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Hong Kong Exchanges and Clearing (388) investor relations material
Hong Kong Exchanges and Clearing Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record revenue and profit for Q3 2025 and the first nine months of 2025, driven by robust volumes in Cash and Derivatives markets and strong IPO activity.
Maintained position as the world's top IPO venue YTD 2025, with a strong pipeline of 297 active applications as of 30 September 2025 and IPO/follow-on funds raised more than doubling year-over-year.
Advanced strategic initiatives including China market integration, market connectivity enhancements, new product launches, technology upgrades, and green finance partnerships.
Financial highlights
YTD Q3 2025 revenue and other income: HK$21.9b, up 37% YoY; Q3 2025: HK$7.8b, up 45% YoY and 8% QoQ.
YTD Q3 2025 profit attributable to shareholders: HK$13.4b, up 45% YoY; Q3 2025: HK$4.9b, up 56% YoY and 10% QoQ.
EBITDA for YTD Q3 2025: HK$17.2b, up 48% YoY; Q3 2025: HK$6.2b, up 59% YoY.
Basic EPS YTD Q3 2025: HK$10.62, up 45% YoY; Q3 2025: HK$3.88, up 56% YoY.
Headline ADT on the Stock Exchange: HK$256.4b, up 126% YoY.
Outlook and guidance
Strong IPO pipeline and continued global investor interest in Chinese assets expected to support future growth.
Ongoing focus on strategic initiatives to enhance liquidity, diversification, global connectivity, and product innovation.
Net Investment Income expected to be affected by margin collateral enhancements, fluctuating HIBOR, and External Portfolio redemption.
What is the post-HQ acquisition investment strategy for Corporate Funds?
Assess Phase 1 minimum spreads reduction impact
How is HKEX expanding its global commodities footprint?
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Next Hong Kong Exchanges and Clearing earnings date
Q4 202524 Feb, 2026
Next Hong Kong Exchanges and Clearing earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Hong Kong Exchanges and Clearing Limited (HKEX) operates the Stock Exchange of Hong Kong, the Hong Kong Futures Exchange, and the London Metal Exchange. The company facilitates trading, clearing, and settlement in various markets, including equities, commodities, fixed income, and currencies. HKEX provides services such as listing, trading, clearing, market data dissemination, benchmark pricing, and hosting and connectivity services. It also operates five clearinghouses, ensuring a comprehensive post-trade service. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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