Hong Kong Exchanges and Clearing has reported record quarterly revenue and profit for the first three months of 2026, with revenue and other income rising 20% year-on-year to HK$8.203 billion and profit attributable to shareholders increasing 27% to HK$5.188 billion.
Core business revenue grew 22% against the same period last year, driven by higher trading and clearing fees across cash and commodities markets.
EBITDA margin reached 81%, three percentage points higher than both the first and fourth quarters of 2025.
Basic earnings per share rose 27% to HK$4.10.
The quarter was marked by a series of record performances across HKEX's diversified platform.
Stock Connect Northbound average daily turnover hit a quarterly record of RMB324.1 billion, up 70% year-on-year, reflecting strong participation from international investors seeking exposure to Chinese mainland markets.
The London Metal Exchange recorded its highest ever quarterly chargeable average daily volume for metals contracts, up 26% year-on-year, whilst OTC Clear achieved a record quarter in clearing volume as Swap Connect maintained its growth trajectory.
Headline average daily turnover on the Stock Exchange rose 14% to HK$276.7 billion, with 20 trading days exceeding HK$300 billion during the quarter.
Chief Executive Bonnie Y Chan said global capital had continued to seek safe havens and access to Asian growth opportunities in a volatile macroeconomic environment, supporting strong activity across both equities and multi-asset markets.
Why it matters
Stock Connect Northbound average daily turnover reached a quarterly record of RMB324.1 billion, up 70% year-on-year, indicating a sharp rise in cross-border trading activity by international investors accessing Chinese mainland markets through Hong Kong's exchange infrastructure.
HKEX's EBITDA margin expanded to 81% — three percentage points above both Q1 and Q4 2025 — showing that revenue growth translated into meaningfully higher profitability at the group level.
Record performances were recorded simultaneously across equities, metals, and derivatives clearing, reflecting broad-based demand across HKEX's multi-asset platform rather than strength in a single segment.
