Hong Kong Exchanges and Clearing (HKEX) reported a record net profit of HK.7 billion in 2025, a 36% increase driven by surging trading activity and a rebound in initial public offerings (IPOs). The exchange’s equity turnover nearly doubled, and it announced a 23% rise in dividends to HK.52 per share. Chinese companies dominated IPO proceeds, accounting for 70% of the USD 287 billion raised globally, with major listings like Contemporary Amperex Technology Co. raising USD 5.3 billion. HKEX regained its title as the world’s top listing venue for the first time since 2019, supported by strong demand for Asian and Chinese assets amid global market uncertainty. This development signals growing confidence in Hong Kong’s financial markets, which could attract more international investors seeking diversification. The exchange’s revenue from trading volume, which contributes 60% of its income, rose 93% in 2025, with Southbound Stock Connect volume surging 151% as mainland Chinese investors increased exposure to Hong Kong-listed shares. However, regulators warned about substandard IPO applications, highlighting risks for investment banks and the need for stricter due diligence. For global traders, HKEX’s performance underscores its role as a critical hub for capital flows between China and the rest of the world. The exchange’s strong IPO pipeline and expanded retail access via platforms like eToro may further boost liquidity. Investors should monitor regulatory actions on subpar applications and the sustainability of current trading volumes, which could impact future market stability and investor sentiment.
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