HKEX Posts Record Half-Year Results｜Net Profit Surges to HK$8.5 Billion, Global IPO Market Reclaims Top Spot

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:

1. Expanding the product ecosystem;
2. Optimizing listing mechanisms;
3. Broadening commodities business;
4. 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.