HKEX (388) Stock Today: Hong Kong Exchanges & Clearing Holds Near HK$415 Ahead of Biotech Futures Launch

Hong Kong Exchanges & Clearing Limited (HKEX, stock code 388, ticker 0388.HK) traded slightly higher on Thursday, as investors digested a packed calendar of derivatives expiries, fresh sustainable‑finance headlines and the imminent launch of Hang Seng Biotech Index futures.

The move comes against the backdrop of a Hang Seng Index hovering just below 26,000 and a broader Asian equity rally driven by growing expectations of further US rate cuts. ^[1]

HKEX share price on 27 November 2025

According to daily price data from Investing.com, HKEX shares closed around HK$414.80 on 27 November 2025, up roughly 0.4% on the day. The stock traded between HK$410.00 and HK$416.00, on volume of about 1.8 million shares. ^[2]

Real‑time quote pages on several platforms put the last traded price for 0388.HK at roughly HK$415–HK$416, reflecting minor feed differences but confirming that the stock spent the session comfortably above HK$410. ^[3]

Over the past 12 months, HKEX has staged a powerful rerating:

The stock has climbed around 40–45% year‑on‑year, according to performance trackers such as PortfoliosLab and other data providers. ^[4]
It is trading in the upper half of its 52‑week range of roughly HK$271 to HK$466, leaving the exchange operator well above its 2024 lows but still below its recent peak. ^[5]

On valuation, multiple data sources show HKEX changing hands at roughly 30–35 times trailing earnings, with a forward P/E around the low‑to‑mid‑30s and a market capitalisation in the HK$520–550 billion range. ^[6]

That leaves HKEX priced as a growth exchange operator: investors are clearly paying up for its unique position as the “super‑connector” between mainland China and global capital.

Market backdrop: Hang Seng steady near 26,000

Trading in HKEX today unfolded in a relatively calm Hong Kong market:

The Hang Seng Index closed around 25,942.5, up a modest 0.06% on the day, after trading between about 25,816 and 26,082. ^[7]
Earlier in the session, the index had been up closer to 0.4%, around 26,023, with the Hang Seng Tech Index gaining about 0.7% as rate‑cut hopes supported risk appetite. ^[8]

Regionally, Asian equity markets extended this week’s global rally, helped by growing confidence that the US Federal Reserve could deliver a third interest rate cut next year. ^[9]

In that context, HKEX’s small gain today looks like a consolidation move: the stock has already run hard this year, and many investors appear to be fine‑tuning positions around derivatives expiry and upcoming product launches rather than making big directional bets.

All fresh HKEX‑related news for 27 November 2025

There were no major company‑specific earnings announcements from HKEX itself today, but several news items and events dated 27 November 2025 intersect with the exchange and its ecosystem and help explain why the stock remains in focus.

1. Sustainable‑finance spotlight: DFSA–HKMA climate conference backed by HKEX

The most directly HKEX‑linked news dated 27 November 2025 comes from the sustainable‑finance front.

The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) co‑hosted their second Joint Climate Finance Conference in Dubai, a hybrid event attracting nearly 250 participants. The conference focused on climate‑related financial risks, sustainable‑debt markets and the use of innovation (including tokenisation) to scale climate finance across Asia and the Middle East. ^[10]

Crucially for HKEX shareholders, Hong Kong Exchanges and Clearing Limited is named among the strategic partners supporting the event, alongside other major financial‑centre institutions. ^[11]

Why this matters for the stock:

It reinforces HKEX’s positioning as a regional hub for green and transition finance.
It dovetails with Hong Kong’s broader push to scale sustainable‑debt issuance, an area highlighted in joint DFSA–HKMA research presented at the conference. ^[12]
It supports the narrative that HKEX will be a key infrastructure player as capital is steered toward lower‑carbon projects in emerging markets.

ESG alignment is increasingly part of how investors price exchange operators, and HKEX is leaning into that theme.

2. Investor‑relations focus: HKEX Connect Hall hosts IR Annual Symposium

On the events side, HKIRA’s Investor Relations Annual Symposium 2025 is scheduled today from 2:15pm to 5:30pm at the HKEX Connect Hall in Central. ^[13]

The symposium gathers IR professionals, listed‑company executives and market participants, using HKEX’s flagship venue as a hub for best‑practice discussions around disclosure, engagement and corporate‑governance trends.

