Hong Kong Exchanges and Clearing Ltd. (HKEX) reported record revenue and profit for the first half of 2026, reflecting a surge in trading activity across its cash and derivatives segments.
The exchange operator posted HK$16.7 billion in revenue and other income for the six months ended June 30, 2026, an increase of 19% from HK$14.1 billion in the same period a year earlier. Net profit attributable to shareholders rose 24% to HK$10.6 billion, while earnings per share climbed 24% to HK$8.36. The board declared an interim dividend of HK$7.43 per share, up 24% year-over-year.
Revenue growth was broad-based, with the cash segment generating HK$8.8 billion, representing 53% of total revenue and a 92% EBITDA margin. Average daily turnover in the cash market reached a record HK$283.0 billion in the first half, up 18% from the prior-year period, with July alone hitting HK$307 billion. Initial public offerings in Hong Kong ranked the exchange as the world's second-largest venue, with 87 listings raising HK$212.4 billion, a 94% increase year-over-year.
The derivatives segment contributed HK$3.4 billion in revenue, accounting for 21% of the total with an 84% EBITDA margin. Average daily volume reached a record 1.8 million contracts, up 6% year-over-year, led by growth in HS TECH Index products, which averaged 232,000 contracts in the first half—a compound annual growth rate of 83% since fiscal 2021. Weekly stock options expanded from 10 underlying stocks in fiscal 2024 to 53 by the end of June 2026, with monthly average daily volume rising at an 8% CAGR to 942,000 contracts.
The commodities segment, representing 12% of revenue at HK$2.0 billion, posted a 68% EBITDA margin. Average daily volume on the London Metal Exchange reached 844,000 lots, up 18% year-over-year. Stock Connect programs generated HK$2.9 billion in revenue, a 57% increase, with northbound average daily turnover surging 102% to RMB345.3 billion.
Capital expenditure rose 24% to HK$3.3 billion, with HK$2.4 billion allocated to the new headquarters premises and HK$854 million to other investments. Operating expenses increased 6% year-over-year, or 9% excluding non-recurring items, while EBITDA margin improved to 81% from 79% in the first half of 2025.
