# HONG KONG EXCHANGES & CLEAR

Summary updated: 2026-09-28T14:47:24.858538Z
Canonical: https://finbar.com/research/companies/hong-kong-exchanges-clear

## Overview

Hong Kong Exchanges and Clearing Limited (HKEX) operates Hong Kong’s stock and futures markets and provides related clearing, settlement and market-data services. Its markets cover securities, derivatives and commodities, including metals trading through the London Metal Exchange. HKEX also has a regulatory role in Hong Kong’s listed market. [1](https://app.finbar.com/go?id=P139908312)

Hong Kong is the centre of HKEX’s operations. Stock Connect links its securities market with exchanges in Shanghai and Shenzhen, while its commodities businesses give it a presence in the UK and the Chinese Mainland. HKEX describes its purpose in terms of connecting capital with opportunities and connecting China with the world. Revenue and other income was HK$29.2 billion in 2025. [2](https://app.finbar.com/go?id=P156460228)[1](https://app.finbar.com/go?id=P139908312)[3](https://www.hkexgroup.com/About-HKEX/Our-Vision-and-Mission?sc_lang=en)[4](https://app.finbar.com/go?id=P139903573)
[1](https://app.finbar.com/go?id=P139908312)[2](https://app.finbar.com/go?id=P156460228)[4](https://app.finbar.com/go?id=P139903573)[3](https://www.hkexgroup.com/About-HKEX/Our-Vision-and-Mission?sc_lang=en)

## Products & services

Hong Kong Exchanges and Clearing (HKEX) provides trading and post-trade services for equity products on the Stock Exchange and eligible securities traded through Shanghai–Hong Kong and Shenzhen–Hong Kong Stock Connect. Its exchange-traded products include exchange-traded funds (ETFs) and leveraged and inverse products. Related services include listing, clearing, settlement, depository, custody and nominee services. [5](https://app.finbar.com/go?id=P156460431)[6](https://app.finbar.com/go?id=P139907549)[7](https://app.finbar.com/go?id=P156459369)

HKEX’s derivatives platforms support stock and equity-index futures and options, derivative warrants, callable bull/bear contracts and other warrants. Its clearing services also cover over-the-counter interest-rate and foreign-exchange derivatives. Through the London Metal Exchange and LME Clear, HKEX offers trading and clearing for base- and ferrous-metal futures and options; its commodities activities also include a Mainland China trading platform and contracts traded on the Hong Kong Futures Exchange. [8](https://app.finbar.com/go?id=P156460432)[9](https://app.finbar.com/go?id=P139908313)[10](https://app.finbar.com/go?id=P156460433)

HKEX sells cash- and derivatives-market data and provides network access, data lines, software licences and hosting services for users of its platforms. In 2025, its reported revenue was approximately 61% Cash, 18% Equity and Financial Derivatives, 12% Commodities, and 10% Data and Connectivity; these are segment shares, not revenue shares of individual products. [11](https://app.finbar.com/go?id=P156460434)[12](https://app.finbar.com/go?id=T18057180)
[5](https://app.finbar.com/go?id=P156460431)[6](https://app.finbar.com/go?id=P139907549)[7](https://app.finbar.com/go?id=P156459369)[8](https://app.finbar.com/go?id=P156460432)[9](https://app.finbar.com/go?id=P139908313)[10](https://app.finbar.com/go?id=P156460433)[11](https://app.finbar.com/go?id=P156460434)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)

## Geographic presence

Hong Kong is HKEX’s principal revenue geography. In 2025, it accounted for HK$20,715 million, or about 87% of total revenue of HK$23,745 million. The United Kingdom contributed HK$2,953 million (about 12%), while the Chinese Mainland contributed HK$77 million (less than 1%). These figures describe reported geographic revenue, not the location of customers or investors. [13](https://app.finbar.com/go?id=T18057182)

HKEX operates Hong Kong’s stock and futures markets and clearing houses. Its cross-border links with the Chinese Mainland include Stock Connect with the Shanghai and Shenzhen stock exchanges, as well as Bond Connect and Swap Connect. [2](https://app.finbar.com/go?id=P156460228)[14](https://app.finbar.com/go?id=P156461150)[15](https://app.finbar.com/go?id=P156460229) Outside Hong Kong, its principal operating presence includes the London Metal Exchange and LME Clear in the United Kingdom, and the Qianhai Mercantile Exchange commodity trading platform in the Chinese Mainland. [10](https://app.finbar.com/go?id=P156460433)
[13](https://app.finbar.com/go?id=T18057182)[13](https://app.finbar.com/go?id=T18057182)[13](https://app.finbar.com/go?id=T18057182)[13](https://app.finbar.com/go?id=T18057182)[2](https://app.finbar.com/go?id=P156460228)[14](https://app.finbar.com/go?id=P156461150)[15](https://app.finbar.com/go?id=P156460229)[10](https://app.finbar.com/go?id=P156460433)

