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00388
HKEX
HKD
438.6003.800
(0.87%)
1D
High
439.800
Open
436.800
VWAP
437.24
Vol
6.03M
Mkt Cap
515.25B
Low
434.200
Amount
2.64B
EV/EBITDA(TTM)
19.13
Total Shares
1.27B
EV
273.14B
EV/OCF(TTM)
12.04
P/S(TTM)
27.13
Hong Kong Exchanges and Clearing Ltd is a company mainly engaged in the operation of stock exchange business. The Company operates its business through four segments. The Cash segment is engaged in trading, clearing, settlement, custody and related services for equity products. The Equity and Financial Derivatives segment is engaged in trading, clearing, settlement, custody and related services for equity and financial derivatives products. The Commodities segment is engaged in trading, clearing, settlement and related services for metal and other commodity futures and options contracts. The Data and Connectivity segment is engaged in market data sales, platform and infrastructure services and related technology services.
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News
8.5
01-13aastocksPinnedQiandama Files for IPO in Hong Kong
Qdama International Holding's Listing Application: The retail brand has submitted a listing application to the Hong Kong Stock Exchange (HKEX) to raise funds for business expansion.
Stock Performance: Qdama's stock has seen a significant increase of +10.000 (+2.346%) with a notable short selling figure of $315.33 million and a short selling ratio of 16.544%.
8.5
01-12aastocksPinnedVergiga Semiconductor Files IPO Application with HKEX
Company Listing: Shenzhen Vergiga Semiconductor Co., Ltd. has applied for a listing on the Hong Kong Stock Exchange (HKEX) with GF Securities as the sole sponsor.
Business Focus: The company specializes in high-performance power semiconductor devices, particularly WLCSP products, and is recognized as a leading provider in Mainland China.
4.5
01-14aastocks<Midday Update> HSI Ends Midday at 27,092, Gaining 244 Points; HSTI Reaches 5,959, Up 89 Points; BABA Surges Over 5%; ALI HEALTH, ZIJIN MINING, CKH HOLDINGS, WANGUO GOLD GP, and WEICHAI POWER Achieve New Highs
Market Performance: The Hang Seng Index (HSI) rose by 244 points (0.9%) to 27,092, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also saw gains of 1.5% and 0.9%, respectively.
Active Heavyweights: Notable stock movements included Alibaba (BABA) increasing by 5.3% to $168.3, while Meituan (03690.HK) fell by 3% to $101.8. Tencent (00700.HK) and HKEX (00388.HK) also experienced gains.
Top Gainers: Ali Health (00241.HK) surged by 15.9% to $7.58, reaching a new high, while Haidilao (06862.HK) and Nongfu Spring (09633.HK) rose by 7.4% and 6.1%, respectively.
Significant Movements: Synagistics (02562.HK) saw a remarkable increase of 47.9%, while Dalipal Holding (01921.HK) experienced a significant drop of 12%. Other notable gainers included Q Tech (01478.HK) and AsiaInfo Tech (01675.HK) with increases of 13.5% and 11.1%.
5.0
01-14aastocksRenowned Stock Analyst David Webb Dies at 60
David Webb's Passing: Independent stock analyst and former HKEX director David Webb passed away at the age of 60, as announced by his family on Substacks.
Family's Request for Privacy: The family expressed their grief and requested privacy during this difficult time following Webb's death.
4.5
01-13aastocks<Daily Summary> HSI Ends at 26,848, Gaining 239 Points; HSTI Finishes at 5,869, Up 6 Points; BABA Rises Over 3%; CHINA LIFE, HENDERSON LAND, ZIJIN MINING, SHK PPT, and CLP HOLDINGS Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) rose by 239 points (0.9%) to close at 26,848, with a total market turnover of $315.19 billion.
Active Heavyweights: Notable stock movements included Alibaba (+3.6%), Ping An (+2.2%), and Tencent (+0.7%), while Xiaomi saw a decline of 2%.
HSI & HSCEI Constituents: Wuxi Apptec surged by 8.3%, and China Life increased by 3.5%, both hitting new highs, while Tingyi dropped by 4.3%.
HSMI & HSSI Constituents: Fangzhou Jianke experienced a significant rise of 65.8%, while Breton fell by 15.6%, reflecting varied performance among smaller stocks.
