EarningsQ2 2026 Earnings Report
MX:388N Q2 2026 EPS Results
Actual EPS$9.81
Consensus EPS$8.92
Beat/MissBeat by +$0.89
One Year Ago EPS$8.08
MX:388N Q2 2026 Revenue Results
Actual Revenue$19.57B
Expected Revenue$18.28B
Beat/MissBeat by +$1.29B
YoY Revenue Growth+17.73%
Earnings Announcement Details
QuarterQ2 2026
Date08/19/2026
TimeBefore Open
Conference CallWednesday, August 19, 2026
MX:388N Upcoming Earnings
Hong Kong Exchanges & Clearing's next earnings date is estimated for November 6, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:388N Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operating and financial half, with multiple record highs across revenue, profit, trading volumes and product activity (equities, derivatives, commodities, ETPs and IPO fundraising). Strategic progress is evident—new FIC products (5-year CGB futures), expanding index initiatives and infrastructure readiness support future diversification. Headwinds are present but manageable: net investment income declined (–11% YoY; –21% excl. nonrecurring items) due to margin rebate changes and lower rates, operating costs are rising as investments continue, and several initiatives remain subject to regulatory approval. Overall, the positive operational momentum and sizeable uplift in core revenue and profit materially outweigh the downside items, which are largely nonrecurring, structural investments or execution/timing risks.Company Guidance
Record Half-Year Revenue and Profit
Group revenue and other income of HKD 16.7 billion, up 19% year-on-year; profit after tax HKD 10.6 billion and EPS HKD 8.36, both up 24% versus prior year; Board declared first interim dividend of HKD 7.43 per share (90% of profit attributable to shareholders, excl. HKEX Foundation).
Record Trading Volumes and ADT Growth
Headline average daily turnover (ADT) rose 18% YoY to HKD 283 billion (H1); Q2 ADT hit a record quarterly high of HKD 289 billion; trading volumes across cash, derivatives and Stock Connect reached half-year record highs.
Stock Connect and Northbound Momentum
Both Northbound and Southbound Stock Connect reached all-time highs; Northbound ADT more than doubled year-on-year (driven in part by ~20% expansion in eligible stocks and renewed investor interest).
Derivatives and Commodities Strength
Derivatives trading volumes increased 6% YoY and commodities volumes increased 18% YoY; LME chargeable average daily volume (ADV) reached a record half-year high; USD Gold Futures and other commodities products saw record trading and open interest.
Successful Product and FIC Launches
Launched 5-year China Government Bond (CGB) futures (offshore CNH tenor) on 3 Aug with strong institutional interest and daily participation; plans to expand FIC product suite and OTC-cleared RMB products (FDR007) later in the year (subject to approvals).
Index and ETP Expansion Driving Secondary Market
ETPs contributed 17% of headline ADT in H1 2026 versus ~5% in 2021, reflecting substantial structural growth; ongoing index partnerships (e.g., 60-40 indices with KRX and Bursa) designed to support Southbound investment and thematic ETF innovation (leverage/inverse, covered-call, sector and fixed-income ETFs).
Strong IPO and Fundraising Activity
Hong Kong ranked as the second leading global IPO venue in H1 2026; completed over 100 IPOs year-to-date (c.105), with total fundraising of USD 41 billion YTD (exceeding full-year 2025 USD 37.5 billion); follow-on fundraising reached USD 50 billion YTD (vs USD 66 billion full year 2025).
Infrastructure and Market-Structure Readiness
Continued modernization (ODP, OCP, digital payments, board lot and option improvements); Orion platforms technically capable of much longer / 24-hour trading; plans to open main clearing houses to accept CGB as collateral before year-end to support repo and collateralization initiatives.
MX:388N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed