<div id="readability-page-1">Hong Kong Exchanges and Clearing (HKEX), which operates Asia’s third-largest stock exchange, reported a record-high annual profit for the second straight year, thanks to higher market turnover and robust listing activity, it said in a stock exchange filing on Thursday. Net profit in 2025 increased 36 per cent to HK$17.75 billion (US$2.28 billion), or HK$14.05 per share, from HK$13 billion a year earlier, which was also a record. The result beat market expectations of HK$17.44 billion. The bourse operator proposed a second interim dividend of HK$6.52 per share, bringing the total to HK$12.52 for the year, versus HK$9.26 in 2024, and maintaining the payout at 90 per cent of earnings. Net profit in the final three months of 2025 also jumped 15 per cent to HK$4.34 billion, from HK$3.78 billion a year earlier. This also beat the market estimate at HK$3.8 billion. “In 2025, HKEX reinforced its role as a global superconnector, regained its position as the world’s leading venue for IPOs and set new trading as well as financial performance records,” HKEX CEO Bonnie Chan Yiting said in the result announcement. “While we expect volatility to persist amid the prevailing macro landscape in 2026, we also see cause for optimism in capital markets as global investors adjust to the ongoing uncertainty of an increasingly multipolar world by seeking diversification and risk management opportunities in Asian and specifically Chinese assets.” She will meet the media this afternoon to discuss the result and the company’s future plans. HKEX shares fell 0.8 per cent on Thursday morning before the results announcement. The bourse is expected to introduce more reforms in the coming year. Financial Secretary Paul Chan Mo-po, in his budget speech on Wednesday, said the exchange would consult the market on how to shorten transaction settlement times from the current two days after transaction to one day, known as T+1. He also said the exchange would propose in the first quarter how to reform the weighted voting rights of companies and explore measures to attract international companies for secondary listings in Hong Kong. The exchange’s strong profits were driven by rising daily stock turnover, which increased 90 per cent to HK$249.8 billion in 2025, lifting HKEX’s trading fee income by 80 per cent to HK$6.17 billion and clearing fees by 58 per cent to HK$5.71 billion, according to its filing.  The surge in market turnover came amid a broader market rally, with the benchmark Hang Seng Index jumping 28 per cent last year as international investors rushed to buy mainland tech stocks. Meanwhile, HKEX also introduced several reforms to attract listings by mainland firms, leading to a 9 per cent increase in listing fees to HK$964 million in 2025. The main board reclaimed the global top spot for IPO fundraising in 2025 after a prolonged slump, with 114 companies raising US$37.22 billion, according to LSEG Data &amp; Analytics. The resurgence came after two lacklustre years. Hong Kong’s IPO value fell to a 20-year low of US$5.9 billion from 68 listings in 2023, ranking eighth worldwide. In 2024, 64 IPOs raised US$11 billion, placing the city fifth globally. HKEX booked a net investment gain of HK$1.87 billion from its portfolio of global stocks and bonds last year, up 7 per cent from a HK$1.75 billion gain in 2024. All futures and options contracts traded averaged 1.7 million per day in 2025, 7 per cent higher than a year earlier, setting a record for the fourth consecutive year. Average daily turnover of derivative warrants and other derivative products rose 55 per cent to HK$18.3 billion last year. The stock exchange also handled 39 billion yuan (US$5.7 billion) of yuan-denominated bond transactions per day by offshore investors through the Bond Connect scheme, a 6 per cent decrease from a year earlier.</div>

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<p>Hong Kong Exchanges and Clearing (HKEX) reported a record annual profit of HK$17.75 billion for 2025, a 36% increase from the previous year, driven by higher market turnover and robust IPO activity. The exchange proposed a second interim dividend of HK$6.52 per share. Daily stock turnover surged 90% to HK$249.8 billion, boosting trading fee income by 80%. HKEX reclaimed the global top spot for IPO fundraising with 114 companies raising US$37.22 billion. CEO Bonnie Chan expressed optimism for capital markets despite expected volatility in 2026.</p>

HKEX profit jumps 36% to record high on surging turnover, IPOs