Money Flow
Over the past 66 trading days, overall net money flow is 325.08M, with retail investors contributing -12.35M and major investors adding 363.77M.
Net Buy $ Volume
Net Sell $ Volume
Citi
Citi Research
Buy
downgrade
$515 -> $505
2025-12-09
Reason
Citi Research maintained a "Buy" rating for HKEX despite slightly lowering its FY2025-2027 EPS forecasts by 1%. This adjustment was primarily due to a reduced average daily turnover forecast for Hong Kong stocks, which was lowered by 1-3%. Consequently, the target price for HKEX was also reduced from $515 to $505.
Citi
Buy
Price Target
$515 -> $505
2025-12-09
downgrade
Citi Research maintained a "Buy" rating for HKEX despite slightly lowering its FY2025-2027 EPS forecasts by 1%. This adjustment was primarily due to a reduced average daily turnover forecast for Hong Kong stocks, which was lowered by 1-3%. Consequently, the target price for HKEX was also reduced from $515 to $505.
HSBC
HSBC Global Research
maintain
$530
2025-11-13
Reason
The analyst rating from HSBC Global Research for HKEX is based on the belief that the acquisition of a 20% stake in CMU OmniClear Holdings for $455 million is a positive move for the company. They noted that while the transaction will have a limited short-term financial impact, the commercialization of CMU OmniClear could provide upside potential. Additionally, HKEX's history of driving market development through financial infrastructure enhancements suggests a promising growth potential for its financial innovation center business. As a result, HSBC maintained a "Buy" rating with a target price of $530.
HSBC
Price Target
$530
2025-11-13
maintain
The analyst rating from HSBC Global Research for HKEX is based on the belief that the acquisition of a 20% stake in CMU OmniClear Holdings for $455 million is a positive move for the company. They noted that while the transaction will have a limited short-term financial impact, the commercialization of CMU OmniClear could provide upside potential. Additionally, HKEX's history of driving market development through financial infrastructure enhancements suggests a promising growth potential for its financial innovation center business. As a result, HSBC maintained a "Buy" rating with a target price of $530.
DBS Research
DBS Research
Buy
maintain
$540
2025-11-07
Reason
DBS Research has issued a Buy rating on HKEX due to several positive factors: strong momentum in the Hong Kong bourse, improved liquidity and investment sentiment, attractive valuations of Hong Kong tech stocks compared to other markets, and supportive government policies and stimulus measures. They have also raised their average daily turnover forecast for HKEX, indicating confidence in the market's performance. The target price remains at HKD540.
DBS Research
Buy
Price Target
$540
2025-11-07
maintain
DBS Research has issued a Buy rating on HKEX due to several positive factors: strong momentum in the Hong Kong bourse, improved liquidity and investment sentiment, attractive valuations of Hong Kong tech stocks compared to other markets, and supportive government policies and stimulus measures. They have also raised their average daily turnover forecast for HKEX, indicating confidence in the market's performance. The target price remains at HKD540.
UOB Kay Hian
UOB Kay Hian
Buy
maintain
$548
2025-11-07
Reason
The analyst rating from UOB Kay Hian for HKEX is a "Buy" due to a significant 56% year-over-year increase in net profit for 3Q25, which exceeded the broker's expectations by 7%. This strong performance was attributed to robust growth in core revenue, a record-breaking average daily trading volume, and strong IPO momentum. Despite a decline in net interest income, the overall positive financial results led to the decision to maintain a Buy rating and raise the target price to HKD548.
UOB Kay Hian
Buy
Price Target
$548
2025-11-07
maintain
The analyst rating from UOB Kay Hian for HKEX is a "Buy" due to a significant 56% year-over-year increase in net profit for 3Q25, which exceeded the broker's expectations by 7%. This strong performance was attributed to robust growth in core revenue, a record-breaking average daily trading volume, and strong IPO momentum. Despite a decline in net interest income, the overall positive financial results led to the decision to maintain a Buy rating and raise the target price to HKD548.
CICC
CICC
Outperform
maintain
$500
2025-11-07
Reason
The analyst rating from CICC for HKEX (00388.HK) is maintained at "Outperform" with a target price of $500 due to the company's strong financial performance in the third quarter of 2025. The total revenue grew by 45% year-over-year to $7.775 billion, and profit increased by 56% year-over-year to $4.9 billion, which exceeded market expectations. This growth was attributed to the rapid expansion of market-related businesses driven by active trading and solid investment income. CICC's forecasts for 2025-2026 earnings remain largely unchanged, supporting their positive outlook and indicating an 18% upside potential based on the target price.
