Hong Kong Exchanges & Clearing Ltd. · HKEX:388
Hong Kong Exchanges & Clearing — 1H 2025 Earnings Presentation
26 slides from Hong Kong Exchanges & Clearing's earnings presentation, Aug 20, 2025
Slide 1: 2025 Interim Results Media Briefing
2025 Interim Results Media Briefing 20 August 2025
Slide 2: Disclaimer
Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of a
Slide 3: Agenda
Agenda 01 | 1H 2025 Key Highlights 02 | HKEX Group Financial Review 03 | Business and Strategic Update 04 | Appendix 3
Slide 4: 1H 2025 Key Highlights
1H 2025 Key Highlights Record half-yearly revenue and profit Revenue and other income Profit attributable to shareholders 1H 2025: HK$14.1b (+33% YoY) 1H 2025: HK$8.5b (+39% YoY) Q2 2025: HK$7.2b (+33% YoY, +5% QoQ) Q2 2025: HK$4.4b (+41% YoY, +9% QoQ) Continued strategic progress Diversification de
Slide 5: HKEX Group Financial Review
HKEX Group Financial Review
Slide 6: 1H 2025: Record half-yearly revenue & profit
1H 2025: Record half-yearly revenue & profit Core business revenue(2) Revenue and other income(3) EBITDA 1H 2025: HK$13.0b (34% YoY) 1H 2025: HK$14.1b (33% YoY) 1H 2025: HK$10.9b (43% YoY) Q2 2025: HK$6.6b (32% YoY) Q2 2025: HK$7.2b (33% YoY) Q2 2025: HK$5.7b (44% YoY) Profit attrib. to shareh
Slide 7: Best-ever half-yearly revenue & profit thanks to record volumes in Cash and Derivatives markets
1H 2025 vs 1H 2024 Best-ever half-yearly revenue & profit thanks to record volumes in Cash and Derivatives markets Revenue and Operating Profit attributable to HKEX EBITDA other income(1) expenses(2) shareholders(3) (HK$ m) Total Core business Total Core business Total Core business Total Core busin
Slide 8: Record quarterly revenue & profit driven mainly by higher volumes in Cash Market
Q2 2025 vs Q2 2024 Record quarterly revenue & profit driven mainly by higher volumes in Cash Market Revenue and Operating Profit attributable to HKEX EBITDA other income(1) expenses(2) shareholders(3) (HK$ m) Total Core business Total Core business Total Core business Total Core business + 33% + 32%
Slide 9: Q2 2025 performance above historical trendline, supported by vibrant market activity
Quarterly performance Q2 2025 performance above historical trendline, supported by vibrant market activity Quarterly performance 7,219 Profit attributable to Shareholders (HK$ m) 6,857 Revenue and Other Income (1) Operating Expenses (2) 6,381 5,956 EBITDA 5,685 5,558 5,309 5,309 5,420 5,372 5,201 5,
Slide 10: NII driven by higher Margin Fund size and a non-recurring FX gain
Net investment income (NII) – 1H 2025 vs 1H 2024 NII driven by higher Margin Fund size and a non-recurring FX gain 1H 2025: HK$2,875m (1H 2024: HK$2,521m) Net investment income by funds Average fund size (HK$ m) (HK$ b) 263.6 Corporate Funds Corporate Funds Margin Clearing House (Internal) 231.6 36.
