HKEX Reports Record Revenue and Other Income in H1 2025

Reclaiming its title as the world’s top listing destination, the Asian financial hub Hong Kong Exchanges and Clearing Ltd (HKEX) on Wednesday reported a revenue and other income of more than $14.07 billion, which was 33% higher than the corresponding period in 2024.

HKEX also reported that its first-half profit rose 39% to a record $1.09 billion, beating analysts’ estimates at $1.04 billion. It also surpassed the previous half-yearly record profit of $890 million in the second half of 2024.

The core business revenue was up 34% against H1 2024, reflecting record half-yearly volumes in the cash market and stock options market, higher depository fees, and higher net investment income from increase in margin fund size.

The net investment income from corporate funds during Q2 2025 stood at $528 million compared with $366 million during the same period last year, and this was driven by higher net investment income from internally managed corporate funds, which was further boosted by a non-recurring exchange gain driven by appreciation of USD against HKD.

HKEX said that renewed global investor interest in China-related assets pushed earnings to new highs, driven by optimism in China’s economic outlook and supportive policies, as well as exciting developments in artificial intelligence and innovation.

“An increase in listings from Chinese and international issuers propelled Hong Kong back to its position as the world’s number one IPO venue” in the first half of 2025, HKEX said.

There were 44 new listings this year and the HKEX has 207 active IPO applications as of the end of June this year, more than double the 84 applications at end-December last year.

Best-ever Financial Results

HKEX CEO Bonnie Y Chan said that the bourse started 2025 from a position of strength, reporting the Group’s best-ever half-yearly revenue and profit. Volumes in the Cash Market, Derivatives Market and Stock Connect all reached record half-yearly highs.

The Exchange also continued to make strategic progress in the first half of 2025, from diversifying our product ecosystem to enhancing our listing framework, and from breaking new ground in our commodities business to marking a new milestone in the development of Hong Kong’s FIC ecosystem, he said.

After receiving a record number of listing applications over a six-month period, HKEX entered the second half of 2025 with new initiatives that are underway to further enhance the competitiveness and attractiveness of our markets, including preparations for a shorter cash market settlement cycle, the expansion of our paperless listing regime, as well as implementing enhanced IPO price discovery requirements and the first phase of reduced minimum spreads, he explained.

“Looking to the rest of the year and beyond, we at HKEX are committed to continuously enhancing our platforms, our infrastructure, and our products, to provide investors and issuers with the diversification, liquidity and connectivity they need to navigate the dynamic global macroeconomic environment,” he added.

Operating expenses were up 6% against H1 2024, due to a $90 million fine paid to the FCA in H1 2025, and a recovery of legal fees of $50 million in H1 2024, both relating to events in the nickel market in 2022. Excluding the FCA fine and recovery of legal fees, operating expenses were up 1 per cent.

EBITDA margin was 79%, 6 percentage points higher than H1 2024 and the Group’s effective tax rate increased to 15.8% in H1 2025 vs 11% in H 2024, due to provision for the new top-up tax under the Pillar Two model rules.