Financial Data and Key Metrics Changes - HKEX reported record revenue and profit for 2025, with revenue and other income reaching HKD 29.2 billion, a 30% increase from 2024, and profit after tax at HKD 17.8 billion, up 36% year-on-year [6][7] - Earnings per share (EPS) increased to HKD 14.05, reflecting a 36% growth compared to the previous year [6] - The board declared a total dividend of HKD 12.52 per share for 2025, a 35% increase from 2024 [7] - Average daily trading (ADT) reached HKD 249.8 billion, a 90% increase year-on-year, with both Northbound and Southbound Stock Connect achieving all-time highs [7][9] Business Line Data and Key Metrics Changes - Trading volumes in the cash and derivatives markets reached record highs, with derivatives market volumes increasing by 7% and commodities market volumes by 8% compared to 2024 [7][9] - The introduction of new IPO price discovery rules and support for specialist technology issuers contributed to increased market activity [3][4] Market Data and Key Metrics Changes - The secondary market remained vibrant, driven by renewed global interest in Hong Kong equities and rising demand for short-dated options [15] - The average daily trading volume of exchange-traded products nearly doubled from the previous year [15] Company Strategy and Development Direction - HKEX aims to enhance its multi-asset ecosystem, focusing on equities while expanding into fixed income, currency, and commodities [27][18] - The company plans to strengthen connectivity with other Asian markets and enhance its product offerings to meet the growing demand for China assets [19][18] - Strategic investments, such as the acquisition of a 20% stake in CMU OmniClear, are intended to bolster Hong Kong's position as a global hub for bond fundraising and risk management [4][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong momentum in 2026, supported by a robust IPO pipeline and ongoing market reforms [14][27] - The macroeconomic landscape presents both challenges and opportunities, with a focus on capital diversification and the evolving needs of global investors [16][26] Other Important Information - HKEX's effective tax rate increased to 15.7% in 2025 due to new tax provisions [8] - The company has made significant investments in technology and market reforms to enhance liquidity and attract high-quality issuers [24][25] Q&A Session Summary Question: Potential expansion of connectivity with other regions - Management highlighted the strong demand for connectivity with other Asian markets and ongoing initiatives for dual listings and cross-listing opportunities [32][34] Question: Cost discipline amid increasing initiatives - Management emphasized the importance of maintaining cost discipline while making thoughtful investments in future growth areas [35][36] Question: Revenue contribution from CMU OmniClear - Management indicated that the investment in CMU OmniClear is a strategic step towards building a comprehensive fixed income ecosystem, with potential for long-term returns [42][44] Question: IPO pipeline conversion probability - Management expressed optimism about the healthy IPO pipeline, noting strong demand and positive aftermarket performance for completed IPOs [55][56] Question: Timeline for Southbound RMB counter - Management confirmed ongoing progress on the Southbound RMB counter, with plans to accelerate implementation [57] Question: Cost growth expectations - Management projected a moderate growth in operating expenses, emphasizing stringent cost control measures while investing in future initiatives [66][68] Question: Importance of T-bond futures - Management acknowledged strong market demand for T-bond futures and confirmed ongoing discussions with partners to advance this initiative [62][64]

