Core Insights - The Hong Kong Stock Exchange (HKEX) has experienced significant growth in revenue and net profit, achieving record highs for both metrics in the third quarter and the first three quarters of 2025 [1][2][3] Financial Performance - Total revenue for HKEX in the first three quarters reached HKD 21.9 billion, a year-on-year increase of 37%, while net profit was HKD 13.4 billion, up 45% [2] - In the third quarter alone, revenue was HKD 7.775 billion, reflecting a 45% year-on-year growth, and net profit was HKD 4.9 billion, a 56% increase [2] Market Activity - The growth in HKEX's performance is attributed to heightened market trading activity and a surge in new listings [3] - Average daily trading volume for the first three quarters was HKD 256.4 billion, a 126% increase year-on-year, driving significant growth in trading and settlement fees [3] - The Stock Connect program saw record average daily trading amounts, with northbound and southbound trading reaching RMB 206.4 billion and HKD 125.9 billion respectively, marking increases of 67% and 229% [3] IPO Performance - HKEX led the global IPO market in the first three quarters of 2025, with 69 new listings raising a total of HKD 188.3 billion, more than three times the amount from the same period last year [5] - In the third quarter, 25 new companies were listed, raising a total of HKD 78.9 billion, with increases of 67% and 87% in the number of new listings and capital raised compared to the same quarter in 2024 [5][6] - The number of IPO applications in process reached 297 by September 30, 2025, significantly up from 84 at the end of 2024 [5] Strategic Initiatives - HKEX has introduced new pricing regulations for IPOs to enhance the pricing mechanism, aiming to attract more institutional investors and companies to participate [6]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high total revenue and net profit for the first three quarters of 2025, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase, and net profit of HKD 13.419 billion, up 45% [1][3] Revenue and Profit Growth - The significant growth in HKEX's performance is attributed to increased market trading activity and a surge in new stock listings, with major business revenue rising by 41% year-on-year [3][4] - In Q3 alone, HKEX achieved a revenue of HKD 7.775 billion, marking a 45% increase, and a net profit of HKD 4.9 billion, which is a 56% rise compared to the previous year [1][3] Trading Activity - The average daily trading volume for the first three quarters reached HKD 256.4 billion, a remarkable 126% increase year-on-year, driving significant growth in trading and settlement fees [3][4] - Stock trading fee revenue amounted to HKD 4.193 billion, more than double that of the same period last year [3] Stock Connect Performance - The Stock Connect mechanism showed strong performance, with average daily trading volumes for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reaching RMB 206.4 billion and HKD 125.9 billion, respectively, representing year-on-year increases of 67% and 229% [3][4] - Total revenue from Stock Connect rose to HKD 3.225 billion, an 81.18% increase year-on-year [3] New Listings and Capital Raising - The new stock market has become a crucial driver of HKEX's growth, with 297 new stock listing applications processed by the end of Q3, more than triple the 84 applications at the end of 2024 [4] - HKEX led the global market in new stock fundraising, with a total of HKD 188.3 billion raised from 69 companies, over three times the amount raised in the same period last year [4] Strategic Initiatives - HKEX's CEO emphasized ongoing strategic reforms aimed at diversifying the market, enhancing liquidity, and strengthening global connectivity to solidify Hong Kong's status as an international financial center [4] - Industry experts express optimism about HKEX's future, highlighting its core trading business, Stock Connect mechanism, and strong performance in new stock fundraising as indicators of resilience and vitality in the international financial hub [4]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record-high total revenue and net profit for the first three quarters of the year, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase, and net profit at HKD 13.419 billion, up 45% year-on-year [1][2] Group 1: Financial Performance - In Q3, HKEX's revenue was HKD 7.775 billion, reflecting a 45% year-on-year increase, while net profit was HKD 4.9 billion, up 56% year-on-year [1] - Average daily trading volume for the first three quarters reached HKD 256.4 billion, a 126% increase year-on-year, significantly contributing to the rise in trading and settlement fees [1] - Revenue from equity securities trading fees was HKD 4.193 billion, more than double the amount from the same period last year [1] Group 2: Market Activity - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 206.4 billion and HKD 125.9 billion respectively, both marking record highs for the first three quarters, with year-on-year increases of 67% and 229% [2] - Total revenue from the Stock Connect program rose to HKD 3.225 billion, an 81.18% increase year-on-year [2] - The derivatives market saw average daily trading volume for warrants and structured products reach HKD 17.7 billion, a 67% year-on-year increase [2] Group 3: New Listings and Capital Raising - The number of new stock listing applications surged, with 297 applications pending as of the end of Q3, more than three times the 84 applications expected by the end of 2024 [2] - HKEX ranked first globally in new stock fundraising for the first three quarters of 2025, with 69 companies listed and total fundraising amounting to HKD 188.3 billion, over three times the amount from the same period last year [2] - The total amount raised from follow-on offerings after listing reached HKD 457.2 billion, more than double the amount from the same period last year, marking the highest level since 2021 [2] Group 4: Strategic Developments - HKEX is actively optimizing mechanisms and responding to investor demands, with ongoing strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [3] - Analysts express optimism about HKEX's future performance, highlighting its core trading business and capital-raising capabilities as indicators of resilience and vitality as an international financial hub [3] - Continuous attention to international regulatory changes and compliance governance is essential for HKEX to maintain its competitive edge [3]

