Good afternoon, ladies and gentlemen. Welcome to HKEX 2026 Interim Results Analyst Presentation.

We're very pleased to have with us today our Chief Executive Officer, Ms. Bonnie Y Chan; our COO, Ms.

Vanessa Lau; our Group CFO, Mr. Herbert Hui; our Group CIO, Mr.

Richard Leung; and our Head of Markets, Mr. Gregory Yu.

Bonnie and Herbert will first give a presentation on our business highlights, strategic progress and financial results, and we will then open the floor to questions. Without further ado, over to you, please, Bonnie.

Good afternoon, everyone. Thank you for joining us today.

I'm pleased to be presenting our interim results for 2026. In a few moments, Herbert Hui, our Group Chief Financial Officer, will share more details on the numbers.

After that, I will discuss some of our business highlights. And finally, the team and I will be happy to take your questions.

So let's kick off with a quick overview of the results. HKEX delivered an exceptional first half of 2026, reporting the group's best ever half yearly revenue and profit.

These results surpassed the previous records set in the second half of 2025. Herbert will talk through these numbers in more detail shortly.

Now driven by optimism in China's outlook underpinned by exciting developments and innovation, there was renewed global investor interest in our markets. The Hong Kong cash market went from strength to strength with volumes reaching a record half yearly high.

We also saw strong performance across the Hong Kong derivatives, ETP and commodities markets. With the continued momentum we have been seeing, we are confident that the Hong Kong's markets have regained their vibrancy.

Therefore, our focus is now on execution, in particular, sustaining the momentum, making our markets even more competitive, building the multi-asset ecosystem that will support Hong Kong's next phase of growth and strengthening our connectivity to the major markets and liquidity pools of the region. Highlights of this in the first half include developments in FIC and our index business, the competitiveness of our listing framework, market infrastructure, operational and technological enhancements and increased connectivity with exchanges in Southeast Asia and Central Asia.

I will discuss our core business strengths, our focus on diversification and our most important strategic initiatives in more detail shortly. But first, let me hand over to Herbert to go through the results.

Over to you, Herbert.

Thank you, Bonnie. Good afternoon to you all.

My name is Herbert Hui, and I'm pleased to be here to share with you highlights of our 2026 first half financial results. HKEX delivered a record financial performance in first half 2026, with revenue and profit both reaching record half yearly highs.

Driven by positive market sentiment, strong interest in Chinese Mainland technology and AI-related stocks, sustained momentum in IPO activity and active participation from both international and Chinese Mainland investors, trading volume across the cash market, derivatives market and Stock Connect reached half yearly record highs in first half '26. The group's commodities market also performed strongly with LME chargeable ADV reaching a record half yearly high.

The group's revenue and other income of HKD 16.7 billion was 19% higher than first half 2025. Profit after tax was HKD 10.6 billion and EPS was HKD 8.36, both up 24% compared to the year before.

The Board has declared a first interim dividend of HKD 7.43 per share, representing 90% of the group's profit attributable to shareholders, excluding the results of HKEX Foundation. Turning to the detailed financials for the half year.

Trading volumes reached record half yearly highs across all markets in first half '26. Headline ADT increased by 18% year-on-year to HKD 283 billion, and both Northbound and Southbound Stock Connect reached all-time highs with Northbound ADT more than doubled year-on-year.

The derivatives and commodities market also performed strongly with trading volumes increasing by 6% and 18%, respectively, compared to first half last year. Driven by the record trading volumes, revenue and other income of the group increased by 19% compared with first half last year, reflecting higher trading and clearing fees as well as increased depository and listing fees.

The increase was partially offset by lower net investment income from margin funds, attributable to higher rebates payable to participants following the implementation of revised margin rebate arrangement starting October last year and also attributable to lower investment returns. OpEx increased by 6%, primarily due to higher staff costs, IT costs and foundation donations, partly offset by the nonrecurring FCA fine of HKD 90 million paid in '25 and an insurance claim of HKD 24 million received in '26, both relating to the previous LME nickel incident.

