HK Exchanges (00388)
Last Update: 2026-10-07
Stock Name
HK Exchanges
Listing Date
2000-06-27
Sector
Finance & Securities
Chairman
Carlson Tong
Par Value
0( )
Total Issued Capital
1.268B
Market Cap
480.510B
Related Stocks
Principal Activities
HKEX is a recognised exchange controller under the SFO. HKEX operates the only recognised stock and futures markets in Hong Kong through its wholly owned subsidiaries SEHK and HKFE and is the frontline regulator of listed issuers in Hong Kong. In collaboration with the Shanghai and Shenzhen stock exchanges HKEX operates Stock Connect which gives investors in Hong Kong and Mainland China access to each other's securities markets. HKEX also provides market data through HKEX Information Services Limited and HKEX Information Services China Limited.
Latest Results
The Group's profit attributable to shareholders for the 6 months ended 30-06-2026 amounted to HKD 10.57 billion, an increase of 24.1% compared with previous corresponding period. Basic earnings per share was HKD 8.3607. A dividend of HKD 7.43 per share was declared. Turnover amounted to HKD 16.54 billion, an increase of 18.9% over the same period last year. (Announcement Date: 19 Aug 2026)
Business Review - For the six months ended June 30, 2026
Cash Segment
Revenue and other income (less transaction- related expenses) was up 32 per cent and EBITDA was up 34 per cent compared with 1H 2025, mainly due to increase in trading and clearing activities of Stock Exchange equity products.
Trading fees of Stock Exchange equity products rose by 18 per cent to $3,024 million in 1H 2026 (1H 2025: $2,556 million), driven by the increase in ADT of equity products traded. Included in the fees were Southbound Stock Connect fees of $369 million (1H 2025: $339 million), which rose in line with the increase in Southbound trading volumes.
Northbound Stock Connect trading fees more than doubled to $602 million in 1H 2026 (1H 2025:$286 million), attributable to a 102 per cent increase in Northbound ADT and appreciation of the RMB.
Clearing fees for Stock Exchange equity products rose by 21 per cent to $2,035 million in 1H 2026 (1H 2025: $1,683 million), reflecting the increase in ADT, and higher average clearing fee per trade value following the removal of the maximum and minimum fees per trade effective from 30 June 2025. Consistent with the trend in Northbound trading fees, clearing and settlement instruction (SI) fees for Northbound Trading more than doubled to $1,157 million (1H 2025: $556 million), driven by the higher Northbound trading and SI volumes.
Stock Exchange listing fees rose 36 per cent to $590 million (1H 2025: $435 million), due to an increase in number of forfeitures.
Depository, custody and nominee services fees increased by 38 per cent to $860 million (1H 2025:$621 million), mainly due to higher electronic IPO fees from an increased number of IPO applications, and higher portfolio fees from increased portfolio values held under Stock Connect.
Operating expenses increased by 11 per cent mainly due to higher staff costs arising from increase in headcount and payroll adjustments, and higher Listing Division costs allocated to this segment (Cash Segment), as a result of higher increase in listing fees under this segment relative to the Equity and Financial Derivatives Segment.
Equity and Financial Derivatives Segment
Revenue and other income (less transaction- related expenses) and EBITDA were down 3 per cent and 6 per cent respectively compared with 1H 2025, mainly due to lower net investment income of Margin Funds, partly offset by increased trading and listing activities of structured products and increased number of derivatives contracts traded.
Trading fees of DWs, CBBCs and warrants increased by 4 per cent to $318 million (1H 2025:$307 million) due to a 12 per cent increase in ADT, partly offset by lower fees from a decline in total notional values of newly listed DWs and CBBCs.
Futures Exchange derivatives trading fees2 rose by 3 per cent to $732 million (1H 2025: $711 million), in line with the increase in the number of derivatives contracts traded.
Trading tariffs of stock options contracts increased by $63 million, or 23 per cent to $343 million (1H 2025: $280 million), due to an increase in ADV of stock options, and a higher average fee per contract in 1H 2026, attributable to more active trading of options with a higher fee tier.
Stock Exchange listing fees rose by 21 per cent to $461 million (1H 2025: $381 million), due to an increase in the number of newly listed DWs compared with 1H 2025.