Core Insights - The construction of Shanghai as an international financial center is progressing rapidly, with significant achievements in financial market infrastructure and foreign investment [1][4] - Shanghai has become one of the most comprehensive cities for financial elements globally, hosting a wide range of financial markets and institutions [1][4] Financial Market Development - Shanghai has established a "one-stop" financial ecosystem, including stock, bond, futures, foreign exchange, gold, and insurance markets, with total stock market capitalization and interbank bond market size ranking among the top globally [1] - As of June this year, there are 1,796 licensed financial institutions in Shanghai, with 556 foreign institutions, accounting for nearly one-third of the total [1] Foreign Exchange and Bond Markets - The China Foreign Exchange Trading Center serves as the main platform for RMB-related products and pricing, catering to nearly 6,000 institutions from over 70 countries and regions [2] - The center has introduced "Bond Connect" programs, facilitating international investment in Chinese bonds and allowing domestic investors to access overseas bond assets [2] Futures and Reinsurance Markets - The Shanghai Futures Exchange has listed 25 futures and 18 options products, with the recent listing of "Shanghai Natural Rubber Futures" in Japan marking a significant step in international price dissemination [3] - The Shanghai International Reinsurance Registration and Trading Center has processed a total premium of 4.392 billion yuan as of August this year, enhancing the efficiency of cross-border reinsurance transactions [3]

Core Insights - The Bond Connect Company reported that in August, the northbound trading volume reached 750.1 billion RMB, with an average daily trading volume of 35.7 billion RMB [1] - Government bonds and policy financial bonds were the most actively traded, accounting for 38% and 41% of the monthly trading volume, respectively [1] - The ePrime platform supported 20 offshore bond issuances in August, totaling 25.153 billion RMB, with underwriters including Agricultural Bank of China International, Bank of China, CITIC International, and Galaxy International [1] - In the northbound swap market, 793 transactions were completed in August, totaling 419.681 billion RMB; by the end of August, 82 foreign institutions had entered the market [1]

Core Insights - DR007, the 7-day repurchase rate in the interbank market, serves as a crucial indicator of market liquidity and has become a benchmark for loan rates, bond yields, and derivative pricing since its inception in 2014 [1] Group 1: Development of the Foreign Exchange Trading Center - The China Foreign Exchange Trading Center (CFETS) was established in 1994, marking the beginning of the market-oriented reform of interest rates in China [2] - CFETS has evolved into a vital infrastructure within the Chinese financial system, serving nearly 6000 institutions across over 70 countries and regions [2] - The interbank market has grown significantly, with a projected transaction volume of 261.7 trillion yuan in 2024, averaging over 10.5 trillion yuan daily [3] Group 2: Technological Advancements - The transition from manual trading to electronic trading systems has greatly enhanced market efficiency, with the latest systems capable of processing 100,000 transactions per second [3] Group 3: Bond Market and Foreign Participation - China's bond market, valued at 190 trillion yuan, ranks second globally and has attracted significant foreign investment, with over 1100 foreign institutions holding 4.23 trillion yuan in bonds [4] - The introduction of the "Northbound Trading" scheme in 2017 has streamlined access for foreign traders, allowing them to trade domestic bonds directly from Hong Kong [4][6] Group 4: Innovative Trading Mechanisms - CFETS has expanded its access mechanisms, including "Northbound Trading," "Southbound Trading," and "Swap Connect," to meet the liquidity management and risk hedging needs of foreign institutions [5] - The "Swap Connect" allows foreign investors to access the onshore interest rate swap market through familiar international electronic trading platforms, enhancing transaction efficiency [6]