CICC
Outperform
Price Target
$500
2025-11-07
maintain
The analyst rating from CICC for HKEX (00388.HK) is maintained at "Outperform" with a target price of $500 due to the company's strong financial performance in the third quarter of 2025. The total revenue grew by 45% year-over-year to $7.775 billion, and profit increased by 56% year-over-year to $4.9 billion, which exceeded market expectations. This growth was attributed to the rapid expansion of market-related businesses driven by active trading and solid investment income. CICC's forecasts for 2025-2026 earnings remain largely unchanged, supporting their positive outlook and indicating an 18% upside potential based on the target price.
Goldman Sachs
Goldman Sachs
Buy
maintain
$544 -> $562
2025-11-06
Reason
Goldman Sachs maintained a Buy rating on HKEX due to its 3Q25 earnings exceeding expectations, driven by strong investment income and a significant increase in average daily turnover. The firm raised its target price from HKD544 to HKD562, citing three key factors for the positive outlook: upward revisions in market consensus for daily turnover forecasts, an expansion of HKEX's price-to-earnings premium relative to the HSI and HSTECH, and a recovery in the growth momentum of Hong Kong-listed companies.
Goldman Sachs
Buy
Price Target
$544 -> $562
2025-11-06
maintain
Goldman Sachs maintained a Buy rating on HKEX due to its 3Q25 earnings exceeding expectations, driven by strong investment income and a significant increase in average daily turnover. The firm raised its target price from HKD544 to HKD562, citing three key factors for the positive outlook: upward revisions in market consensus for daily turnover forecasts, an expansion of HKEX's price-to-earnings premium relative to the HSI and HSTECH, and a recovery in the growth momentum of Hong Kong-listed companies.
JPMorgan
Overweight
maintain
$530
2025-11-05
Reason
The analyst rating for HKEX (00388.HK) has been kept as Overweight due to several key factors highlighted in JPMorgan's research report. The company's 3Q25 net profit increased significantly by 56% year-over-year and 10% quarter-over-quarter, surpassing the broker's estimates. This strong performance was driven by better-than-expected clearing and settlement income, with overall revenue exceeding forecasts by 1%. Additionally, expenses were lower than anticipated, contributing to a higher operating profit margin.
Despite the robust trading volumes and positive financial results, HKEX's stock price has been declining, which JPMorgan views as a divergence from the strong fundamental drivers, particularly trading volume. This situation is expected to create conditions for a potential price rally in the coming months. As a result, JPMorgan maintains an Overweight rating with a target price of HKD530, anticipating upward revisions in HKEX's market valuation.
JPMorgan
Overweight
Price Target
$530
2025-11-05
maintain
The analyst rating for HKEX (00388.HK) has been kept as Overweight due to several key factors highlighted in JPMorgan's research report. The company's 3Q25 net profit increased significantly by 56% year-over-year and 10% quarter-over-quarter, surpassing the broker's estimates. This strong performance was driven by better-than-expected clearing and settlement income, with overall revenue exceeding forecasts by 1%. Additionally, expenses were lower than anticipated, contributing to a higher operating profit margin.
Despite the robust trading volumes and positive financial results, HKEX's stock price has been declining, which JPMorgan views as a divergence from the strong fundamental drivers, particularly trading volume. This situation is expected to create conditions for a potential price rally in the coming months. As a result, JPMorgan maintains an Overweight rating with a target price of HKD530, anticipating upward revisions in HKEX's market valuation.
BofAS
Buy
maintain
$41.2
2025-10-31
Reason
The article does not explicitly state the reasons for the analyst ratings provided by Morgan Stanley. However, it mentions that the report lists Asian stocks with expected positive earnings surprises, which suggests that the ratings are based on anticipated strong financial performance. Additionally, the mention of BofAS lifting CPIC's target price and reiterating a "Buy" rating indicates a positive outlook based on factors such as improved earnings potential or market conditions.
