Citi increases HKEX (00388) target price to HK$525
Citi increases HKEX (00388) target price to HK$525
Research Reports
Citi increases HKEX (00388) target price to HK$525
(Infocast News) Citi updates its HKEX (00388) model to factor in 4Q25 results and January trading stats. It raises its FY26-FY27 EPS estimates by 4-5%, mainly driven by higher northbound turnover forecast, stronger LME trading volumes, and better listing fees. We also introduce our FY28E forecasts.
It increase its target price to HK$525 following the earnings changes. Maintains Buy. (WL)
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(Infocast News) Results of Hong Kong Exchanges and Clearing Limited (00388) for the fiscal year ended 31 December 2025:
Net profit: HK$17.754B, up 36.05% YoY (HK$13.05B net profit for the same period last year) Basic EPS: HK$14.05 Dividend per share proposed: HK$6.52
(ST)
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HKEX(00388)appoints Graeme Farrell as Chief Risk Officer
HKEX(00388)appoints Graeme Farrell as Chief Risk Officer
Market News
HKEX(00388)appoints Graeme Farrell as Chief Risk Officer
(Infocast News) Hong Kong Exchanges and Clearing Limited (HKEX)(00388) announced the appointment of Graeme Farrell as Group Chief Risk Officer. Mr Farrell will join the Group on 12 January 2026 and succeeds Richard Wise, who is leaving HKEX after five years of service to spend more time with his family.
In his role, Mr Farrell will have responsibility for the Group's risk management functions, including Group Financial Risk Management, Group Quantitative Risk Management, Group Technology Risk Management and Group Enterprise Risk Management. He will report to HKEX Chief Executive Officer, Bonnie Y Chan, and become a member of HKEX¡¦s Management Committee.
HKEX Chief Executive Officer, Bonnie Y Chan, said: ¡§I am delighted to welcome Graeme to the HKEX family. His deep global experience across a wide range of risk management disciplines will be immensely valuable as we further enhance our risk-related functions and continue to bolster the vibrancy and liquidity of our markets.¡¨
She added: ¡§As the Group seeks to build on its successes and capture more opportunities, we are mindful of our responsibility for acting in the interest of the investing public, maintaining stakeholder trust and supporting the integrity of the financial system. Graeme will be instrumental in driving our risk-aware culture and fostering its continued adoption at all levels, ensuring our ongoing resilience and integrity.¡¨ (SY)
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HKEX(00388)expands index bix to launch HKEX Tech 100 Index
HKEX(00388)expands index bix to launch HKEX Tech 100 Index
Market News
HKEX(00388)expands index bix to launch HKEX Tech 100 Index
(Infocast News) Hong Kong Exchanges and Clearing Limited (HKEX) announced today a major expansion of its index portfolio with the launch of the HKEX Tech 100 Index (HKEX Tech 100), the Group¡¦s first Hong Kong equity index that underscores its ongoing investment in building the vibrancy of the region¡¦s capital market ecosystem.
HKEX Tech 100 is a broad-based benchmark that tracks the performance of 100 of the largest Hong Kong-listed companies across six innovative themes: Artificial Intelligence, Biotech & Pharmaceutical, Electric Vehicles & Smart Driving, Information Technology, Internet, and Robotics. All constituents are eligible for Stock Connect Southbound trading, ensuring broad accessibility for global and Chinese Mainland investors.
HKEX is also pleased to announce it has entered into a licensing agreement with E Fund Management Company Limited (E Fund Management), a leading Chinese Mainland asset management company, for the introduction of an exchange traded fund (ETF) based on HKEX Tech 100 in the Chinese Mainland.
HKEX Chief Executive Officer, Bonnie Y Chan, said: ¡§We are delighted to announce the launch of the HKEX Tech 100 Index, a significant milestone in HKEX¡¦s journey to build its index and data business. This new broad-based index covers the leading innovative sectors in our listed issuer universe that have transformed the DNA of Hong Kong¡¦s markets, and its launch underscores the critical role our markets play in nurturing these emerging industries. This new benchmark provides investors with an effective and comprehensive tool to capture opportunities in some of the most exciting and transformative sectors in our market.¡¨
The index incorporates a fast-entry mechanism, enabling newly-listed companies that meet specific criteria to join the index outside of the regular review cycle after they become eligible for Stock Connect Southbound trading.
With the licensing agreement, E Fund Management plans to launch an ETF in the Chinese Mainland based on HKEX Tech 100, subject to regulatory approval and the issuer¡¦s further announcements. Going forward, HKEX will explore other index opportunities and work with industry partners in product development around its indices. (SY)
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(Infocast News) UBS revised Price Target to HK$471 (previously HK$485) on HKEX(00388.HK) , mainly reflecting the latest UBS houseview on Fed rate cut. HKEX Q325 revenue and NPAT beat Visible Alpha Consensus by 3% and 4%, respectively. (WL)
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(Infocast News) HKEX(00388.HK) announced its results for Q3 ended September 2025. The company's net profit surged by 56% YoY to HK$4.9 billion. Its EPS stood at HK$3.88.
