HK Achieves 91 IPOs in 11M25, Raising Approximately $260B and Leading Globally
Record IPO Activity in Hong Kong: In 11M25, 91 companies completed IPOs in the Hong Kong equity market, raising a total of $259.889 billion, marking the first time in four years that HKEX surpassed the $200 billion fundraising threshold and ranking first globally in fundraising amount.
Top Global IPOs: Notable companies among the top ten global IPOs this year include CATL, ZIJIN GOLD INTL, SANY HEAVY IND, and SERES, all contributing significantly to the overall fundraising totals.
Trade with 70% Backtested Accuracy
Analyst Views on 00388
About the author
CICC: HKEX Performance Exceeds Expectations; Maintains Outperform Rating
HKEX Revenue and Profit Growth: CICC reported that HKEX's total revenue for 2025 is projected to reach HKD29.16 billion, a 30% increase year-on-year, with profits expected to grow 36% to HKD17.75 billion.
Quarterly Performance: In the fourth quarter, HKEX's revenue rose 15% year-on-year to HKD7.31 billion, with core fee income increasing by 17% to HKD6 billion and profits climbing 15% to HKD4.335 billion.
BofAS: HKEX (00388.HK) 2025 Net Profit Expected to Align Closely
Financial Performance: HKEX reported a net profit of HKD17.8 billion for FY25, a 36% year-on-year increase, with an average daily turnover (ADT) reaching a historical high of HKD250 billion, up 89% YoY.
IPO Fundraising and Future Outlook: The exchange's IPO fundraising surged to HKD287 billion, a 225% increase YoY, leading to revised earnings expectations for 2026-27, with a maintained target price of HKD520 and a Buy rating.
JPM: HKEX (00388.HK) Reports Strong 4Q25 Net Profit; Year-to-Date Average Daily Turnover Recovers; IPO Activity Increases
Financial Performance: HKEX reported a net profit of $4.3 billion for Q4 2025, a 12% decrease QoQ but a 15% increase YoY, surpassing JPMorgan's forecast by 19%. The FY2025 profit reached $17.8 billion, up 36% YoY, exceeding market expectations by 2%.
Trading Activity: After a seasonal dip in December 2025, trading volumes have improved, with an average daily turnover of approximately $260 billion year-to-date, despite the impact of the Lunar New Year period.
IPO Applications: HKEX entered 2026 with over 400 active IPO applications, a notable rise from 297 in Q3 2025, indicating a robust pipeline for new listings.
Market Outlook: Morgan Stanley maintained an Overweight rating on HKEX, projecting a target price of $540, anticipating continued strength in the share price following the positive quarterly results.
UBS Reports HKEX (00388.HK) Exceeds 4Q25 Expectations, but Lowers Target Price to HKD462
HKEX Financial Performance: UBS reported that HKEX's 4Q25 results exceeded expectations, with a 15% YoY revenue growth to HKD7.3 billion, driven by stronger net interest income and fees.
Profit and Cost Control: HKEX's net profit also rose 15% YoY to HKD4.3 billion, surpassing consensus estimates, attributed to effective cost management.
Future Outlook: HKEX plans to invest in growth while maintaining cost discipline, although it anticipates a tougher comparison in 1Q26.
EPS and Target Price Adjustments: UBS adjusted its EPS forecasts for HKEX for 2026, 2027, and 2028, and revised the target price from HKD471 to HKD462, maintaining a Neutral rating.
G Sachs: HKEX (00388.HK) Exceeds Expectations with 4Q25 Earnings; Maintains Buy Rating
Earnings Performance: HKEX's 4Q25 earnings exceeded expectations due to improved investment returns and reduced operating expenses, with earnings 5% above Goldman Sachs' forecast when excluding investment income.
Analyst Ratings: Goldman Sachs maintains a "Buy" rating on HKEX, projecting a 4% EPS growth for 2026 and a 12% year-over-year revenue increase, while setting a target price of HKD 546.
M Stanley: HKEX (00388.HK) Exceeds Quarterly Expectations; Target Price Set at $508
Financial Performance: HKEX reported a 15% year-over-year increase in net profit for 4Q25, surpassing market expectations and driven by higher net investment income and listing fees.
