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Home CompaniesHong Kong Exchange & Clearing

Hong Kong Exchange & Clearing

Financial Services Financial Data & Stock Exchanges
PortfolioPortfolio WatchlistWatchlist
Company price
50.21 USD 2.39 ( 5.00%)
Last update at 2026-11-04T21:00:00Z
VOLUME
61437
Market Cap
63680.26M
P/E
25.44

Momentum Score

…

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.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
48.90
Low
50.87
High
52 Week Price Range
44.91
Low
56.65
High

Momentum Score

…
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Hong Kong Exchanges and Clearing (HKEX) runs Hong Kong's securities and derivatives markets, clearing and settlement services, and international platforms such as Stock Connect and the London Metal Exchange. Long-term growth may be supported by opening of China's capital markets, rising cross-border trading and listings, and expansion of derivatives and post-trade services. Investors may find it attractive for its leading market franchise and diversified infrastructure revenue.
Key risks include regulatory and geopolitical tensions affecting cross-border flows, concentration on China-related activity and market volatility that could reduce trading volumes and fee income.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
47.82
Dividend Yield
3.53%
Revenue TTM
31487.00M
Revenue Per Share
24.91
Gross Profit TTM
30421.00M
Debt / Equity
0.03
ROE
33.57%
Net Debt
-180820.34M
ROCE
3.66%
Diluted EPS TTM
1.98

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax 21121.90M 14853.00M 13332.00M 11659.00M 14841.00M
Minority interest -83.00M -105.00M -105.00M -17.00M 37.00M
Net income 17723.71M 13050.00M 11862.00M 10078.00M 12535.00M
Selling general administrative 227.00M 225.00M 313.00M 302.00M 180.00M
Selling and marketing expenses 117.00M 126.00M 135.00M 129.00M 116.00M
Gross profit 24730.74M 12941.00M 19515.00M 13298.00M 15656.00M
Reconciled depreciation 1568.00M 1402.00M 1468.00M 1459.00M 1354.00M
Ebit 21217.74M 20744.00M 19427.00M 11726.00M 14915.00M
Ebitda 22783.07M 22146.00M 20870.00M 16011.00M 15834.00M
Depreciation and amortization 1565.33M 1402.00M 1443.00M 4285.00M 919.00M
Operating income 21291.62M 14879.00M 13385.00M 11726.00M 14915.00M
Other operating expenses 7819.64M 2467.00M 7007.00M 6520.00M 5868.00M
Interest expense 95.84M 5891.00M 6095.00M 2358.00M 147.00M
Tax provision 3321.00M 1698.00M 1498.00M 1564.00M 2343.00M
Interest income 9737.00M 10565.00M 10841.00M 4151.00M 813.00M
Net interest income 4996.00M 4605.00M 1729.00M 1726.00M 597.00M
Income tax expense 3315.33M 1698.00M 1351.00M 1564.00M 2343.00M
Total revenue 29111.25M 17346.00M 20392.00M 16934.00M 19471.00M
Total operating expenses 3439.12M -1938.00M 6130.00M 2884.00M 2053.00M
Cost of revenue 4380.51M 4405.00M 877.00M 3636.00M 3815.00M
Total other income expense net -169.71M -26.00M -53.00M -67.00M -74.00M
Net income from continuing ops 17837.00M 13155.00M 12349.00M 10095.00M 12498.00M
Net income applicable to common shares - - - 10078.00M 12535.00M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 580718.29M 381629.00M 341179.00M 406051.00M 399304.00M
Intangible assets 9001.00M 6323.00M 5924.00M 5601.00M 5611.00M
Other current assets 392.32M 68188.00M 78910.00M 106089.00M 32736.00M
Total liab 521995.03M 327222.00M 289383.00M 355952.00M 349394.00M
Total stockholder equity 58141.32M 53852.00M 51344.00M 49728.00M 49626.00M
Other current liab -46473.00M 287205.00M 262580.00M 336313.00M 203536.00M
Common stock 31951.88M 31955.00M 31946.00M 31918.00M 31896.00M
Capital stock 31955.00M 31955.00M 31946.00M 31918.00M 31896.00M
Retained earnings 25650.49M 23341.00M 19723.00M 18547.00M 18173.00M
Other liab - - - 1480.00M 1566.00M
Good will 13274.00M 13297.00M 13371.00M 13367.00M 13361.00M
Other assets - - 341179.00M 53.00M 25.00M
Cash 182706.16M 134365.00M 104388.00M 184965.00M 181361.00M
Total current liabilities 556.95M 324525.00M 286511.00M 352948.00M 345964.00M
Current deferred revenue - - 1060.00M - 116407.00M
Net debt -180820.34M -132689.00M -102337.00M -183220.00M -179302.00M
Short term debt 770.95M 642.00M 652.00M 297.00M 299.00M
Short long term debt total 1885.82M 1676.00M 2051.00M 1745.00M 2059.00M
Other stockholder equity -1227.88M -1125.00M -1009.00M -737.00M -443.00M
Property plant equipment - - - 3244.00M 3501.00M
Total current assets 386575.25M 353576.00M 316202.00M 382478.00M 375069.00M
Net tangible assets - - - 30760.00M 30654.00M
Short term investments 135518.77M 96545.00M 99591.00M 91424.00M 160972.00M
Net receivables 67958.00M 54478.00M 33313.00M 25354.00M 32660.00M
Inventory - - -6357.00M - -
Accounts payable 46259.00M 34575.00M 21020.00M 16338.00M 25722.00M
Accumulated other comprehensive income 1766.83M -319.00M 684.00M - -
Non currrent assets other 5442.29M 96564.00M -55855.00M 91443.00M 160993.00M
Non current assets total 194143.04M 28053.00M 24977.00M 23573.00M 24235.00M
Capital lease obligations 851.00M 1294.00M 1604.00M 1745.00M 2059.00M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments -2407.00M 3194.00M -6290.00M -1700.00M 3308.00M
Change to liabilities - - - 0.00M 0.00M
Total cashflows from investing activities -7729.79M 3194.00M -6290.00M -1700.00M 2276.00M
Net borrowings - - - -309.00M -310.00M
Total cash from financing activities -14560.12M -11261.00M -11250.00M -10373.00M -12669.00M
Change to operating activities - - - -5045.00M -15376.00M
Net income 17723.71M 14853.00M 11862.00M 11659.00M 14841.00M
Change in cash 39737.30M 4698.00M -6046.00M 2860.00M 1956.00M
Begin period cash flow 113524.74M 9212.00M 15258.00M 12398.00M 10442.00M
End period cash flow 153262.03M 13910.00M 9212.00M 15258.00M 12398.00M
Total cash from operating activities 22659.28M 12774.00M 11500.00M 14956.00M 12340.00M
Issuance of capital stock -512.00M -481.00M -448.00M 350.00M 681.00M
Depreciation 1565.33M 1402.00M 1443.00M 1459.00M 1354.00M
Other cashflows from investing activities - 992.00M 864.00M 231.00M 38.00M
Dividends paid 13698.59M 10416.00M 10316.00M -9665.00M -11527.00M
Change to account receivables -11659.08M -10687.00M -8231.00M 4869.00M 15389.00M
Sale purchase of stock -511.13M - -448.00M - -
Other cashflows from financing activities -350.40M -109.00M -179.00M -358.00M -461.00M
Change to netincome - - - 3595.00M -1562.00M
Capital expenditures 1730.04M 1604.00M 1386.00M 1284.00M 1070.00M
Change in working capital 1143.05M -1255.00M 44.00M -176.00M 13.00M
Stock based compensation 361.00M 390.00M 399.00M 380.00M 324.00M
Other non cash items 2227.19M -2616.00M -2248.00M 1634.00M -655.00M
Free cash flow 20929.23M 11170.00M 10114.00M 13672.00M 11270.00M

