HKEX Signals Stronger Reforms While Upholding Listing Quality

Hong Kong Exchanges and Clearing reported record Q1 2026 results, with revenue of HKD 8.203 billion and profit of HKD 5.188 billion, both at all‑time highs. Chairman Tang Jiacheng told shareholders that 2025 marked a milestone, with HKEX regaining global IPO fundraising leadership and achieving strategic breakthroughs that reinforced Hong Kong’s role as an international financial center and super connector. Despite global challenges, Tang expressed confidence that HKEX’s unique advantages and focus on connectivity will sustain growth.

Investor questions centered on listing quality, director standards and reforms. Tang stressed that HKEX will not relax requirements, welcoming the SFC’s directive for thorough prospectus preparation. He said investor confidence depends on company quality. CEO Nicolas Aguzin added that rules have been tightened to limit directors’ multiple board memberships, ensuring accountability, and pledged ongoing reviews.

Aguzin also addressed prediction‑market platforms like Polymarket, noting their controversial nature and resemblance to gambling. She emphasized HKEX’s identity as a securities exchange, while acknowledging interest in diversification. HKEX’s focus remains on securities, but international investors are increasingly looking at fixed income, bonds and commodities, which HKEX sees as growth opportunities.

On reforms, Aguzin said HKEX has consistently advanced product, technology and platform changes, and now external conditions are mature enough for bigger moves. She highlighted Asia, particularly China, as attractive to global investors seeking diversification. HKEX aims to expand into blue‑ocean markets such as fixed income and commodities to broaden offerings.

Aguzin cited last year’s IPO pricing reform as an example of enhancing shareholder returns. The new mechanism gave investors with bargaining power greater influence, reducing concerns about IPOs breaking issue price. Results have been clear: in 2024 about 60% of IPOs rose on debut, while in Q1 2026 about 80% rose, with latest data near 90%. She said HKEX will continue optimizing both primary and secondary markets.

The strong Q1 reflected robust trading volumes. Average daily turnover reached HKD 276.7 billion, the second‑highest on record, while Stock Connect turnover hit RMB 324.1 billion daily, up 70% year‑on‑year. LME contracts averaged 877,000 lots daily, up 26%. IPO fundraising was nearly six times Q1 2025, keeping Hong Kong the world’s top IPO center. Aguzin said global investors are seeking safe havens and Asian growth opportunities, and HKEX remains the preferred financing platform for innovative firms.

She added that HKEX’s multi‑asset platform grew strongly, with record LME volumes and Swap Connect expansion. Data and connectivity businesses continue to strengthen infrastructure resilience. HKEX is advancing initiatives including lowering minimum tick sizes, optimizing market structure, enhancing listing competitiveness, and launching new products and indices. Looking ahead, HKEX will deepen regional ties, broaden participation, and invest in building a resilient, innovative multi‑asset ecosystem.