Hong Kong Exchanges and Clearing Limited (HKEX) released unaudited results for the six months ended 30 June 2026, highlighted by a strong rebound in core business activity and disciplined cost control.

Revenue and Earnings • Core operating revenue (trading, clearing, listing, depository and market-data fees) rose 26.72% year on year (YoY) to HKD 13.98 billion, driven by higher cash equities turnover, robust derivatives volumes and stronger commodities franchise performance. • Total revenue and other income, including investment and donation income, increased 18.67% YoY to HKD 16.70 billion. • Operating expenses grew 6.11% to HKD 3.16 billion, contained relative to top-line expansion. • EBITDA advanced 22.60% to HKD 13.41 billion, while operating profit climbed 23.91% to HKD 12.63 billion. • Net profit attributable to shareholders reached HKD 10.57 billion, up 24.00% YoY; basic EPS improved to HKD 8.36 from HKD 6.74.

Segment Performance • Cash segment revenue surged 33.9% to HKD 8.71 billion on heavier equity trading and Stock Connect turnover. • Equity & Financial Derivatives revenue increased 12.6% to HKD 2.26 billion, supported by higher futures and options activity. • Commodities revenue rose 27.6% to HKD 1.80 billion, reflecting steady growth at the London Metal Exchange and QME. • Data & Connectivity revenue gained 8.5% to HKD 1.20 billion, underpinned by resilient demand for information and access services. • Corporate items contributed HKD 1.24 billion, mainly from investment income and HKEX Foundation donations.

Investment Income and Tax • Net investment income softened 10.93% to HKD 2.56 billion as higher interest rebates to participants outweighed gains from debt securities and unlisted investments. • The effective tax charge increased 25.47% to HKD 2.01 billion, incorporating a HKD 0.38 billion global minimum top-up tax under Pillar Two rules.

Balance Sheet and Liquidity • Total assets stood at HKD 577.08 billion (-0.64% versus end-2025) with cash and cash equivalents of HKD 176.08 billion. • Net current assets were HKD 26.51 billion. • Clearing participants’ margin deposits and collateral rose 7.00% to HKD 288.07 billion; Clearing House Funds expanded 4.20% to HKD 37.56 billion. • Net borrowings remained negligible at HKD 0.15 billion. • Capital expenditure totalled HKD 3.30 billion, including HKD 2.45 billion for continued acquisition of HKEX’s new headquarters premises.

Cash Flow • Net cash generated from principal operating activities reached HKD 10.63 billion, up 5.54% YoY. • After investing and financing outflows—chiefly HKD 8.21 billion in dividends—period-end corporate cash and cash equivalents were HKD 19.11 billion (-1.23% YoY).

Shareholder Returns • The board declared an interim dividend of HKD 7.43 per share (2025: HKD 6.00), representing a 23.83% uplift and a payout of HKD 9.39 billion, payable to shareholders on record.

Capital and Reserves • Total equity increased 3.78% since December 2025 to HKD 60.95 billion, reflecting profit retention and reserve movements. • HKEX’s purchase of an additional 2,383 non-voting shares in subsidiary OTC Clear for HKD 0.31 billion lifted its stake to 93% and reduced outstanding put options.

Outlook Indicators Elevated trading activity across cash equities, derivatives and commodities platforms, coupled with disciplined expense management, underpinned the first-half performance. Management continues to invest in strategic infrastructure, including the new headquarters and technology upgrades, while maintaining substantial liquidity and risk-management resources.