For HKEX as a stock:

It underscores HKEX’s role not just as a trading venue, but as a platform for issuer‑investor dialogue, which can contribute to better liquidity and stronger listing demand over time.
It dovetails with the exchange’s broader efforts to upgrade market quality, an important intangible that supports its premium valuation.

3. Derivatives calendar: HKEX single‑stock futures reach last trading day

Derivatives traders were also watching HKEX‑linked futures expiry today. Contract specifications for HEX NOV5 (HEX2511) on futures platform Moomoo show that this single‑stock futures contract on Hong Kong Exchanges and Clearing Limited has a last trading date of 27 November 2025. ^[14]

That means:

Positions referencing HKEX itself via HEX NOV5 needed to be closed out or rolled today.
Expiry‑related hedging and arbitrage could have contributed to some of the intraday flows in the underlying 388 shares, even if the net price move was small.

Separately, Hang Seng TECH Index futures (HTI NOV5) also list 27 November 2025 as their last trading date, adding to index‑level expiry flows that can influence turnover in major index constituents, including HKEX. ^[15]

4. IPO and corporate diary: QuantGroup listing and busy Hong Kong schedule

Zhitong Finance’s “HK Stock Investment Diary – November 27” chronicles a busy day for Hong Kong‑listed companies:

QuantGroup is listed as having its Hong Kong listing date today, while Golden Rock Kaolin New Materials and Lemo Technology are under subscription. ^[16]
The diary also flags a cluster of earnings announcements and corporate events, highlighting continued activity in the primary and secondary markets.

Separately, IPO detail pages from brokers show new retail bond and iBond‑style offerings tied into the HKEX infrastructure, with their list dates and commencement of dealings set for 27 November 2025. ^[17]

All of this supports the view that:

HKEX is benefiting from a healthier listings pipeline compared with the drought seen in 2022–2023.
Primary‑market recovery is feeding into higher trading and clearing revenues, which investors are already seeing in HKEX’s earnings.

Recent strategic and earnings news still driving HKEX’s story

While 27 November itself is light on direct corporate announcements from HKEX, the stock’s behaviour today is best understood in the context of major news from the past few months that is still very much in focus.

1. Strategic investment in CMU OmniClear: building a regional bond hub

On 12 November 2025, HKEX announced that it would acquire a 20% stake in CMU OmniClear Holdings, which operates Hong Kong’s Central Moneymarkets Unit (CMU) on behalf of the HKMA. The exchange will invest up to HK$455 million, with the HKMA’s Exchange Fund retaining the remaining 80%. ^[18]

Key implications:

HKEX is deepening its role in fixed‑income and currencies (FIC) infrastructure, not just equities.
CMU already holds around HK$5 trillion of assets under custody, and is central to the operation of Bond Connect and Swap Connect programmes that link overseas investors into China’s bond and derivatives markets. ^[19]
The partnership aims to develop CMU into a multi‑asset‑class central securities depository for the region, enhancing cross‑border collateral management and broadening use of RMB‑denominated bonds. ^[20]

For equity investors, the CMU OmniClear deal is seen as a strategic, medium‑term growth driver, strengthening HKEX’s ecosystem and potentially opening new revenue streams in post‑trade services.

2. Hang Seng Biotech Index futures launch tomorrow

On 14 October 2025, HKEX announced that it will launch Hang Seng Biotech Index futures on 28 November 2025, subject to regulatory approval. ^[21]

Highlights of the new product:

Underlying: Hang Seng Biotech Index, tracking 30 large biotech, pharma and medical‑device companies that are eligible for southbound Stock Connect and listed in Hong Kong. ^[22]
Contract multiplier: HK$50 per index point, with spot month, three nearby months and three quarterly months available. ^[23]

Investors view this as:

A way for HKEX to deepen its franchise in biotech, one of Hong Kong’s fastest‑growing sectors.
A potential incremental boost to derivatives volumes, especially as global investors seek tools to hedge or gain exposure to China‑facing healthcare names.

Today’s trading likely reflects some positioning ahead of that launch; tomorrow’s first‑day turnover in the new futures will be closely watched.

