Hong Kong Exchanges and Clearing Limited logo

Hong Kong Exchanges and Clearing Limited

0388.HK

HKSEFinancial ServicesFinancial - Data & Stock Exchanges

Latest quote

HK$417.8

−HK$3.20 · -0.76%

Aug 24, 4:08 PM HKT

0388.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Hong Kong Exchanges and Clearing Limited (HKEX), a leading financial infrastructure group, oversees and operates significant stock and futures exchanges and their associated clearing houses across Hong Kong, mainland China, and the United Kingdom. Its business is organized into five core segments: Cash, Equity and Financial Derivatives, Commodities, Post Trade, and Technology. The Cash segment facilitates trading of diverse equity products on the cash market platforms of the Hong Kong, Shanghai, and Shenzhen Stock Exchanges, additionally selling market data and managing related activities. The Equity and Financial Derivatives segment offers and maintains trading platforms for a broad spectrum of products, including stock and equity index futures and options, derivative warrants, and callable bull/bear contracts, alongside providing relevant market data. The Commodities segment manages a UK-based exchange for trading base, ferrous, and precious metals futures and options, and operates Qianhai Mercantile Exchange Co., Ltd., a commodity trading platform in mainland China. It also handles commodity contracts on its Futures Exchange. The Post Trade segment provides critical clearing house services, covering clearing, settlement, depository, custodian, and nominee functions. Finally, the Technology segment ensures user access to platforms and underlying infrastructure through various service offerings. The company serves both issuers and investors and is headquartered in Central, Hong Kong.

Industry
Financial - Data & Stock Exchanges
Sector
Financial Services
Headquarters
HK
CEO
Yiting Chan
Listed since
Jun 27, 2000
Employees
2,636

Market position

Day range

Current HK$417.8

52-week range

Current HK$417.8

Open
HK$420.2
Previous close
HK$421
Volume
3.53M
0.81× average
Average volume
4.34M
Average daily volume
Market cap
528.11B HKD
Beta
0.93
Market reference 1
50-day average
HK$393.09
+6.29% above average
200-day average
HK$407.15
+2.62% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
334.32B HKD
P/E (TTM)
26.7×
P/B (TTM)
8.73×
P/S (TTM)
16.61×
EV / EBITDA
14.65×
Earnings yield
3.45%
Free cash flow yield
4.07%
Dividend yield
3.00%

Profitability & efficiency

Gross margin
85.95%
Operating margin
74.86%
Net margin
62.30%
Return on equity
30.53%
Return on assets
3.06%
Return on invested capital
3.09%

Financial health

Debt / equity
0.02×
Current ratio
694.1×
Altman Z-score
1.75
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends89%79%68%57%Gross margin, FY2021: 83.09%Gross margin, FY2022: 78.53%Gross margin, FY2023: 74.21%Gross margin, FY2024: 74.61%Gross margin, FY2025: 84.95%Operating margin, FY2021: 76.60%Operating margin, FY2022: 69.25%Operating margin, FY2023: 86.66%Operating margin, FY2024: 85.78%Operating margin, FY2025: 73.14%Net margin, FY2021: 64.38%Net margin, FY2022: 59.51%Net margin, FY2023: 76.80%Net margin, FY2024: 75.23%Net margin, FY2025: 60.88%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 83.09%. Gross margin FY2022 78.53%. Gross margin FY2023 74.21%. Gross margin FY2024 74.61%. Gross margin FY2025 84.95%. Operating margin FY2021 76.60%. Operating margin FY2022 69.25%. Operating margin FY2023 86.66%. Operating margin FY2024 85.78%. Operating margin FY2025 73.14%. Net margin FY2021 64.38%. Net margin FY2022 59.51%. Net margin FY2023 76.80%. Net margin FY2024 75.23%. Net margin FY2025 60.88%.

