[TrueZhuo Hong Kong Stock Market Trends] HKEX (00388.HK): Ranked first globally in IPO fundraising for the first three quarters

Hong Kong Exchanges and Clearing Limited (00388.HK) $HKEX(00388.HK) reported record-high revenue and profit for the third consecutive quarter in Q3 2025. Quarterly attributable profit reached HK$4.9 billion, surging 56% year-on-year. The growth was mainly driven by record-high spot market turnover, which boosted core business revenue by 54% YoY. In terms of operational data, the average daily turnover in the spot market increased by 141% YoY, while the average turnover of Stock Connect programs (Southbound and Northbound) rose by 285% and 144% YoY respectively.

For the first three quarters of 2025, attributable profit grew 45% YoY to HK$13.419 billion, also setting a new nine-month record. During the period, the average daily volume of stock options contracts also hit a record. The IPO market performed strongly, raising HK$188.3 billion in the first three quarters, ranking first globally; as of the end of the quarter, there were 297 listing applications in the pipeline.

The quarter also saw multiple strategic developments, including the implementation of the first phase of reducing minimum tick sizes and the release of a consultation paper on shortening the stock settlement cycle. To enhance global connectivity, HKEX signed an MoU with Abu Dhabi Securities Exchange and officially included Hong Kong as an LME delivery location. Looking ahead, management stated they will continue investing in building a diversified asset ecosystem, with market turnover remaining strong so far in Q4.

Source: KGI Asia