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Hong Kong Exchanges and Clearing (388) investor relations material

Hong Kong Exchanges and Clearing Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Achieved record half-yearly revenue of $14.1B (up 33% YoY) and profit attributable to shareholders of $8.5B (up 39% YoY), with Q2 2025 profit at $4.4B (up 41% YoY, 9% QoQ), driven by strong performance across Cash, Derivatives, and Stock Connect markets, and regained position as the world's top IPO venue by funds raised.

  • Strategic initiatives included new partnerships, product launches, enhancements to market infrastructure, technology upgrades, and product diversification.

  • Celebrated 25th anniversary, announced permanent headquarters acquisition, and advanced sustainability and community engagement initiatives.

  • Maintained strong market operations during severe weather, with high cash market turnover.

  • Regained position as the world's No.1 IPO venue, with 44 listings raising $109.4B, the highest half-year since 2021.

Financial highlights

  • Revenue and other income reached $14.1B, up 33% year-over-year; core business revenue up 34%.

  • Profit after tax was $8.5B and EPS $6.74, both up 39% year-over-year; EBITDA margin reached 79%, up 6 percentage points.

  • Interim dividend of $6 per share, up 38% from prior year, representing 90% of profit (excluding foundation results).

  • Headline average daily turnover in cash market more than doubled year-over-year to $240B; Derivatives ADV reached 1.7M contracts, up 11% YoY.

  • Capital expenditure totaled $2,657M, including $1,805M for headquarters acquisition.

Outlook and guidance

  • Entering 2H 2025 with a robust IPO pipeline of 207 active applicants and new initiatives to enhance market competitiveness, including shorter settlement cycles and further listing regime enhancements.

  • Cautiously optimistic for the year ahead despite macroeconomic and geopolitical uncertainties, with focus on innovation, connectivity, and operational resilience.

  • Net investment income expected to be impacted by declining HIBOR and redemption of the External Portfolio.

  • Continued investment in infrastructure and strategic initiatives to maintain leadership.

  • New HKFRS 18 standard will impact presentation and disclosure but not profit; assessment ongoing.

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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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