HKEX Profit Jumps 36% as Trading Surge Fuels Second Straight Record Year
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HKEX CEO Bonnie Chan (center) attends the fiscal 2025 earnings conference in Hong Kong on Feb. 26, 2026. Photo: VCG
Hong Kong Exchanges & Clearing Ltd. (HKEX) reported record revenue and profit for a second consecutive year in 2025, propelled by a surge in trading across its cash equities, derivatives and commodities markets.
The operator of the Hong Kong Stock Exchange posted net profit attributable to shareholders of HK$17.8 billion ($2.3 billion), up 36.1% from a year earlier. Revenue and other income rose 30.3% to HK$29.2 billion, while core business revenue increased 31.8% to HK$27.1 billion, supported by record average daily turnover at both the local bourse and its London Metal Exchange (LME) subsidiary.
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- HKEX reported record revenue of HK$29.2 billion and net profit of HK$17.8 billion in 2025, up 30.3% and 36.1% year-over-year, driven by surging trading activity.
- HKEX regained its status as the world’s largest IPO venue, raising HK$286.9 billion, and follow-on fundraising reached HK$514.6 billion.
- Strategic priorities include expanding fixed-income and currencies business, post-trade infrastructure, and developing a multi-asset tokenization platform.
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Who’s Who
- Hong Kong Exchanges & Clearing Ltd.
- Hong Kong Exchanges & Clearing Ltd. (HKEX) achieved record revenue and profit in 2025 due to a surge in trading across cash equities, derivatives, and commodities markets. Net profit reached HK$17.8 billion, with revenue at HK$29.2 billion. The company regained its position as the world's largest IPO venue, raising HK$286.9 billion. HKEX is also strategically expanding its fixed-income and currencies business.
- London Metal Exchange
- The London Metal Exchange (LME) is a subsidiary of Hong Kong Exchanges & Clearing Ltd. (HKEX). In 2025, the LME experienced its busiest year on record, with average daily fee-generating volume increasing by 8% to 717,000 lots. This performance contributed to HKEX's record revenue and profit for the year.
- CMU OmniClear
- CMU OmniClear is a unit of the Hong Kong Monetary Authority (HKMA) that develops and operates the Central Moneymarkets Unit system. In November 2025, HKEX acquired a 20% stake in CMU OmniClear, anchoring its push into fixed income. It will launch a digital-asset platform in 2026 to facilitate the issuance and settlement of digital bonds.
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What Happened When
- March 2024：
- Bonnie Chan assumed the role of Chief Executive of HKEX.
- 2025：
- HKEX reported record revenue and profit for a second consecutive year, propelled by a surge in trading across its markets.
- 2025：
- HKEX posted net profit attributable to shareholders of HK$17.8 billion, up 36.1% from the previous year.
- 2025：
- Revenue and other income rose 30.3% to HK$29.2 billion, while core business revenue increased 31.8% to HK$27.1 billion.
- 2025：
- Average daily turnover in the cash market reached HK$249.8 billion, up 90% from 2024 and 50% above previous high set in 2021.
- 2025：
- LME recorded its busiest year on record, with average daily fee-generating volume increasing 8% to 717,000 lots.
- 2025：
- HKEX regained its position as the world’s largest IPO venue, with total funds raised reaching HK$286.9 billion.
- 2025：
- Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 40% to HK$22.8 billion, with margin expanding to 79%.
- November 2025：
- HKEX acquired a 20% stake in CMU OmniClear, a HKMA unit, for HK$455 million.
- By February 26, 2026：
- HKEX and HKMA began studying the creation of a one-stop post-trade infrastructure, as stated in the 2026-27 budget speech.
- February 26, 2026：
- Financial Secretary Paul Chan delivered the 2026-27 budget speech, mentioning new initiatives involving HKEX and HKMA.
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