UB#HKEX RP2812C

HSBC Research Upgrades HKEX's Earnings Forecast and Target Price

Goldman Sachs Releases Report on HKEx Profit Forecast and Strategic Development

Morgan Stanley Publishes Research Report Analyzing HKEX Q4 Earnings and Outlook

HKEX Announces Launch of Multi-Asset Tokenization Platform

Citibank Reports: Hong Kong Exchange's Q4 2025 Net Profit Exceeds Market Expectations

HKEx reports a 15% YoY profit increase for Q4 2025

Hong Kong Exchange reports 36% increase in full-year profit to HKD 17.75 billion in 2025

Hong Kong Exchange Surpasses Expectations in Annual Revenue and Net Profit

Huayuan Securities Issues Buy Rating in First Coverage of HKEX

Securities and Futures Commission Launches Measures to Solidify Hong Kong's Position as International Financial Center

SFC Issued Global Temporary Injunction Against Ex-HKEX Employee

Hong Kong Releases 2026-27 Budget to Consolidate Trade Hub Status

HKEx Welcomes Budget Proposals for Market Reforms

HKMA and SEHK Researching Establishment of One-Stop Multi-Asset Post-Trading Infrastructure

HKEX plans to push for revisions to differential voting rights for companies going public

Hong Kong Government's Budget Proposal Promotes Aerospace Industry Development

HKEX Considers Expanding Confidential IPO Application Scope

HKEX to Release 2025 Annual Results

HKEX CEO Chen Yiting Speaks at New Year Opening Ceremony, Emphasizes Exchange Development Strategy

HKEX to release FY2025 earnings report on February 26, pre-market (BJT), forecast revenue HKD 28.59 B, EPS HKD 13.5657

CCOE

ONEFORCE HLDGS

STARCOIN GROUP

ROYAL DELUXE

WELIFE TECH

DRINDA

ASIAPAC FIN INV

WAI HUNG GROUP

MS CONCEPT

JOHNSON ELEC H

HKXCY

159842

07200

513750

03419

512000

07300

00388

07500

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00HSI

HSBC Global Research has raised its profit forecasts for Hong Kong Exchanges and Clearing for this year and next year, increasing them by 3% and 1.8% respectively, and has raised the target price from HKD 510 to HKD 520, maintaining a "Buy" rating. Hong Kong Exchanges and Clearing's earnings per share exceeded expectations in the fourth quarter and for the full year, at HKD 3.43 and HKD 14.05 respectively, with total revenue in the fourth quarter growing by 14.6% year-on-year. The bank pointed out that Hong Kong Exchanges and Clearing has significant growth potential and competitive advantages, planning to establish a comprehensive fixed income and currency ecosystem

AASTOCKS

Hong Kong Exchanges and Clearing (HKEX)

Yinhua CSI All Share Investment Banking & Brokerage ETF

ISHRS Us Brokers & Sec Exchg

FL2 CSOP HSI

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

A GX HSICC

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

FI CSOP HSI

HKEX

FI2 CSOP HSI

FL2 CSOP HSCEI

Hang Seng Index

HSBC Research raises Hong Kong Exchanges and Clearing (HKEX) profit forecasts for this year and next, increasing the target price to HKD 520

The Bank of America Securities report indicates that the Hong Kong Exchanges and Clearing (HKEX) will have a net profit of HKD 17.8 billion for the fiscal year 2025, a growth of 36%, in line with expectations. The average daily trading volume reached HKD 250 billion, setting a new historical high. Fees related to trading volume saw strong growth, driving profitability. The fundraising scale in 2026 is expected to expand, although a slowdown in growth is considered the baseline scenario. The target price is maintained at HKD 520, reiterating a "Buy" rating

"Big Banks" Bank of America Securities: HKEX's net profit last year was roughly in line with expectations

UBS report pointed out that the performance of HKEX in the fourth quarter of last year exceeded expectations, with revenue growth of 15% to HKD 7.3 billion, and strong performance in net investment income and custody fees. Net profit increased by 15% to HKD 4.3 billion, benefiting from cost control. UBS has slightly adjusted its earnings per share forecast for 2026 to 2028 and lowered the target price from HKD 471 to HKD 462, maintaining a "Neutral" rating

UBS: HKEX's quarterly results exceed expectations, but target price lowered to HKD 462

Goldman Sachs released a report stating that the Hong Kong Exchanges and Clearing (HKEX) will exceed profit expectations in the fourth quarter of 2025, mainly benefiting from investment income and a decrease in operating expenses. Excluding investment income, profits are still 5% higher. Management emphasized the medium- to long-term development strategy, planning to seize growth opportunities in China and the region. It is expected that earnings per share will grow by about 4% in 2026, with revenue excluding investment income increasing by 12%. The "Buy" rating for HKEX is maintained, with a target price of HKD 546

