Hong Kong Exchanges and Clearing

Stock performance

History

Hong Kong Exchanges and Clearing was formed in 2000 by merging the Stock Exchange of Hong Kong, the Hong Kong Futures Exchange, and the Hong Kong Securities Clearing Company, and it listed its own shares the same year. In 2012 it bought the London Metal Exchange for about GBP 1.4 billion, and from 2014 it launched the Stock Connect links with Shanghai and Shenzhen, followed by Bond Connect in 2017.

Business model

HKEX earns fees from trading, clearing, and settlement of stocks, derivatives, and commodities, from company listings, and from selling market data. The Connect schemes let international investors trade mainland Chinese stocks and bonds through Hong Kong, and mainland investors buy Hong Kong-listed shares, making cross-border flows an increasingly important source of revenue.

Market position

HKEX is one of the world's largest exchange groups by market value and has repeatedly ranked among the top venues globally for initial public offerings, with a strong rebound in large listings by mainland Chinese companies in 2025 after a weak few years. It competes with Shanghai, Shenzhen, Singapore, and New York for Chinese issuers.

Country impact

HKEX is the core infrastructure behind Hong Kong's status as an international financial center and the main gateway between Chinese companies and global investors. Its listing volumes are a closely watched gauge of investor confidence in both Hong Kong and the Chinese economy.