Securities brokers in Hong Kong extended their strong financial performance into 2025, as total net profits surged 62% year‑on‑year (YoY) to a five-year high of $71.7 billion, according to the Securities and Futures Commission’s (SFC) financial review of the securities industry issued today (Note 1).
The earnings growth was supported by more vibrant market activity last year, with the total value of transactions of the securities industry surging 52% YoY to $219.0 trillion – also topping the previous high in 2021 (Note 2).
Revenue growth was generally balanced at double-digit percentages across all major business lines. Notably, net securities commission income rose 50%, advisory and underwriting income increased 27% and asset management-related income grew 30%.
In addition, the net profits of all Stock Exchange of Hong Kong (SEHK) participants totalled $35.4 billion in 2025, up 62% from a year ago. Category C brokers recorded the largest percentage increase in net profits, rising about 77% to $6.1 billion (Note 3). Those of Category B brokers rose 67% to $16.8 billion, while Category A brokers saw their net profits increase 49% to $12.5 billion.
The industry also showed signs of healthy growth, as average collateral coverage increased to 4.5 times from 3.9 times in 2024 in tandem with a 22% YoY rise in outstanding margin loans.
“The overall industry strength in 2025 underpinned by revenue increases for all major segments reflects global investors’ growing conviction in our markets, as well as the industry’s resilience in evolving market conditions,” said Dr Eric Yip, the SFC’s Executive Director of Intermediaries. “The SFC remains committed to supporting business diversification to ensure investor protection and the long-term healthy development of Hong Kong’s financial sector.”
The financial review report is available on the SFC website.
Notes:
- The review covered securities dealers and securities margin financiers, which refer to corporations licensed for dealing in securities or securities margin financing. Both SEHK participants and non-SEHK participants are included unless otherwise specified. Please refer to Table 1 of the review report for detailed financial data. Some firms included in the review may be licensed for other regulated activities in addition to dealing in securities and/or securities margin financing, and the financial figures may therefore include income arising from such other business activities.
- Total value of transactions includes trading in equities, bonds and other securities in Hong Kong and overseas.
- SEHK participants are classified into Categories A, B and C on the basis of their monthly turnover on SEHK. Category C participants refer to the brokers ranked after 65th by monthly turnover. Please refer to Table 2 of the review report for detailed financial data.
