Hong Kong Exchanges and Clearing (HKEX) set new records for second-quarter and first-half earnings amid a boom in initial public offerings (IPOs) and sizzling stock market turnover, according to a stock exchange filing on Wednesday.

Second-quarter net profit for the operator of Asia’s third-largest stock market rose 41 per cent to HK$4.44 billion (US$569 million), or HK$3.51 per share, from the previous second-quarter high of HK$3.16 billion in 2023. This is the second consecutive quarterly record profit for the HKEX, following its HK$4.08 billion profit in the previous quarter.

“HKEX started 2025 from a position of strength, reporting the group’s best-ever half-yearly revenue and profit,” said CEO Bonnie Chan Yiting in the results announcement. She will host a media briefing in the afternoon.

“After receiving a record number of listing applications over a six-month period, we enter the second half of 2025 with new initiatives that are under way to further enhance the competitiveness and attractiveness of our markets,” she said, pointing the exchange was preparing its infrastructure for a shorter settlement cycle and recently enhanced the IPO allotment regime.

HKEX shares rose 0.1 per cent to HK$434.4 at the noon trading break before the results announcement. They have risen 47 per cent this year, while the benchmark Hang Seng Index has advanced about 25 per cent.