Core Insights - The daily trading volume in China's financial market exceeds 10 trillion yuan, reflecting the significant development of the financial industry [1] - The China Foreign Exchange Trading Center (CFETC) has evolved from a small-scale market to a leading platform for global RMB and related asset trading [5] Group 1: Development of the Foreign Exchange Trading Center - The CFETC was established in 1994 as part of the reform to create a unified interbank foreign exchange market and implement RMB exchange rate reform [3] - Over 30 years, the CFETC has expanded its services to include nearly 6,000 institutions from over 70 countries, covering various financial markets and products [5] Group 2: Market Opening and Innovation - The CFETC has introduced multiple measures to open the interbank market, providing efficient investment channels for global investors [6] - The number of foreign institutional participants in the Chinese interbank market has surpassed 1,100, with foreign investors holding approximately 4 trillion yuan in bonds [6] Group 3: High-Quality Development and International Standards - The interbank market's depth and breadth provide a solid foundation for expanding openness, with a complete product system and good market liquidity [7] - The CFETC has developed green bonds in collaboration with the European Central Bank, aligning with international standards and promoting green finance in China [7] Group 4: Technological Advancements and Security - The CFETC has upgraded its trading systems to ensure independent design and control over core technologies, enhancing data security and market monitoring [8] - Despite increasing volatility in international financial markets, the Chinese interbank market has maintained stability while improving its openness [8]

Core Viewpoint - The article highlights the significant evolution of China's foreign exchange market since the 1994 reform, emphasizing the role of the China Foreign Exchange Trading Center in facilitating the growth and openness of the financial market [1][3]. Group 1: Development of the Foreign Exchange Market - The China Foreign Exchange Trading Center has transformed from a small-scale market serving only domestic banks to a leading platform for global RMB and related asset trading, serving nearly 6000 institutions across over 70 countries and regions [3]. - The interbank market's trading volume has seen an average annual growth rate exceeding 35% since the establishment of the China Foreign Exchange Trading Center [5]. - As of 2024, the interbank foreign exchange market's transaction volume is projected to reach 261.7 trillion yuan, with an average daily trading volume of 10.5 trillion yuan, accounting for approximately 70% of major financial markets in China [5]. Group 2: Internationalization and Accessibility - The China Foreign Exchange Trading Center has implemented various measures to open the interbank market, providing a "multi-currency, multi-mechanism, one-stop" investment channel for global investors [7]. - Over 1100 foreign institutional investors participate in the Chinese interbank market, holding approximately 4 trillion yuan in bonds, with the bond market's trading volume reaching 19.1 trillion yuan in 2024 [7]. - The introduction of the Bond Connect "Northbound" and "Southbound" services has facilitated cross-border investment, with 834 foreign institutions entering the market through the Northbound channel and 1171 institutions participating in the Southbound channel [7]. Group 3: Shanghai as an International Financial Center - Shanghai is positioned as a strategic international financial center, with a focus on creating a market-oriented, law-based, and international business environment [9]. - As of June 2023, Shanghai has 1796 licensed financial institutions, with 556 being foreign entities, representing nearly one-third of the total [9]. - The city aims to enhance financial services to stabilize foreign trade and investment, while promoting higher levels of financial reform and opening up to invigorate market dynamics [9].

Core Insights - Hong Kong Stock Exchange (HKEX) reported a record high for its mid-year performance in 2025, with revenue and other income reaching HKD 14.076 billion, a year-on-year increase of 33%, and shareholder profit amounting to HKD 8.519 billion, up 39% [1][2] Financial Performance - HKEX's net profit for the first half of 2025 was HKD 8.519 billion, with the second quarter net profit at HKD 4.442 billion, reflecting a 41% increase compared to the second quarter of 2024 [2] - The average daily trading volume in the Hong Kong stock market was HKD 240.2 billion, a significant year-on-year growth of 118% [2] - The daily trading volume for ETFs reached HKD 33.8 billion, marking a 184% increase year-on-year [2] IPO Market Activity - In the first half of 2025, HKEX welcomed 44 new companies, raising a total of HKD 109.4 billion through IPOs, which is a remarkable year-on-year increase of 716% [5] - As of June 30, 2025, HKEX was processing 207 listing applications, indicating a robust IPO market [5] - The strong performance in the IPO market is attributed to policy benefits, market recovery, and the demand for companies to expand internationally [5] Future Outlook - HKEX's CEO, Charles Li, expressed confidence in the exchange's strong performance and plans to enhance platforms, infrastructure, and product offerings to provide diverse products and liquidity for investors [2] - JPMorgan has raised its profit forecasts for HKEX, anticipating an increase in trading volumes, with average daily trading volume predictions for fiscal years 2025 to 2027 adjusted to HKD 235 billion, HKD 250 billion, and HKD 252 billion respectively [6]

Group 1 - The Bond Connect Company reported a total transaction volume of 957.6 billion RMB for July, with an average daily transaction of 41.6 billion RMB [1] - Policy financial bonds and government bonds were the most active, accounting for 51% and 34% of the monthly transaction volume, respectively [1] - ePrime supported 25 offshore bond issuances in July, with a total scale of 28.822 billion RMB, involving underwriters such as Bank of China, CITIC Bank (International), and China Construction Bank (Asia) [1] Group 2 - In the Northbound Swap Connect, there were 1,101 transactions in July, totaling 563.046 billion RMB [1] - As of the end of July, a total of 82 foreign institutions had entered the market [1]