Pursuant to Chapter 38 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Securities and Futures Commission regulates Hong Kong Exchanges and Clearing Limited in relation to the listing of its shares on The Stock Exchange of Hong Kong Limited. The Securities and Futures Commission takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness, and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Hong Kong with limited liability) Stock Codes: 388 (HKD counter) and 80388 (RMB counter)

(Financial figures in this announcement are expressed in Hong Kong dollar (HKD) unless otherwise stated)

2025 INTERIM RESULTS,

INTERIM DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS

1

STRATEGIC AND FINANCIAL HIGHLIGHTS

Strategic & Operational Highlights

Corporate

26 Mar Collaborated with the World Economic Forum to host its first financial-services event in Hong Kong 24 Apr Announcement of the purchase of permanent headquarters premises

27 Jun 25th Anniversary of HKEX as a listed company

Regulation

6 May Jointly announced the launch of the Technology Enterprises Channel, and the introduction of a new confidential filing option for specialist technology companies and biotech companies, with SFC

Products and Services

26 Feb Cross-listing of the world’s largest Nasdaq 100 ETF 17 Mar Addition of six new stock option classes

21 Mar OTC Clear accepted China Government Bonds and Policy Bank Bonds held through Bond Connect as margin collateral for all derivative transactions

24 Mar Asia’s first single stock L&I Products listed

28 May First USD-denominated structured product launched

28 May The world’s first L&I Product relating to a single Korean stock listed

29 May Asia’s first Saudi sukuk ETF listed

30 Jun OTC Clear extended the maximum tenor of Northbound Swap Connect trades to 30 years

Market Operations

20 Jan Approval of Hong Kong as a new LME warehouse Delivery Point, which went live on 15 July 2025

29 Jan The UK Supreme Court refused to give the appellants permission to appeal, leading to the conclusion of the judicial review of events in the nickel market in 2022

4 Mar Signed a Memorandum of Understanding with CMU OmniClear Limited to enhance the post-trade securities infrastructure of Hong Kong’s capital markets and enrich Hong Kong’s FIC ecosystem

20 Mar The LME reached a settlement agreement with the UK Financial Conduct Authority (FCA) regarding its enforcement investigation related to the nickel market events in 2022, drawing the investigation process to a close

24 Mar The LME launched new trading platform, LMEselect v10 1 Apr The LME introduced daily off-warrant stock reporting

16 Apr Subsidiary legislation relating to the implementation of Uncertificated Securities Market approved by the Legislative Council, with a target implementation in early 2026

23 Jun Scheduled intra-day margin call arrangement implemented by HKCC and SEOCH

24 Jun Obtained regulatory approval for the increase in the position limits for futures and options contracts based on HSI, HSCEI and Hang Seng TECH Index, which became effective on 2 July 2025

30 Jun Enhancement to the securities market stock settlement fee structure took effect 30 Jun Single Tranche Multiple Counter Settlement Model launched

Sustainability

25 Mar HKEX’s greenhouse gas emissions reduction targets approved by the SBTi 15 Apr Co-hosted the inaugural International Carbon Markets Summit with SFC

23 Apr The LME announced its plan to explore the discovery of sustainable metal premia for certain metals 30 Apr Launched 2025 HKEX Impact Funding Scheme

18 Jun Launched 2025 HKEX Charity Partnership Programme

20 Jun Announced a new flagship charity programme focusing on caregiver support

25 Jun Co-hosted the International Dialogue on the Voluntary Carbon Market, with China Beijing Green Exchange, National Centre for Climate Change Strategy and International Cooperation and China Emissions Trading Association

Comparison of 1H 2025 with 1H 2024 Results

Financial Highlights

• HKEX reported the Group’s best-ever half-yearly revenue and other income and profit in 1H 2025.

• 1H 2025 revenue and other income of $14,076 million was 33 per cent higher than 1H 2024:

  • Core business revenue was up 34 per cent against 1H 2024, reflecting record half-yearly volumes in the Cash Market and stock options market, higher depository fees, and higher net investment income from increase in Margin Fund size.

  • Net investment income from Corporate Funds was $1,044 million (1H 2024: $901 million), driven by higher net investment income from internally managed Corporate Funds, which was further boosted by a non-recurring exchange gain driven by appreciation of USD against HKD.

• Operating expenses were up 6 per cent against 1H 2024, due to a $90 million fine paid to the FCA in 1H 2025, and a recovery of legal fees of $50 million in 1H 2024, both relating to events in the nickel market in 2022. Excluding the FCA fine and recovery of legal fees, operating expenses were up 1 per cent.

• EBITDA margin1 was 79 per cent, 6 percentage points higher than 1H 2024.