BofAS
Buy
Price Target
$41.2
2025-10-31
maintain
The article does not explicitly state the reasons for the analyst ratings provided by Morgan Stanley. However, it mentions that the report lists Asian stocks with expected positive earnings surprises, which suggests that the ratings are based on anticipated strong financial performance. Additionally, the mention of BofAS lifting CPIC's target price and reiterating a "Buy" rating indicates a positive outlook based on factors such as improved earnings potential or market conditions.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$508
2025-10-23
Reason
Morgan Stanley maintains an Overweight rating for HKEX due to expectations of strong revenue and profit growth until the third quarter of 2025. This growth is driven by a robust average daily volume (ADV) of $286 billion and high trading activity in Hong Kong's capital markets, indicating that the financial system cycle has bottomed out. The firm anticipates significant increases in trading and clearing fees, projecting a 47% revenue growth and a 59% profit growth year-over-year for 3Q25, along with an improvement in EBITDA margin. The target price set by Morgan Stanley is $508.
Morgan Stanley
Overweight
Price Target
$508
2025-10-23
maintain
Morgan Stanley maintains an Overweight rating for HKEX due to expectations of strong revenue and profit growth until the third quarter of 2025. This growth is driven by a robust average daily volume (ADV) of $286 billion and high trading activity in Hong Kong's capital markets, indicating that the financial system cycle has bottomed out. The firm anticipates significant increases in trading and clearing fees, projecting a 47% revenue growth and a 59% profit growth year-over-year for 3Q25, along with an improvement in EBITDA margin. The target price set by Morgan Stanley is $508.
CICC
CICC
maintain
$500
2025-10-22
Reason
The analyst rating for HKEX (00388.HK) is maintained at "Outperform" by CICC due to several key factors:
1. Strong Profit Growth Expectations: HKEX is expected to report a significant year-over-year profit growth of 49% and a quarter-over-quarter growth of 5%, amounting to $4.68 billion for 3Q25.
2. Revenue Growth Projections: Revenue is anticipated to increase by 40% year-over-year and 4% quarter-over-quarter, reaching $7.53 billion. The main operating fee income is projected to grow even more robustly, by 57% year-over-year and 18% quarter-over-quarter.
3. Increased Market Trading Activity: The boost in market trading activity has led CICC to raise its earnings forecast for HKEX for 2025 by 3%, reflecting confidence in the company's performance.
4. Valuation Metrics: The current price-to-earnings (PE) ratio of 31x for 2025 and 2026 suggests that the stock is reasonably valued given the expected growth.
5. Target Price: CICC has set a target price of $500 for HKEX, indicating a positive outlook on the stock's future performance.
These factors collectively support the "Outperform" rating, suggesting that analysts believe HKEX will perform better than the market average.
CICC
Price Target
$500
2025-10-22
maintain
The analyst rating for HKEX (00388.HK) is maintained at "Outperform" by CICC due to several key factors:
1. Strong Profit Growth Expectations: HKEX is expected to report a significant year-over-year profit growth of 49% and a quarter-over-quarter growth of 5%, amounting to $4.68 billion for 3Q25.
2. Revenue Growth Projections: Revenue is anticipated to increase by 40% year-over-year and 4% quarter-over-quarter, reaching $7.53 billion. The main operating fee income is projected to grow even more robustly, by 57% year-over-year and 18% quarter-over-quarter.
3. Increased Market Trading Activity: The boost in market trading activity has led CICC to raise its earnings forecast for HKEX for 2025 by 3%, reflecting confidence in the company's performance.
4. Valuation Metrics: The current price-to-earnings (PE) ratio of 31x for 2025 and 2026 suggests that the stock is reasonably valued given the expected growth.
5. Target Price: CICC has set a target price of $500 for HKEX, indicating a positive outlook on the stock's future performance.
These factors collectively support the "Outperform" rating, suggesting that analysts believe HKEX will perform better than the market average.
Valuation Metrics
Forward PE
N/A
5Y Average PE
0.39
Current PE
34.08
Overvalued PE
4.23
Undervalued PE
-3.45
Forward EV/EBITDA
5Y Average EV/EBITDA
11.96
Current EV/EBITDA
9.91
Overvalued EV/EBITDA
21.55
Undervalued EV/EBITDA
2.36
Forward PS
5Y Average PS
20.25
Current PS
19.56
Overvalued PS
25.18
Undervalued PS
15.32
Financials
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