Goldman Sachs: HKEX's profit last quarter far exceeded expectations, maintaining a "Buy" rating

Morgan Stanley released a report stating that the Hong Kong Exchanges and Clearing's net profit in the fourth quarter of last year increased by 15% year-on-year, exceeding market expectations. The average daily trading volume rose by 23%, driving trading fees and settlement fees to grow by 13% and 15%, respectively. Net investment income increased by 2% year-on-year and 20% quarter-on-quarter. The EBITDA profit margin was 78%, with a tax rate of 15.6%. Morgan Stanley maintains an "Overweight" rating on Hong Kong Exchanges and Clearing, with a target price of HKD 508, expecting more investment opportunities in the second half of 2026

Morgan Stanley: HKEX's quarterly results far exceed expectations, target price HKD 508

HKEX says trading in shares of Wecon Holdings will be halted with effect from 27 February

marketscreener

HKEX says trading in shares of Wecon Holdings will be halted with effect from 27 February

HKEX chief executive Bonnie Chan says the Hong Kong exchange has attracted a diverse range of IPO applicants, from different sectors and geographies. She tells Bloomberg's Stephen Engle that this will help the exchange weather uncertainty around the AI sector.Bloomberg videos, provided by MT Newswires

HKEX Sees Diverse IPOs Amid AI Bubble Risk

Hong Kong Exchanges and Clearing Limited reported earnings results for the full year ended December 31, 2025. For the full year, the company reported revenue was HKD 29,161 million compared to HKD 22,374 million a year ago. Net income was HKD 17,754 million compared to HKD 13,050 million a year ago.

Hong Kong Exchanges and Clearing Limited Reports Earnings Results for the Full Year Ended December 31, 2025

Hong Kong Exchange CEO Chan Yi-ting announced plans for a multi-asset tokenization platform to support various assets beyond just tokenized stocks and bonds. The initiative's feasibility will depend on technology and market demand. The exchange aims for diversification, with future products including stock futures, fixed income, and gold futures. Market Director Yu Xueqin mentioned efforts to introduce zero-day options, while CFO Xu Lianghua confirmed the exchange has 20 to 30 billion HKD available for investment after the second interim dividend, indicating no financial issues.

CoinLive

Hong Kong Exchange Explores Multi-Asset Tokenization Platform

Hong Kong Exchange & Clearing Ltd. reported a 15% increase in Q4 profit, reaching HK$4.34 billion, driven by a 15% rise in revenue to HK$7.31 billion. Basic earnings per share also rose 15% to HK$3.43. The company declared a second interim dividend of $6.52 per share, totaling $12.52 for the year, a 35% increase from last year. Shares closed at HK$415.400, up 0.78%.

rttnews

Hong Kong Exchange & Clearing Q4 Profit Climbs, Lifts Dividend

[HONG KONG] Hong Kong Exchanges and Clearing, the city’s bourse operator, posted record full-year profit of HK$17.7 billion (S$2.85 billion) for 2025 as a surge in equity trading and a rebound in listings drove earnings to new highs.Profit for Hong Kong Exchanges and Clearing last year rose by 36 per cent from HK$13.1 billion in 2024, according to its earnings results. REUTERS

Businesstimes News

Hong Kong bourse full-year profit rises 36% to new high

TCTZF

STECH

Hong Kong stocks fell as Nvidia's earnings failed to boost AI confidence, with the Hang Seng Index down 1.4% to 26,381.02. The Hang Seng Tech Index dropped 2.9%. Major companies like Alibaba and Tencent saw declines, while Hong Kong Exchanges and Clearing rose 0.8% after a profit increase. Nvidia reported a 73% revenue jump to $68.1 billion, but missed bullish projections, indicating a cooling AI market. Other Asian markets closed higher, with Japan's Nikkei up 0.3% and South Korea's Kospi up 3.7%.

