Hong Kong SFC: Securities Industry Net Profit Rose 21% to HK$51.7 Billion in H1
nashnova research
Hong Kong's securities industry netted HK$51.7 billion in H1 2026, up 21% half-on-half, as trading volume hit a record — yet the Hang Seng fell 11% over the same period, and that divergence is the real signal.
How much did the industry earn, and what drove it?
H1 2026 net profit for Hong Kong's securities industry reached HK$51.7 billion, up 21% from H2 2025.
The main driver was trading activity: total broker turnover jumped 24% to a record HK$149 trillion.
Average daily turnover on the Stock Exchange hit HK$283 billion, up 9.3% from HK$259 billion in the prior half.
This means → profit growth was volume-driven; market participants were trading more frequently.
Where did the revenue come from — and what shrank?
Commission and interest income totalled HK$45.4 billion, up 13%; securities-trading net commission alone rose 21% to HK$20.2 billion, broadly in line with turnover growth.
Asset-management fee income fell 21%, from HK$31 billion to HK$24.4 billion. In plain terms = the money didn't vanish — the SFC noted that performance fees were booked in December 2025, creating a timing gap that depressed the H1 figure.
Other income — including group management fees and proprietary-trading gains — rose 14% to HK$70.7 billion, the largest of the three buckets.
Total expenses actually dropped 2%, producing positive operating leverage that further boosted the bottom line.
Why did mid-sized brokers outperform?
All Exchange Participants combined netted HK$23.7 billion, up 20%.
Group B (mid-sized) brokers led the pack: net profit surged 37% to HK$12.8 billion. Group C (small) rose 24% to HK$4.5 billion.
Group A (large) brokers saw net profit slip 5% to HK$6.5 billion.
This reflects a pattern common in high-activity periods — large firms have a high base and limited incremental room, while mid-sized firms capture a disproportionate share of the extra flow.
Are clients adding leverage?
Active client accounts stood at 5.7 million as of end-June, up 10% in six months. The top five brokers held roughly half of all active accounts.
Outstanding margin loans — money investors borrow from brokers to buy stocks — totalled HK$276.3 billion, up 28%, well ahead of the 24% rise in trading turnover.
The average collateral-to-loan ratio was 4.7×, meaning HK$4.70 in collateral for every HK$1 borrowed.
This means → leverage demand is expanding faster than trading volume; if the market reverses, margin-call pressure will be amplified.
The index fell — so why are volume and profit up?
The Hang Seng closed at 22,881 on 30 June, down 11% from end-2025.
Yet trading volume and industry profit both hit new highs. In plain terms = the market wasn't deserted — more participants were trading actively through the downturn, lifting turnover and fee income.
SFC Executive Director of Intermediaries Yip Chi-hang said Hong Kong's market has shown strong resilience, and the regulator will continue working with the industry on risk management and conduct standards.
This signals that H1 profits carried a "volatility dividend" — whether that continues in H2 depends on whether trading stays active and leverage growth remains manageable.
市场有风险，内容仅供研究参考，不构成投资建议。