On August 20, 2025, Hong Kong Exchanges and Clearing Limited (HKEX, 0388.HK) released its interim results for the first half of the year, delivering a stellar performance across revenue, profit, and IPO fundraising — all hitting historic half-year highs.
Key Financial Highlights
- Revenue & Other Income: HK$14.076 billion, up 33% year-on-year;
- Net Profit Attributable to Shareholders: HK$8.519 billion, up 39%;
- Basic Earnings per Share: HK$6.74, up 39%;
- Interim Dividend: HK$6 per share, up 38%.
The strong earnings and dividend announcement lifted HKEX shares. After an early drop of 1.2%, the stock rebounded and closed up 1.71% at HK$441.2, approaching a year-to-date high.
Multi-Sector Growth
1. Spot & Derivatives Markets
- Securities market average daily turnover: HK$240.2 billion, up 118% YoY;
- Futures & options daily contracts: 1.7 million+, up 11% YoY;
- Hong Kong ETF market daily turnover: HK$33.8 billion, up 184% YoY.
2. Stock Connect & Bond Connect
- Northbound Stock Connect average daily turnover: RMB171.3 billion, up 32% YoY;
- Southbound Stock Connect average daily turnover: HK$111 billion, nearly 3x 2024 levels, accounting for 23% of HK stock market turnover;
- Bond Connect (Northbound) daily turnover: RMB45.9 billion, a record high.
3. Revenue Drivers
- Trading fees & system usage: HK$4.906 billion, up 49%;
- Clearing & settlement fees: HK$3.155 billion, up 48%.
IPO Market Back on Top Globally
Hong Kong once again reclaimed its position as the world’s leading IPO fundraising hub:
- 44 new listings in H1 2025, raising a total of HK$109.4 billion, up 716% YoY;
- 207 IPO applications pending by June 30, more than double year-end 2024 levels.
Reforms such as the FINI system (shortened IPO settlement), lower market-cap thresholds for specialist tech firms, and the “Tech Express” approval channel have attracted more high-quality issuers, fueling a positive cycle of strong supply and investor demand.
Strategic Upgrades & Future Outlook
CEO Bonnie Yip-ting Chan emphasized four strategic pillars:
- Expanding the product ecosystem;
- Optimizing listing mechanisms;
- Broadening commodities business;
- Enhancing fixed income & currency products.
Key measures include:
- Implementation of a paperless market by early 2026;
- Introduction of IPO pricing reforms and minimum tick size adjustments;
- New equity options, the world’s first Nasdaq 100 ETF cross-listing, and Asia’s first single-stock leveraged & inverse products.
Market Views
- Goldman Sachs raised HKEX’s 2025–2027 EPS forecast by ~4%, lifted its target price to HK$500, maintaining a “Buy” rating.
- CMB International projects net profit of HK$15.3B, HK$16.6B, and HK$17.8B for 2025–2027, assigning a target price of HK$515 and a “Strong Buy” rating.
Conclusion
With record-breaking profit, surging IPO fundraising, and strategic reforms, HKEX has reaffirmed its role as a global capital market powerhouse. Looking ahead, deeper connectivity, regulatory innovation, and product expansion are set to strengthen its international leadership.