Excluding Foundation donations FCA fine and the insurance claim, OpEx was up 9%. Turning to next page, where we look at the Q2 '26 financials against the same period last year.

Following a strong first quarter of '26, market activity accelerated further in Q2 with headline ADT reaching a record quarterly high of HKD 289 billion. Revenue and profit increased by 18% and 21%, respectively, against Q2 last year.

The growth was driven by higher trading and clearing fees from increased cash derivatives and commodities market volumes, partly offset by lower net investment income from margin funds due to higher rebate payable to participants under the revised margin rebate arrangements. Moving on to 2026 results against the historical trend line.

Driven by the sustained market momentum, the financial performance in the first half of '26 is above the historical trend line. Throughout the years, HKEX continues to maintain an attractive EBITDA margin, reflecting the successful diversification of our business in recent years and our cost discipline.

As we have been building and enhancing our product offerings, market microstructure and technology platform over the last few years, we were well positioned to capture the opportunities arising from this positive momentum. Next, we take a look at our investment income.

Total net investment income for first half '26 was HKD 2.56 billion, representing a decrease of 11% compared with first half last year. This included a nonrecurring valuation gain of HKD 298 million in our unlisted minority equity investments.

Excluding this gain, net investment income was 21% lower than first half '25, primarily reflecting lower margin fund income due to higher rebates to participants as well as reduced investment returns, reflecting a lower interest rate environment for reinvestment. Looking ahead into second half '26, net investment income is expected to continue to be affected by the revised margin collateral arrangements, fluctuating margin fund size and movements in Hong Kong dollar interest rates.

Now let's look at our operating expenses. OpEx was up 6% in first half '26 compared with first half '25 due to the increase in staff costs and inflationary increase in other expenses, partly offset by HKD 90 million FCA fine in '25 and an insurance claim relating to nickel litigation of HKD 24 million received in '26.

Excluding these nonrecurring items, OpEx was up 9%. This reflects partly the group's investment in talent to build our multi-asset ecosystem.

In summary, our record first half '26 financial results reflected record market trading volumes and benefited from our past and ongoing execution of various strategic initiatives in products, market structure and systems. With that, I will now hand back to Bonnie for our business update and outlook.

Thank you, Herbert. As we noted, the results for the first half of 2026 were strong.

More importantly, they demonstrate that Hong Kong's markets have regained their vibrancy, supported by renewed investor interest, active capital formation and the continued execution of our strategy to build a broader, more competitive market ecosystem. Average daily turnover volume in the cash market saw a record half yearly high, 18% higher compared with the first half of 2025.

Meanwhile, our diversification strategy continues to deliver. The strength of our equity market gives us the platform and confidence to keep building across derivatives and commodities as well as FIC, indices and data.

The Connect programs also performed well with Stock Connect, Bond Connect and Swap Connect all reaching record highs. And backed by strong investor demand and a healthy IPO pipeline, Hong Kong ranked as the second leading global IPO venue in the first half of 2026.

Notably, activities spanned a diversity of sectors, including technology, biotech, new energy, EVs, consumer, mining and others. Additionally, fundraising success has not been limited to IPOs.

Follow-on fundraising saw the strongest first half performance since 2021. Now let's look a bit more closely at derivatives, commodities and the broader range of risk management tools we're developing for our markets.

Average daily volumes for derivatives hit a record half yearly high. This growth was underpinned by robust trading and hedging demand amid an active market environment.

There were notable increases in the trading volumes of stock options and Hang Seng TECH Index Futures and Options. The LME recorded strong growth in trading activity with chargeable average daily volumes reaching a record half yearly high.

We are also continuing to broaden our commodities franchise, including in products such as USD Gold Futures, where activity has reached repeated new highs. Another example is the Shanghai Futures Exchange LME hot-rolled coil futures settlement price licensing initiatives, which will support the planned launch of LME Steel HRC Shanghai and London later this year.

With these initiatives, we're strengthening cross-border cooperation in commodities and helping international market participants access China-linked benchmarks for trading and risk management. So now let's look at what is driving the near-term momentum in our markets.

