UBS has released a research report indicating that HKEX's robust IPO momentum and record trading volumes continue to reinforce each other. Since the start of 2025, newly listed companies have contributed over 8% of the total turnover in the first half of the year, while secondary market liquidity further enhances Hong Kong's appeal as a fundraising hub. Management is actively working to broaden the capital pool to include exchange-traded products (ETPs), derivatives, and index products, while also streamlining ongoing listing requirements and reducing costs.

The brokerage has raised its target price for HKEX from HK$436 to HK$450, while reiterating its "Neutral" rating. Taking into account market activity through the third quarter to date and updated views on the Federal Reserve's policy rate and HIBOR trends, UBS has increased its average daily turnover forecast for HKEX for fiscal 2026 from HK$268 billion to HK$275 billion. Additionally, the firm has raised its earnings per share estimates for fiscal years 2026 through 2028 by 5%, 3%, and 4%, respectively, to HK$16, HK$13.8, and HK$14.6.