Exchange group operating Hong Kong securities and derivatives markets, clearing services and the London Metal Exchange.
Profile & Fundamentals
Hong Kong Exchanges and Clearing: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Hong Kong Exchanges and Clearing Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock and futures exchanges, and related clearing houses in Hong Kong, the United Kingdom, and Mainland China. It operates through Cash, Equity and Financial Derivatives, Commodities, and Data and Connectivity segments. The Cash segment covers various equity products traded on the cash market platforms of the Stock Exchange of Hong Kong Limited, as well as through the Shanghai-Hong Kong and the Shenzhen-Hong Kong stock connects; clearing, settlement and custodian, listing, depository, and nominee services; and other related activities. Its Equity and Financial Derivatives segment provides and maintains trading and clearing platforms for a range of equity and financial derivative products, such as stock and equity index futures and options, derivative warrants, callable bull/bear contracts and warrants, and over the counter derivatives contracts. The Commodities segment operates an exchange for the trading of base and ferrous metals futures and options contracts in the United Kingdom; and operates Qianhai Mercantile Exchange Co., Ltd., a commodity trading platform in Mainland China. This segment also covers commodities contracts traded on Futures Exchange. Its Data and Connectivity segment offers various services that provides access to the platform and infrastructure, as well as services of BayConnect Technology Company Limited; network, terminal user, data line and software sublicense, and hosting services; and sells market data relating to the Hong Kong cash and derivatives markets. The company serves issuers and investors. Hong Kong Exchanges and Clearing Limited was incorporated in 1999 and is based in Central, Hong Kong.
Company profile record
Hong Kong Exchange and Clearing Ltd
Common Stock · Financials · Financial Exchanges & Data
Company
- Company / asset
- Hong Kong Exchange and Clearing Ltd
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Financial Exchanges & Data
- HQ
- 🇭🇰 Hong Kong
- Head office
- Two Exchange Square, Central, Hong Kong
Leadership & scale
- Chief executive
- Ms. Yiting Chan
- CEO year born
- 1970
- Full-time employees
- 2.6K
- Fiscal year end
- December
- IPO date
- 2000-06-27
Fundamentals snapshot
- Market Cap
- HKD 481.8B
- P/E
- 24.3x
- Revenue (Q2 26)
- HKD 8.5B
- Profit (Q2 26)
- HKD 5.4B
- Dividend Yield
- 3.7%
- Revenue (FY 25)
- HKD 29.2B
- Shares in public float
- 1.2B
- Insider ownership
- 6.2%
Reporting & identifiers
- Symbol
- 0388.HKEX
- Listing
- 🇭🇰 Hong Kong | Dividend Tax: 0%
- Ticker Currency
- HKD
- Income Statement Currency
- HKD
- Balance Sheet Currency
- HKD
- Cash Flow Currency
- HKD
- EPS Currency
- HKD
- Contract Type
- SPOT
- ISIN
- HK0388045442
- Asset ID
- equity_1090e0cb-b907-5512-8744-0467a64425e9
Ownership
Shares Outstanding
Latest: 1.3B | Max: 1.3B | Min: 1.2B
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
92.84%
1.2B latest reported shares
Insider Ownership
6.20%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 1,236,814,000 |
| 2018-01-01 | 1,252,055,000 |
| 2019-01-01 | 1,253,977,300 |
| 2020-01-01 | 1,267,837,000 |
| 2021-01-01 | 1,267,904,000 |
| 2022-01-01 | 1,265,431,000 |
| 2023-01-01 | 1,269,121,000 |
| 2024-01-01 | 1,266,657,000 |
| 2025-01-01 | 1,268,880,000 |
| 2026-01-01 | 1,267,851,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The exchange delivered record financial results across 2025 and the first half of 2026, driven by a sharp rebound in trading activity and high interest income earned on cash deposits. Reported revenue reached HK$16.7 billion in the first six months of 2026, with profit rising to HK$10.6 billion. Behind these figures is powerful operating leverage: because running an electronic exchange has largely fixed overhead, additional trading volume translates directly into profit. While non-recurring investment gains temporarily boosted headline numbers, the core business of collecting trading and clearing tolls remains in robust health.
