bear certificates provide investors with options to position themselves without significant capital outlay. For instance, on December 17, HKEX shares rose by 2.16%, with related leveraged products showing varying price elasticity [5] - Bull certificates, such as those from Societe Generale and HSBC, exhibited significant price increases of 36% and 38% respectively, while warrants showed more moderate gains of 12% and 9% [5] Product Characteristics - Warrants are influenced by intrinsic value, time value, and implied volatility, with risks primarily associated with time decay. Conversely, bull/bear certificates have a "knockout price" mechanism, making their price movements more linear and potentially more efficient in tracking short-term trends [7] - The choice of issuer is crucial, as it affects product quality and reliability. Issuers are responsible for product creation and cash settlement guarantees, with stronger financial backing indicating higher reliability [18][19] Market Sentiment and Strategy - For investors anticipating a market rebound, higher strike price call options are recommended, while those expecting a downturn may consider put options or bear certificates. Specific products with favorable leverage ratios are highlighted for both bullish and bearish strategies [8][19]