3. Weekly stock options growth

In October, HKEX also announced weekly expiries for five more single‑stock option classes, beginning 10 November 2025, covering large names such as CNOOC, China Mobile, SMIC, AIA and Xiaomi. ^[24]

Weekly options have quickly become one of HKEX’s most successful derivatives products:

Since launch in late 2024, more than 21 million weekly stock option contracts have traded.
In Q3 2025, weekly expiries represented about 22% of total volume in the corresponding single‑stock options.
A daily trading record of 312,545 weekly contracts was set on 2 October 2025. ^[25]

This options growth matters because it:

Diversifies HKEX’s revenue away from pure cash‑equity trading.
Makes the exchange more comparable to global peers that derive significant income from short‑dated derivatives, positioning it well ahead of planned zero‑day options (0DTE) products targeted for 2026. ^[26]

4. Record 2024 and 2025 profits

Fundamentally, HKEX is in record‑earnings territory, and that backdrop is still a big part of why the share price is holding up despite its strong run.

Key milestones:

Full‑year 2024: Profit attributable to shareholders rose 10% to HK$13.05 billion, as average daily turnover of equity products jumped 29% to HK$120 billion, and new listings increased following reforms and policy support. ^[27]
Q1 2025: Net profit surged 37% year‑on‑year to a record HK$4.08 billion, with cash‑market average daily turnover hitting an all‑time high of HK$242.7 billion and 17 IPOs raising HK$18.7 billion. ^[28]
H1 2025: First‑half profit climbed almost 40% to HK$8.52 billion, revenue grew 33% to HK$14.1 billion, and EPS rose to HK$6.74 from HK$4.84. Average daily equity turnover more than doubled to HK$222.8 billion, while southbound trading from mainland investors nearly tripled. ^[29]
Q3 2025: Local media reported that HKEX delivered a third consecutive record quarterly profit, with net profit up by more than 50% year‑on‑year on the back of strong trading and resurgent IPO activity. ^[30]

In short, HKEX’s earnings momentum has been exceptionally strong through 2025, and today’s modest share‑price gain should be seen in the context of that multi‑quarter rerating.

5. ESG and 25th‑anniversary branding

On 23 November 2025, HKEX capped its 25th‑anniversary celebrations with The Community Chest HKEX Gong Run, a short‑distance relay event in Central that brought together more than 400 officials, business leaders and market participants and raised HK$9.7 million for charity (with no administrative deductions). ^[31]

The event underlined:

HKEX’s effort to position itself as a purpose‑driven, community‑focused exchange operator, supported by its HKEX Foundation, which has contributed over HK$615 million to more than 150 projects since 2020. ^[32]

While charity runs don’t move share prices day‑to‑day, they contribute to the ESG narrative that many institutional investors now incorporate into their assessments.

Fundamentals and valuation: what today’s price implies

Putting today’s c.HK$415 share price into context:

Market cap: around HK$520 billion, based on recent Yahoo Finance data. ^[33]
Trailing P/E (TTM): roughly 30–35x, depending on data provider and whether adjustments are made for extraordinary items. ^[34]
Forward P/E: in the low‑to‑mid‑30s, assuming consensus earnings estimates for the next 12 months. ^[35]

Given that:

Earnings have grown sharply thanks to soaring turnover and revived IPO activity. ^[36]
HKEX is investing in FIC infrastructure (CMU OmniClear), derivatives innovation (biotech futures, weekly stock options, future 0DTE products) and sustainable‑finance positioning (climate conference, Core Climate carbon marketplace). ^[37]

The market is effectively pricing HKEX as:

A high‑quality growth exchange, with returns linked to:
- Hong Kong and mainland China risk sentiment
- The depth of Southbound and Northbound Stock Connect flows
- The success of new derivatives and FIC products

At the same time, the valuation leaves limited room for disappointment if turnover or IPO volumes were to slow.

Key risks and what to watch next

Investors following HKEX after today’s session will likely keep an eye on several themes:

Launch performance of Hang Seng Biotech Index futures (28 November 2025)
- First‑day trading volumes, open interest and market‑maker activity will signal how quickly the new contract might scale. ^[38]
Turnover sustainability
- After a year of record activity, any sharp fall‑off in equity or derivatives volumes could challenge the growth narrative that underpins HKEX’s premium valuation. ^[39]
Regulatory and reputational risk
- Authorities in Hong Kong have previously probed insider‑trading allegations involving staff at the exchange and the Securities and Futures Commission, underlining how important robust compliance is for HKEX’s franchise value. ^[40]
China sentiment and global macro
- The Hong Kong market – and by extension HKEX – remains highly sensitive to shifts in China growth expectations, geopolitical tensions and global rate‑cut bets, all factors that have been driving the recent Hang Seng rally. ^[41]
Competition from other hubs
- As rival exchanges in the Middle East, US and Europe court Chinese issuers and global capital, HKEX must keep innovating to maintain its “gateway” status.