Hong Kong Exchanges and Clearing (0388) said on Thursday that its full-year net profit rose 36.1 percent year-on-year to HK$17.7 billion in 2025, marking its second consecutive yearly all-time high, as macro uncertainty and continued evolution of China’s innovation sectors draw capital towards Hong Kong.
The company declared the second interim dividend of HK$6.52, bringing the full-year dividend of HK$12.52, up 35.2 percent.
Revenue and other income jumped 30.3 percent to HK$29.2 billion, also hitting a new record high.
Core business revenue rose 31.8 percent to HK27.1 billion, thanks to increases in trading and clearing fees driven by record volumes across the cash, derivatives, and commodities markets.
Net investment income from corporate funds inched up 7 percent to HK$1.87 billion due to non-recurring gains on the valuation of the company's unlisted equity investments of HK$167 million.
Average daily turnover of the Stock Exchange, Stock Connect Northbound and Southbound all set new records, reaching HK$249.8 billion, 212.4 billion yuan (HK$242.9 billion), and HK$121.1 billion, respectively, up 89.5 percent, 41.5 percent, and 1.51 times.
The initial public offerings in the exchange raised over HK$286.9 billion from 119 listings in 2025, two of which were in the world's top five IPOs of 2025, with Hong Kong ranking first in the world.
The city's brouse operator said it saw a robust listing pipeline this year, with more than 400 active applications.
Its subsidiary London Metal Exchange also had a strong year with chargeable average daily volume of metals contracts traded on the LME reaching a record high of 717,000 lots, up 8 percent from a year ago.
Looking ahead, monetary and trade policy uncertainties, geopolitical complexities, and technological innovation will continue to be the key factors in shaping the future of the global financial markets, chairman Carlson Tong Ka-shing said.
He added that the broader trend of global capital diversification, in particular driven by the increasing economic significance of Asia, is changing the global capital formation order, unlocking a spectrum of opportunities for our business, markets, and the wider financial community.
Chief executive Bonnie Chan Yi-ting said that despite the expected volatility in the macro landscape in 2026, the exchange also sees cause for optimism in capital markets as global investors adjust to the ongoing uncertainty by seeking diversification and risk management opportunities.
Chan noted that over 100 firms lined up for listing under Chapter 18A for biotech companies and Chapter 18C for specialist technology companies of the Listing Rules, adding that HKEX will continue to advance its IPO reforms.
Regarding the expansion of the scope for confidential IPO applications, Chan said HKEX is comprehensively considering listing thresholds, processes, requirements, and compliance obligations, while details will be made through the public consultation process once the timing is ripe.