We continue to see 2 complementary engines of growth. The first is capital formation.

We have worked closely with regulators and market participants to enhance the attractiveness and competitiveness of our listing platform and with partner exchanges to enhance regional connectivity to our markets. Together with sustained interest from Chinese and international issuers, this has helped build a healthy and very diverse IPO pipeline.

The pipeline spans technology, biotech, health care, mining, consumer and include new economy companies, established corporates, multinational enterprises and potential homecoming listings. We're also seeing a strong follow-on fundraising activity as listed companies continue to leverage Hong Kong as a capital raising platform.

Now the second engine of growth is the strength of our secondary markets. The record results across our asset classes in the first half of the year reflect strong investor engagement from both Mainland China and international markets, supported by product innovation and the continued expansion of our market ecosystem.

Take ETPs as an example. ETP contributed to 17% of headline ADT in the first half.

Just 5 years ago, in 2021, they were only contributing to about 5%. Importantly, the 2 engines powering our momentum, capital formation and secondary market that is, are mutually reinforcing.

A vibrant secondary market attracts issuer, while a strong pipeline of quality companies support trading activity. Just to underscore that point, the companies that listed with us since 2025 contributed to more than 8% of the record headline ADT of the first half of this year.

We are also making strategic progress in advancing Hong Kong's FIC and commodities ecosystem. This is an important part of our multi-asset strategy.

It is about giving investors more ways to access China, deploy capital and manage risk through Hong Kong. Our most significant milestone in the first few months was the launch of 5-year government bond futures, the only China government bond futures contract available in the offshore market.

Another highlight is the revitalization of our USD Gold Futures contract. This has driven a strong recovery in activity with both trading volume and open interest reaching record highs.

Strong market participation supported by tighter bid-ask spreads has come from a diverse range of users. This reflects growing demand for diversified risk management tools across both short-term trading and long-term investment strategies.

In our OTC clearing business, we announced plans to launch FDR007 contracts later this year, subject to regulatory approval. This would expand our suite of RMB risk management products.

We are also advancing longer-term strategic initiatives, including our collaboration with CFETS on a next-generation fixed income trading platform and assets to support the development of Hong Kong's repo market infrastructure. While last year was about setting our direction for FIC and commodities development, this year has been about delivering step-by-step across products, platforms and partnerships.

At the same time, we're continuing to modernize our market structure and our operational platforms from T+1 and USM to ODP, OCP, digital payment adoption, board lot enhancements, option strike price enhancements and derivative markets after trading -- after hours trading. Global capital allocation patterns are changing as investors seek more diversified growth and risk management opportunities.

We are committed to making it as easy as possible for them to keep finding those opportunities here. At our core, we are market infrastructure, and our role is to keep improving how our markets operate and how participants experience them.

So to conclude, HKEX delivered a strong first half with record results across our market and continued progress on our strategic priorities. The market has regained its vibrancy and our focus now is on sustaining that momentum through disciplined execution.

Over the past decade, the Connect programs have transformed Hong Kong's role in the global financial system, creating unprecedented links between China and international capital. We believe the next decade of connectivity presents an even greater opportunity.

As investors seek broader access to opportunities across Asia, they will also require deeper liquidity, more diverse products and increasingly sophisticated risk management tools. Meeting these needs will be the next driver of capital market growth.

That is why we are focused on building a vibrant multi-asset ecosystem with equities as the core, but also spanning fixed income, currency, commodities, derivatives, indices and data. And we are making tangible progress on this front, new FIC products, growing commodities activity, a developing index business, stronger technology platform and practical reforms that make our markets more competitive and easier to access.

Every step we take contributes to the same objective, reinforcing Hong Kong's position as the international financial center that connects the world to the best opportunities of Asia. We remain confident in Hong Kong's future, confident in the strength of our unique growth and confident that we can capture the opportunities that lie ahead.

Finally, I would like to thank our Board, regulators, market participants and everyone at Team HKEX for their continued support and dedication. We're now happy to take your questions.

Thank you.

