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Operator of the Hong Kong Stock Exchange, futures/derivatives exchange, and clearing houses connecting Mainland China and global investors.
Operator of the Hong Kong Stock Exchange, futures/derivatives exchange, and clearing houses connecting Mainland China and global investors.
Earns fees on every trade and futures contract and on each clearing and settlement, plus listing fees from issuers and investment income on the margin deposits it holds. Cash-equity trading and clearing are the largest contributors. The Hong Kong government is its largest shareholder, and HKEX also owns the London Metal Exchange.
In one line: Hong Kong's Intercontinental Exchange/CME.
Moat: wide (regulatory licence, network effects, scale). Sole regulated exchange operator for Hong Kong and the exclusive Stock/Bond Connect gateway to Mainland markets.
Headquarters: Hong Kong · Founded: 2000 · Employees: 2,636
Size HKEX (0388.HK) is a Hong Kong Financials company (Investment Banks/Brokers) with a market value of $62.2B, the 32nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$385.60 on 6 Nov 2026.
Performance Over six months the shares fell 9.7%, against +5.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 23.1% over the last twelve months (peer median +8.1%); the operating margin is 74.9% (peer median 37.9%).
Valuation It trades at 24.6× forward earnings against a peer median of 16.4× (5th most expensive of 21).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$31.8B | HK$29.3B | HK$22.1B | HK$20.4B | HK$19.0B |
| Revenue growth | — | +32% | +8% | +8% | — |
| Gross profit | HK$28.9B | HK$26.4B | HK$19.5B | HK$17.9B | HK$16.6B |
| EBITDA | HK$25.4B | HK$22.9B | HK$16.4B | HK$14.9B | HK$13.3B |
| Net income | HK$19.8B | HK$17.8B | HK$13.1B | HK$11.9B | HK$10.1B |
| Free cash flow | n/a | HK$21.0B | HK$12.2B | HK$11.0B | HK$7.41B |
| Capital expenditure | n/a | HK$1.73B | HK$1.60B | HK$1.39B | HK$1.28B |
| Total debt | HK$946M | HK$1.25B | HK$1.75B | HK$2.05B | HK$2.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HKEX 0388.HK | $62.2B | -10% | +23% | 75% | 24.6× | n/a |
| Singapore Exchange S68.SI | $17.2B | -2% | +14% | 57% | 27.0× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| Deutsche Boerse DB1.DE | $63.8B | +32% | +7% | 41% | 24.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0388.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.7% | +1.1% | 9th highest of 21 |
| 6-month return | -9.7% | +5.1% | 4th lowest of 21 |
| Distance from 52-week high | -11.9% | -13.7% | 10th highest of 21 |
| Revenue growth (TTM) | +23.1% | +8.1% | 3rd highest of 21 |
| Operating margin | 74.9% | 37.9% | 2nd highest of 21 |
| Forward P/E | 24.6× | 16.4× | 5th most expensive of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 75% | 24.6× | n/a | n/a |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 20% | 18.1× | n/a | n/a |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 41% | 24.7× | n/a | n/a |
| Deutsche Bank Aktiengesellschaft DBK.DE | Germany | $65.0B | +15% | 0% | 30% | 9.5× | n/a | n/a |
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 31% | 23.4× | n/a | n/a |
| CITIC Securities 600030.SS | China | $56.4B | -6% | -16% | 54% | 10.2× | n/a | n/a |
| Robinhood Markets HOOD | United States | $72.9B | +5% | +22% | 44% | 29.7× | n/a | n/a |
| Barclays BARC.L | United Kingdom | $75.1B | +1% | +7% | 22% | 8.2× | n/a | n/a |
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Intercontinental Exchange ICE | United States | $96.3B | +11% | +14% | 47% | 20.1× | n/a | n/a |
| BNY Mellon BNY | United States | $99.4B | +13% | -1% | 37% | 14.7× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| CME CME | United States | $109B | +9% | +9% | 66% | 23.6× | n/a | n/a |
| Interactive Brokers IBKR | United States | $129B | -10% | +16% | 87% | 23.9× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
| Charles Schwab SCHW | United States | $158B | +3% | +12% | 52% | 12.2× | n/a | n/a |
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 13% | 10.5× | n/a | n/a |
| Huatai Securities 601688.SS | China | $22.7B | -7% | -6% | 38% | 8.3× | n/a | n/a |
| China International Capital 601995.SS | China | $21.6B | -18% | -20% | 55% | 10.0× | n/a | n/a |