HKEX posts best quarter ever as China’s ‘DeepSeek moment’ spurs IPOs, market’s rerating

Hong Kong Exchanges and Clearing (HKEX), operator of Asia’s third-largest stock market, said its first-quarter profit reached a record high, thanks to more new listings and increased turnover.

On Wednesday, HKEX said its first-quarter net profit rose 37 per cent to HK$4.08 billion (US$526 million), or HK$3.23 per share, from HK$2.97 billion a year earlier. Analysts, according to a consensus estimate compiled by Bloomberg, expected the company to report a profit of HK$3.99 billion. In the first quarter of 2021, HKEX reported a then-record profit of HK$3.84 billion.

“The renewed global interest in China opportunities that picked up in the second half of 2024 continued to build momentum into 2025, boosted by exciting developments in artificial intelligence and innovation,” said CEO Bonnie Chan Yiting in a statement.

“The vibrancy of Hong Kong’s capital raising activity during the quarter continued to underscore the attractiveness of our markets, which ranked in the world’s top five IPO venues and recorded two of the largest follow-on offerings since April 2021.”

She also noted the growth momentum continued in the second quarter with a healthy pipeline of 120 listing applications, strengthening Hong Kong’s position as a leading global fundraising venue