Trading Activity: The average daily turnover rose by 23% year-over-year to $230 billion, leading to increased trading and clearing fees.
Analyst Rating: Morgan Stanley has rated HKEX as Overweight, with a target price set at $508, reflecting confidence in the company's performance.
Dividends: HKEX announced a 36% year-over-year increase in net profit for 2025, raising the second interim dividend per share to $6.52.
CICC: HKEX Performance Exceeds Expectations; Maintains Outperform Rating
HKEX Revenue and Profit Growth: CICC reported that HKEX's total revenue for 2025 is projected to reach HKD29.16 billion, a 30% increase year-on-year, with profits expected to grow 36% to HKD17.75 billion.
Quarterly Performance: In the fourth quarter, HKEX's revenue rose 15% year-on-year to HKD7.31 billion, with core fee income increasing by 17% to HKD6 billion and profits climbing 15% to HKD4.335 billion.
BofAS: HKEX (00388.HK) 2025 Net Profit Expected to Align Closely
Financial Performance: HKEX reported a net profit of HKD17.8 billion for FY25, a 36% year-on-year increase, with an average daily turnover (ADT) reaching a historical high of HKD250 billion, up 89% YoY.
IPO Fundraising and Future Outlook: The exchange's IPO fundraising surged to HKD287 billion, a 225% increase YoY, leading to revised earnings expectations for 2026-27, with a maintained target price of HKD520 and a Buy rating.
JPM: HKEX (00388.HK) Reports Strong 4Q25 Net Profit; Year-to-Date Average Daily Turnover Recovers; IPO Activity Increases
Financial Performance: HKEX reported a net profit of $4.3 billion for Q4 2025, a 12% decrease QoQ but a 15% increase YoY, surpassing JPMorgan's forecast by 19%. The FY2025 profit reached $17.8 billion, up 36% YoY, exceeding market expectations by 2%.
Trading Activity: After a seasonal dip in December 2025, trading volumes have improved, with an average daily turnover of approximately $260 billion year-to-date, despite the impact of the Lunar New Year period.
IPO Applications: HKEX entered 2026 with over 400 active IPO applications, a notable rise from 297 in Q3 2025, indicating a robust pipeline for new listings.
Market Outlook: Morgan Stanley maintained an Overweight rating on HKEX, projecting a target price of $540, anticipating continued strength in the share price following the positive quarterly results.
UBS Reports HKEX (00388.HK) Exceeds 4Q25 Expectations, but Lowers Target Price to HKD462
HKEX Financial Performance: UBS reported that HKEX's 4Q25 results exceeded expectations, with a 15% YoY revenue growth to HKD7.3 billion, driven by stronger net interest income and fees.
Profit and Cost Control: HKEX's net profit also rose 15% YoY to HKD4.3 billion, surpassing consensus estimates, attributed to effective cost management.
Future Outlook: HKEX plans to invest in growth while maintaining cost discipline, although it anticipates a tougher comparison in 1Q26.
EPS and Target Price Adjustments: UBS adjusted its EPS forecasts for HKEX for 2026, 2027, and 2028, and revised the target price from HKD471 to HKD462, maintaining a Neutral rating.
G Sachs: HKEX (00388.HK) Exceeds Expectations with 4Q25 Earnings; Maintains Buy Rating
Earnings Performance: HKEX's 4Q25 earnings exceeded expectations due to improved investment returns and reduced operating expenses, with earnings 5% above Goldman Sachs' forecast when excluding investment income.
Analyst Ratings: Goldman Sachs maintains a "Buy" rating on HKEX, projecting a 4% EPS growth for 2026 and a 12% year-over-year revenue increase, while setting a target price of HKD 546.
M Stanley: HKEX (00388.HK) Exceeds Quarterly Expectations; Target Price Set at $508
Financial Performance: HKEX reported a 15% year-over-year increase in net profit for 4Q25, surpassing market expectations and driven by higher net investment income and listing fees.
Trading Activity: The average daily turnover rose by 23% year-over-year to $230 billion, leading to increased trading and clearing fees.
Analyst Rating: Morgan Stanley has rated HKEX as Overweight, with a target price set at $508, reflecting confidence in the company's performance.
Dividends: HKEX announced a 36% year-over-year increase in net profit for 2025, raising the second interim dividend per share to $6.52.
