Hong Kong Exchanges and Clearing Ltd (HKEX) posted record revenue and profit for the first nine months of 2026, driven by growth across multiple asset classes, although global uncertainty weighed on its third-quarter performance.
Profit attributable to shareholders rose 15 percent from a year earlier to HK$15.4 billion ($1.96 billion), while revenue and other income increased 12 percent to HK$24.6 billion, the bourse operator said in its results, released on Friday.
Trading volumes across the cash and derivatives markets, as well as Northbound Stock Connect, reached record nine-month highs. Headline average daily turnover in the cash market rose 6 percent year-on-year to HK$272.9 billion, while the average daily derivatives trading volume increased 2 percent to 1.7 million contracts.
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Hong Kong ranked as the world’s second-largest market for initial public offerings by funds raised during the period, with a total of 118 new listings raising HK$388.4 billion, more than double the amount raised a year earlier.
HKEX Chief Executive Officer Bonnie Chan Yi-ting said the results demonstrated the value of the exchange’s focus on developing its multi-asset ecosystem. The sustained momentum also reinforced its confidence in the long-term growth and competitiveness of Hong Kong’s markets, she added.
“With global investors rethinking their capital allocation strategies, this is a defining moment for Hong Kong’s markets,” Chan said.
Through listing reforms, market infrastructure enhancements and new products, the HKEX is advancing its initiatives to deepen liquidity, broaden participation and strengthen the connections across asset classes, she said.
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Earlier on Friday, Benjamin Hung Pi-cheng, chairman of Hong Kong’s Financial Services and Development Council, said that geopolitical uncertainty is accelerating the reconfiguration of global trade, investment and capital flows.
Companies and investors are reassessing policy risks worldwide as they pursue growth opportunities, risk diversification and a stable policy environment, he said, adding that few financial centers can offer all three, and Hong Kong stands out as one of them.
Despite its record nine-month results, HKEX’s third-quarter performance softened. Profit attributable to shareholders fell 1 percent year-on-year to HK$4.86 billion, down 10 percent from the record second quarter. Revenue and other income edged up 1 percent on a yearly basis to HK$7.87 billion but declined 7 percent from the second quarter’s record level.
HKEX said inflation concerns, uncertainty over United States interest rates and weaker momentum in artificial intelligence-related stocks have made market sentiment more cautious. Its headline average daily turnover dropped 11 percent year-on-year and 12 percent from the record second quarter.
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The uncertain outlook was echoed by Hong Kong Monetary Authority Chief Executive Eddie Yue Wai-man, who warned that markets still face uncertainty in the fourth quarter.
Investors are watching to see whether the attitude in some US states to data center construction could slow the rollout of AI infrastructure, Yue said. Developments in the field could heighten market volatility, with AI-related shares accounting for a substantial portion of several stock markets, he added.
Moreover, instability in the Middle East could affect energy prices, inflation and the outlook for interest rates, thereby affecting the performance of both stocks and bonds, Yue said.
HKEX shares fell 2.28 percent on Friday to close at HK$385.6, with daily turnover of HK$1.74 billion.
Contact the writer at irisli@chinadailyhk.com
