Hong Kong Exchanges and Clearing Ltd. - ADR

Record financial performance (headline “good” + investor sentiment tailwind): - HKEX delivered its best ever first-half 2026 results, with group revenue & profit both at record half-year highs, beating the previous record set in 2H 2025. - Revenue + other income: HKD 16.7bn (+19% YoY). - Profit after tax: HKD 10.6bn (+24% YoY); EPS: HKD 8.36 (+24% YoY). - Drivers cited: positive China market optimism, renewed global investor interest, strong Mainland tech/AI stock trading, and sustained IPO activity with participation from international and Mainland investors.

Trading volumes surge across assets (key operational “why it happened”): - Cash market: Headline ADT +18% YoY to HKD 283bn (record half-year high). - Stock Connect: Northbound and Southbound reached all-time highs; Northbound ADT more than doubled YoY. - Derivatives: trading volume +6% YoY (record half-year). Notable growth in stock options and Hang Seng TECH futures/options. - Commodities (LME): trading volume +18% YoY; LME chargeable ADV reached a record half-year high. - Management emphasized a “two-engine” momentum: (1) capital formation (IPO pipeline) + (2) strong secondary market activity that reinforces itself.

Dividend (capital return “good”): - Board declared first interim dividend of HKD 7.43 per share, stated as ~90% of profit attributable to shareholders (excluding HKEX Foundation results). - Implied investor takeaway: payout is strongly supported by current profitability.