HKEX dividend
HKEX's base-case dividend rises from HK$14.80 per share to HK$16.40, after a latest HK$7.43 interim dividend. From 2021 to 2025, shareholder payments totalled HK$58,118 million against HK$64,927 million of free cash flow, but the 2025 figure included HK$5,772 million of investment redemptions.
How much does HKEX pay in dividends?
Dividends rise in the base case from HK$14.80 per share to HK$16.40. The path is close to the stated 90% normal payout policy and is supported by the latest HK$7.43 interim dividend and the supplied next-12-month EPS estimate of HK$15.66059.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 17,500 (15,227 / 20,000) | 17,850 (13,400 / 22,400) | 18,207 (14,070 / 24,640) |
| Shares (millions) | 1,268 (1,268 / 1,268) | 1,268 (1,268 / 1,268) | 1,268 (1,268 / 1,268) |
| Dividends per share | 14.80 (12.00 / 16.50) | 15.60 (11.00 / 18.00) | 16.40 (10.50 / 19.50) |
What this means. The negative net debt numbers mean the company has more cash than debt, not that it owes negative money.
Is HKEX's dividend covered by its cash?
HKEX returned most of the cash it generated. From 2021 to 2025, free cash flow totalled HK$64,927 million, while amounts classified as paid to shareholders totalled HK$58,118 million, including employee-award share purchases.
Paid out, % of free cash flow — Without the HK$5,772 million investment redemption, payments to shareholders consumed 97.3% of free cash flow.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 20,404 | 10,806 | 9,679 | 13,229 | 10,809 |
| − Dividends paid | 13,722 | 10,416 | 10,316 | 9,665 | 11,527 |
| − Share buybacks | 512 | 481 | 448 | 350 | 681 |
| = Free cash flow not paid out | 6,111 | 3,214 | |||
| Paid out, % of free cash flow | 69.8% | 100.8% | 111.2% | 75.7% | 112.9% |
What this means. The company's own net debt is zero because it excludes reserved cash and does not show extra cash as negative debt, while our count includes all cash and shows large net cash.
What could change HKEX's dividend?
The bear case gives dividends of HK$12.00, HK$11.00 and HK$10.50 as earnings reset and the payout falls below its normal target. The bull case gives HK$16.50, HK$18.00 and HK$19.50 because sustained activity would support earnings above the analyst estimate. The 2022 dividend decline shows that distributions remain cyclical.
The forecast would move toward the bear case in 2027–28 if cash turnover and derivatives activity normalize sharply, listing conversion stays weak, or Orion spending precedes adoption. The 2028–29 risk is greater if Connect policy concerns or LME credibility problems compress the multiple.
What is HKEX's dividend yield today?
| Today (Oct 15, 2026) | |
|---|---|
| Share price | 371.60 |
| Free cash flow yield (calculated) | 4.3% |
| Real free cash flow yield (calculated) | 4.3% |
| Dividend yield (calculated) | 3.4% |
What this means. Enterprise value is much lower than market value because the calculation subtracts the company’s cash and short-term investments after adding its debt.