(WL)
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(Infocast News)
Stock name : HKEX (00388)
Block trade : 1 deal
Price : HK$445.0
Qty : 48.7K
Turnover : $21.67M
Time Price Qty Turnover
--------------------------------------------------
14:16:44 445.000 48,700 21,671,500
* Block Trade: Turnover per trade > HKD $20 million
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Infocast Limited and its information providers endeavor to ensure the accuracy and reliability of the information provided, but do not guarantee its accuracy and reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.
Stock Information Provided by Infocast Limited
Disclaimer
Infocast Limited and its information providers endeavor to ensure the accuracy and reliability of the information provided, but do not guarantee its accuracy and reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.
(Infocast News)
Stock name : HKEX (00388)
Block trade : 1 deal
Price : HK$452.0
Qty : 142.7K
Turnover : $64.5M
Time Price Qty Turnover
--------------------------------------------------
13:00:07 452.000 142,700 64,500,400
* Block Trade: Turnover per trade > HKD $20 million
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(Infocast News)
Stock name : HKEX (00388)
Block trade : 1 deal
Price : HK$450.7
Qty : 65.4K
Turnover : $29.48M
Time Price Qty Turnover
--------------------------------------------------
15:43:43 450.700 65,400 29,475,780
* Block Trade: Turnover per trade > HKD $20 million
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Carlson Tong (Chairman and Independent Non-Executive Director)
CHAN Yiting, Bonnie (Chief Executive Officer and Executive Director)
Cheah Cheng Hye (Independent Non-Executive Director)
LEUNG Pak Hon, Hugo (Independent Non-Executive Director)
CHOW WOO Mo Fong, Susan (Independent Non-Executive Director)
CHEUNG Ming Ming, Anna (Independent Non-Executive Director)
Nicholas Charles ALLEN (Independent Non-Executive Director)
ZHANG Yichen (Independent Non-Executive Director)
Joseph Yam (Independent Non-Executive Director)
CHAN Kin Por (Independent Non-Executive Director)
Chia Pun Kok, Herbert (Independent Non-Executive Director)
DING Chen (Independent Non-Executive Director)
Peter Wilhelm Hubert Brien (Independent Non-Executive Director)
Secretary
Timothy Tsang
Auditor
PricewaterhouseCoopers
Address
8th Floor, Two Exchange Square, 8 Connaught Place, Central, Hong Kong
HKEX is a recognised exchange controller under the SFO. HKEX operates the only recognised stock and futures markets in Hong Kong through its wholly owned subsidiaries SEHK and HKFE and is the frontline regulator of listed issuers in Hong Kong. In collaboration with the Shanghai and Shenzhen stock exchanges HKEX operates Stock Connect which gives investors in Hong Kong and Mainland China access to each other's securities markets. HKEX also provides market data through HKEX Information Services Limited and HKEX Information Services China Limited.
Prospects
While we expect volatility in the macro landscape to persist in 2026, we also see cause for optimism in capital markets as global investors adjust to the ongoing uncertainty by seeking diversification and risk management opportunities. As critical financial market infrastructure, global exchanges have an important role to play in ensuring that capital and opportunity continue to connect as efficiently as possible.
At HKEX, we are confident that our efforts and investments in recent years will ensure our business remains competitive in this global landscape and will support Hong Kong in its role as a global IFC facilitating capital flows in Asia and between this region and the rest of the world. In 2026, we will continue to leverage our unique advantages, meet the evolving demands of global investors, and ensure our markets are accessible and competitive.
Principal Bankers
Bank of China Limited
DBS Bank (Hong Kong), Limited
Hang Seng Bank Limited
Standard Chartered Bank
The HongKong and Shanghai Banking Corporation Limited
Registry
Computershare Hong Kong Investor Services Ltd.