Income trends

Revenue

29.16B HKD+68.11%

Operating income

21.33B HKD+43.34%

Net income

17.75B HKD+36.05%
Income trends across reported periods31.07B HKD23.44B HKD15.8B HKD8.17B HKDRevenue, FY2021: 19.47B HKDRevenue, FY2022: 16.93B HKDRevenue, FY2023: 15.45B HKDRevenue, FY2024: 17.35B HKDRevenue, FY2025: 29.16B HKDOperating income, FY2021: 14.92B HKDOperating income, FY2022: 11.73B HKDOperating income, FY2023: 13.39B HKDOperating income, FY2024: 14.88B HKDOperating income, FY2025: 21.33B HKDNet income, FY2021: 12.54B HKDNet income, FY2022: 10.08B HKDNet income, FY2023: 11.86B HKDNet income, FY2024: 13.05B HKDNet income, FY2025: 17.75B HKDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 19.47B HKD. Revenue FY2022 16.93B HKD. Revenue FY2023 15.45B HKD. Revenue FY2024 17.35B HKD. Revenue FY2025 29.16B HKD. Operating income FY2021 14.92B HKD. Operating income FY2022 11.73B HKD. Operating income FY2023 13.39B HKD. Operating income FY2024 14.88B HKD. Operating income FY2025 21.33B HKD. Net income FY2021 12.54B HKD. Net income FY2022 10.08B HKD. Net income FY2023 11.86B HKD. Net income FY2024 13.05B HKD. Net income FY2025 17.75B HKD.
Metric (HKD)FY2025FY2024FY2023FY2022FY2021
Revenue29.16B HKD17.35B HKD15.45B HKD16.93B HKD19.47B HKD
Cost of goods sold4.39B HKD4.41B HKD3.98B HKD3.64B HKD3.29B HKD
Gross profit24.77B HKD12.94B HKD11.46B HKD13.3B HKD16.18B HKD
Selling, general, and administrative351M HKD448M HKD431M HKD296M HKD
Operating expenses3.45B HKD−1.94B HKD−1.92B HKD1.57B HKD1.26B HKD
Interest income5.11B HKD10.57B HKD10.84B HKD4.15B HKD813M HKD
Interest expense96M HKD5.89B HKD6.1B HKD2.36B HKD147M HKD
Depreciation and amortization1.57B HKD1.4B HKD1.44B HKD1.46B HKD1.35B HKD
Operating income21.33B HKD14.88B HKD13.39B HKD11.73B HKD14.92B HKD
Net income17.75B HKD13.05B HKD11.86B HKD10.08B HKD12.54B HKD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
73%
8 beats, 3 misses, 0 met estimates
Average EPS surprise
+5.29%
11 comparable reports
Latest EPS result
4.26
Estimate 3.87 · Beat by 10.08%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates4.433.863.32.73Q1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 24, 2025: actual 2.99, estimate 2.9, surprise +3.10%, Beat. Q2 2025, reported Apr 30, 2025: actual 3.22, estimate 3.27, surprise -1.53%, Miss. Q3 2025, reported Aug 19, 2025: actual 3.49, estimate 3.26, surprise +7.06%, Beat. Q4 2025, reported Nov 5, 2025: actual 3.87, estimate 3.67, surprise +5.45%, Beat. Q1 2026, reported Feb 26, 2026: actual 3.45, estimate 3.02, surprise +14.24%, Beat. Q2 2026, reported Apr 29, 2026: actual 4.09, estimate 3.6, surprise +13.61%, Beat. Q3 2026, reported Aug 19, 2026: actual 4.26, estimate 3.87, surprise +10.08%, Beat. Q4 2026, reported Oct 28, 2026: actual —, estimate 4.08, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates8.87B7.65B6.42B5.2BQ1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 24, 2025: actual 6.38B HKD, estimate 6.33B HKD, surprise +0.77%, Beat. Q2 2025, reported Apr 30, 2025: actual 6.86B HKD, estimate 6.73B HKD, surprise +1.83%, Beat. Q3 2025, reported Aug 19, 2025: actual 5.54B HKD, estimate 6.85B HKD, surprise -19.16%, Miss. Q4 2025, reported Nov 5, 2025: actual 7.78B HKD, estimate 7.61B HKD, surprise +2.15%, Beat. Q1 2026, reported Feb 26, 2026: actual 7.35B HKD, estimate 6.68B HKD, surprise +9.92%, Beat. Q2 2026, reported Apr 29, 2026: actual 8.2B HKD, estimate 7.57B HKD, surprise +8.32%, Beat. Q3 2026, reported Aug 19, 2026: actual 8.5B HKD, estimate 7.94B HKD, surprise +7.00%, Beat. Q4 2026, reported Oct 28, 2026: actual —, estimate 8.53B HKD, surprise —, Comparison unavailable.

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