Hong Kong Exchanges and Clearing (388) investor relations material

Executive summary

• Achieved record half-yearly revenue and profit in H1 2026, surpassing previous highs, driven by robust market sentiment, strong fundraising demand from technology and AI-related companies, and active participation from both Chinese Mainland and international investors.

• Trading activity across Cash, Derivatives, Commodities, and Stock Connect Markets reached record levels, with the LME also posting record trading volumes.

• Strategic initiatives advanced, including product ecosystem expansion, market infrastructure enhancements, and deepened international collaboration, reinforcing Hong Kong's role as a leading international financial centre.

• Hong Kong ranked as the second leading global IPO venue in H1 2026, with 87 new listings raising HK$212.4 billion, up 94% year-over-year, and a healthy, diverse IPO pipeline.

• Advanced market infrastructure with initiatives like the Uncertificated Securities Market (USM) regime and accelerated settlement consultation.

Financial highlights

• Revenue and other income rose 19% year-over-year to HK$16.7 billion in H1 2026; profit attributable to shareholders reached HK$10.568 billion, up 24% year-over-year.

• EBITDA margin was 81%, up 2 percentage points from 1H 2025; EBITDA for 1H 2026 was HK$13.4 billion, up 23% year-over-year.

• Basic earnings per share was HK$8.36, up 24% year-over-year; interim dividend declared at HK$7.43 per share, up 24% year-over-year.

• Q2 2026 revenue was HK$8.5 billion, up 18% year-over-year and 4% sequentially; profit attributable to shareholders was HK$5.4 billion, up 21% year-over-year and 4% sequentially.

• Operating expenses increased 6% year-over-year, mainly due to higher staff and IT costs and increased charitable donations.

Outlook and guidance

• Despite macro and geopolitical uncertainties, long-term prospects remain strong as global capital seeks access to China and Asia's growth.

• Continued focus on market reforms, product innovation, and multi-asset ecosystem expansion to reinforce competitiveness and resilience.

• Net investment income anticipated to remain under pressure in H2 2026 due to revised margin collateral arrangements and lower interest rates.

• Ongoing rollout of trading and post-trade service enhancements, including Orion Derivatives Platform and asset-agnostic tokenisation platform.

• Plans to launch the Uncertificated Securities Market (USM) in November 2026.