Hong Kong Exchanges & Clearing Ltd.

Hong Kong Exchanges & Clearing Ltd.

46.37
EUR
-0.23
(-0.50%)
56.77BMarket Cap
Nov 06Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
7.06
7.84
10.31
8.58
9.43
11.47
10.82
13.33
15.39
13.38
12.21
13.72
18.79
- -
Basic EPS, GAAP
3.95
4.44
6.7
4.76
6.03
7.5
7.49
9.11
9.91
7.96
9.37
10.32
14.05
- -
Free Cash Flow per Basic Share
3.64
3.44
6.41
2.34
5.48
6.94
7.16
10.63
8.91
10.8
7.99
8.83
18.91
- -
Dividend per Share
2.01
2.78
2.54
2.75
2.09
4.37
4.61
5.53
9.11
7.64
8.15
8.24
10.86
- -
Book Value per Share
17.59
18.26
24.74
26.42
30.06
32.57
35.02
38.64
39.22
39.3
40.6
42.61
46
45.03
Tangible Book Value per Share
1.47
2.87
9.89
11.82
15.59
18.14
20.45
23.84
24.22
24.31
25.36
27.1
30.23
29.25
Basic Weighted Avg Shares
1,152
1,164
1,187
1,212
1,228
1,242
1,254
1,263
1,265
1,265
1,265
1,264
1,264
705
Sales/Revenue/Turnover
8,131
9,127
12,233
10,398
11,574
14,252
13,565
16,835
19,471
16,934
15,445
17,346
23,745
- -
Operating Margin (%)
60.14
60.22
67.45
60.04
62.07
66.27
62.72
66.69
70.02
61.46
54.86
57.81
67.89
- -
Depreciation Expense
508
647
684
771
858
762
1,044
1,197
1,354
1,459
1,443
1,402
1,568
- -
Net Income, GAAP
4,552
5,165
7,956
5,769
7,404
9,312
9,391
11,505
12,535
10,078
11,862
13,050
17,754
- -
Effective Tax Rate (%)
13.34
14.91
14.52
15.56
14.58
14.63
14.25
13.84
15.79
13.41
10.13
11.43
15.7
- -
Profit Margin (%)
55.98
56.59
65.04
55.48
63.97
65.34
69.23
68.34
64.38
59.51
76.8
75.23
74.77
- -
Working Capital
7,608
9,624
14,595
17,122
19,452
22,202
24,258
29,359
29,105
29,530
29,691
29,051
28,346
27,803
LT Debt
6,703
6,801
3,101
3,105
833
161
2,234
2,054
1,760
1,448
1,334
1,034
637
661
Total Equity
20,518
21,359
29,962
32,384
37,375
40,903
44,501
49,236
49,910
50,099
51,796
54,407
58,729
57,451
Return on Invested Capital (%)
17.82
18.64
25.83
16.73
19.79
22.76
20.93
22.53
23.42
18.74
22.01
23.45
29.66
- -
Return on Capital (%)
18.29
19.37
26.46
17.43
21.47
25.35
23.73
24.21
24.52
23.32
32.72
33.29
37.49
- -
Return on Common Equity (%)
23.85
24.79
31.15
18.59
21.29
23.88
22.12
24.72
25.44
20.29
23.47
24.81
31.7
- -

Capital Structure

HKD

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
260
650
212
LT Borrowings
- -
71
- -
LT Finance Leases
1,034
987
661
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,264
1,264
1,264
Market Capitalization
370,742
438,788
525,135

Working Capital

HKD

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
353,576
350,833
392,505
Cash, Cash Equivalents & STI
230,910
247,164
282,456
Accounts Receivable, Net
54,478
48,634
50,908
Inventories
- -
- -
- -
Total Current Liabilities
324,525
325,257
364,702
Payables & Accruals
- -
- -
- -
ST Debt
260
650
212
Deferred Revenue
- -
- -
- -

Growth Rates

HKD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.05%
3.62%
7.94%
Free Cash Flow
25.94%
20.73%
113.91%
Net Income, GAAP
10.31%
10.62%
36.05%
Sales/Revenue/Turnover
8.18%
8.61%
36.89%
Total Cash Common Dividend
21.49%
17.67%
31.74%

Quarterly Revenue

HKD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,847
4,215
- -
- -
17,346
2025
5,496
5,538
- -
- -
23,745
2026
6,843
7,137
- -
- -
- -

Quarterly Earnings Per Share

HKD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.35
20.87
- -
- -
10.32
2025
3.23
32.51
- -
- -
14.05
2026
4.1
38.13
- -
- -
- -

Quarterly Dividends Per Share

HKD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
8.24
2025
- -
- -
- -
- -
10.86
2026
- -
- -
- -
- -
- -

Company Description

CEO
Yiting Chan
Full Time Employees
2,636
Sector
Finance
Industry
Investment banks/Brokers
Address
Two Exchange Square Hong Kong Hong Kong
IPO Date
Jun 27, 2000
Business
Hong Kong Exchanges and Clearing Limited (HKEX) operates as a leading global exchange group, owning and managing stock exchanges, futures exchanges, and clearing houses primarily in Hong Kong, with additional operations in Mainland China and the United Kingdom; it provides trading, clearing, settlement, depository, listing, market data, and connectivity services across equity products including stocks, exchange-traded products (ETPs) such as ETFs and REITs, bonds, and fixed income; equity and financial derivatives encompassing stock options, equity index futures and options, derivative warrants, callable bull/bear contracts, and over-the-counter (OTC) derivatives; commodities through base, ferrous, and precious metals futures and options via the London Metal Exchange (LME) and Qianhai Mercantile Exchange; as well as data and connectivity solutions. The company maintains wholly owned subsidiaries including The Stock Exchange of Hong Kong Limited (SEHK), Hong Kong Futures Exchange Limited (HKFE), LME, Hong Kong Securities Clearing Company Limited (HKSCC), HKFE Clearing Corporation Limited (HKCC), SEHK Options Clearing House Limited (SEOCH), and OTC Clearing Hong Kong Limited; it also facilitates cross-border trading via programs like Stock Connect with Shanghai and Shenzhen exchanges, Bond Connect, and Swap Connect, serving institutional and retail investors globally with a focus on connecting China to international markets. Founded in 2000 through the merger of the Hong Kong Stock Exchange, Hong Kong Futures Exchange, and Hong Kong Securities Clearing Company, HKEX is headquartered in Hong Kong and listed on its own Main Board under ticker 0388. In recent developments, HKEX announced in November 2025 a strategic investment of up to HK$455 million for a 20% stake in CMU OmniClear Holdings to enhance Hong Kong's fixed-income and currencies post-trade infrastructure, partnering with the Hong Kong Monetary Authority; it launched new weekly stock options in November 2025 and expanded Connect programs in 2025 to include more international companies and underlying stocks, alongside Swap Connect and Synapse platform; the group initiated multi-year projects like the Orion Derivatives Platform rollout in 2027-2028, cash market post-trade modernization for accelerated settlement, and LME market structure enhancements via a 2024 white paper; additionally, it implemented Listing Rule changes effective August 2025 reducing public float requirements and retail IPO allocations to boost listings, while recording record ETP trading volumes and new product launches including virtual asset and covered call ETFs in 2025.

Company News

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