• The Group’s effective tax rate increased to 15.8 per cent in 1H 2025 (1H 2024: 11.0 per cent), due to provision for the new top-up tax under the Pillar Two model rules.

• Profit attributable to shareholders was $8,519 million, 39 per cent higher than 1H 2024.

‌1 For the purposes of this announcement, EBITDA is defined as earnings before interest expenses and other finance costs, taxation, depreciation and amortisation. It excludes the Group’s share of results of the joint ventures. EBITDA margin is calculated based on EBITDA divided by revenue and other income less transaction-related expenses. EBITDA and EBITDA margin are non-HKFRS measures used by management for monitoring business performance and may not be comparable to similar measures presented by other companies.

Comparison of Q2 2025 with Q2 2024 Results

Financial Highlights

• Q2 2025 revenue and other income and profit both reached record quarterly highs.

• Q2 2025 revenue and other income of $7,219 million was 33 per cent higher than Q2 2024:

  • Core business revenue was up 32 per cent against Q2 2024, attributable to increases in trading and clearing fees from higher Cash Market volumes, and higher net investment income from increase in Margin Fund size.

  • Net investment income from Corporate Funds was $528 million (Q2 2024: $366 million), driven by higher investment income from internally managed Corporate Funds.

• Operating expenses were up 5 per cent due to higher staff costs, and a recovery of legal fees of $50 million in Q2 2024 relating to the events in the nickel market in 2022. These were partly offset by lower charitable donations made by HKEX Foundation. Excluding charitable donations and recovery of legal fees, operating expenses were up 7 per cent.

• EBITDA margin was 80 per cent, 6 percentage points higher than Q2 2024.

• Taxation charge doubled due to an increase in profit before taxation and the provision for the new top-up tax under the Pillar Two model rules.

• Profit attributable to shareholders was $4,442 million, 41 per cent higher than Q2 2024.

  Key Financials	Three months	Three months
  	ended 30 Jun 2025	ended 30 Jun 2024
  	$m	$m	Change
  Revenue and other income
  Core business revenue	6,639	5,033	32%
  Donation income of HKEX Foundation	52	21	148%
  Net investment income of Corporate Funds	528	366	44%
  	7,219	5,420	33%
  Operating expenses	1,457	1,383	5%
  EBITDA (non-HKFRS measure)	5,685	3,956	44%
  Profit attributable to shareholders	4,442	3,155	41%
  Capital expenditure
  HKEX headquarters premises	1,805	–	N/A
  Others	371	334	11%
  	2,176	334	551%
  Basic earnings per share	$3.51	$2.49	41%
  Key Market Statistics	Three months	Three months
  	ended	ended
  	30 Jun 2025	30 Jun 2024	Change
  ADT of equity products traded on the Stock Exchange ($bn)	220.3	111.8	97%
  ADT of DWs, CBBCs and warrants traded on
  the Stock Exchange ($bn)	17.4	9.8	78%
  ADT traded on the Stock Exchange 1 (Headline ADT) ($bn)	237.7	121.6	95%
  ADT of Northbound Trading of Stock Connect 2 (RMBbn)	151.8	127.3	19%
  ADT of Southbound Trading of Stock Connect 2 ($bn)	112.04	44.1	154%
  ADV of derivatives contracts traded on the Futures Exchange (‘000 contracts)	763	818	(7%)
  ADV of stock options contracts traded on the Stock Exchange (‘000 contracts)	771	747	3%
  Chargeable ADV 3 of metals contracts traded on the LME (‘000 lots)	733	730	0%
  ADT of Northbound Bond Connect (RMBbn)	45.5	43.7	4%
  1 ADT of Southbound Trading is included within Headline ADT.
  2 Includes buy and sell trades under Stock Connect
  3 Chargeable ADV excludes administrative trades (Admin Trades).
  4 New record quarterly high

  
  Comparison of Q2 2025 with Q1 2025 Results

  
  Financial Highlights
  

• Q2 2025 revenue and other income was 5 per cent higher than Q1 2025, as a seasonal increase in depository fees and higher net investment income from Margin Funds more than offset the decrease in revenue from lower volumes of the Cash and Derivatives Markets compared with the record Q1 2025.

• Operating expenses were down 4 per cent due to the $90 million non-recurring FCA fine recognised in Q1 2025 and lower charitable donations made by HKEX Foundation.

• EBITDA margin was 80 per cent, 2 percentage points higher than Q1 2025.

• Profit attributable to shareholders was $4,442 million, 9 per cent higher than Q1 2025.

Attachments

• Original document
• Permalink

Disclaimer

HKEx – Hong Kong Exchanges and Clearing Ltd. published this content on August 20, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 20, 2025 at 06:37 UTC.