## Business segments

Hong Kong Exchanges and Clearing reports four business segments. Cash covers equity products traded on its cash market, including Stock Connect, and related clearing, settlement and custody. Equity and Financial Derivatives covers exchange-traded equity and financial derivatives and related post-trade services, as well as over-the-counter derivatives activities. Commodities covers the London Metal Exchange, LME Clear and other commodity trading and clearing activities. Data and Connectivity provides market data, access to trading infrastructure and related connectivity services. [5](https://app.finbar.com/go?id=P156460431)[8](https://app.finbar.com/go?id=P156460432)[10](https://app.finbar.com/go?id=P156460433)[11](https://app.finbar.com/go?id=P156460434)

Based on 2025 reported revenue, Cash contributed approximately 61%, Equity and Financial Derivatives 18%, Commodities 12% and Data and Connectivity 10%; a small Corporate Items amount accounts for the rounding difference. Clearing and settlement are included in the relevant trading segments rather than reported as a separate post-trade segment. [12](https://app.finbar.com/go?id=T18057180)[5](https://app.finbar.com/go?id=P156460431)[8](https://app.finbar.com/go?id=P156460432)[10](https://app.finbar.com/go?id=P156460433)
[5](https://app.finbar.com/go?id=P156460431)[8](https://app.finbar.com/go?id=P156460432)[10](https://app.finbar.com/go?id=P156460433)[11](https://app.finbar.com/go?id=P156460434)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)[12](https://app.finbar.com/go?id=T18057180)

## Company history

Hong Kong Exchanges and Clearing (HKEX) traces its roots to the Association of Stockbrokers in Hong Kong, established in 1891. Hong Kong’s four stock exchanges were unified in 1986, and the market’s first listing by a mainland-incorporated company followed in 1993. HKEX itself was formed in 2000 through the merger of the Stock Exchange of Hong Kong, the Hong Kong Futures Exchange and Hong Kong Securities Clearing Company. Its shares began trading on 27 June that year. [16](https://www.hkexgroup.com/About-HKEX/Our-History?sc_lang=en)

HKEX expanded into international commodities markets with its acquisition of the London Metal Exchange in 2012. It subsequently helped establish trading links between Hong Kong and mainland China: Shanghai–Hong Kong Stock Connect launched in 2014, Shenzhen–Hong Kong Stock Connect in 2016, and Bond Connect in 2017. [16](https://www.hkexgroup.com/About-HKEX/Our-History?sc_lang=en)[17](https://www.hkex.com.hk/Mutual-Market/Stock-Connect?sc_lang=en)[18](https://www.hkex.com.hk/Mutual-Market/Bond-Connect?sc_lang=en)
[16](https://www.hkexgroup.com/About-HKEX/Our-History?sc_lang=en)[17](https://www.hkex.com.hk/Mutual-Market/Stock-Connect?sc_lang=en)[18](https://www.hkex.com.hk/Mutual-Market/Bond-Connect?sc_lang=en)

## Sources

1. [HONG KONG EXCHANGES & CLEAR — Full financial report (2024 Y), p129](https://app.finbar.com/go?id=P139908312)
2. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p131](https://app.finbar.com/go?id=P156460228)
3. [www.hkexgroup.com](https://www.hkexgroup.com/About-HKEX/Our-Vision-and-Mission?sc_lang=en)
4. [HONG KONG EXCHANGES & CLEAR — Press release (2025 Y), p4](https://app.finbar.com/go?id=P139903573)
5. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460431)
6. [HONG KONG EXCHANGES & CLEAR — Full financial report (2024 Y), p55](https://app.finbar.com/go?id=P139907549)
7. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p55](https://app.finbar.com/go?id=P156459369)
8. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460432)
9. [HONG KONG EXCHANGES & CLEAR — Full financial report (2024 Y), p129](https://app.finbar.com/go?id=P139908313)
10. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460433)
11. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460434)
12. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p153](https://app.finbar.com/go?id=T18057180)
13. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p154](https://app.finbar.com/go?id=T18057182)
14. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p236](https://app.finbar.com/go?id=P156461150)
15. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p131](https://app.finbar.com/go?id=P156460229)
16. [www.hkexgroup.com](https://www.hkexgroup.com/About-HKEX/Our-History?sc_lang=en)
17. [www.hkex.com.hk](https://www.hkex.com.hk/Mutual-Market/Stock-Connect?sc_lang=en)
18. [www.hkex.com.hk](https://www.hkex.com.hk/Mutual-Market/Bond-Connect?sc_lang=en)

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