Hong Kong Exchanges and Clearing (388) Q3 2025 earnings summary

Executive summary

• Achieved record revenue and profit for Q3 2025 and the first nine months of 2025, driven by robust volumes in Cash and Derivatives markets and strong IPO activity.

• Maintained position as the world's top IPO venue YTD 2025, with a strong pipeline of 297 active applications as of 30 September 2025 and IPO/follow-on funds raised more than doubling year-over-year.

• Advanced strategic initiatives including China market integration, market connectivity enhancements, new product launches, technology upgrades, and green finance partnerships.

Financial highlights

• YTD Q3 2025 revenue and other income: HK$21.9b, up 37% YoY; Q3 2025: HK$7.8b, up 45% YoY and 8% QoQ.

• YTD Q3 2025 profit attributable to shareholders: HK$13.4b, up 45% YoY; Q3 2025: HK$4.9b, up 56% YoY and 10% QoQ.

• EBITDA for YTD Q3 2025: HK$17.2b, up 48% YoY; Q3 2025: HK$6.2b, up 59% YoY.

• Basic EPS YTD Q3 2025: HK$10.62, up 45% YoY; Q3 2025: HK$3.88, up 56% YoY.

• Headline ADT on the Stock Exchange: HK$256.4b, up 126% YoY.

Outlook and guidance

• Strong IPO pipeline and continued global investor interest in Chinese assets expected to support future growth.

• Ongoing focus on strategic initiatives to enhance liquidity, diversification, global connectivity, and product innovation.

• Net Investment Income expected to be affected by margin collateral enhancements, fluctuating HIBOR, and External Portfolio redemption.