Hong Kong Exchanges & Clearing Ltd. · HKEX:388
Hong Kong Exchanges & Clearing — 1H 2026 Earnings Presentation
33 slides from Hong Kong Exchanges & Clearing's earnings presentation, Aug 19, 2026
Slide 1: 2026 Interim Results Analyst Presentation
2026 Interim Results Analyst Presentation Bonnie Y Chan Chief Executive Officer, HKEX Group Herbert Hui Group Chief Financial Officer, HKEX Group 19 August 2026
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 2026 Key Highlights 02 | HKEX Group Financial Review 03 | Business Update, Conclusion & Looking Ahead 04 | Appendix 3
Slide 4: 1H 2026 Key Highlights
1H 2026 Key Highlights Record results and fruitful strategic progress Revenue and other income Profit attributable to shareholders 1H 2026: HK$16.7b (+19% YoY) 1H 2026: HK$10.6b (+24% YoY) Q2 2026: HK$8.5b (+18% YoY, +4% QoQ) Q2 2026: HK$5.4b (+21% YoY, +4% QoQ) Cash • Launched minimum spreads reduc
Slide 5: HKEX Group Financial Review
HKEX Group Financial Review
Slide 6: 1H 2026: Record half-yearly revenue and profit
1H 2026: Record half-yearly revenue and profit Core business revenue(1) Revenue and other income(2) EBITDA 1H 2026: HK$15.5b (19% YoY) 1H 2026: HK$16.7b (19% YoY) 1H 2026: HK$13.4b (23% YoY) Q2 2026: HK$7.8b (17% YoY) Q2 2026: HK$8.5b (18% YoY) Q2 2026: HK$6.8b (20% YoY) Profit attrib. to shar
Slide 7: Record half-yearly revenue and profit driven by record market volumes
1H 2026 vs 1H 2025 Record half-yearly revenue and profit driven by record market volumes in Cash, Derivatives and Commodities Revenue and Operating Profit attributable to HKEX EBITDA other income(1) expenses(2) shareholders(3) (HK$ m) Total Core business Total Core business Total Core business Total
Slide 8: Record quarterly revenue and profit driven by higher market volumes
Q2 2026 vs Q2 2025 Record quarterly revenue and profit driven by higher market volumes in Cash, Derivatives and Commodities 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 C
Slide 9: Continued market momentum in 1H 2026 – Quarterly performance
Quarterly performance Continued market momentum in 1H 2026 Quarterly performance 8,499 (HK$ m) Profit attributable to Shareholders 8,203 Revenue and Other Income (1) 7,775 (2) Operating Expenses 7,310 7,219 EBITDA 6,857 6,819 6,592 6,381 6,225 5,956 5,685 5,632 5,558 5,309 5,309 5,420 5,372 5,254 5,
Slide 10: Lower Margin Funds NII partly offset by non-recurring valuation gains
Net investment income (NII) – 1H 2026 vs 1H 2025 Lower Margin Funds NII partly offset by non-recurring valuation gains Net investment income by funds Average fund size Total NII 1H 2026: HK$2,560m (1H 2025: HK$2,875m) (HK$ b) 340.0 37.4 (HK$ m) 263.6 36.4 Corporate Funds Corporate Funds Corporate Fu
Slide 11: Opex up 9% excluding non-recurring items
Operating expenses and Depreciation & amortisation – 1H 2026 vs 1H 2025 Opex up 9% excluding non-recurring items, reflecting investment in talents to build our multi-asset ecosystem Staff costs and IT & computer HKEX Foundation Other operating Depreciation & Premises expenses Professional fees Total
Slide 12: Business Update, Conclusion & Looking Ahead
Business Update, Conclusion & Looking Ahead
Slide 13: Record Performance in 1H 2026
Record Performance in 1H 2026 : record half-yearly high in 1H 2026 Cash Market records half-yearly high Strategic diversification continues to yield results Headline ADT (HK$ b) Derivatives LME 290 ➢ Record ADV 1.8m contracts (up 6% YoY) ➢ Record ADV 844,000 lots (up 18% YoY) 286 277 243 Connect pro
Slide 14: Strong Momentum in Derivatives and LME Sustained in 1H 2026
Strong Momentum in Derivatives and LME Sustained in 1H 2026 Derivatives ADV hits record half-yearly high LME volumes hit record half-yearly high ADV (in ’000) ADV (in ’000) FY21-25 1,809 CAGR +9% 844 1,663 FY21-25 1,551 CAGR +7% 1,303 1,354 717 1,175 664 547 562 506 FY2021 FY2022 FY2023 FY2024 FY202
Slide 15: Dual Engines Powering HKEX’s Momentum
Dual Engines Powering HKEX’s Momentum Capital Raising: Secondary Market: Healthy IPO Pipeline from Multiple Drivers Record Trading Activities HKEX listing reforms and initiatives Record half-yearly Cash ADT in 1H 2026, driven by New Chapters: Recent reforms & initiatives: • HK’s balanced and diversi
Slide 16: Multi-Asset Ecosystem: significant progress in FIC & Commodities
Multi-Asset Ecosystem: significant progress in FIC & Commodities to drive business diversification and advance RMB internationalisation Bond & Repo Market FIC Derivatives Market Commodities Settlement / Issuance Trading Futures OTC Futures / Physical Depository Debt Market Development CMU Building O
Slide 17: Future-proof Technology and Operations / Market Structure Reform
Future-proof Technology and Operations Platform Market Structure Reform (1) Modernisation 2026 Jan May Jul Aug Sep Nov ❑ Orion Derivatives New ongoing ❑ Shorter Board lot Minimum ❑ Derivatives ❑ Uncertificated Platform (ODP) public float settlement enhancements spreads clearing Securities – on
