---
title: "Citi: HKEX's revenue and costs last quarter exceeded expectations"
description: "Citigroup's report indicates that the net profit attributable to shareholders of HKEX in the fourth quarter of 2025 is HKD 4.3 billion, a quarterly decrease of 12% and a year-on-year increase of 15%, "
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276990559.md"
published_at: "2026-02-26T06:05:31.000Z"
---

# Citi: HKEX's revenue and costs last quarter exceeded expectations

> Citigroup's report indicates that the net profit attributable to shareholders of HKEX in the fourth quarter of 2025 is HKD 4.3 billion, a quarterly decrease of 12% and a year-on-year increase of 15%, exceeding market expectations by 16%. Core revenue is HKD 5.5 billion, down 12% quarter-on-quarter and up 17% year-on-year, also surpassing expectations by 2%. Investment income is HKD 1.2 billion, exceeding expectations by 45%. Operating expenses increased by 4% year-on-year, but were 9% lower than expected. A mid-term dividend of HKD 6.52 per share is declared, with a rating of "Buy" and a target price of HKD 505

Citi published a report indicating that HKEX (00388.HK) announced a net profit attributable to shareholders of HKD 4.3 billion for the fourth quarter of 2025, a quarterly decrease of 12% and a year-on-year increase of 15%, which is 16% higher than market consensus. Core revenue was HKD 5.5 billion, down 12% quarter-on-quarter but up 17% year-on-year, exceeding market expectations by 2%, mainly driven by increased listing fees and custody fees.

The bank noted that HKEX's investment income for the last quarter was HKD 1.2 billion, which was 45% higher than market expectations, partly due to non-listed equity gains of HKD 163 million and foreign exchange gains of HKD 53 million recorded during the quarter. Operating expenses increased by 4% year-on-year, mainly due to rising depreciation costs, but were 9% lower than market expectations. A second interim dividend of HKD 6.52 per share was declared, with a payout ratio of approximately 89%. The rating is "Buy," with a target price of HKD 505

### Related Stocks

- [00388.HK - HKEX](https://longbridge.com/en/quote/00388.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.