New Brand Finance data reveals HKEX’s brand value hits USD2.5 billion in 2025 following record financial performance and strong IPO activities
BEIJING, 26 August 2025 – Hong Kong Exchanges and Clearing Limited (HKEX) maintained its third position in the Exchanges 10 2025 ranking by Brand Finance, the world’s leading brand valuation consultancy.
Its brand value rose 20% year-on-year to USD2.5 billion, underpinned by record financial results and sustained capital market strength. HKEX also emerged as the strongest exchange brand in the ranking, with a Brand Strength Index (BSI) score of 89.1/100 and a AAA brand strength rating.
This growth reflects HKEX’s strategic position in global finance and its solid business momentum. In Q3 2024, the exchange reported record revenue and income of HKD5.4 billion (approximately USD691 million), up 6% year on year, while profits attributable to shareholders rose 7%, driven by higher trading and clearing activities across Cash, Derivatives, and Commodities Markets. With a robust EBITDA margin of 74%, HKEX continues to deliver both financial strength and operational discipline.
Market activities surged across the board, with Northbound Stock Connect and Bond Connect hitting record average daily turnover. Derivatives trading volumes also climbed to new highs, while OTC Clear saw strong growth driven by rising adoption of Swap Connect. These gains underscore HKEX’s expanding role as a key conduit for cross-border capital flows and financial integration with Mainland China.
Scott Chen, Managing Director, Brand Finance China, commented:
“As the only Asian exchange among the global top three, HKEX remains a key pillar in the evolving architecture of global finance. Its strong brand performance this year reflects both commercial success and strategic clarity. In a period of heightened global market uncertainty, HKEX has not only delivered record financial results but also strengthened its role as a gateway between international capital and Mainland China.”
HKEX also led globally in IPO fundraising last year. The listing of Midea Group Co., Ltd. – Asia’s largest and the world’s second largest IPO of the year – highlighted its appeal to major issuers. By September 2024, 96 IPO applications signalled ongoing market confidence. Alibaba’s dual primary listing and inclusion in Stock Connect further reinforced HKEX’s position as a gateway between international capital and Mainland China’s markets.
Meanwhile, its subsidiary, the London Metal Exchange, saw a 25% rise in daily trading volumes, reflecting strong global demand and HKEX’s diversified market reach.
Global Insights
Nasdaq has become the world’s most valuable exchanges brand for the first time. Its brand value has grown 33% to USD3.1 billion, meaning it has overtaken CME to hold the top spot.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
