Net profit rose 37 per cent to HK$4.08 billion (US$526 million) in the first three months, or HK$3.23 per share, from HK$2.97 billion a year earlier, the exchange said on Wednesday. The result beat the HK$3.99 billion expected by analysts in Bloomberg’s poll. HKEX also topped its record profit of HK$3.84 billion posted in the first quarter of 2021.

“The renewed global interest in China opportunities that picked up in the second half of 2024 continued to build momentum into 2025, boosted by exciting developments in artificial intelligence and innovation,” CEO Bonnie Chan Yiting said in a statement. “The vibrancy of Hong Kong’s capital raising activity during the quarter continued to underscore the attractiveness of our markets, which ranked in the world’s top five IPO venues and recorded two of the largest follow-on offerings since April 2021.”

She also noted the growth momentum continued in the second quarter with a healthy pipeline of 120 listing applications, strengthening Hong Kong’s position as a leading global fundraising venue.