Slide 11: Opex up 6% to reflect prudent investment in talent, infrastructure and operational excellence
Operating expenses and depreciation & amortisation – 1H 2025 vs 1H 2024 Opex up 6% to reflect prudent investment in talent, infrastructure and operational excellence Staff costs and IT & computer HKEX Foundation Other operating Depreciation & Premises expenses Professional fees Total opex(2) related
Slide 12: Business and Strategic Update
Business and Strategic Update
Slide 13: Strong performance in 1H 2025
Strong performance in 1H 2025 : record half-yearly high in 1H 2025 Cash Market records half-yearly high Strategic diversification continues to yield results Average Daily Turnover (ADT) Derivatives LME Value (HK$ b) Record high ADV 1.7m contracts ADV 715,000 lots (up 11% YoY) (up 3% YoY) Connect pro
Slide 14: Strong momentum in derivatives and LME ADV sustained in 1H 2025
Strong momentum in derivatives and LME ADV sustained in 1H 2025 Derivatives ADV hits record half-yearly high Strong recovery in LME volumes ADV (in ’000) ADV (in ’000) FY21-24 1,700 715 CAGR +10% 1,551 FY21-24 664 1,354 CAGR +7% 1,303 1,175 562 547 506 FY2021 FY2022 FY2023 FY2024 1H 2025 FY2021 FY20
Slide 15: Strategic delivery in 1H 2025
Strategic delivery in 1H 2025 Build on our China strength Enhance market vibrancy • Connect programmes’ enhancement and expansion • Provide a liquid and vibrant marketplace • Integrate China strategy across business • Grow product, client and issuer ecosystems • Creating more China opportunities for
Slide 16: Looking ahead
Looking ahead ➢ HKEX delivered best-ever half-yearly results in 1H 2025, driven by record half-yearly volumes in the Cash and Derivatives markets. We regained our position as the world’s No.1 IPO venue, with IPO and follow-on funds raised more than doubled, and enter 2H 2025 with a robust IPO pipeli
Slide 17: Thank you - Q&A Session
Welcome Welcome Thank questions questions you Q&A Session Q&A Session
Slide 18: Appendix
Appendix
Slide 19: Record quarterly revenue and profit despite slightly lower trading volumes vs record Q1
Q2 2025 vs Q1 2025 Record quarterly revenue and profit despite slightly lower trading volumes vs record Q1 Revenue and Operating Profit attributable to HKEX EBITDA other income(1) expenses(2) shareholders(3) (HK$ m) Total Core business Total Core business Total Core business Total Core business + 5%
Slide 20: NII driven by higher Margin Fund size and a non-recurring FX gain
Net investment income (NII) – Q2 2025 vs Q2 2024 NII driven by higher Margin Fund size and a non-recurring FX gain Q2 2025: HK$1,542m (Q2 2024: HK$1,179m) Net investment income by funds Average fund size (HK$ m) (HK$ b) 279.9 Corporate Funds Corporate Funds Margin Clearing House (Internal) Funds 243
Slide 21: Opex up 5% to reflect prudent investment in talent, infrastructure and operational excellence
Operating expenses and depreciation & amortisation – Q2 2025 vs Q2 2024 Opex up 5% to reflect prudent investment in talent, infrastructure and operational excellence Staff costs and IT & computer HKEX Foundation Other operating Depreciation & Premises expenses Professional fees Total opex(2) related
Slide 22: Financial highlights – Income Statement
Financial highlights – Income Statement (HK$ m, unless stated otherwise) 1H 2025 1H 2024 YoY Change Revenue and other income 14,076 10,621 33% Less: Transaction-related expenses (164) (166) (1%) Revenue and other income less transaction-related expenses 13,912 10,455 33% Operating expenses (2,973) (
Slide 23: Performance by operating segment
Performance by operating segment Data and Corporate Group Group HK$ m Cash Derivatives Commodities Connectivity Items 1H 2025 1H 2024 Revenue and other income 6,699 3,553 1,514 1,104 1,206 14,076 10,621 % of Group Total 48% 25% 11% 8% 9% 100% 100% Less: Transaction-related expenses (6) (158) - - - (
Slide 24: Global indices and key market data performance
Global indices and key market data performance Global market comparison Key market indicators (Q1 2023 – Q2 2025) HSI CSI 300 S&P 500 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 170 +65% 160 150 140 Derivative ADV 130 1,418 1,316 1,336 1,343 1,500 1,565 1,482 1,654 1,866 1,535 120 ('
Slide 25: Continuous ADR conversion and trading migration from China concept homecoming
Continuous ADR conversion and trading migration from China concept homecoming Top 10 Secondary and ADR conversion to HK CCASS Trading shares in HK(3) Dual Primary Listings(1) Market HKEX trading volume HK IPO HK freely traded shares(2) Stock Name Cap Date IPO date 30 Jun 2025 1H 2024 1H 2025 (HK$ b)
Slide 26: Stock Connect – trading trends
Stock Connect – trading trends Stock Connect generated record half-yearly revenue of HK$1,813m in 1H 2025 (up 51% YoY) Stock Connect average daily turnover in value (HK$ b) Shenzhen Southbound Shenzhen Northbound (1) Total average daily turnover in value (2) NB record of SB record of Shanghai Southb
Hong Kong Exchanges and Clearing — 1H 2025 Earnings Presentation on 6ix