Thank you, Bonnie and Herbert, for your sharing. We'll now open the floor for questions.

Operator, can you please give the audience instructions on how to raise questions either via webcast or audio?

First of all, congratulations on the very solid results across the board. I have 2 questions.

One is, obviously, the policymakers in China is talking about opening -- further opening up the cross-border flows in the regulated channels. I think certainly, Hong Kong Stock Exchange is well positioned for that.

I don't know if there's any discussions in terms of how that -- what other channels might be opened. For example, the Southbound, is that in discussion or whether there could be more ETFs included in the Southbound going forward as well or any other discussion at the moment?

Second question is on the ETP. Certainly, very solid growth in the ETP.

Going forward, any other initiatives, any product that could be launched included in that to drive continued further growth going forward?

Thank you, Richard, for those questions. Let me answer the first part and then for the ETP question, perhaps Greg can give you more color.

Now the cross-border channels, obviously, we are very grateful that since 12 years ago, we started the Connect program. First with Stock Connect and then over the years, we've added different products, including bonds, ETFs, interest rate swaps.

And the journey, obviously, there is still a long way to go in terms of how we can augment it. And you might have picked up the news this morning.

I was in Beijing yesterday at the NFRA, and I was very happy that I was able to deliver the good progress in the sense that there was a policy announcement yesterday that insurance company on the Chinese Mainland will be allowed to invest in the ETPs listed in Hong Kong through the Connect franchise. We believe that, that's a very major positive development.

And one example really of how we continue to work on various ways to augment the Connect franchise. Another thing that I can point to is you might recall that at the beginning of the month on the 3rd of August, the Chairman of the CSRC, Wu Qing, came to Hong Kong to celebrate the launch of our Chinese government bond futures.

And in his speech, he did mention a couple of things which are in flight including REIT Connect as well as including the Southbound RMB counter, both of which we are making good progress on. I think it's a matter of time that we hopefully will be able to announce to the market the actual rollout dates.

But suffice to say that it has always -- we're continuously and work on 3 aspects of developing further the Connect franchise, which is I call that the [Foreign Language], right, people participants rather participants, products and platform. So first of all, bringing more participants.

So I think the insurance companies coming into Southbound investment in ETF is a good example of including more players. Products.

And I think later when Greg gives you the answer on ETP's development, we obviously are very -- putting a lot of efforts into developing the 60-40 ETFs, which will be eligible for Southbound investments. And then on the platform side, we are conscious that between the Hong Kong market and the Mainland market, there are still a lot of areas we can further improve and in mind like trading -- the trading calendar, for example, is an example of that.

And we will continue to do so. So hold your breath.

We will be announcing many more initiatives as and when we are ready. But maybe Greg can help answer the question on what we should expect to see in terms of development in the ETP side.

Okay. Yes.

So specifically on the ETF side, we've seen a strong growth in terms of the ADT over the first half of the year. It's up more than 17%.

And particularly, we see strong growth with retail participation. Obviously, I think a lot of attention towards the L&I, so leverage and inverse products development.

And we expect that, that side of the products will continue to grow. And you have probably heard that the SFC side have announced that the Hong Kong underlying with certain criteria are also eligible for the development of the leverage and inverse products.

And then on top of that, you may also see that the covered call ETF performance have also been strong in terms of AUM growth. So I think that is also an indication that the innovation continues to drive further turnover and also AUM development.

What Bonnie mentioned with regards to the 60-40 ETFs, which is more tailored to the Southbound investments, I think you would have seen the development on our index side, where we have partnered up with KRX on the development of the semiconductor 60-40 index, where 60% is Hong Kong stocks and then 40% is the Korean stocks, focusing on the semiconductor theme. Similarly, we've partnered up with Bursa Malaysia, which we have done a 60-40 on the overall large cap theme.

and various other 60-40 indices. So these are the ones that will drive growth for Southbound investments, not only for retail, but now also with yesterday's announcement where down the road, there will be more specific details in terms of the implementation.

