Hong Kong Exchanges and Clearing (388) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and profit for the second consecutive year in 2025, with revenue up 30% and profit attributable to shareholders up 36% year-over-year, driven by strong trading volumes and renewed investor confidence.

• Regained position as the world’s leading IPO venue, raising HK$286.9 billion from 119 listings, a 226% increase from 2024.

• Strategic initiatives included new IPO price discovery rules, expansion in specialist technology issuers, new product launches, and enhancements in market microstructure and technology.

• Expanded product offerings in derivatives, fixed income, and commodities, including the launch of the HKEX Tech 100 Index and investment in CMU OmniClear.

• Strengthened regional and global connectivity, with new partnerships and increased listings from the Middle East and Southeast Asia.

Financial highlights

• Revenue and other income reached HK$29.2 billion (+30% YoY); core business revenue was HK$27.1 billion (+32% YoY).

• Profit after tax was HK$17.8 billion (+36% YoY); basic EPS was HK$14.05 (+36% YoY).

• Full year dividend per share was HK$12.52 (+35% YoY), with a payout ratio of 90%.

• Headline ADT reached HK$249.8 billion, up 90% year-over-year.

• EBITDA for FY2025 was HK$22.8 billion (+40% YoY), with an EBITDA margin of 79%.

Outlook and guidance

• Entered 2026 with a robust IPO pipeline of over 400 active applications and strong turnover.

• Focus on enhancing the multi-asset ecosystem, expanding beyond equities into fixed income, currency, and commodities, and investing in technology and international connectivity.

• Net investment income expected to be affected by revised margin collateral arrangements, HIBOR fluctuations, and external portfolio redemptions.

• Continued investment in technology, market structure, and regional connectivity to capture growth opportunities.

• Expect continued volatility in 2026 due to macroeconomic and geopolitical uncertainties.