CT-HKEX@EC2608A

Citibank Reports: Hong Kong Exchange's Q4 2025 Net Profit Exceeds Market Expectations

HKEx reports a 15% YoY profit increase for Q4 2025

Hong Kong Exchange reports 36% increase in full-year profit to HKD 17.75 billion in 2025

Hong Kong Exchange Surpasses Expectations in Annual Revenue and Net Profit

Huayuan Securities Issues Buy Rating in First Coverage of HKEX

Securities and Futures Commission Launches Measures to Solidify Hong Kong's Position as International Financial Center

SFC Issued Global Temporary Injunction Against Ex-HKEX Employee

Hong Kong Releases 2026-27 Budget to Consolidate Trade Hub Status

HKEx Welcomes Budget Proposals for Market Reforms

HKMA and SEHK Researching Establishment of One-Stop Multi-Asset Post-Trading Infrastructure

HKEX plans to push for revisions to differential voting rights for companies going public

Hong Kong Government's Budget Proposal Promotes Aerospace Industry Development

HKEX Considers Expanding Confidential IPO Application Scope

HKEX to Release 2025 Annual Results

HKEX CEO Chen Yiting Speaks at New Year Opening Ceremony, Emphasizes Exchange Development Strategy

HKEX to release FY2025 earnings report on February 26, pre-market (BJT), forecast revenue HKD 28.59 B, EPS HKD 13.5657

Goldman Sachs Maintains 'Buy' Rating on HKEX

Huatai Securities Maintains Buy Rating on HKEX

HKEX Considers Expanding Confidential IPO Submission Scope

Morgan Stanley Forecasts HKEX Q4 Performance and Maintains Overweight Rating

KEEN OCEAN

CCOE

EPI (HOLDINGS)

FULUM GP HLDG

MS CONCEPT

CT IND GROUP

MAN SHUN GP

NANFANG COMM

EMINENCE ENT

REGAL PARTNERS

00388

JP Morgan released a report stating that HKEX's net profit for the fourth quarter of 2025 is expected to be HKD 4.3 billion, a year-on-year increase of 15%, exceeding expectations by 19%. The annual net profit is HKD 17.8 billion, an increase of 36%. Despite a decline in trading and settlement fee income, non-listed equity investments brought in HKD 163 million in non-recurring income, driving strong performance in net investment income. JP Morgan maintains an "overweight" rating on HKEX, with a target price of HKD 540

AASTOCKS

HKEX

"Major Banks" JP Morgan: HKEX's profits were strong last quarter, maintaining an "Overweight" rating

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: HKEX's revenue and costs last quarter exceeded expectations

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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.

南华早报

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A GX HSICC

Hang Seng Index

FL2 CSOP HSCEI

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

HKXCY

Hong Kong Exchanges and Clearing's Profit Rises 15% in Q4

marketscreener

Hong Kong Exchanges and Clearing (HKEX)

Hong Kong Exchanges and Clearing's Profit Rises 15% in Q4

Hong Kong Exchanges & Clearing (HKEX) reported a 15% increase in quarterly net profit to HK$4.335 billion and revenue to HK$7.31 billion, driven by strong trading activity. The average daily turnover rose 23% to HK$229.8 billion. HKEX anticipates continued volatility in 2026 but remains optimistic about capital markets as investors seek diversification. The IPO pipeline is robust, with over 400 active applications, and 119 new listings raised HK$286.9 billion in 2025, making Hong Kong the top global market for IPOs.

MorningStar

HKEX Profit, Revenue Rise as Trading Activity Grows

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[HONG KONG] Hong Kong Exchanges and Clearing, the city’s bourse operator, posted record full-year profit of HK$17.7 billion (S$2.85 billion) for 2025 as a surge in equity trading and a rebound in listings drove earnings to new highs.Profit for Hong Kong Exchanges and Clearing last year rose by 36 per cent from HK$13.1 billion in 2024, according to its earnings results. REUTERS

Businesstimes News

FI2 CSOP HSI

Hong Kong bourse full-year profit rises 36% to new high

Hong Kong Exchanges and Clearing (HKEX) reported record trading and financial performance for 2025, regaining its position as the world's leading IPO venue. The company is modernizing its infrastructure and expanding its product ecosystem, including new biotech indices and ETFs. HKEX also marked its 25th listing anniversary, established a Dubai subsidiary, and deepened ties with regional exchanges. The latest analyst rating for HKEX stock is a Buy with a price target of HK$550.00, reflecting confidence in its strategy to attract global capital and enhance risk management tools.