Net investment income decreased by 25 per cent to $1,163 million (1H 2025: $1,543 million), mainly attributable to lower investment returns and increased rebates to CPs following the enhancements to the margin collateral arrangements at HKEX clearing houses. This was partly offset by a larger average Margin Fund size, reflecting higher open positions, partially mitigated by lower margin requirements.
Operating expenses increased by 17 per cent due to higher staff costs resulting from increase in headcount, payroll adjustments, and increased resources allocated to this segment to support strategic initiatives.
Commodities Segment
Revenue and other income was 32 per cent higher than 1H 2025, attributable to higher fees across all fee types following increased market activity and fee tariff increases. EBITDA was up 71 per cent, due to higher revenue and other income, as well as lower operating expenses.
Both LME trading fees and LME Clear clearing fees were up 27 per cent compared with 1H 2025, reflecting an 18 per cent increase in chargeable ADV of metals contracts traded, and increase in fee tariffs effective 1 January 2026.
Operating expenses decreased by 12 per cent, attributable to a $90 million fine paid to the FCA in 1H 2025 and an insurance claim received in 1H 2026, both relating to the nickel market events in 2022.
Data and Connectivity Segment
Revenue and other income and EBITDA were both up 9 per cent compared with 1H 2025, mainly attributable to the increase in network fees, market data fees and hosting services fees.
Network fees rose 10 per cent to $493 million (1H 2025: $448 million), driven by increased usage of the Orion Central Gateway and China Connect Central Gateway by EPs, and the sale of new throttles.
Hosting services fees increased by 11 per cent to $230 million (1H 2025: $208 million), reflecting growth from both new and existing customers. As at 30 June 2026, 98 EPs were using HKEX’s Hosting Services. These EPs generated, in aggregate, approximately 73 per cent of the Cash Market turnover and 71 per cent of the trading volume of the Derivatives Market.
Business Outlook - For the six months ended June 30, 2026
Looking ahead, despite persistent macro and geopolitical uncertainties, the long-term opportunity for HKEX and for Hong Kong remains compelling as global capital increasingly seeks access to China’s innovation economy and Asia’s growth prospects. Through market reforms, enhanced connectivity and the expansion of our multi-asset ecosystem, we are strengthening the competitiveness, resilience and attractiveness of our markets. HKEX is well positioned to connect capital with opportunity and support investors’evolving needs, whilst reinforcing Hong Kong’s role as a leading international financial centre.
Source: HK Exchanges (00388) Interim Results Announcement
HKEX is a recognised exchange controller under the SFO. HKEX operates the only recognised stock and futures markets in Hong Kong through its wholly owned subsidiaries SEHK and HKFE and is the frontline regulator of listed issuers in Hong Kong. In collaboration with the Shanghai and Shenzhen stock exchanges HKEX operates Stock Connect which gives investors in Hong Kong and Mainland China access to each other's securities markets. HKEX also provides market data through HKEX Information Services Limited and HKEX Information Services China Limited.
Latest Results
The Group's profit attributable to shareholders for the 6 months ended 30-06-2026 amounted to HKD 10.57 billion, an increase of 24.1% compared with previous corresponding period. Basic earnings per share was HKD 8.3607. A dividend of HKD 7.43 per share was declared. Turnover amounted to HKD 16.54 billion, an increase of 18.9% over the same period last year. (Announcement Date: 19 Aug 2026)
Business Review - For the six months ended June 30, 2026
Cash Segment
Revenue and other income (less transaction- related expenses) was up 32 per cent and EBITDA was up 34 per cent compared with 1H 2025, mainly due to increase in trading and clearing activities of Stock Exchange equity products.
Trading fees of Stock Exchange equity products rose by 18 per cent to $3,024 million in 1H 2026 (1H 2025: $2,556 million), driven by the increase in ADT of equity products traded. Included in the fees were Southbound Stock Connect fees of $369 million (1H 2025: $339 million), which rose in line with the increase in Southbound trading volumes.
Northbound Stock Connect trading fees more than doubled to $602 million in 1H 2026 (1H 2025:$286 million), attributable to a 102 per cent increase in Northbound ADT and appreciation of the RMB.
Clearing fees for Stock Exchange equity products rose by 21 per cent to $2,035 million in 1H 2026 (1H 2025: $1,683 million), reflecting the increase in ADT, and higher average clearing fee per trade value following the removal of the maximum and minimum fees per trade effective from 30 June 2025. Consistent with the trend in Northbound trading fees, clearing and settlement instruction (SI) fees for Northbound Trading more than doubled to $1,157 million (1H 2025: $556 million), driven by the higher Northbound trading and SI volumes.
