Hong Kong Exch & Clearing (HKXCF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen. Welcome to HKEX 2025 Annual Results Analyst Presentation. Today, we are very pleased to have our Chief Executive Officer, Ms. Bonnie Y. Chen, our COO, Ms. Vanessa Lau, our Group CFO, Mr. Herbert Hui, our Group CIO, Mr. Richard Leung, and our Head of Market, Mr. Gregory Yu. Bonnie and Herbert will first give a presentation about our business highlights, strategic progress, and financial results. Then we're very happy to take some of your questions. Without further ado, over to you, Bonnie. Good afternoon, everyone. Thank you for joining us today. I hope everyone had an enjoyable holiday season. I'm pleased to be presenting HKEX's annual results for 2025, in which I'm joined by a few members of our senior management team. Now, I will start things off with a quick overview of the highlights. Then, our Group Chief Financial Officer, Herbert Hoy, will share more details on our financial performance. After that, I will return to talk about what is on the horizon from a strategic perspective. So, let's begin. HKX delivered record results in 2025, reporting the Group's best-ever revenue and other income and best-ever profits for the second consecutive year. Herbert will go into these numbers in more details in a few moments. The very decisive return of issuers and investors last year rebuked confidence in Hong Kong's markets and unlocked liquidity. This enabled us to accelerate our strategic initiatives. For listing, we introduced new IPO price discovery rules that enable a more flexible, transparent, and fit-for-purpose pricing and allocation framework. and we continued to increase support for specialist technology issuers. In the securities market, we implemented the first phase of minimum spreads reduction, which very quickly began to...