Tip Ranks

HKEX Posts Record 2025, Regains Top Global IPO Spot and Expands Product Ecosystem

Hong Kong Exchanges and Clearing Limited (HKEX) has declared a second interim dividend of HK$6.52 per share for the financial year ending 31 December 2025, payable on 25 March 2026. Shares will trade ex-dividend on 11 March 2026, with a record date of 16 March 2026. This announcement reflects HKEX's commitment to returning cash to shareholders and confidence in its earnings. The stock currently has a Buy rating with a price target of HK$550.00 and a market cap of HK$523.4B.

HKEX Announces Second Interim Dividend of HK$6.52 Per Share for 2025

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The Hong Kong Exchanges and Clearing's net profit last year rose 36% year-on-year to HKD 17.75 billion, exceeding expectations, with the second interim dividend increasing to HKD 6.52

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The Hong Kong Stock Exchange's net profit last year rose 36% year-on-year to HKD 17.75 billion, exceeding expectations, with the second interim dividend increasing to HKD 6.52

The Hong Kong Exchanges and Clearing (HKEX) will complete the review of the listing regulations related to aerospace companies within this year and propose a consultation. The government has requested HKEX to review the listing rules to attract more aerospace companies to list in Hong Kong. Currently, Chapters 18A and 18C facilitate the listing of biotechnology and specialized technology companies, and it remains to be evaluated whether a new chapter should be established or the applicability of existing chapters should be expanded, which has raised concerns among investors

The Hong Kong Exchanges and Clearing plans to complete the review of the listing of aerospace companies within the year and propose consultations

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The Chairman of HKEX, Paul Chan, stated that HKEX welcomes the market reform measures proposed by the Financial Secretary in the 2026-27 budget aimed at consolidating Hong Kong's status as an international financial center. HKEX will continue to collaborate with the SAR government and all parties to promote market innovation and enhance competitiveness, ensuring the long-term resilience and global influence of Hong Kong's financial markets

ISHARESHSI

HKEX: Welcomes multiple market reform measures in the budget and continues to work with the government to enhance the competitiveness of the financial center

Space Group Terminates Restructuring as HKEX Cancels Listing

Space Group Terminates Restructuring as HKEX Cancels Listing

Today’s Key News Recap

0203 | Dolphin Research Focus: Macro/Industry. In early trading, Hong Kong stocks plunged on unverified tax rumors about revising the High-Tech Enterprise qualification and raising tax rates for internet and gaming. Against the backdrop that VAT changes for the telecom sector have already taken effect, the chatter quickly spread.It triggered a broad selloff across HK tech, internet, and gaming. Valuations were hit in the short term, risk aversion spiked, and funds rotated to safety.Dolphin Research has issued a First Take on this. See 'China ADRs: Tax Hike Rumor — The rationale behind the false alarm'...

Webull

Tesla

Alphabet - C

Alphabet

HKEX-R

Uber Tech

Palantir Tech

EASTROC

EASTROC BEVERAGE

WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

Tax-hike rumors rattled the market; Dongpeng Beverage's debut was 'lukewarm' | Daily News Recap

0109 | Dolphin Research Focus. 🐬 Macro/Industry 1) HKEX announced it will add six stock options effective Jan 19, covering names such as Zijin Gold Intl, Laopu Gold, and Horizon Robotics.The additions broaden derivatives choices and offer more risk management tools. They should also help lift liquidity in the underlying names.🐬 Single Stock 1) $Taiwan Semiconductor(TSM.US) TSMC reported Dec revenue of NT$335.03bn, down 2.5% MoM but up 20.4% YoY. 2025 YTD revenue rose 31.6% YoY...

Apple

Taiwan Semiconductor

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

LAOPU GOLD

Laopu Gld HK SDR 50to1

Direxion Auspice Broad COM

TSM Q4 rev. seen >NT$1 tn; GOOGL integrates Gemini into Gmail | Daily News Recap

Baidu

Hot topic

Appraisal value

Long-rumored Kunlun Chip spin-off is now official as $Baidu(BIDU.US) announced it.On Jan 2, BIDU proposed to spin off Kunlun Chip Technology for an independent listing on the HKEX Main Board, while retaining control (59.45%).BIDU has filed confidentially, and the detailed prospectus is not yet public.Based on available information, Dolphin Research will first outline a few key questions.1. Kunlun Chip's origins and evolution? It traces back to BIDU's FPGA accelerator project launched in 2011...