Shops 1712-1716, 17/F, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong
Major Shareholders
The Government of the Hong Kong Special Administrative Region (6.17%)
Share Placement
Announcement Date
No. of Placing Shares
Price ($)
Announcement Date
N/A
No. of Placing Shares
N/A
Price ($)
N/A
Share Repurchase
Repurchase Date
Repurchase Amount
Highest Price ($)
Lower Price ($)
Repurchase Date
N/A
Repurchase Amount
N/A
Highest Price ($)
N/A
Lower Price ($)
N/A
Financial Record
Profit & Loss Account
2025-12-31 (HK$M)
2024-12-31 (HK$M)
2023-12-31 (HK$M)
2022-12-31 (HK$M)
Turnover
Operating Profit
Exception Items
Pre-Tax Profit / Loss
Net Profit / Loss
Earnings Per Share (¢)
Dividend Per Share (¢)
P / E (x)
Dividend Yield (%)
2025-12-31 (HK$M)
Turnover
28,856.00
Operating Profit
21,228.00
Exception Items
N/A
Pre-Tax Profit / Loss
21,158.00
Net Profit / Loss
17,754.00
Earnings Per Share (¢)
1,404.71
Dividend Per Share (¢)
1,252.00
P / E (x)
29.02
Dividend Yield (%)
3.07
2024-12-31 (HK$M)
Turnover
22,273.00
Operating Profit
14,879.00
Exception Items
N/A
Pre-Tax Profit / Loss
14,853.00
Net Profit / Loss
13,050.00
Earnings Per Share (¢)
1,032.04
Dividend Per Share (¢)
926.00
P / E (x)
28.57
Dividend Yield (%)
3.14
2023-12-31 (HK$M)
Turnover
20,404.00
Operating Profit
13,385.00
Exception Items
N/A
Pre-Tax Profit / Loss
13,332.00
Net Profit / Loss
11,862.00
Earnings Per Share (¢)
937.36
Dividend Per Share (¢)
841.00
P / E (x)
28.59
Dividend Yield (%)
3.14
2022-12-31 (HK$M)
Turnover
18,290.00
Operating Profit
11,726.00
Exception Items
N/A
Pre-Tax Profit / Loss
11,659.00
Net Profit / Loss
10,078.00
Earnings Per Share (¢)
796.37
Dividend Per Share (¢)
714.00
P / E (x)
42.34
Dividend Yield (%)
2.12
Balance Sheet
2025-12-31 (HK$M)
2024-12-31 (HK$M)
2023-12-31 (HK$M)
2022-12-31 (HK$M)
Current Assets
Non-current Assets
Total Assets
Current Liabilities
Non-current Liabilities
Total Liabilities
Total Equity
2025-12-31 (HK$M)
Current Assets
547,221.00
Non-current Assets
33,554.00
Total Assets
580,775.00
Current Liabilities
518,875.00
Non-current Liabilities
3,171.00
Total Liabilities
522,046.00
Total Equity
58,729.00
2024-12-31 (HK$M)
Current Assets
353,576.00
Non-current Assets
28,053.00
Total Assets
381,629.00
Current Liabilities
324,525.00
Non-current Liabilities
2,697.00
Total Liabilities
327,222.00
Total Equity
54,407.00
2023-12-31 (HK$M)
Current Assets
316,202.00
Non-current Assets
24,977.00
Total Assets
341,179.00
Current Liabilities
286,511.00
Non-current Liabilities
2,872.00
Total Liabilities
289,383.00
Total Equity
51,796.00
2022-12-31 (HK$M)
Current Assets
382,478.00
Non-current Assets
23,573.00
Total Assets
406,051.00
Current Liabilities
352,948.00
Non-current Liabilities
3,004.00
Total Liabilities
355,952.00
Total Equity
50,099.00
Financial Ratios
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Return On Asset (ROA)
Return On Equity (ROE)
Net Profit Margin
Gross Profit Margin
Debt To Equity Ratio
Asset To Equity Ratio
Current Ratio (x)
P / E (x)
Dividend Yield (%)
2025-12-31
Return On Asset (ROA)
3.06
Return On Equity (ROE)
30.23
Net Profit Margin
61.53
Gross Profit Margin
73.57
Debt To Equity Ratio
888.91
Asset To Equity Ratio
988.91
Current Ratio (x)
1.05
P / E (x)
29.02
Dividend Yield (%)
3.07
2024-12-31
Return On Asset (ROA)
3.42
Return On Equity (ROE)
23.99
Net Profit Margin
58.59
Gross Profit Margin
66.80
Debt To Equity Ratio
601.43
Asset To Equity Ratio
701.43
Current Ratio (x)
1.09
P / E (x)
28.57
Dividend Yield (%)
3.14
2023-12-31
Return On Asset (ROA)
3.48
Return On Equity (ROE)
22.90
Net Profit Margin
58.14
Gross Profit Margin
65.60
Debt To Equity Ratio
558.70
Asset To Equity Ratio
658.70
Current Ratio (x)
1.10
P / E (x)
28.59
Dividend Yield (%)
3.14
2022-12-31
Return On Asset (ROA)
2.48
Return On Equity (ROE)
20.12
Net Profit Margin
55.10
Gross Profit Margin
64.11
Debt To Equity Ratio
710.50
Asset To Equity Ratio
810.50
Current Ratio (x)
1.08
P / E (x)
42.34
Dividend Yield (%)
2.12
Dividend History
Dividend History
Year End:
2025-12-31
Announce Date
Ex-Date
Payable Date
Amount (¢)
Type
Announce Date
N/A
Ex-Date
2026-03-11
Payable Date
2026-03-25
Amount (¢)
652.00
Type
Final
Announce Date
N/A
Ex-Date
2025-09-02
Payable Date
2025-09-16
Amount (¢)
600.00
Type
Interim
Announce Date
N/A
Ex-Date
2025-03-12
Payable Date
2025-03-26
Amount (¢)
490.00
Type
Final
Announce Date
N/A
Ex-Date
2024-09-03
Payable Date
2024-09-17
Amount (¢)
436.00
Type
Interim
Announce Date
N/A
Ex-Date
2024-03-13
Payable Date
2024-03-27
Amount (¢)
391.00
Type
Final
Announce Date
N/A
Ex-Date
2023-08-29
Payable Date
2023-09-12
Amount (¢)
450.00
Type
Interim
Capital Changes
Ex-Date
Type
Ex-Date
N/A
Type
N/A
Description
Description
N/A
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