We will expect that insurance company will also through the Southbound Connect to invest into these ETFs. So this will be a mixture of the ETF side of the development as well as our own index development catering to these type of tailored or customized underlying.

Further to that, we will be looking to develop sector indices, which will again drive ETF growth in terms of the innovation towards the products and attract further investments into the thematics. But I also want to highlight one other ETF item that we will be looking to grow, which is the fixed income side of the ETF as the FIC market and have a good kickoff with the CGB futures, so China government bond futures as well as our revitalization of the gold futures.

We have seen a lot of institutional investors very interested in both our commodities as well as our fixed income market. And so fixed income ETF naturally is a further development, which we will expect also good uptick from our institutional investor participants.

Thank you, Bonnie and Greg for sharing.

First of all, congratulations on a very solid set of results. I believe investors are also very happy with the core business, especially on the equity side.

So maybe I'm going to ask a question on your index or maybe just about the 5-year CGB futures. We noticed that in early August, Hong Kong Stock Exchange launched its first year CGB, China government bond futures contract, which I believe is a landmark product.

So could you please maybe discuss about the longer-term growth potential of this contract and also the role it could play within the China fixed income derivatives market as well as the FIC ecosystem?

Thank you, Charles, for the question. I would say that, first of all, this piece, the 5-year CGB futures is a very exciting first step in our overall FIC strategy.

We only launched it on the 3rd of August, but suffice to say that early signs are very encouraging. So I'll pass it on to Greg to maybe, first of all, give you some color as to how the momentum is building up, but more importantly, how this fit into our broader FIC strategy and more on the narrower side, what else to expect in that suite of futures products.

So Greg?

Yes. So I think we have certainly a lot of attention from various different types of global institutional investors towards this product.

So in terms of the engagement, we're seeing across the board, global asset managers and large asset owners who are very interested in trading this. In fact, we have seen over the course of just the past 2 weeks, almost every single day, there is a new participant placing orders to test it out.

So that's actually a very strong indication that everybody is very strong interest in this. Now this is only one contract, one tenor.

Of course, it's not sufficient to say this sufficient to cover basically all sets of tenor and duration. But of course, down the road, we would be hoping to launch other tenors as well.

So to specifically highlight what does this do towards our fixed income market overall. Basically, it's a price discovery tool on the offshore side, allowing now offshore investors to participate in the price discovery of our offshore CNH curve.

With that as being a foundation of the curve, we will be able to then attract more investors to issue debt in the CNH terms in different tenors. That in itself is a prerequisite to build a vibrant fixed income market naturally.

And with the institutional investors already participating in the futures, we would expect that when the cash bond market also further grow, the secondary market trading will also further increase. I also want to highlight that recently, we -- I mean, I think over the course of last year or 2 years, the Dim Sum bond market has already grown significantly.

And there has been more and more listings of the Dim Sum bond market -- Dim Sum bonds in Hong Kong Exchange. And as we build out all the other various different instruments on -- especially, let's say, on the trading platform and so forth, we are definitely pushing more towards liquidity into the fixed income market, coupled with our OTC clearing efforts as well.

So I think overall, right, the development of the fixed income step by step is there. We're getting a lot of attention from global investors, but this is basically the first very small step, if you will, that is -- but at the same time, it is a very significant milestone.

I would supplement by saying that you will see more activity from us in terms of the CGB ecosystem. We are going to open up our 2 biggest clearing houses, futures and options clearing houses to accept CGB as collateral.

This is going to happen before the end of the year. That will give a very good reason for investors to hold the paper to hold CGB, place it as collateral.

And we're also exploring the -- how we build a vibrant repo market. So all of that to come, of course, one step at a time, subject to regulatory approval.

Two questions, if I may. Firstly, I know that the Northbound ADT and the Northbound contribution to revenue improved very significantly in the first half.

Can we better understand from management perspective, the underlying drivers? I think through Hong Kong Exchange Northbound as a percentage of A-share market turnover, over time, that has also improved as well.

Are there some work that the exchange has been doing or some sort of further expansion potential to capture those related revenue? That's question number one.