Stock Exchange listing fees rose 36 per cent to $590 million (1H 2025: $435 million), due to an increase in number of forfeitures.
Depository, custody and nominee services fees increased by 38 per cent to $860 million (1H 2025:$621 million), mainly due to higher electronic IPO fees from an increased number of IPO applications, and higher portfolio fees from increased portfolio values held under Stock Connect.
Operating expenses increased by 11 per cent mainly due to higher staff costs arising from increase in headcount and payroll adjustments, and higher Listing Division costs allocated to this segment (Cash Segment), as a result of higher increase in listing fees under this segment relative to the Equity and Financial Derivatives Segment.
Equity and Financial Derivatives Segment
Revenue and other income (less transaction- related expenses) and EBITDA were down 3 per cent and 6 per cent respectively compared with 1H 2025, mainly due to lower net investment income of Margin Funds, partly offset by increased trading and listing activities of structured products and increased number of derivatives contracts traded.
Trading fees of DWs, CBBCs and warrants increased by 4 per cent to $318 million (1H 2025:$307 million) due to a 12 per cent increase in ADT, partly offset by lower fees from a decline in total notional values of newly listed DWs and CBBCs.
Futures Exchange derivatives trading fees2 rose by 3 per cent to $732 million (1H 2025: $711 million), in line with the increase in the number of derivatives contracts traded.
Trading tariffs of stock options contracts increased by $63 million, or 23 per cent to $343 million (1H 2025: $280 million), due to an increase in ADV of stock options, and a higher average fee per contract in 1H 2026, attributable to more active trading of options with a higher fee tier.
Stock Exchange listing fees rose by 21 per cent to $461 million (1H 2025: $381 million), due to an increase in the number of newly listed DWs compared with 1H 2025.
Net investment income decreased by 25 per cent to $1,163 million (1H 2025: $1,543 million), mainly attributable to lower investment returns and increased rebates to CPs following the enhancements to the margin collateral arrangements at HKEX clearing houses. This was partly offset by a larger average Margin Fund size, reflecting higher open positions, partially mitigated by lower margin requirements.
Operating expenses increased by 17 per cent due to higher staff costs resulting from increase in headcount, payroll adjustments, and increased resources allocated to this segment to support strategic initiatives.
Commodities Segment
Revenue and other income was 32 per cent higher than 1H 2025, attributable to higher fees across all fee types following increased market activity and fee tariff increases. EBITDA was up 71 per cent, due to higher revenue and other income, as well as lower operating expenses.
Both LME trading fees and LME Clear clearing fees were up 27 per cent compared with 1H 2025, reflecting an 18 per cent increase in chargeable ADV of metals contracts traded, and increase in fee tariffs effective 1 January 2026.
Operating expenses decreased by 12 per cent, attributable to a $90 million fine paid to the FCA in 1H 2025 and an insurance claim received in 1H 2026, both relating to the nickel market events in 2022.
Data and Connectivity Segment
Revenue and other income and EBITDA were both up 9 per cent compared with 1H 2025, mainly attributable to the increase in network fees, market data fees and hosting services fees.
Network fees rose 10 per cent to $493 million (1H 2025: $448 million), driven by increased usage of the Orion Central Gateway and China Connect Central Gateway by EPs, and the sale of new throttles.
Hosting services fees increased by 11 per cent to $230 million (1H 2025: $208 million), reflecting growth from both new and existing customers. As at 30 June 2026, 98 EPs were using HKEX’s Hosting Services. These EPs generated, in aggregate, approximately 73 per cent of the Cash Market turnover and 71 per cent of the trading volume of the Derivatives Market.
Business Outlook - For the six months ended June 30, 2026
Looking ahead, despite persistent macro and geopolitical uncertainties, the long-term opportunity for HKEX and for Hong Kong remains compelling as global capital increasingly seeks access to China’s innovation economy and Asia’s growth prospects. Through market reforms, enhanced connectivity and the expansion of our multi-asset ecosystem, we are strengthening the competitiveness, resilience and attractiveness of our markets. HKEX is well positioned to connect capital with opportunity and support investors’evolving needs, whilst reinforcing Hong Kong’s role as a leading international financial centre.
Source: HK Exchanges (00388) Interim Results Announcement
Information provided by MegaHub Limited
Disclaimer
Disclaimer