Hong Kong Exchange Achieves Record Profits as Listings Skyrocket
Hong Kong's premier stock exchange operator has reported a second straight year of unprecedented profits, solidifying the city's status as a top global listing destination following a previous downturn. Net profit surged by an impressive 36 percent to reach HK$17.8 billion (approximately £1.7 billion) in 2025, as confirmed by Hong Kong Exchanges and Clearing (HKEX).
Core Business Revenues Reflect Strong Rebound
Core business revenues, which encompass fees generated from trading and clearing activities, experienced a substantial increase of 32 percent, totaling HK$27.1 billion. This growth underscores Hong Kong's remarkable recovery, transforming it into a central hub for both initial public offerings (IPOs) and active trading after a slump in 2023.
Although the stock exchange recorded only 73 listings throughout the year, it rebounded vigorously to become the world's second most active IPO destination in 2025, trailing only behind the United States. The positive momentum has persisted into the current year, with more capital raised from Hong Kong listings in the first two weeks of 2026 than in London for the entirety of 2025.
Leadership and Strategic Revitalization
This resurgent performance provides a significant boost for Chief Executive Bonnie Chan, who assumed leadership in 2024, succeeding Argentine investment banker Nicolas Aguzin. Chan, a former capital markets partner at Davis Polk, took on the role with a clear mandate to rejuvenate the exchange, which had been grappling with a sluggish post-pandemic recovery and intensifying competition from mainland China.
In 2025, the exchange welcomed 119 listings, attracting a total of HK$287 billion in capital, marking a staggering 200 percent year-on-year increase. Additionally, HKEX boasts a robust pipeline, with over 400 companies having filed to list on the market, indicating sustained future growth.
Market Dynamics and Investor Confidence
In a statement released following the exchange's results, Chan emphasized, "Global investors returned with conviction, innovation from the Chinese mainland and across Asia kept our markets vibrant, liquidity deepened, pipelines strengthened and the capital connected with opportunities."
Average daily turnover for the full year rose by 90 percent to HK$250 billion, signaling a growing influx of traders and investors channeling capital into Hong Kong-listed stocks. This heightened activity reflects renewed confidence in the market's stability and potential.
Expansion Beyond IPOs into Multi-Asset Ecosystem
Chan also highlighted that while the stock market exhibited strong performance, HKEX's success is not solely reliant on IPOs. The exchange has been expanding its product offerings across fixed income and derivatives to diversify its portfolio.
She stated, "We are developing a multi-asset ecosystem which, with global investors increasingly seeking diversification opportunities, will be key to reinforcing the resilience and competitiveness of Hong Kong."
Last year, HKEX announced it would acquire a 20 percent stake in CMU Omniclear, which is constructing a settlement house to compete against Belgium's Euroclear. Furthermore, the HKEX-owned London Metal Exchange approved Hong Kong as an official warehouse location, supporting the territory's ambition to become a commodities hub linking China's metal market with global markets.
External Factors Driving Growth
The market also benefited from external factors, including tense US-China relations that prompted mainland companies to seek listings in Hong Kong, as well as a relaxation of regulatory requirements from Beijing for fundraising activities. These elements have collectively contributed to the exchange's robust performance and positioning as a leading financial center.