Question number two, again, I take look at the IPO momentum has very strong. But in terms of the active application number, it fell slightly from sort of like mid-500 to high 400.

Just trying to understand the underlying reasons. Are there some maybe companies without sufficient quality like withdrawing the applications?

Are these like being absorbed by the listing year-to-date? Or I'm not sure whether technically when there is more IPO coming through the confidential channels, will it be taken away from the sort of like known active application numbers?

Thank you, Gary. Okay.

I'll answer your second question first and touch on your first one and maybe my colleagues would also chime in on the first one. So I mean, you mentioned 500 or high 400 I mean, first of all, it's conversion into real listings, right?

That will take the number down because if there are applications and we manage to list them, then they're no longer counted in the application number. And you know that year-to-date, we have already completed over 100 IPOs, we should be standing at 105, I think, today.

Total fundraise has already exceeded the total full year 2025. We are at USD 41 billion total fund raise compared to USD 37.5 billion for the full year last year.

So there's a lot of conversion from applications into real listings. But regardless, I think at a few hundred, it is a high number.

And I would say that from my day-to-day interaction with potential listing applicants, the interest remained very strong, very, very strong. So I really do not think we should be too obsessed with sort of whether it's low 500 or high 400s.

I can, on a very generalized level, assure you that the interest has not waned. All right.

Your first question on Northbound. Yes, indeed, Northbound has -- ADT has improved quite significantly.

Last year, you recall that the ADT for 2025 was RMB 212 billion. I think year-to-date, we are probably at RMB 340 billion.

But for the last month, there weren't many trading days we saw the number at above 400. So on a very general level, I think it really basically illustrates the point that the rest of the world is more interested to trade A shares, which is a good thing, I think, on a very high level.

But if you look into it, I also feel that if you think about the A-share market over the last 12 months, the vibrancy has also returned, right? So there are many, many days when the Asia market was trading at sort of the trillions or $3 trillion even.

And so that certainly -- a vibrant market certainly will drive a lot of these Northbound activity. I don't know for sure, but you also would notice that recently, there have been a few rather high-profile IPOs on the A-share market, which has yet to be included in the Connect program for Northbound trading.

So with those eventually being included, I think that will provide even sort of more catalyst for -- to sustain the high level of Northbound trading. But Herbert would like to add something.

Yes.

Okay. So just to supplement, the other potential reason for the almost doubling in the Northbound ADT is the number of eligible stocks expanded by about 20%.

So that's probably a reason to that. And as to the market share in the A-share domestic market, I think colleagues have been working really hard to really trying to reduce frictions and increase the competitiveness of the Northbound Connect channel, and that would certainly help in raising the overall trading volume of Northbound.

I have 2 questions, if I may. The first question is just about the impact from NASDAQ 24-hour trading.

How do you think that will impact Asia hours liquidity? And how could the Hong Kong Exchange respond to that consider changing the trading hours?

And then the second question, I think, is just a follow-up on the IPO market. A-share IPO has kind of normalized in recent months.

How do you see the competition for IPOs between the A share and H share -- because obviously, a lot of the IPO is coming from the AH listings. Do you think the interest for AH listing remains solid at the moment?

I'll let Vanessa answer the first question, and then I'll address the question on the A&H listing. I'm sorry, the line was a little soft, but I believe you were asking about A&H listing.

Okay. So Vanessa go first.

Thank you. Thank you, Michael, for your question.

Extending trading hours, the way we look at it is that over time, we want to continue to improve market accessibility. That is really the key principle, not necessarily the longer hours, the better.

And you have seen that we have made significant progress over the last few years, and I can mention some examples like the Synchronizing the Connect trading holidays added another 10 or so trading days each year. Of course, we have the severe weather trading.

Hong Kong does have its typhoon. So in 2025, we had 7 extra trading days.

And each day, it was trading over HKD 220 billion. Now the next development is likely to be in the derivatives after hours trading.

As you know, we already extended this once back in 2019 by 2 hours to currently closing at 3:00 a.m. Hong Kong time.

We are looking to extend that to cover the U.S. time zone closing.

