Goldman Sachs has issued a research report incorporating Hong Kong Exchanges and Clearing Limited's (HKEX) trading data from August and September into its forecasting model. As a result, the investment bank has reduced its earnings per share estimates for the 2026 to 2029 period by 0.6% to 1.4%.

The firm has lowered its target price for HKEX to HK$532 from HK$540, which corresponds to a projected price-to-earnings ratio of approximately 34 times for 2027, while maintaining a "Buy" rating on the stock.

Goldman Sachs anticipates that potential downside risks ahead include intensifying competition in the onshore capital markets business, a slowdown in cash market trading activity, and fee pressure stemming from mainland China's tariff reductions.