南华早报

Tencent Holdings Limited

Hang Seng TECH Index

SPDR S&P Semicon

VanEck Gold Miners ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Guotai CES Semiconductor Chip Industry ETF

VanEck Semiconductor ETF

T-Rex 2X Long NVIDIA Daily Target ETF

GraniteShares 2x Long NVDA Daily ETF

Direxion Daily NVDA Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

BABA 2x Long Daily ETF - GraniteShares

CSOP HS TECH

VanEck Junior Gold Miners ETF

Direxion Semicon Bull 3X

TENCENT

Alibaba

BABA-W

NVIDIA

Hong Kong stocks retreat as Nvidia earnings fail to sustain AI momentum

Today’s Key News Recap

0203 | Dolphin Research Focus: Macro/Industry. In early trading, Hong Kong stocks plunged on unverified tax rumors about revising the High-Tech Enterprise qualification and raising tax rates for internet and gaming. Against the backdrop that VAT changes for the telecom sector have already taken effect, the chatter quickly spread.It triggered a broad selloff across HK tech, internet, and gaming. Valuations were hit in the short term, risk aversion spiked, and funds rotated to safety.Dolphin Research has issued a First Take on this. See 'China ADRs: Tax Hike Rumor — The rationale behind the false alarm'...

Webull

Tesla

Alphabet - C

Alphabet

HKEX-R

Uber Tech

Palantir Tech

EASTROC

EASTROC BEVERAGE

WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

Tax-hike rumors rattled the market; Dongpeng Beverage's debut was 'lukewarm' | Daily News Recap

0109 | Dolphin Research Focus. 🐬 Macro/Industry 1) HKEX announced it will add six stock options effective Jan 19, covering names such as Zijin Gold Intl, Laopu Gold, and Horizon Robotics.The additions broaden derivatives choices and offer more risk management tools. They should also help lift liquidity in the underlying names.🐬 Single Stock 1) $Taiwan Semiconductor(TSM.US) TSMC reported Dec revenue of NT$335.03bn, down 2.5% MoM but up 20.4% YoY. 2025 YTD revenue rose 31.6% YoY...

Apple

Taiwan Semiconductor

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

LAOPU GOLD

Laopu Gld HK SDR 50to1

Direxion Auspice Broad COM

TSM Q4 rev. seen >NT$1 tn; GOOGL integrates Gemini into Gmail | Daily News Recap

Baidu

Hot topic

Appraisal value

Long-rumored Kunlun Chip spin-off is now official as $Baidu(BIDU.US) announced it.On Jan 2, BIDU proposed to spin off Kunlun Chip Technology for an independent listing on the HKEX Main Board, while retaining control (59.45%).BIDU has filed confidentially, and the detailed prospectus is not yet public.Based on available information, Dolphin Research will first outline a few key questions.1. Kunlun Chip's origins and evolution? It traces back to BIDU's FPGA accelerator project launched in 2011...

BIDU-SWR

BIDU-SW

Baidu HK SDR 10to1

BIDU ADR US

Kunlun Chip IPO fast-tracks: Is BIDU's Google moment here?

1209 | Dolphin Research Focus: 🐬 Macro/Industry 1) Hong Kong Exchanges and Clearing Ltd. (HKEX) announced the HKEX Tech 100 Index, tracking the 100 largest Southbound Stock Connect-eligible tech names across six themes, including AI, biotech, and autonomous driving. The index fills a gap for a broad-based vehicle covering diversified China tech in HK and could attract more southbound flows.🐬 Single Stock 1) $NVIDIA(NVDA.US). Trump posted on Truth Social...

Allianzim US Large Cap Buffer10 Mar ETF

POP MART

Bio-Techne

Mirae Asset Global Investments Co., Ltd.

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Morgan Stanley

LEAPMOTOR

LI AUTO-W

NIO-SW

XPENG-W

POP MART HK SDR 20to1

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

Li Auto

NIO Inc. USD OV

NIO Inc

XPeng

HKEX debuts flagship Tech Index; NVDA H200 cleared for China exports | Daily News Recap

禾赛科技

Conference Minutes

The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Bloomage Biotech

Renaissance Ipo

Hello

Hesai

Pony AI

PONY-W

JD LOGISTICS

HESAI-W

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

CTG DUTY-FREE

BYD COMPANY

SSE Index

Meta Platforms

Microsoft

BOE VARITRONIX

Amazon

Coinbase

OpenAI

Destiny Tech100

BYD Company Limited

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company

The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today's Important News Recap

UB#HKEX RP2812C(55624.HK)

HSBC Research raises Hong Kong Exchanges and Clearing (HKEX) profit forecasts for this year and next, increasing the target price to HKD 520

"Big Banks" Bank of America Securities: HKEX's net profit last year was roughly in line with expectations

UBS: HKEX's quarterly results exceed expectations, but target price lowered to HKD 462

Goldman Sachs: HKEX's profit last quarter far exceeded expectations, maintaining a "Buy" rating

Morgan Stanley: HKEX's quarterly results far exceed expectations, target price HKD 508