BIDU-SWR

BIDU-SW

Baidu HK SDR 10to1

BIDU ADR US

Kunlun Chip IPO fast-tracks: Is BIDU's Google moment here?

1209 | Dolphin Research Focus: 🐬 Macro/Industry 1) Hong Kong Exchanges and Clearing Ltd. (HKEX) announced the HKEX Tech 100 Index, tracking the 100 largest Southbound Stock Connect-eligible tech names across six themes, including AI, biotech, and autonomous driving. The index fills a gap for a broad-based vehicle covering diversified China tech in HK and could attract more southbound flows.🐬 Single Stock 1) $NVIDIA(NVDA.US). Trump posted on Truth Social...

NVIDIA

Allianzim US Large Cap Buffer10 Mar ETF

POP MART

Bio-Techne

Mirae Asset Global Investments Co., Ltd.

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Morgan Stanley

LEAPMOTOR

LI AUTO-W

NIO-SW

XPENG-W

POP MART HK SDR 20to1

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

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MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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NIO Inc. USD OV

NIO Inc

XPeng

HKEX debuts flagship Tech Index; NVDA H200 cleared for China exports | Daily News Recap

禾赛科技

Conference Minutes

The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Bloomage Biotech

Renaissance Ipo

Hello

Hesai

Pony AI

PONY-W

JD LOGISTICS

HESAI-W

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

CTG DUTY-FREE

BYD COMPANY

SSE Index

Meta Platforms

Microsoft

BOE VARITRONIX

Amazon

Coinbase

OpenAI

Destiny Tech100

BYD Company Limited

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company

The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today's Important News Recap

0324 ｜ Dolphin Research focuses on: 🐬 Macro/Industry 1. The first batch of individual stock leveraged and inverse products in Asia has been listed on the Hong Kong Stock Exchange, marking a significant development in the ETP field for the Hong Kong Stock Exchange, as Asian investors can now go long or short on popular U.S. stocks with 2x leverage during the day. The first batch of individual stock leveraged and inverse products includes several popular stocks, including NVIDIA and Tesla. 2. The National Press and Publication Administration is publicly soliciting opinions on the &#34;Regulations on Promoting National Reading (Draft for Comments).&#34; It mentions that the country is implementing a national reading promotion strategy...

Direxion Semicon Bull 3X

The first batch of leveraged and inverse ETFs for US stocks in Asia has arrived; BYD will announce its financial report tonight | Review of today's important news

$HKEX(00388.HK) hit a new high since October 2024. Earnings report will be released tomorrow, and today's Hong Kong budget also introduced a series of supportive measures. How can you not be bullish? Budget highlights: 1. Improve the trading unit system.Interpretation: Hong Kong stocks may no longer trade in board lots, which could better match the liquidity characteristics and investment needs of different sized stocks, facilitating trading and improving efficiency. Simply put, the entry barrier for some very expensive stocks will be lowered. 2. Listing reform - review listing requirements and post-listing continuous obligations; examine listing rules and arrangements to improve approval processes; optimize dual-primary listing and secondary listing thresholds.Interpretation: Simplify procedures to attract more companies to IPO in Hong Kong, and even learn from the US by introducing an OTC mechanism after delisting - meaning you can make money from IPOs and still profit after delisting.3. Expand into ASEAN and Middle East markets - strengthen promotion in ASEAN and Middle East, explore cooperation opportunities including ETF listings, increase recognition of overseas exchanges, and facilitate more overseas companies to conduct secondary listings in Hong Kong.Interpretation: This is self-explanatory - the Middle East is swimming in oil money, who wouldn't want a piece? 4. Promote more private equity funds listing in Hong Kong.Interpretation:More flexibility in issuance and listing of structured products, continuing to make money.5. Technical support for T+1 securities settlement cycle by year-end.6. Implement paperless securities market system by early 2026.Interpretation: This... no comment

$XTALPI(02228.HK) plans to go to the rooftop of HKEX to cool down and think...

XTALPI

【00325 Buluke - Lottery Results Announcement Notice】As the HKEX FINI system has not yet provided the lottery results for【00325 Buluke】, the entire market has not announced the lottery results.$BLOKS(00325.HK) The damn HKEX is down, everyone just stay calm.

BLOKS

CT-HKEX@EC2608A(25147.HK)

"Major Banks" JP Morgan: HKEX's profits were strong last quarter, maintaining an "Overweight" rating

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

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

Hong Kong Exchanges and Clearing's Profit Rises 15% in Q4

HKEX Profit, Revenue Rise as Trading Activity Grows