Hong Kong Exchanges and Clearing Limited (HKEX) reported record full-year revenue of HK$26.6 billion and net profit of HK$13.1 billion for 2025, fuelled by a 95% surge in cash market turnover and a revitalised primary market that returned the exchange to the top of global IPO rankings by funds raised.
Average daily turnover in the cash market reached HK$255.8 billion for the first 11 months of the year, data from HKEX’s year-in-review release shows. That near-doubling of activity drove transaction and clearing fees higher while operating expenses grew just 6%.
The exchange raised HK$274.6 billion from 106 new listings, hosting four of the world’s top 10 IPOs. Listed companies raised an additional US$66 billion through secondary offerings.
HKEX CEO Bonnie Chan described the first half of 2025 as the “best-ever half-yearly revenue and profit” in the company’s history.
A rally in Chinese technology and AI stocks in early 2025, sparked by the so-called ‘DeepSeek moment’ in January, helped drive the volume spike. The exchange recorded its 20 most active trading days in history between September 2024 and late 2025.
Several structural changes also widened HKEX’s addressable market. The ‘Technology Enterprises Channel,’ launched in May 2025 with the Securities and Futures Commission (SFC), opened a dedicated listing route for specialist technology and biotech firms. Since implementing Chapters 18A and 18C, 88 biotech and specialist technology companies have listed on the exchange.
The issuer base also diversified geographically, with new listings from Kazakhstan, Singapore, Thailand, and the United Arab Emirates (UAE).
HKEX expanded its Middle Eastern footprint by opening a new office in Riyadh and announcing plans for a Dubai-based commodities pricing subsidiary. It also launched Asia’s first Saudi sukuk exchange-traded fund.
Operational reforms included ending the practice of suspending trading during typhoons and introducing a new stock settlement fee structure that removed minimum and maximum fees.
Analysts at Morningstar have cautioned that record trading volumes may normalise in 2026, leading to slower growth compared to the stimulus-driven peaks of 2025. HKEX reported a pipeline of over 300 companies seeking to list next year.