Financial Data and Key Metrics Changes - HKEX reported record revenue and profit for 2025, with revenue and other income reaching HKD 29.2 billion, a 30% increase from 2024, and profit after tax at HKD 17.8 billion, up 36% year-on-year [6][8] - Earnings per share (EPS) increased to HKD 14.05, reflecting a 36% growth compared to the previous year [6] - The board declared a second interim dividend of HKD 6.52 per share, totaling HKD 12.52 for the year, a 35% increase from 2024 [7] Business Line Data and Key Metrics Changes - Trading volumes in Hong Kong cash and derivatives markets reached record highs, with average daily turnover (ADT) of HKD 249.8 billion, a 90% increase year-on-year [8] - The derivatives market saw a 7% increase in trading volumes, while the commodities market increased by 8% compared to 2024 [8] - The group's effective tax rate rose to 15.7% in 2025 from 11.4% in 2024 due to new tax provisions [9] Market Data and Key Metrics Changes - Northbound and Southbound Stock Connect recorded all-time highs, indicating strong cross-border trading activity [8] - The secondary market remained vibrant, driven by renewed global interest in Hong Kong equities and rising demand for short-dated options [15] Company Strategy and Development Direction - HKEX aims to enhance its multi-asset ecosystem, focusing on equities while developing fixed income, currency, and commodities markets [25] - The company is expanding its connectivity with markets in the Middle East and Southeast Asia, enhancing its regional liquidity pool [20] - Strategic initiatives include the introduction of new IPO price discovery rules and the launch of the HKEX Tech 100 Index, focusing on Hong Kong's technology sector [3][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong momentum in 2026, supported by a robust IPO pipeline and ongoing market reforms [14][25] - The macro landscape shows persistent uncertainty, but there are significant opportunities for capital diversification into Asia [16][17] - The company is well-positioned to capture emerging trends in technology and innovation sectors, particularly from mainland China [17][18] Other Important Information - HKEX's investment in CMU OmniClear is part of its strategy to strengthen Hong Kong's position as a global hub for bond fundraising and risk management [4][21] - The company is committed to future-proofing its technology and operations to meet growing demand for China assets [24] Q&A Session Summary Question: Potential expansion of connectivities with other regions - Management highlighted the strong demand for connectivity with other Asian markets and ongoing initiatives for dual listings and cross-listing opportunities [30][31] Question: Cost growth in line with revenue - Management emphasized the importance of maintaining cost discipline while making thoughtful investments in technology and personnel to support future growth [32] Question: Revenue contribution from CMU OmniClear - Management indicated that while the initial revenue contribution from CMU would be modest, it is a strategic investment aimed at building a comprehensive fixed income ecosystem [42][46] Question: IPO pipeline conversion probability - Management expressed optimism about the healthy IPO pipeline, noting strong demand and positive aftermarket performance for recent IPOs [53] Question: Timeline for Southbound RMB counter - Management confirmed that the implementation of the Southbound RMB counter is progressing, with updates to be shared as they become available [54] Question: Multi-asset business monetization opportunities - Management acknowledged the significant potential in the fixed income market and the need for a holistic approach to developing a multi-asset ecosystem [78][79]

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 ...

Core Viewpoint - HKEX has launched the HKEX Tech 100 Index, marking a significant step in enhancing its index and data business while supporting the development of Hong Kong's capital market ecosystem [1][2] Group 1: Index Overview - The HKEX Tech 100 Index tracks the performance of 100 of the largest Hong Kong-listed companies across six innovative themes: Artificial Intelligence, Biotech & Pharmaceutical, Electric Vehicles & Smart Driving, Information Technology, Internet, and Robotics [2] - All constituents of the index are eligible for Stock Connect Southbound trading, ensuring accessibility for global and Chinese Mainland investors [2] Group 2: Strategic Partnerships - HKEX has entered into a licensing agreement with E Fund Management Company Limited to introduce an ETF based on the HKEX Tech 100 in the Chinese Mainland [2] - The partnership aims to develop a product suite linked to Hong Kong equities, addressing strong market demand for investment opportunities in Hong Kong's tech sector [2] Group 3: Index Features and Benefits - The index includes a fast-entry mechanism, allowing newly-listed companies that meet specific criteria to join outside the regular review cycle after becoming eligible for Stock Connect Southbound trading [2] - The HKEX Tech 100 Index provides investors with a comprehensive tool to capture opportunities in transformative sectors within the market [2] Group 4: Future Developments - HKEX plans to explore additional index opportunities and collaborate with industry partners for product development related to its indices [2] - E Fund Management intends to launch the ETF based on the HKEX Tech 100, subject to regulatory approval [2]