Boosted by surging trading volumes and IPOs, HKEX’s third-quarter profit soared 56%.
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Hong Kong Exchanges and Clearing Limited (HKEX) achieved a record high in its third-quarter performance, with net profit soaring to HK$4.9 billion. Robust trading activity and an IPO boom were the main drivers of this growth.
On November 5, HKEX’s latest financial report showed that its third-quarter net income reached HK$4.9 billion (US$630 million), a significant 56% increase compared to the same period last year.
The report also showed that third-quarter revenue and other income were HK$7.775 billion, up 45% compared to the third quarter of 2024. Core business income rose 54% from the same period in 2024, driven by a record high in spot market trading volume, resulting in increased trading and clearing fees.
(Image source: HKEX Q3 report)
It is noteworthy that HKEX’s revenue, other income, and profit all reached all-time highs in the first three quarters of 2025.
Among them, total revenue and other income for the first three quarters of 2025 amounted to HK$21.851 billion, up 37% from the first three quarters of 2024. Core business income increased by 41% compared to the same period in 2024, due to record trading volumes in the spot and stock options markets, leading to higher trading and clearing fees.
Net profit for the first three quarters was HK$13.419 billion, up 45% compared to the same period in 2024.
HKEX CEO Bonnie Chan said, "HKEX continues to capture global diversification trends and the attractiveness of Chinese assets." Hong Kong is on track to reach a four-year high in IPO fundraising, mainly benefiting from inflows from Mainland China IPOs and a revival of global interest in Chinese assets.
The Hang Seng Index surged 29% in the third quarter, driving record trading in stocks and derivatives and delivering substantial returns for the exchange.
Core Revenue Soars, IPOs Surge
HKEX’s core businesses performed strongly, with trading and clearing fee income increasing by 54% in Q3, reaching HK$7.5 billion. This growth was mainly driven by an explosive increase in stock trading volume.
Overall stock trading volume doubled in the third quarter. Even more noteworthy, Mainland investors’ trading volume through the Stock Connect mechanism more than tripled, reflecting strong Mainland capital interest in the Hong Kong market.
Meanwhile, Hong Kong’s IPO market performed impressively in the first nine months of 2024. 69 companies raised HK$188.3 billion through initial public offerings, far exceeding the HK$55.6 billion raised in the same period of 2024.
Secondary market share sales also performed strongly, raising HK$264.1 billion in the first nine months. As of the end of September, HKEX had an active pipeline of 297 companies seeking IPOs, providing ample reserves for future growth.
Analysts point out that HKEX’s soaring performance reflects a shift in global investors’ attitudes toward Chinese assets. The enthusiasm of Mainland companies to list in Hong Kong, combined with renewed international investor attention, has jointly driven a revival in Hong Kong’s capital markets.
The Hang Seng Index’s 29% quarterly gain not only fueled a surge in trading volume but also boosted market confidence, creating a favorable environment for more companies choosing Hong Kong as a listing destination. This trend is expected to continue through year-end, supporting HKEX’s continued strong growth momentum.
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