Hong Kong’s stock exchange reported record profits for the second consecutive year on Thursday, after the finance hub topped the global rankings for initial public offerings in 2025.

Profit attributable to shareholders rose 36 percent to US$2.3 billion, while total revenue and other income jumped 30 percent to also hit a peak of US$3.7 billion.

Core business revenue climbed 32 percent from the previous year, thanks to increases in trading and clearing fees driven by record volumes across capital markets.

Hong Kong Exchanges and Clearing (HKEx) chairman Carlson Tong said the performance was driven by “strong interest and increasing participation of international and Chinese Mainland investors, amid the ongoing dynamic macro backdrop”.

The city’s IPO market welcomed 119 new listings and raised a total of US$36.7 billion, a 226 percent increase year-on-year.

Dozens of companies from China piled into the city last year to raise overseas capital thanks to policy support from Beijing and optimised listing rules by Hong Kong regulators.

“In 2025, HKEx reinforced its role as a global superconnector, regained its position as the world’s leading venue for IPOs and set new trading as well as financial performance records,” chief executive Bonnie Chan said.

The firm expects volatility to “persist amid the prevailing macro landscape in 2026”, she added.

But she said there was cause for optimism in capital markets as global investors seek diversification and risk management opportunities in Asian and Chinese assets.

In his annual budget on Wednesday, the city’s finance chief Paul Chan said the exchange would continue to explore establishing a multi‑asset post‑trade securities platform to cover China and Hong Kong equity and debt markets.

HKEx will also advance listing rules and board lot reforms, as well as a review to attract aerospace enterprises into going public in the city.

The exchange operator is processing more than 400 listing applications, its database shows.