HKEX Reports Record Profits as Trading Volumes Surge in 2025

Hong Kong Exchanges and Clearing (HKEX) announced its best-ever half-year financial results, citing robust trading activity and a rebound in the city's listings market.

The exchange operator's revenue and other income rose 33% year-on-year to HK$14.08 billion, while profit attributable to shareholders climbed 39% to HK$8.52 billion in the first half of 2025. Growth was supported by record trading volumes in cash equities and stock options, stronger investment income, and higher depository fees.

Net investment income from corporate funds reached HK$1.04 billion, bolstered by exchange gains from the U.S. dollar's appreciation. Costs rose 6%, partly due to a HK$90 million fine imposed by the UK Financial Conduct Authority over 2022 nickel market events. Adjusted for such one-off items, expenses increased only 1%.

HKEX chief executive Bonnie Y Chan said the results reflected the exchange's resilience. "Volumes in the Cash Market, Derivatives Market and Stock Connect all reached record half-yearly highs and we regained our position as the world's No.1 IPO venue by funds raised," she said.

Chan added that HKEX will continue upgrading its market infrastructure in the second half of the year, with initiatives including a shorter settlement cycle, an expanded paperless listing regime, and updated IPO price discovery requirements.