Peer Comparison*

Sector: Financial Services Industry: Financial Data & Stock Exchanges

Stock Name
Change
(USD)
Price
(USD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
HKXCY
Hong Kong Exchange & Clearing		 2.39
5.00%		 50.21 25.44 24.04 2.02 8.29 6.69 5.77
SPGI
S&P Global Inc		 15.66
3.36%		 481.69 25.45 20.49 7.54 3.92 8.37 16.08
CME
CME Group Inc		 4.21
1.38%		 308.27 23.35 22.73 14.64 3.80 15.06 16.72
MCO
Moodys Corporation		 -
-%		 528.34 47.15 34.13 12.22 21.93 13.13 30.23
ICE
Intercontinental Exchange Inc		 3.99
2.33%		 174.92 28.62 21.79 9.36 2.78 9.72 19.58

Profile*

Hong Kong Exchange & Clearing

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.

Two Exchange Square, Central, Hong Kong

852 2522 1122

https://www.hkex.com.hk

2566

Name Title Year Born
Mr. Alejandro Nicolas Aguzin Member of Mainland China Advisory Group, CEO, Ex-Officio Member of the Board & Exec. Director 1969
Ms. Bik Yun Lau Group Chief Financial Officer 1973
Ms. Yiting Chan Head of Listing 1970
Mr. Richard Alan Wise Group Chief Risk Officer 1969
Mr. Ka Yan Yiu COO & Co-Head of Markets 1970
Mr. Chung Kwong Leung Group Chief Technology Officer 1964
Mr. Koon Ying Chow Group Gen. Counsel 1972
Mr. Adam Barclay Singer Chief Compliance Officer NA
Ms. Victoria Cowley Group Chief Communications Officer NA
Ms. Kerry Rooks Chief People Officer NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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