Slide 18: Conclusion & Looking Ahead
Conclusion & Looking Ahead • Record half-yearly financial results, with record half-yearly market volumes across 1H 2026 Cash, Stock Connect, Bond Connect, Derivatives and Commodities Record Results with Strong Momentum • A leading fundraising venue, robust IPO pipeline of diverse companies from dif
Slide 19: Thank you – Q&A Session
Welcome Welcome Thank questions questions you Q&A Session Q&A Session
Slide 20: Appendix
Appendix
Slide 21: Q2 2026 vs Q1 2026 profit up 4%
Q2 2026 vs Q1 2026 Profit up 4% mainly due to seasonal increase in depository fees and higher market volumes in Cash and Stock Connect 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 busin
Slide 22: Lower Margin Funds NII partly offset by non-recurring valuation gains
Net investment income (NII) – Q2 2026 vs Q2 2025 Lower Margin Funds NII partly offset by non-recurring valuation gains Net investment income by funds Average fund size Total NII Q2 2026: HK$1,279m (Q2 2025: HK$1,542m) (HK$ b) 336.9 279.9 35.7 (HK$ m) 35.1 Corporate Funds Corporate Funds Corporate Fu
Slide 23: Opex up 11% reflecting investment in talents
Operating expenses and Depreciation & amortisation – Q2 2026 vs Q2 2025 Opex up 11% reflecting investment in talents to build our multi-asset ecosystem Staff costs and IT & computer HKEX Foundation Other operating Depreciation & Premises expenses Professional fees Total opex(2) related expenses main
Slide 24: Financial Highlights – Income Statement
Financial Highlights – Income Statement (HK$ m, unless stated otherwise) 1H 2026 1H 2025 YoY Change Revenue and other income 16,702 14,076 19% Less: Transaction-related expenses (136) (164) (17%) Revenue and other income less transaction-related expenses 16,566 13,912 19% Operating expenses (3,155)
Slide 25: Performance by Operating Segment
Performance by Operating Segment Data and Corporate Group Group HK$ m Cash Derivatives Commodities Connectivity Items 1H 2026 1H 2025 Revenue and other income 8,844 3,428 1,992 1,199 1,239 16,702 14,076 % of Group Total 53% 21% 12% 7% 7% 100% 100% Less: Transaction-related expenses (6) (130) - - - (
Slide 26: Global Indices and Hong Kong Key Market Data Performance
Global Indices and Hong Kong Key Market Data Performance Global market comparison Hong Kong Key market indicators (Q1 2024 – Q2 2026) HSI CSI 300 S&P 500 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 160 +57% 150 +45% 140 Derivative ADV 130 +34% 1,500 1,565 1,482 1,654 1,866 1,535 1,64
Slide 27: 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(2) Dual Primary Listings(1) Market HKEX trading volume HK IPO HK freely traded shares(3) Stock Name Cap Date IPO date 30 Jun 2026 1H 2025 1H 2026 (HK$ b)
Slide 28: Stock Connect – Trading Trends
Stock Connect – Trading Trends Stock Connect generated record half-yearly revenue of HK$2,851m in 1H 2026 (up 57% YoY) Stock Connect average daily turnover in value (HK$ b) Shenzhen Southbound Shenzhen Northbound (1) Total average daily turnover in value (2) NB record of SB record of Shanghai Southb
Slide 29: HKEX Strategy on a Page
HKEX Strategy on a Page PURPOSE To Connect, Promote and Progress our Markets and the Communities they support for the prosperity of all Reinforce our China Strength RMB Internationalisation Connect Enhancement and Expansion Capitalising on Southbound Integrate China strategy across all divisions Fut
Slide 30: The Push–Pull Dynamic Driving Hong Kong’s Market Momentum
The Push–Pull Dynamic Driving Hong Kong’s Market Momentum Global Push, China Pull: HKEX at the Forefront of Capital Flows Push Pull China’s evolving development model Global capital seeking diversification Shift toward high-value innovation Chinese Mainland companies Investors pursuing diversified l
Slide 31: Driving the Next Decade of Connectivity
Driving the Next Decade of Connectivity Connecting China, Connecting the World • Capital raising centre and liquidity hub of choice connecting Chinese opportunities with global investors • IFC connecting international capital flows with Asian growth opportunities in a changing global market equilibr
Slide 32: Enhancing our Multi-Asset Ecosystem
Enhancing our Multi-Asset Ecosystem Cash Market of Choice Achieving Multi-Asset Diversification ▪ Leading global fundraising centre ▪ Bond market development in Fixed Income partnership with HKMA & Currency ▪ Regional growth and connectivity ▪ Expansion of FIC product suite Equity ▪ Growth of retail
Slide 33: Fruitful Strategic Progress in 1H 2026
Fruitful Strategic Progress in 1H 2026 PURPOSE To Connect, Promote and Progress our Markets and the Communities they support for the prosperity of all Reinforce our China Strength Enhance our Multi-Asset Ecosystem Future-proof Technology & Operations Invest in Adjacent Capabilities • Launched minimu
Hong Kong Exchanges and Clearing — 1H 2026 Earnings Presentation on 6ix