HKEX (00388) Group Chief Executive Chen Yiting stated during the interim results announcement that regarding 24-hour trading for Hong Kong stocks, the exchange does not have a predetermined position on this matter. The issue requires extensive public consultation. Chen noted that while the exchange aims to provide greater convenience for market participation, it must thoroughly analyze whether related processes would create pressure and assess associated risks. He pointed out that under current procedures, if problems arise, there are several hours available for rectification, but 24-hour trading would leave no room for addressing such issues. Additionally, Chen announced that market consultation on adjusting Hong Kong stock lot sizes will commence by year-end.
Chen highlighted that since the launch of the Tech Fast Track in May this year, Hong Kong's IPO market has completed over 50 listing applications, raising nearly $17 billion, positioning it as a leader in global IPO rankings. Currently, 230 companies are queuing for IPO applications, which represents a positive development. Hong Kong remains the preferred international financing market for mainland enterprises.
Chen explained that confidential listing applications are designed to assist companies in sensitive development stages to go public without disclosing sensitive data, though this does not compromise corporate transparency.
HKEX Chief Operating Officer Bonnie Liu stated that numerous jurisdictions, including the UK and EU securities markets, have indicated they expect to transition to T+1 settlement cycles by the end of 2027. If all relevant markets adopt T+1 settlement, approximately 88% of global stock trading is expected to operate on a T+1 settlement cycle. She emphasized that Hong Kong cannot disconnect from international markets and noted that discussions with the industry began in July regarding shortened settlement cycles, with focus now on developing the optimal solution.
HKEX Head of Markets Calvin Yu mentioned that there are currently up to 40 different lot sizes, and reducing this significantly to just one type would require extensive research on optimization. The related consultation needs to be comprehensive, achieving consensus with the industry, including affected custodian banks and market participants. Market consultation on adjusting Hong Kong stock lot sizes will begin by year-end.
On August 20, HKEX announced its first half 2025 results. Data showed that HKEX's revenue, other income and gains, and profit for the first half of 2025 reached record highs for the period. Revenue and other income and gains for the first half of 2025 totaled HK$14.076 billion, up 33% from the first half of 2024, while profit attributable to shareholders reached HK$8.519 billion, up 39% from the first half of 2024. The HKEX Board of Directors declared an interim dividend of HK$6.00 per share, payable in cash.
Specifically, trading volumes in the cash market, derivatives market, and Stock Connect all reached half-year records, with average daily turnover reaching HK$240.2 billion, up 118% year-on-year. Average daily trading volume for futures and options products exceeded 1.7 million contracts, up 11% year-on-year.
Hong Kong's IPO market continued its strong growth momentum in 2025, leading globally in fundraising for the first half. The period welcomed 44 listed companies with total IPO proceeds of HK$109.4 billion, up 716% year-on-year. In May 2025, CATL listed in Hong Kong, raising HK$41 billion, becoming Hong Kong's largest IPO since February 2021 and the world's largest IPO since 2023.