On November 5, Hong Kong Exchanges and Clearing Limited (HKEX) announced its financial results for the third quarter of 2025. Revenue and other income for Q3 2025 reached HK$7.78 billion, marking a 45% increase compared to the same period in 2024. Sequentially, Q3 revenue rose by 8% from Q2 2025, with core business revenue climbing 13%.
For the first nine months of 2025, HKEX recorded total revenue and other income of HK$21.85 billion, up 37% year-on-year. Core business revenue surged 41%, driven by record-high trading volumes in the cash and equity options markets, which boosted transaction and clearing fees. Net profit attributable to shareholders stood at HK$13.42 billion, a 45% increase from the prior year.
Strong global demand for diversified asset allocation and the appeal of Chinese assets continued to fuel international capital inflows into Hong Kong's securities market. Participation from mainland Chinese investors also grew, with average daily turnover for the overall market, Stock Connect programs (Shanghai-Hong Kong and Shenzhen-Hong Kong), and Southbound trading all hitting quarterly records in Q3 2025. The IPO market remained robust, highlighted by the world's second-largest listing during the quarter. As of September 30, 2025, there were 297 active IPO applications.
In the first three quarters of 2025, trading volumes in the cash market, derivatives market, and Stock Connect programs reached all-time highs for the nine-month period. Average daily turnover in the cash market soared to HK$256.4 billion, more than double the figure from the same period in 2024. Meanwhile, the derivatives market saw average daily trading volume rise 11% year-on-year to 1.7 million contracts.
Stock Connect programs posted strong growth in Q3 2025, with both Northbound and Southbound average daily turnover setting new quarterly records. For the first nine months, Northbound and Southbound average daily turnover reached RMB206.4 billion and HK$125.9 billion, up 67% and 229%, respectively, from 2024.
HKEX CEO Chen Yiting stated, "In Q3 2025, HKEX continued to capitalize on global trends in diversified asset allocation and the attractiveness of Chinese assets. By the end of the quarter, our IPO market maintained its global leadership position, with a significant number of applications from companies across thriving sectors like technology. We are also advancing strategic reforms to enhance market diversity, improve liquidity, and strengthen global connectivity. As the global landscape evolves, we remain committed to building a diversified asset ecosystem to support the long-term development of Hong Kong's capital markets."