The exchange delivered record financial results across 2025 and the first half of 2026, driven by a sharp rebound in trading activity and high interest income earned on cash deposits. Reported revenue reached HK$16.7 billion in the first six months of 2026, with profit rising to HK$10.6 billion. Behind these figures is powerful operating leverage: because running an electronic exchange has largely fixed overhead, additional trading volume translates directly into profit. While non-recurring investment gains temporarily boosted headline numbers, the core business of collecting trading and clearing tolls remains in robust health.
Revenue, Net Income, and Free Cash Flow
Latest: HKD 29.2B | Max: HKD 29.2B | Min: HKD 2.8B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 29x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability remains among the highest of any publicly listed company globally, with operating margins exceeding 73% and net profit margins hovering near 61%. These elite margins stem from statutory monopoly status, ensuring zero domestic competition for Hong Kong equity and clearing services. Incremental trades carry virtually zero extra operating cost, expanding profit margins whenever market trading speeds up. Even during quieter market seasons, stable listing fees and steady clearing tariffs ensure that profit margins rarely dip below 65%..
Profitability remains among the highest of any publicly listed company globally, with operating margins exceeding 73% and net profit margins hovering near 61%. These elite margins stem from statutory monopoly status, ensuring zero domestic competition for Hong Kong equity and clearing services. Incremental trades carry virtually zero extra operating cost, expanding profit margins whenever market trading speeds up. Even during quieter market seasons, stable listing fees and steady clearing tariffs ensure that profit margins rarely dip below 65%..
Profitability Margins
Latest: 85.0% | Max: 86.7% | Min: 55.5%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
85.0%
Gross profit / revenue
Operating Margin
73.1%
Operating income / revenue
Net Margin
60.9%
Net income / revenue
FCF Margin
71.9%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
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| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 1,341,677,419.35 | 744,387,096.77 | 366,838,709.68 |
| 2017-12-31 | 1,481,946,222.79 | 948,015,364.92 | 861,075,544.17 |
| 2018-12-31 | 1,820,178,799.49 | 1,189,272,030.65 | 1,100,893,997.45 |
| 2019-12-31 | 1,741,335,044.93 | 1,205,519,897.3 | 1,151,604,621.31 |
| 2020-12-31 | 2,172,258,064.52 | 1,484,516,129.03 | 1,731,354,838.71 |
| 2021-12-31 | 2,496,282,051.28 | 1,607,051,282.05 | 1,444,871,794.87 |
| 2022-12-31 | 2,168,245,838.67 | 1,290,396,927.02 | 1,750,576,184.38 |
| 2023-12-31 | 1,977,592,829.71 | 1,518,822,023.05 | 1,295,006,402.05 |
| 2024-12-31 | 2,232,432,432.43 | 1,679,536,679.54 | 1,437,580,437.58 |
| 2025-12-31 | 3,748,200,514.14 | 2,282,005,141.39 | 2,694,730,077.12 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 29.15 | Trailing four quarters |
| 2024-12-31 | 28.65 | Trailing four quarters |
| 2023-12-31 | 28.67 | Trailing four quarters |
| 2022-12-31 | 42.34 | Annual net income |
| 2021-12-31 | 46.06 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 75.62 | 66.26 | 55.48 | 27.34 |
| 2017-12-31 | 76.62 | 75.65 | 63.97 | 58.1 |
| 2018-12-31 | 78.61 | 77.15 | 65.34 | 60.48 |
| 2019-12-31 | 75.42 | 82.71 | 69.23 | 66.13 |
| 2020-12-31 | 77.95 | 79.86 | 68.34 | 79.7 |
| 2021-12-31 | 83.09 | 76.6 | 64.38 | 57.88 |
| 2022-12-31 | 78.53 | 69.25 | 59.51 | 80.74 |
| 2023-12-31 | 74.21 | 86.66 | 76.8 | 65.48 |
| 2024-12-31 | 74.61 | 85.78 | 75.23 | 64.4 |
| 2025-12-31 | 84.95 | 73.14 | 60.88 | 71.89 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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