Hong Kong Exchanges and Clearing (388) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and profit for the second consecutive year in 2025, with revenue up 30% and profit attributable to shareholders up 36% year-over-year, driven by strong trading volumes and renewed investor confidence.

• Regained position as the world’s leading IPO venue, raising $286.9 billion from 119 listings, a 226% increase from 2024, and set new trading records across Cash, Derivatives, Commodities, and ETP markets.

• Strategic initiatives included new IPO price discovery rules, expansion in specialist technology issuers, launch of new indices, and enhancements in market microstructure and technology.

• Expanded product offerings in derivatives, fixed income, and commodities, including the launch of the HKEX Tech 100 Index and investment in CMU OmniClear.

• Strengthened regional and global connectivity, with new partnerships, increased listings from the Middle East and Southeast Asia, and community engagement initiatives.

Financial highlights

• Revenue and other income reached $29,161 million (+30% YoY); core business revenue was $27,103 million (+32% YoY).

• Profit attributable to shareholders was $17,754 million (+36% YoY); basic EPS was $14.05 (+36% YoY).

• EBITDA was $22,796 million (+40% YoY), with EBITDA margin at 79%.

• Full year dividend per share was $12.52 (+35% YoY), with a payout ratio of 90%.

• Headline ADT reached $249.8 billion, up 90% year-over-year; derivatives and commodities trading volumes increased by 7% and 8%, respectively.

Outlook and guidance

• Entered 2026 with a robust IPO pipeline of over 400 active applications and strong turnover.

• Focus on enhancing the multi-asset ecosystem, expanding beyond equities into fixed income, currency, and commodities, and investing in technology and regional connectivity.

• Net investment income expected to be affected by revised margin collateral arrangements, HIBOR fluctuations, and external portfolio redemptions.

• Continued investment in technology, market structure, and infrastructure modernization to capture growth opportunities.

• Expect continued volatility in 2026 due to macroeconomic and geopolitical uncertainties.