Half Year 2026 Hong Kong Exchanges and Clearing Limited Earnings Call Transcript
Key Points
- Record half-yearly revenue and profit in H1 2026, with revenue up 19% and profit up 24% year-on-year.
- Record high trading volumes across cash, derivatives, and commodities markets, with headline ADT up 18% to HKD283 billion.
- Strong growth in Stock Connect, with Northbound ADT more than doubling year-on-year and all Connect programs reaching record highs.
- Successful diversification into FIC and commodities, highlighted by the launch of 5-year China government bond futures and record activity in USD Gold Futures.
- Healthy IPO pipeline with Hong Kong ranking as the second leading global IPO venue, and strong follow-on fundraising activity exceeding USD50 billion year-to-date.
- Net investment income decreased 11% year-on-year due to higher rebates to participants and lower interest rates, with expectations of continued pressure in H2 2026.
- Operating expenses increased 6% (9% excluding non-recurring items) due to higher staff costs and IT investments, which could pressure margins.
- Active IPO application numbers fell slightly from mid-500s to high 400s, though management attributes this to conversions into listings.
- Potential competitive threats from extended trading hours in other markets (e.g., Nasdaq 24-hour trading) require careful consideration of market readiness and liquidity impacts.
- Dependence on market sentiment and China's economic outlook, as the strong performance is driven by renewed investor interest that may not be sustainable.
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.
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