Another couple of hours could make a huge difference if you look at how much -- what percentage of trading volumes happen in the closing auctions. So we will be looking at mainly derivatives extension to start with.

In terms of the cash market, yes, we noticed the headlines on 24/7, 23/5 in other regions. What we look at is, is it really going to improve the market accessibility and who are we trying to attract to come to Hong Kong?

And is actually -- is our market actually ready, our participants, our banks, our custodians, et cetera. There are, of course, a number of challenges.

If you keep extending, could you have like thinner liquidity, could you have bid-ask spread that's not as tight. So we need to have a lot more considerations in terms of the cash market extension of hours.

We will continue to listen to market feedback, and we will tune accordingly. But I think in terms of infrastructure, we are definitely getting ourselves ready.

You would have seen that with our Orion Derivatives Platform, Orion Cash Platform, we are technically ready for much longer hours. In fact, ODP brings us to technically 24-hour trading.

So we don't want to fall behind on infrastructure, and we're not. We are definitely on par there.

It's just the market readiness and what we think would be the most appropriate for the Hong Kong market in terms of accessibility.

All right. Then back to your question about A&H listing.

So this is, I think, how I look at it. I think oftentimes, people have this impression that the H-share market, the Hong Kong market is competing with the A-share market on IPOs.

So there's some sort of cannibalization, if you may. I actually look at those 2 markets as being highly, highly complementary.

And why do I say that? Now if you look at the recent vintage of companies seeking a listing from the Chinese Mainland in particular, a lot of them are in areas or in sectors where -- which require a huge amount of capital expenditure to sustain the growth, right, be it semiconductor, be it robotics, be it AI, large language models, it is capital intensive.

And therefore, at the top of the minds of these companies' executive, what they need is to make sure that they have access to a big shareholder base and a very deep and effective capital raising platform. And therefore, in fact, I think if you look back into the last 2 years, it has become somewhat fashionable even for companies to seek a listing on both markets.

It's more a matter of sequencing, whether they start with an A-share listing and then come to H-share. And more recently, we are seeing examples of H-share companies going back to the Mainland right?

Regardless of whether it's A-to-H, H-to-A, what we see, and this has been illustrated deal after deal, whether it is CATL, whether it's most recently Innolight, having a listing on both markets really maximize that reach to investors. And more importantly, I think Hong Kong does have a strength in follow-on fundraising.

I mentioned earlier the IPO fundraise, but I would also share with you that year-to-date, our follow-on fundraising, that's listed company tapping the capital markets for fundraising, we have already reached over USD 50 billion compared to a total full year of USD 66 billion last year. So we are on good track to beat last year's record.

And the more I look at this vintage of companies, I really do think that we should see -- we should expect to see a continuous trend of A&H listing. And this, by the way, I do recall when Chairman Wu Qing of CSRC, when he came to Hong Kong on the 3rd of August to participate in one of our events.

In his speech, I think he mentioned 10 different measures. The first one was about these 2-way flow, right, in terms of encouraging companies in the Mainland to continue to seek a listing in Hong Kong and also vice versa, right, for Hong Kong listed companies to go back to the Mainland.

So there is some sort of regulatory reassurance there. Last point I want to make on this topic is aside from A&H, if the worry is somehow there is cannibalization, please do note that we are also seeing good momentum in terms of attracting non-Chinese companies to list on our market.

So most recently, you would be aware that we listed Merdeka, which is an Indonesian listed gold mining company. They did a secondary listing actually in the form of HDR in our market hasn't happened for a long time, but they raised USD 300 million, very successful.

Their overall liquidity improved, and I think Hong Kong might even be trading at a premium to IDX. And in the pipeline, we have about 10 of these non-Chinese companies from a good mixture of different jurisdictions.

So that's another way we can continue to build our very robust IPO pipeline.

Thank you, Bonnie and Vanessa. With that, this marks the end of today's session.

Thank you, everyone, for joining us today. We look forward to continuing our engagement and conversations with you.

Please reach out to us for any follow-up questions. Have a good evening.